Deciding where to retire cheaply is no easy task; there are many options and ultimately the best place to retire cheaply is the one that meets most of your requirements. It is a good idea to make a “wish list” at the start of your search; this will help you narrow down your choices as you do your research. Your first decision should be whether to retire in the United States, or take the plunge and move abroad.
Where to retire cheap in the United States
In general, the most expensive parts of the United States to retire in are the Northeast and Southwest. Where to retire cheaply, focus on the Midwest and the South this is where you’ll find these retirement places, and consider the following states as part of your search into where to retire cheaply:
1. Indiana in the Midwest is considered to be one of the cheapest states to retire in. A city like Fort Wayne is a good combination of a low cost of living and good access to key resources such as restaurants, shopping malls, hospitals and entertainment. Fort Wayne Airport makes traveling easy. The average house price is around $50,000 lower than the national average, and taxes are relatively low.
2. Kentucky offers many cities with competitive housing markets and proximity to wonderful natural scenery. Louisville, for example, has several lakes and state parks as well as an interesting history to learn about. There is also a large international airport.
3. If you want to know where to retire cheaply in the South, Georgia is considered to be a good option. The city of Macon offers retirees a low tax rate, and the average house price is fairly low at around $90,000. It is ideal for those who love the outdoors, with many lakes, a wildlife refuge and preservation area. It is also not far from other large cities like Atlanta, but has the advantage of a far lower cost of living.
4. Another Southern retirement option is South Carolina. The city of Westminster has a low cost of living and is a short distance from Seneca, otherwise known as the “City of Smiles” for its welcoming community, an abundance of indoor and outdoor entertainment options and large population of retirees. The climate is moderate, making it very appealing to senior residents.
5. Most people would not consider Florida to be a cheap place to retire, but the city of Tallahassee proves them wrong. It is both beautiful and extremely affordable, mainly because it has no state income tax. Retirees find its natural environment appealing as well as the year-round warm climate.
Where to retire cheaply abroad
If you have itchy feet and are longing for a bit of adventure in your senior years, you may be tempted to retire abroad. This takes a bit more planning than retiring in the United States; you are going to a whole other country and not just for a vacation; it is a one-way ticket you are buying!
There are many options on where to retire cheap; again, think carefully about what your priorities are and keep these at the front of your mind while you are researching other countries. It is estimated that over 500,000 American retirees have settled overseas, and that number is only going to keep rising as more and more people see the practical benefits of moving abroad. These countries are a good place to start:
1. Panama’s currency is tied to the dollar, making it a good financial decision to retire there. There are also retiree discounts and tax incentives on earned income and new homes. On the down side, it can be difficult to find accessible quality medical care, and corruption is still an issue.
2. Ecuador is considered to be an extremely cheap country to retire and its great beaches make it ideal for sun-worshipers. Bear in mind that if you settle outside the major cities, access to health care can be a problem. The political instability in the country also puts some people off retiring in Panama.
3. Uruguay is one where to retire cheaply, although the quality of life is considered to be high; it also has great beaches. It is ideal if you are looking for a more quiet, laid back pace of life; if you are accustomed to a busy city environment, however, it may take a bit of getting used to.
4. Mexico’s proximity to the United States and its large expat community make it a top choice of many American retirees. This is where to retire cheaply and still be able to travel back to the United States easily.
In and around the big cities, health care provision is good. An added bonus is that household goods can be imported tax-free, meaning you can take whatever you like from your home in the United States without incurring financial penalties. Border towns should be avoided due to crime levels and corruption.
5. Argentina is ideal for those retirees looking for a European way of life. It helps that English is widely spoken, and housing prices are low. If you like warm weather, avoid the cold south.
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