Forget about how much you need to save for retirement, it’s all about how much you want to spend in retirement. And a huge influencing factor here is where you want to live. Forget about Vancouver, Hong Kong, Singapore, London or Paris – the most expensive cities in the World, and start to think outside the box a little. There are places around the world where you can live on as little as $45,000 a year, well within most people’s budget.
Check out some of the below - you might find your dream retirement paradise.
Puerto Viejo, Costa Rica
Located 57 miles south of Panama, a couple should be able to live comfortably for around $2,500 a month, with a two bedroom house going for around $110,000, and rent for $950 month
The surfing is great, so is medical care if you become a legal resident (which is easy), as for residents, medical care is covered by the government.
The weather is warm year round, and the beaches are great. It is a rainforest though, so coming from Vancouver you might want to look elsewhere.
Again, you can live comfortably in this town for just $2,500 a month. There is a big expat community, with golfing, tennis, hiking, plus surfing for the more adventurous.
The weather is good, with the big plus of lots of Italian, Argentinian and French restaurants.
On Mexico’s famed Riviera Maya about an hour south of Playa del Carmen you can retire for around $2,700 a month. The plus of permanent residency, which is easy to get is that once you are over 60, is that you qualify for a discount card for many goods and services. There is also great, inexpensive medical readily available.
Cheap at around $1,800 a month, Volcan, though small, has a new hospital which opened in 2014, and the major city of David, just 40 minutes away. Volcan is more mountain living than beach living, so is great for nature lovers. Buying a two bedroom apartment will set you back only about $150,000.
The negative is that you will likely need to speak some Spanish to be able to communicate with locals and do business, (according to International Living).
Medellin is Colombia’s second-largest city, at close to 3 million people. So if metropolis living is more your thing, this might be the place for you. There is excellent healthcare, and restaurants, yet rent is only around $1,000 for a two bedroom apartment.
As a big city Medellin also offers the culture of art and history museums and global restaurants, and in 2013 was named the most innovative city in the world by the Wall Street Journal
Although if memory serves me correct, this is where Pablo Escabar was from, so this one I might give a miss.
Current GIC rates*
*July 23rd 2019
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