Trying to stretch your money in retirement can be challenging. Over one-third of retirees have an income of less than $50,000 per year, and 30% have trouble making ends meet, according to Transamerica.
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However, you can still enjoy a comfortable retirement on a limited budget. One way to do so is to move out of the U.S to an area with a lower cost of living. In many cases, you can find regions that have great weather and feel like a vacation, while keeping your costs below $2,000 per month for your main living expenses.
Here are four of these destinations to consider.
Mérida, Mexico
This capital of the Yucatán state is a charming, historical city that’s very different from Yucatán cities like Cancún that are often known for partying.
Mérida is one of the safest cities across the Americas and offers fantastic access to Mayan art and culture, along with modern infrastructure and healthcare, said Jen Barnett, co-founder at Expatsi, which helps U.S. citizens find places to live abroad.
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The cost of living here is very affordable, she added, usually ranging from around $1,500 to $3,000 per month for a couple. Among some of the core expenses, “you can find one-bedroom rentals for $300 to $800, utilities around $50 to $100, groceries for $150 to $250, and private healthcare for $50 to $150 per month,” she said.
Manta, Ecuador
Another part of the Americas to consider is Manta, Ecuador. It’s a “beautiful coastal city with vibrant culture and affordable everyday costs,” said Barnett.
Typically, couples can expect to spend around $1,200 to $1,300 per month for housing, utilities, groceries, and healthcare, she said. Or you could even buy a two-bedroom home for as low as $50,000 to $70,000.
Plus, “Ecuador uses the U.S. dollar, which saves on exchange rates,” said Barnett, adding “private healthcare here is highly rated.”
Altea, Spain
Retirees can also find great deals and a high quality of life in the Mediterranean city of Altea, Spain. It has “a mild climate and coastal charm,” said Barnett.
Here, some common costs for couples include rent that ranges from around €800 to €1,200 per month, groceries of about €300 per month, utilities including internet of around €200, and dining out costs around €12 to €30 per meal, said Barnett.
While some costs depend on factors like exchange rates, healthcare needs and your lifestyle, it’s definitely possible for a couple to live for $2,000 per month or less here.
Cape Coast, Ghana
Lastly, the city of Cape Coast, Ghana, is one of the more affordable places to retire.
“You can rent a three-bedroom house for less than $300 per month and live comfortably as a couple on less than $1,500,” said Barnett.
In terms of the quality of life, you can expect a “warm, tropical climate, rich culture and incredible food,” said Barnett.
Note, however, that “while daily living can be affordable, imported goods and certain services remain pricey. Quality varies by location, especially healthcare outside Accra,” the capital city of Ghana located around 140 kilometers away.
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This article originally appeared on GOBankingRates.com: 4 Vacation Destinations You Can Retire in Great Weather for Under $2,000 a Month
