13 brilliant – and affordable – retirement destinations
Rita Lobo
16 May 2017
Growing old in the sun
Many people have the ambition of cashing in their savings and moving abroad when they stop working to enjoy their retirement in the sun. However, retirement savings and even pension pots are not bottomless wells of money, so it’s important to consider cost of living, property prices and the cost of health and social care when picking a retirement destination.
Costs to consider
Malta: cost of living £2,100 per couple per month
This delightful collection of Mediterranean islands is easily overlooked, mostly because of their size. But its two main islands, Malta and Gozo, should not be ignored when shortlisting your dream retirement destinations due to their mild weather, international community and proximity to mainland Europe. According to International Living a couple could retire here comfortably for less than £2,100 per month.
Malta: cost of living £2,100 per couple per month
Malta is a part of the EU, it has excellent publicly-funded healthcare, and is only a short flight away from Paris or London. But most importantly: it’s beautiful and has a rich history, which has been well-preserved in its ruins, and historic towns. So even in retirement you’ll never get bored!
France: cost of living £1,600 per couple per month
France has the world’s best healthcare, according to the World Health Organisation – a huge deal for those thinking of retiring there. Though some parts of the country, like Paris or the Cote D’Azur, are very expensive, rural France can be surprisingly affordable. A couple could live there for around £1,600 a month.
France: cost of living £1,600 per couple per month
Because of the mild winters and scorching summers, many retirees opt for the Midi – the south region including the Provence and Languedoc. However, the central regions might be more affordable. Also consider the mountainous regions like the Alps or the Pyrénées (pictured) for stunning scenery and wonderful summers!
Thailand: cost of living £1,600 per couple per month
It's a popular holiday spot, but not many Westerners will have considered retiring in Thailand, but it’s time to think again. The country is very welcoming and has everything from sandy beaches to jungle-covered mountains. It also has one of the lowest costs of living in the world and excellent healthcare. There's a minimum income requirement of £1,600 to qualify for a retirement visa, but International Living research suggests that should be ample for a retired couple to live comfortably.
Thailand: cost of living £1,600 per couple per month
If you want a quieter retirement, look to Northern Thailand, and Chiang Mai (pictured) where you’ll find tranquil mountains and waterfalls, excellent food, and a much slower pace of life than in frenzied Bangkok or some of the more popular islands. You’ll also avoid monsoon season up north!
Spain: cost of living £1,500 per couple per month
Long held as a favourite destination for Brits retiring abroad, there are good reasons why Spain’s popularity endures despite recent economic hardships. It’s got wonderful beaches, delicious food and the cost of living can be very affordable. According to International Living, a couple could retire in the Spanish countryside for as little as £1,500 a month.
Spain: cost of living £1,500 per couple per month
To get the most bang for your buck, avoid big cities like Madrid or Barcelona, where the average retired couple can expect to require up to £1,700 a month to live comfortably. Instead, head to the one of Spain’s many delightful rural or beach towns, for a much more relaxing, slow-paced and affordable retirement.
Portugal: cost of living £1,300 per couple per month
Portugal is one of the most affordable countries in the EU and there’s an abundance of spacious, good quality property – outside the capital Lisbon that is. The climate is reasonably mild and it’s so small you can be at the coast within a couple of hours from pretty much anywhere in the country!
Portugal: cost of living £1,300 per couple per month
According to International Living, a couple could live here for around £1,300 a month. As it's part of the EU it has good public healthcare and, to top it all off, most of the population speaks English – though learning some Portuguese would probably be a good idea.
Panama: cost of living £1,200 per couple per month
Panama is the perfect retirement destination for beach lovers. It’s a small country with two long coastlines and many islands. Popular with retirees is a stretch of coast on the Pacific known as “City Beaches”, because of their proximity to Panama City. There's a high standard of living, and accessibility – though they are not as cheap to live in as beach towns further from the capital. International Living estimates that a couple can live in Panama City with around £1,200 a month.
Panama: cost of living £1,200 per couple per month
One of the great advantages of living in Panama is that the official currency is the US dollar, so there are fewer currency exchange risks threatening your savings. It's worth remembering that the further away from Panama City you move, the cheaper the cost of living. Medical care is excellent and affordable, and Panama has one of the most expat friendly visa programmes. Retirees also enjoy a number of discounts and benefits in hotels, travel, and restaurants.
Nicaragua: cost of living £1,200 per couple per month
Nicaragua has been investing massively in infrastructure over the past decade, as its economy continues to boom. This means that the once-troubled nation is now perfect for travelling to – and even retiring in. According to International Living a couple of expats can live here for around £1,200 a month, but you’ll have to pay for private healthcare. But Nicaragua is a beautiful tropical country you will never get tired of exploring.
Nicaragua: cost of living £1,200 per couple per month
There are increasingly frequent direct flights to Europe, so you won’t be cut off. Many global brands and shops are present in Nicaragua, so you’ll be able to retire with many of the creature comforts you are used to – but with a lot more sunshine and incredible scenery. It also has some of the best coffee and chocolate in the world to boot!
Ecuador: cost of living £1,200 per couple per month
Ecuador is third on this year’s Global Retirement Index, and it’s not hard to see why. It has mild weather, it has good healthcare at affordable prices, and has some of the best and more affordable property. According to International Living, it also offers great retiree benefits. There are discounts for over 65s on everything from flights to movie and sporting event tickets, and even the option of a free telephone landline when you buy a property.
Ecuador: cost of living £1,200 per couple per month
A couple can live comfortably with as little as £1,200 a month in Ecuador, according to International Living. Particularly popular with expats are the Cuenca, Quito, Cotacachi and Salinas (pictured) – it all depends if you’d rather live on the beach or in the leafy mountains. Ecuador has it all!
Colombia: cost of living £1,000 per couple per month
Colombia has turned a new leaf after decades of civil war. But its thriving economy, beautiful cities and proximity to the US means it is quickly establishing itself as a retirement haven, particularly for Americans. It is a lush country with a vibrant culture, and warm weather.
Colombia: cost of living £1,000 per couple per month
A retired couple will need only £1,000 to live in comfort in Colombia. Bogotá is the bustling capital, so head to Cartagena for beachside tranquillity or Medellín (pictured) for a thriving metropolis in the jungle. Medellín also boasts excellent healthcare, with five of the best 35 hospitals in South America.
Mexico: cost of living £900 per couple per month
Mexico has long appealed to American expats looking for an affordable and enjoyable place to retire, but everyone should look there as a viable option. According to International Living, foreign retirees can live well with as little as£900 a month as long as they avoid the worst tourist traps. Particularly appealing to expats is the Riviera Maya, stretching from North of Playa del Carmen (pictured) to south of Tulum on the Atlantic Coast.
Mexico: cost of living £900 per couple per month
Mexico also boasts excellent hospital and healthcare facilities at affordable rates. There are also many direct flights to Europe from Mexico City, so popping home for a visit shouldn’t be a problem. Mexico is a great place to retire in style, as there are plenty of resorts, golf clubs and excellent infrastructure to support cheap and easy living in your twilight years.
Malaysia: cost of living £800 per couple per month
Malaysia has one of the highest standards of living in Asia, with clean cities, top-tier public transportation and friendly locals. There are 878 islands to choose from, but expect to find a multicultural, vibrant society everywhere. The cost of living is low, and the standard of private healthcare is exceptional. Though there is a visa requirement to prove earnings of just over £2,500 a month, International Living estimates the real cost of living is much closer to £800.
Malaysia: cost of living £800 per couple per month
For a quieter retirement, avoid Kuala Lumpur and head to Penang (pictured). Meanwhile, George Town was once a British colonial outpost, and still has many of its historic buildings. In the centuries since the Brits left, Chinese and Indian communities have shaped George Town into a unique city that’s beautiful and full of culture. Perfect for retirees looking for good weather, cheap food and safe environment.
Costa Rica: cost of living £800 per couple per month
Costa Rica is one of the most verdant countries in the world, with some of the greatest biodiversity – so nature lovers should seriously consider it as an ideal spot to retire. It’s a safe country that has hosted tourists and expats for decades, with excellent infrastructure and an inexpensive cost of living. It is also very easy to obtain ‘pensioner visas’ to settle there, and a base income of only £800 a month is required.
Costa Rica: cost of living £800 per couple per month
Beyond the exuberant nature, Costa Rica is appealing to retirees because of its highly-rated healthcare system. Pensioners are entitled to cheap government sponsored healthcare, or can choose extremely affordable private healthcare, at a fraction of what treatment would cost in the US.
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