3 Top Places to Retire Cheaply

Finding places to retire cheaply is important for many people entering into the next phase of their lives. Retirement is a time for relaxation and finally being able to enjoy life without working. Many people are actively searching for the best place to spend their golden years. Here are some of the top places consider for retirement.

Take time to go over all investments and cash reserves. Write out how much money there is available for living expenses.   Many retirees use their assets to supplement their income while they are living abroad or in other locations. Income from a business or rental home may be used when calculated the amount of monthly income that will be available each month.   Never skip over reviewing finances when searching for the best places to retire inexpensive.

Fixed Income

Start to look for places to live based on lifestyle and monthly income.   For example, many seniors are fine with renting an affordable home. Some people have their hearts set on purchasing a dream home.   Some places to retire cheaply for those on a limited income are condos, updated apartments, and smaller homes in cities close to family.

Housing is usually the most expensive part of household monthly budgets. Selling a main residence before moving is a good way to ensure that a home can be purchased. Some seniors choose to pay for their new home outright; others prefer to place a substantial down payment to keep monthly mortgage costs within their fixed incomes comfortably.   Cities with foreclosures that are in good condition may be great places to retire economically.

Cost of Living

It is possible to move to another place in the world and have the same lifestyle for a lower price. This can be done within the United States; it is not always a necessity to live abroad when searching for great places you can retire cheaply. Iowa has new single family homes that can be purchased for about $ 55,000. It costs less than $30,000 a year to live there comfortably.

Fort Worth, Texas is a city with an extremely large selection of homes in all price ranges. The suburban areas are updated and large homes can be purchased for under $ 100,000. This may be great options for seniors that love the convenience of shopping malls, athletic centers, and being a short drive away from the big city. If a part time job is picked up, there is no state income tax for Texas residents. It is extremely affordable to live in Fort Worth, versus other large cities.

Some English speaking foreign countries are the best places to retire cheaply. Belize has a large English speaking population. This is a popular city for American retirees. Residents away from the mainland can live comfortably on about $25,000 a year. The property tax rate is under a hundred dollars for properties valued at $ 500,000.

Transportation can be simplified for most seniors. It is easier to use local public transportation or a single vehicle. Choosing to live close to city centers is important. Being close to local markets and restaurants can eliminate the need for spending a lot of income on gasoline.

Many seniors choose to liquidate some of their assets to provide a higher level of financial security when they move away from friends and family. Downsizing vehicles, selling jewelry that is not used, or selling household items can be a great way to start a new chapter in life more comfortably. Use these tips to find the best low cost places to retire to.


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