Experienced travelers savvy in the ways of finding cheap travel options, whether cheap airplane tickets, discount hotel rooms, cheap auto rentals, or cheap vacation packages sometimes decide upon retiring to do so abroad in order to get the most bang for their remaining funds.
Dreams of retiring abroad often get derailed because of logistics. Everything from languages to visas to home buying can be more difficult to deal with. For some however the benefits of moving far outweigh the costs.
If you are considering retiring abroad you should closely read the State Departments Guide to Retiring Abroad as well as check individual countries embassies for more information. Every country has different rules and regulations that must be followed.
The following are online sources that can provide invaluable information:
Expatistan offers a cost of living calculator that takes into account price information from thousands of people around the world.
VisaHQ provides information for all types of visas and related matters and contact information for embassies and consulates around the world.
InternationalLiving is a well established magazine that focuses on living abroad and offers a section dedicated to retiring overseas.
The following are retirement havens recommended by Investopedia where the U.S. dollar goes a long way and pensioners receive excellent government benefits:
Panama uses U.S. currency and offers a generous retirement visa that comes with discounts on entertainment, transportation, professional service and medical services, in addition to exemptions for importing household goods. The cost of living in Panama is much cheaper that the United States, particularly outside of its capital (Panama City). It is 43 percent cheaper to live in Panama City than New York City. Most savings are realized in food, housing, and entertainment, all of which are over 40 cheaper.
Visa requirements for U.S. expats are that you are at least 50 years old and have a pension that provides a minimum of $1,000 per month in income. Age exceptions are available for people with government or high profile pensions as well as income exceptions for expats who purchase over $100,000 in real estate.
Thailand is an exotic retirement destination that offers beautiful beaches and diverse culture. It is becoming increasingly popular with American retirees. The cost of living in Thailand is less than the United States, Panama and even Costa Rica. The cost of living in Bangkok, Thailand is about 50 percent cheaper than New York City and approximately 10 percent less than Panama City, with food and housing where the greatest cost savings can be realized.
Visa requirements for American citizens are a minimum age of 50 as well as meeting certain income requirements. Expats must have at least $26,000 in a bank account, monthly income of about $2,200.
Costa Rica is popular for being tropical and secluded. It is home to the longest running democracy in Latin America. The cost of living in San Jose, Costa Rica is almost 50 percent less than New York City, with the greatest savings to be found in food, housing, transportation, and entertainment. By venturing outside of the capital city of Costa Rice into some of the smaller beach communities, such as Guanacaste, cost of living goes down substantially.
Visa requirements are a minimum of $1,000 per month individually or $2,500 per month per couple.
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