The prospect of retiring comfortably often seems like an elusive mirage, obscured by the high costs associated with traditional retirement destinations.
But there are cheaper options out there, and if you save right, you can still make your dreams come true. Let’s go through the best affordable places to retire and how to do it.
Mexico
For those who still want to stay close, look at options in Mexico. Located in the Yucatán Peninsula, Mérida boasts charming colonial architecture, vibrant markets, and a welcoming atmosphere that attracts retirees from around the world.
Puerto Vallarta combines stunning natural scenery with modern amenities, including world-class restaurants, shopping centers, and healthcare facilities. Retirees can enjoy a laid-back lifestyle filled with sun, sand, and sea, all at a fraction of the cost of living.
Portugal
If you want to retire overseas, Portugal should be your first stop. Porto, Portugal’s second-largest city, offers a rich cultural heritage, stunning architecture, and a relaxed lifestyle at a lower cost compared to many other European capitals.
With its scenic riverside setting, historic neighborhoods, and vibrant food scene, Porto provides retirees with an authentic Portuguese experience without breaking the bank.
Despite being a major European capital, Lisbon remains relatively affordable compared to other Western European cities. Areas like the Algarve region, known for its stunning beaches and sunny climate, provide retirees with a relaxed lifestyle in a picturesque setting.
Colombia
Or put Colombia on the list.
Medellín offers retirees a pleasant climate year-round, along with a low cost of living compared to many other countries. The city’s modern infrastructure, efficient public transportation system, and cheaper housing options make it an attractive choice.
Areas like Cartagena, Santa Marta, and Pereira provide retirees with a relaxed lifestyle, beautiful scenery, and access to outdoor activities such as beachcombing, hiking, and birdwatching.
Vietnam
Vietnamese cities like Ho Chi Minh City and Da Nang are particularly noteworthy for retirees seeking affordability and a high quality of life.
Ho Chi Minh City offers relatively inexpensive housing options, delicious street food, and a wide range of entertainment and leisure activities. Retirees can explore historic landmarks such as the Saigon Notre-Dame Cathedral and the War Remnants Museum, enjoy leisurely walks along the Saigon River, and immerse themselves in the city’s dynamic street life.
Da Nang appeals to retirees with its laid-back vibe, beautiful beaches, and affordable living costs. The city boasts a growing expat community, modern infrastructure, and a range of amenities.
Retirement Planning
If you’re looking into funding your retirement, there are options for you. Look at the average 401k balance by age, and aim to exceed it. Come up with an investment strategy that suits your risk tolerance, time horizon, and retirement goals.
Diversify your investments across different types to lower risk and optimize returns. Regularly go through and adjust your investment portfolio as needed.
Best Affordable Places to Retire: Now You Know
With this list of the best affordable places to retire, you should be ready to start planning.
Do you want more help planning your future? Make sure you read through some of our other amazing posts today.