Retirement abroad certainly has its benefits, such as cheaper healthcare, a refreshing change of scenery and a lower cost of living. That last detail is especially important for retirees who haven’t saved as much as they had hoped. Fortunately, there are a number of countries where you can retire comfortably with a smaller nest egg.
Living on the cheap is even easier when you’re receiving Social Security benefits. As of 2016, the average benefit amount came to $1,341 for the typical retired worker. If you have $200,000 tucked away in a retirement plan, that, along with your Social Security payments, should be enough to last three decades in these eight international locales.
1. Retirement in Ecuador
Retirement in Ecuador seems like a breath of fresh air when compared to places like the UK, USA & Australia. You can retire in Ecuador for the price of cheap rent from any of the modern soul-less countries mentioned. Monthly expenses and cost of living in Ecuador for a couple including rent : $1484
Expatriates flock to Ecuador because of its gorgeous landscape, superior healthcare system and the generous government benefits extended to retirees, including discounts on utilities and public transportation. Housing is a steal in the capital city of Quito, with the monthly rent for a furnished, 900-square-foot apartment start at just $538. Utilities run $53 a month on average. Overall, Ecuador has a cost of living that’s 58% cheaper than New York City. (For more, see How To Plan Retirement in Ecuador.)