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Retirement is an exciting and anxiety-ridden time.
Changing from working and generating income to relying on a fixed income can be nerve-wracking.
How much is enough?
What happens if it runs out?
Where is the best place to stretch that retirement money?
We can at least help with the last one.
While retirement is always best approached with proper financial planning, some countries
make it easier than others.
Whether it's low living costs, particularly laid-back climates, or significant perks for
retirees, these ten countries are some of the easiest to retire to.
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Let's begin.
Number ten.
The Dominican Republic.
Starting with my favorite pick from this list is The Dominican Republic, one of the least
expensive places to live in Latin America.
With an affordable cost of living of around $2500, you can live a very comfortable, quiet
life here on the beach, but you can live for a lot less, a more modest life too; it is
up to your lifestyle standards.
Getting residency is straightforward, and you can get a permanent residency easily as
a retiree if you can prove that you receive a retirement pension of $1500 per month.
For each dependent, an additional amount of US$250 is required.
Living here is a dream come true I came for two weeks' vacation and stayed for 11 years.
With great food, culture and lifestyle, great weather all year round, beautiful beaches,
friendly people, many paradise islands to explore, and a low cost of accommodations,
your pension can stretch a lot further here.Healthcare is good.
We recommend getting a private insurance.
Number nine.
Malta.
When thinking about retirement, comfort and health are often at the forefront of peoples'
minds.
Malta takes this into consideration and makes it a great place to retire comfortably.
A peaceful nation, Malta has several immigrant visa programs to make transitioning to retirement
here simple.
Citizens enjoy free healthcare, but permanent residents should enroll in private healthcare,
which is still much more affordable than in places like the United States.
Days are quickly filled with exploring, swimming in the Mediterranean ocean, visiting quirky
towns, and enjoying the sun almost year-round.
Number eight.
Ecuador.
In Ecuador, living large on a small budget isn't just possible; it's the norm as one
of the most affordable places.
Dining at a world-class restaurant will cost the equivalent of a bottled drink and appetizer
in many US cities.
And local products is available in abundance for unfathomably low prices.
Ecuador covers less than half a percent of the world's landmass and yet is home to ten
percent of the world's plant and animal species.
Real estate is on the rise - a common sight in a post-pandemic world, but bargains are
readily available.
Senior citizens get several special protections in Ecuador, including some tax exemptions,
waived registration fees, and specialized or preferential care in certain situations.
This is laid out in their Constitution, so they are guaranteed perks.
The benefit that gets the most attention is the article that requires "discounts in public
services and private transportation services and entertainment."
This might look like free phone service and even half off a variety of tickets for events
and transportation.
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Number seven.
Colombia.
Social Security is often the most straightforward proof of income to use when trying to retire
in Colombia.
The income requirements are minimal - you must show an income or pension at least three
times the minimum monthly wages.
That's about USD 800 per month - a reasonable amount for most individuals who have lived
their working years in more expensive markets.
Mortgages are challenging to obtain in Colombia, so outright purchases of homes or apartments
are the best way to navigate housing.
Located at the northern tip of South America and the terminus of Central America, the weather
is ideal for most of the year.
However, humidity is undoubtedly a consideration, especially if you aren't used to it.
Number six.
Spain.
Both European Union citizens and non-European Union citizens can retire to Spain.
If relaxing along the coast of the Mediterranean is appealing to you, Spain might be your best
bet.
Large communities of ex-pats inhabit the coastline, and there are smaller pockets inland.
And while the main tourist areas of Spain offer plenty of English-speaking support,
you'll benefit from even a basic knowledge of Spanish to get around in local communities.
Like many countries, some visas can be obtained by spending an appropriate amount of money
on a property.
Property purchase of at least half a million euros will gain you a Golden Visa in Spain.
The catch here is that you can't sell the property that qualified you for the visa until
after receiving permanent residency, usually several years after your initial move.
Taxes are a bit higher here and operate on a scale system, so obligations will vary depending
on where you live and your income sources and amounts.
Number five.
Mexico.
The United States' southern neighbor often makes lists of the top countries to live in
or retire to.
Mexico offers excellent proximity to the United States, which makes it particularly appealing
to US residents.
You'll find ex-pats from all over the world, though.
Mexico spans a large area, so that you will have your choice of climates.
Ocean views and beaches abound, but you can also live inland where mountains and dense
jungles reign.
The Colonial Highlands offers the most temperate climates in Mexico, with spring-like temperatures
year-round.
Healthcare is far more affordable than in the US, and many of the healthcare professionals
you'll work with will have received training in the US or Europe.
Historically, safety has been a common concern in Mexico, but the reality is that it's pretty
safe.
Like any country, some areas have more concentrated crime, but the most popular areas of Mexico
are considered safe.
Number four.
France.
The word France usually brings up images of the Eiffel Tower, the Louvre museum, and the
city of Paris.
But there's a lot more to France than Paris.
Consider the French countryside or any number of other vibrant cities where prices are more
reasonable than France's metropolitan center.
If you're a foodie, consider this: France has more than 1000 different cheeses.
You can try a different cheese every day for a year and still barely scratch the surface
of the culinary offerings in France.
Wine is similarly widely available and cheap - you can have a lovely meal of wine, bread,
and cheese without breaking the bank.
France is also well-connected with the rest of Europe - making travel a breeze: an essential
feature for any retiree.
Covering everything from big, romantic cities to charming rural hamlets, France is among
the most diverse and accessible places to retire.
Number three.
Costa Rica.
Costa Rica lies in Central America, sandwiched between Panama and Nicaragua, and is more
than five million residents strong.
Long stretches of undeveloped beaches, lush jungles, towering volcanoes, and endless rivers
and lakes make Costa Rica an extremely desirable place to live.
For decades, it has attracted ex-pats seeking a comfortable retirement.
It has a stable democracy and offers safety and fantastic weather year-round.
Since it's so well-established among ex-pats, there are large communities of them, and it's
relatively easy to navigate tasks like real estate, healthcare, and shipping goods to
your new home.
If an active retirement is your goal, look no further.
The warm weather encourages outdoor activity, and there are lots of options: dancing, golf,
beach activities, jungle hiking, and surfing.
Of course, fresh seafood and local produce are in abundance.
Between an adjusted diet and more activity, many ex-pats find they live a healthier lifestyle
in Costa Rica.
Number two.
Portugal.
Residents of the European Union will have an easier time retiring to Portugal than non-EU
residents.
There are extra steps involved for those not originating from the EU, and Golden Visas
are required to retire here.
Golden Visas are obtained through the investment - or purchase of assets in Portugal.
It's not always easy to qualify, either.
As of 2022, real estate purchases in Lisbon, Porto, and some other coastal areas do not
qualify for the Golden Visa.
You can also donate funds to research activities in science or technology industries or transfer
1.5 million euros to a Portugal financial institution.
Sunny beaches, wine, historical landmarks, and mouth-watering food await those who retire
to Portugal.
Number one.
Panama.
Our number one slot goes to a country that offers big city living alongside Caribbean
beaches and land filled with tropical fruit like mango and avocado.
If it sounds too good to be true, it isn't.
Many travelers are surprised to find such a bustling hub in Panama - skyscrapers reflecting
the sunny skies mark the skyline.
You can put the buildings behind you if you invest in a coastal community that offers
ocean-view condos, or you can opt for the Chiriqui Highlands, where the mountain region
is known for its year-round spring-like weather.
Panama also offers a fantastic retiree residence program, the Pensionado program.
It offers steep discounts, up to fifty percent, on things like entertainment, travel, flights,
and even hospital visits.
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