There are plenty of cheap retirement places outside of the United States. If you are a person who would love to retire at a totally different place from what you are used to, then you can always opt to go abroad.
Going international has its own pros and cons. You have to remember that this is a retirement home that we are talking about and not just a trip. You will probably stay there for the rest of your life and spend every morning waking up to that place. So it is very important to do research before transferring to a whole new area.
Retirees actually have the choice of staying within the country and going abroad. There are also a lot of great affordable places to live in the United States like college towns. But if you want to extend your retirement savings and go for somewhere really cheap, then going abroad is the right thing for you to do.
If you want to stay closer to the US and your children and grandchildren, you can choose Mexico. Mexico is a great place to choose if you want easy access back to the United States. There are also a lot of expats and retirees in Mexico. You can easily import some household goods from the US tax- free.
A great city in Mexico that you can choose to retire cheap is Mazatlan. Mazatlan is known for its beaches where many retirees and tourists stay. The weather is also beautiful where it is sunny almost every day in the year. Strategically, Mazatlan is not too far away from the border and not too near the border as well.
When choosing a city in Mexico to retire at, it is always advisable to stay away from the cities right next to the US borders due to the incidence of crimes and drug related issues. Mazatlan also offers great health care services through their hospitals situated in the city. Health care in Mexico will cost you a fraction than what you will typically spend in the United States.
One good reason to choose Mexico is the fact that you will be able to find a lot of expats and retirees as well. Mexico also has very good tourist spots and the entertainment industry is great too. You can easily buy a home at an affordable rate or you can rent a townhouse at a cheap price. You can also hire a housemaid easily too.
Panama is another country that you can add on your list of cheap retirement places outside the US. Panama is a country that is not that far from the US. The good thing about Panama is the fact that they are also using the US dollar currency which will be very convenient for you. Even if they have the same currency, prices for basic commodities and services in Panama are very cheap compared to the US.
Your money will definitely last longer if you choose to retire there. Panama is actually one of the cheapest countries to retire based on surveys. There are also a lot of expats and retirees living there so you will find yourself around great company.
Another great thing about Panama is the people. They are generally friendly and very welcoming. If you choose to live in Panama City, which is its capital, most people speak English. Spanish is their native language but you can easily buy a translation book or get some Spanish classes at a cheap price too. Panama also offers great benefits for US retirees since some of the hospitals there are affiliated with US companies. You also get to enjoy some retiree discounts and a favorable tax treatment too. But for top medical care, you would be advised by the doctors to travel back to the US due to unavailability of technology and resources.
Panama is generally quiet and most areas are rural aside from the larger cities. So if you want a cozier environment, then Panama is the place for you. During summer, Panama weather can be very punishing since it will get very hot outside. Most people from the North who are used to snow will not like this but if you are from warmer states like Florida or Texas, you will probably get used to the warm weather easily.
Uruguay is also one of the cheap retirement places to consider. Uruguay is in South Africa which borders Argentina and Brazil. One good thing that attracts retirees and expats to Uruguay is the fascinating culture that this country has. There are also a lot of wonderful and lovely attractions that retirees can visit including their famous beaches. There are a lot of great foods in the cities and the people are generally friendly.
Your money will definitely stretch in this country since the cost of living is very low. Although there are hospitals in Uruguay that can cater to your health care needs, you will need to fly out to better hospitals in nearby countries if serious and complicated medical issues arise. Uruguay is also a very peaceful and quiet place so this country will not be the best option for the people who likes the bustling city lifestyle.
Costa Rica is also a great choice for baby boomer retirees. The country has a very good economy where retirement income and real estate profits are known to be untaxed. There are also a lot of wonderful beaches in the country where you can relax and have fun. If you want to be in touch with Mother Nature, Costa Rica also has great jungles.
Compared to other Central American countries, Costa Rica is actually one of the most expensive in the area but if you compare the cost of living there and the United States, Costa Rica is still a lot cheaper. Costa Rica is great since it is one of the most peaceful countries in Central America where crime rates are low. These countries are wonderful choices which have their own pros and cons. It is very important to do proper research before putting your money into something.
There you have 4 cheap retirement places for a baby boomer like yourself to choose to retire cheaply.