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.
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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $442 Furnished accommodation outside the city center 900 $220 Furnished studio in city expensive part of town (city center) 480 $443 Furnished studio outside the city center 480 $293 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $1117 Furnished accommodation outside the city center 900 $633 Furnished studio in city expensive part of town (city center) 480 $703 Furnished studio outside the city center 480 $338 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $1040 Furnished accommodation outside the city center 900 $662 Furnished studio in city expensive part of town (city center) 480 $715 Furnished studio outside the city center 480 $433 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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. If fine wine is your thing, check out our Vinovest review to learn about investing in wine.
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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $1042 Furnished accommodation outside the city center 900 $648 Furnished studio in city expensive part of town (city center) 480 $749 Furnished studio outside the city center 480 $486 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $743 Furnished accommodation outside the city center 900 $434 Furnished studio in city expensive part of town (city center) 480 $580 Furnished studio outside the city center 480 $325 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $1028 Furnished accommodation outside the city center 900 $704 Furnished studio in city expensive part of town (city center) 480 $828 Furnished studio outside the city center 480 $614 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $697 Furnished accommodation outside the city center 900 $429 Furnished studio in city expensive part of town (city center) 480 $547 Furnished studio outside the city center 480 $293 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $680 Furnished accommodation outside the city center 900 $476 Furnished studio in city expensive part of town (city center) 480 $414 Furnished studio outside the city center 480 $300 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $1157 Furnished accommodation outside the city center 900 $524 Furnished studio in city expensive part of town (city center) 480 $893 Furnished studio outside the city center 480 $449 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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
Location Square feet Monthly rental Furnished accommodation in expensive part of town (city center) 900 $838 Furnished accommodation outside the city center 900 $443 Furnished studio in city expensive part of town (city center) 480 $499 Furnished studio outside the city center 480 $296 - Utilities: Heating, electricity, and gas
Unit size in Sqft Monthly 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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