10 Exotic Countries Where You Can Live Rich With $393,600 In Retirement Savings (Or Less)

The average retirement savings of American families age 56 to 61 is a mere $163,577 according to the Economic Policy Institute’s (EPI) survey.

And if that’s not depressing enough, this will change your mind:

  • About 50% of families surveyed have no retirement savings, which leads to
  • A low median (50th percentile) savings of  $17,000 for families approaching retirement
  • The $163K number was just an average, where the super-savers and high-income earners pulled up the average value of all survey participants.

10 Exotic Countries Where You Can Live Rich With $393,600 In Retirement Savings (Or Less)

The rich keep getting richer, while the poor and non-savers barely scraped by:

  • 9 in 10 families in the top 5th income quintiles had a retirement account in 2013,
  • While less than 1 in 10 families in the bottom income range have NO retirement savings whatsoever.

Low retirement savings and rising healthcare costs are making it harder for more and more Americans to retire stateside.

A Growing Trend

But with a little creativity, you can retire abroad like the 400,000 American seniors already living abroad.

Worried about feeling isolated and estranged in a new country?

You’ll meet plenty of new friends!

  • The number of Americans who retired abroad increased 17% from 2010 to 2015
  • Travel Market Report says as many as 3.3 million American baby boomers have plans of moving abroad for retirement

Stretching Dollars in Exotic Retirement Destinations

Who said you need a super-sized nest egg to retire comfortably?

The strong conversion rate of the US dollar can help you stretch a small retirement fund, without sacrificing your quality of living.

1. Nicaragua

Nicaragua often tops the list of beautiful yet affordable retirement destinations. It boasts of long Caribbean beaches, freshwater lakes, and old-world cities like León and Granada.

The city of Managua has top-notch international restaurants and malls, so you won’t feel like you sacrificed the luxuries of living in the U.S if you retire here.

Cost of living for an expat in León, Nicaragua: $541 per month or $162,300 for a 25-year retirement.

Average Expenses in Nicaragua

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900$442
    Furnished accommodation outside the city center900$220
    Furnished studio in city expensive part of town (city center)480$443
    Furnished studio outside the city center480$293
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900$119 for 2 people
    480$84 for 1 person
  • Internet: $46 a month.
  • Food
    Basic lunch with a drink in the business district$4.39
    Fast food combo meal$5
    500 grams boneless chicken breast$1.92
    1 dozen eggs$2.20
    Supermarket beer$1.05
    Good bottle of red wine$8
  • Entertainment
    Basic dinner at a local bar$9 for two people
    Movie tickets$7 for two tickets
    Cocktail drinks$3.49 for 1 drink
    Coffee in the expat area of the city$2.62
    Beer in the neighborhood bar$1.14 for a pint
  • Healthcare: $18 for a consultation with a private doctor.

 

2. Thailand

Thailand has been luring expats with their good food, great weather, rich culture, and pristine beaches for decades. Now it’s also a popular destination for digital nomads in search for an affordable place to live while setting up their online business.

The country’s old city walls and Buddhist temples are seamlessly mixed with modern amenities like international schools, malls, and high-end residential strips.

Cost of living for an expat in Chiang Mai, Thailand: $590 per month or $177,000 for a 25-year retirement.

Average Expenses in Thailand

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $1117
    Furnished accommodation outside the city center900$633
    Furnished studio in city expensive part of town (city center)480$703
    Furnished studio outside the city center480$338
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900$100 for 2 people
    480$50 for 1 person
  • Internet: $18 a month
  • Food
    Basic lunch with a drink in the business district$5.08
    Fast food combo meal$5.36
    500 grams boneless chicken breast$1.73
    1 dozen eggs$2.15
    Supermarket beer$1.66
    Good bottle of red wine$23
  • Entertainment
    Basic dinner at a local bar$19 for two people
    Movie tickets$11 for two tickets
    Cocktail drinks$7 for 1 drink
    Coffee in the expat area of the city$2.98
    Beer in the neighborhood bar$2.90 for a pint
  • Healthcare: $22 for a consultation with a private doctor

3. Chile

Chile is an established destination for expats, so retirees there enjoy a high-standard of living without feeling isolated. It also scored high on the Global Peace Index.

Cost of living for an expat in Santiago, Chile: $824 per month or $247,200 for a 25-year retirement.

Average Expenses in Chile

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $1040
    Furnished accommodation outside the city center900$662
    Furnished studio in city expensive part of town (city center)480$715
    Furnished studio outside the city center480$433
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $170 for 2 people
    480$110 for 1 person
  • Internet: $35 a month
  • Food
    Basic lunch with a drink in the business district$8
    Fast food combo meal$5.72
    500 grams boneless chicken breast$3.57
    1 dozen eggs$3.05
    Supermarket beer$1.56
    Good bottle of red wine$7
  • Entertainment
    Basic dinner at a local bar$27 for two people
    Movie tickets$12 for two tickets
    Cocktail drinks$6 for 1 drink
    Coffee in the expat area of the city$3.31
    Beer in the neighborhood bar$4.07 for a pint
  • Healthcare: $46 for a consultation with a private doctor

4. Portugal

Portugal takes your breath away with its perfect weather, good food, fine wine, and beautiful sunset beaches. You can get a top-shelf retirement here for a fraction of what it would cost in the US.

Cost of living for an expat in Lisbon, Portugal: $1,284 per month or $385,200 for a 25-year retirement.

Average Expenses in Portugal

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $1042
    Furnished accommodation outside the city center900$648
    Furnished studio in city expensive part of town (city center)480$749
    Furnished studio outside the city center480$486
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $119 for 2 people
    480$76 for 1 person
  • Internet: $28 a month
  • Food
    Basic lunch with a drink in the business district$9
    Fast food combo meal$7
    500 grams boneless chicken breast$3.45
    1 dozen eggs$2.38
    Supermarket beer$1.41
    Good bottle of red wine$5.25
  • Entertainment
    Basic dinner at a local bar$26 for two people
    Movie tickets$14 for two tickets
    Cocktail drinks$8 for 1 drink
    Coffee in the expat area of the city$2.30
    Beer in the neighborhood bar$2.48 for a pint
  • Healthcare: $58 for a consultation with a private doctor.

5. Dominican Republic

The Dominican Republic isn’t the first country that comes to mind when people think of the Caribbean, which is a good thing for retirees in search of an affordable beach paradise. It’s not as crowded and expensive as the Bahamas or Cayman Islands.

Don’t like the beach? Head to the mountain region of Jarabacoa for a breath of fresh air and slow-paced, countryside lifestyle.

Cost of living for an expat in Jarabacoa, Nicaragua: $1,187 per month or $356,100 for a 25-year retirement.

Average Expenses in Dominican Republic

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $743
    Furnished accommodation outside the city center900$434
    Furnished studio in city expensive part of town (city center)480$580
    Furnished studio outside the city center480$325
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $115 for 2 people
    480$104 for 1 person
  • Internet: $42 a month
  • Food
    Basic lunch with a drink in the business district$8
    Fast food combo meal$6
    500 grams boneless chicken breast$3.77
    1 dozen eggs$2.07
    Supermarket beer$2.21
    Good bottle of red wine$12
  • Entertainment
    Basic dinner at a local bar$27 for two people
    Movie tickets$10 for two tickets
    Cocktail drinks$7 for 1 drink
    Coffee in the expat area of the city$2.10
    Beer in the neighborhood bar$3.87 for a pint
  • Healthcare: $28 for a consultation with a private doctor.

6. Uruguay

Uruguay has a mild climate, stable economy, a vibrant culture, and an inclusive healthcare system that allows foreign residents to get medical coverage for a fair price.

Cost of living for an expat in Montevideo, Uruguay: $1,312 per month or $393,600 for a 25-year retirement.

Average Expenses in Uruguay

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $1028
    Furnished accommodation outside the city center900$704
    Furnished studio in city expensive part of town (city center)480$828
    Furnished studio outside the city center480$614
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $164 for 2 people
    480$135 for 1 person
  • Internet: $25 a month
  • Food
    Basic lunch with a drink in the business district$11
    Fast food combo meal$9
    500 grams boneless chicken breast$4.66
    1 dozen eggs$3.28
    Supermarket beer$1.96
    Good bottle of red wine$8
  • Entertainment
    Basic dinner at a local bar$31 for two people
    Movie tickets$16 for two tickets
    Cocktail drinks$7 for 1 drink
    Coffee in the expat area of the city$4.02
    Beer in the neighborhood bar$5.43 for a pint
  • Healthcare: $53 for a consultation with a private doctor.

7. Malaysia

Retirees in search of life amidst stunning wildlife and forests, without sacrificing the benefits of city-living should head to Malaysia. It also has a low crime rate, cheap food, rich street culture, and good internet.

The Malaysian government has several programs in place to attract foreign retirees, including the Malaysia My Second Home program, which gives eligible participants 10-year renewable visas, tax-free car purchase privilege, and the ability to purchase a house, among other benefits.

Cost of living for an expat in Kuala Lumpur, Malaysia: $867 per month or $260,100 for a 25-year retirement.

Average Expenses in Malaysia

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $697
    Furnished accommodation outside the city center900$429
    Furnished studio in city expensive part of town (city center)480$547
    Furnished studio outside the city center480$293
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $58 for 2 people
    480$47 for 1 person
  • Internet: $33 a month
  • Food
    Basic lunch with a drink in the business district$3.97
    Fast food combo meal$3.20
    500 grams boneless chicken breast$1.85
    1 dozen eggs$1.62
    Supermarket beer$2.57
    Good bottle of red wine$18
  • Entertainment
    Basic dinner at a local bar$16 for two people
    Movie tickets$7 for two tickets
    Cocktail drinks$7 for 1 drink
    Coffee in the expat area of the city$3.57
    Beer in the neighborhood bar$4.53 for a pint
  • Healthcare: $12 for a consultation with a private doctor.

8. Belize

Jungles, Caribbean beaches, Mayan ruins, and wildlife reserves, all these attractions await retirees who settle in Belize. Living here is easier compared to other countries in the region because their main language is English, so you don’t need to learn a second language. The only downside to retiring here is the expensive internet and cable rates.

The government’s Qualified Retirement Program (QRP) allows eligible foreigners to retire in Belize, if they meet the requirements, which includes receiving a minimum pension or annuity of $2,000 a month.

Cost of living for an expat in San Pedro, Belize: $1,152 per month or $345,600 for a 25-year retirement.

Average Expenses in Belize

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $680
    Furnished accommodation outside the city center900$476
    Furnished studio in city expensive part of town (city center)480$414
    Furnished studio outside the city center480$300
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $71 for 2 people
    480$59 for 1 person
  • Internet: $159 a month
  • Food
    Basic lunch with a drink in the business district$6
    Fast food combo meal$5.01
    500 grams boneless chicken breast$3.65
    1 dozen eggs$1.92
    Supermarket beer$1.55
    Good bottle of red wine$20
  • Entertainment
    Basic dinner at a local bar$25 for two people
    Movie tickets$15 for two tickets
    Cocktail drinks$6 for 1 drink
    Coffee in the expat area of the city$2.25
    Beer in the neighborhood bar$3.03 for a pint
  • Healthcare: $30 for a consultation with a private doctor.

9.  Guatemala

Retirees can settle in Guatemala City, the calm shores of Lake Atitlan, or bask in the old world charm of Antigua. Whatever your fancy is, Guatemala has a place for you.

Guatemala, also known as the Land of Eternal Spring, has a rich Mayan culture and year-round agreeable weather.

Cost of living for an expat in Guatemala City, Guatemala: $760 per month or $228,000 for a 25-year retirement.

Average Expenses in Guatemala

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $1157
    Furnished accommodation outside the city center900$524
    Furnished studio in city expensive part of town (city center)480$893
    Furnished studio outside the city center480$449
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $99 for 2 people
    480$72 for 1 person
  • Internet: $62 a month
  • Food
    Basic lunch with a drink in the business district$4.79
    Fast food combo meal$5.86
    500 grams boneless chicken breast$3.43
    1 dozen eggs$2.09
    Supermarket beer$1.58
    Good bottle of red wine$14
  • Entertainment
    Basic dinner at a local bar$20 for two people
    Movie tickets$11 for two tickets
    Cocktail drinks$6 for 1 drink
    Coffee in the expat area of the city$3.06
    Beer in the neighborhood bar$4.37 for a pint
  • Healthcare: $28 for a consultation with a private doctor.

10.  Colombia

It’s known as a source of diamonds and other precious stones, but Colombia is also a popular retirement destination.

Colombia’s diverse landscape is teeming with beaches, national parks, heritage towns, and rainforests. It’s a small country, but it’s one of the most biodiverse locations on Earth. So if you love camping, hiking, or any kind of outdoor adventure, Colombia is for you.

Cost of living for an expat in Medellin, Colombia: $862 per month or $258,600 for a 25-year retirement.

Average Expenses in Colombia

  • Housing
    LocationSquare feetMonthly rental
    Furnished accommodation in expensive part of town (city center)900 $838
    Furnished accommodation outside the city center900$443
    Furnished studio in city expensive part of town (city center)480$499
    Furnished studio outside the city center480$296
  • Utilities: Heating, electricity, and gas
    Unit size in SqftMonthly estimate
    900 $129 for 2 people
    480$86 for 1 person
  • Internet: $24 a month
  • Food
    Basic lunch with a drink in the business district$4.31
    Fast food combo meal$5.07
    500 grams boneless chicken breast$2.51
    1 dozen eggs$1.66
    Supermarket beer$0.93
    Good bottle of red wine$12
  • Entertainment
    Basic dinner at a local bar$14 for two people
    Movie tickets$7 for two tickets
    Cocktail drinks$5.75 for 1 drink
    Coffee in the expat area of the city$1.71
    Beer in the neighborhood bar$1.83 for a pint
  • Healthcare: $24 for a consultation with a private doctor.

 

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