Retiring abroad can mark the beginning of an adventure. But when venturing out into a whole new world after retirement, choosing the right place to call home can be a puzzle. For most retirees, the right option offers a blend of safety, affordability, lifestyle enhancements and amenities.
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Portugal
- Average monthly cost of living: $2,500 to $3,000 for a couple
Portugal has gained popularity in recent years as a retirement destination. For starters, this European country offers a comfortable lifestyle on a budget, with couples able to live for around $2,500 to $3,000, according to International Living. With top-quality healthcare and many English speakers, Portugal could be the right fit for your golden years.
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Greece
- Average monthly cost of living: $1,500 to $1,900 for a single person
Greece is full of history and beautiful scenery, not to mention outstanding food. This Mediterranean gem offers a balance of affordable living (average of $1,500 to $1,900) with the cultural amenities that many American retirees seek, according to Global Citizen Solutions. You’ll find plenty of English speakers with a mix of rural and urban destinations to consider.
Spain
- Average monthly cost of living: $2,300 to $2,900
Spain offers a strong healthcare system and a vibrant cultural scene that draws in ex-pats. You’ll find sunny Mediterranean views with a mix of bustling cities and laid-back beach towns. With an average cost of less than $3,000 per month for a couple — according to Global Citizen Solutions, it could be a great place to stretch your budget further in retirement.
Mexico
- Average monthly cost of living: $1,800 to $2,400
For American retirees seeking to stay relatively close to home, retiring to Mexico could be a great option. You’ll enjoy a more affordable life filled with creature comforts, all within a relatively short plane ride back to visit family and friends. Average monthly cost of living ranges from $1,800 to $2,900, according to International Citizens Group. Like other countries, some spots are safer than others within this expansive country. Popular safe havens include San Miguel de Allende, Ensenada and Puerto Vallarta.
Thailand
- Average monthly cost of living: $1,500 to $2,000
If you are looking to move across the world, Thailand could be an excellent option. For couples living in a major city, you’ll find average living expenses between $1,500 and $2,000 per month (per Global Citizen Solutions), which is significantly more affordable than most of the U.S. With a robust medical industry and extensive cultural richness, Thailand could be the right place for your next chapter.
Panama
- Average monthly cost of living: $1,500 to $2,100
Panama has long been a favorite for Americans seeking a change of pace. This modern country offers plenty of amenities with extensive access to beautiful beaches. If you have proof of a guaranteed income, Panama makes it easy for you to gain a permanent resident status. The average cost of living ranges from $1,500 to $2,100, according to Global Citizen Solutions.
How To Stretch Your Nest Egg
As you explore your retirement options, opting to move to a new country for a lower cost of living is one way to extend the life of your savings. But there are a few things to keep in mind as you look to extend your retirement savings, whether or not you move abroad:
- Downsize your housing costs: Moving to a more affordable country could give you a chance to lower your housing costs. If you don’t make that move, consider downsizing to a smaller living space or a different city in the U.S. to shrink your housing expenses.
- Pick up part-time work: Although you’ve left your job behind, that doesn’t mean you can’t pick up part-time work. The extra income could help you leave your savings untapped for a bit longer. For example, you might work part-time at a dream job, like a state park or local garden center.
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This article originally appeared on GOBankingRates.com: 6 Safest Countries America’s Middle Class Can Afford To Retire In
