Saving for a nest egg is always a good idea, but how much does it actually cost to retire in North America? Experts say that a couple needs to save anywhere from $275,000 to $1,025,000 to retire comfortably at the age of 65.
But here’s the good news: Barry Choi, a budget travel expert, writes that with $200,000 saved and some retirement benefit payments coming in, you can retire comfortably outside North America and enjoy your senior years in the sun.
Here are ten places where you can really stretch your retirement dollars!
1. Costa Rica
Thousands of North Americans have discovered the pleasures of a simpler life in Costa Rica. Towns like Atenas and Tamarindo are renowned for their lovely climate, affordable food and home prices, and a friendly environment where locals and expats mingle.
Year-round t-shirt weather and long stretches of golden beach are punctuated by eateries, bars, and all the amenities you need. While the locals speak Spanish, you’ll find plenty of folks to chat with in English, too.
Given the influx of tourists and expats, Costa Rican rental prices have risen in the past few years. In Atenas, rental rates range from $650 to $3,000 per month depending on how much space and luxury you want.
Living in Costa Rica
International Living Magazine (“ILM”) writes that healthcare is very affordable in Atenas, Costa Rica. This town has a public health clinic, pharmacy, and emergency room at its center. Some expats choose to pay from $75 to $150 for full coverage under the national public health insurance system, called Caja. Private consultations with Caja doctors cost less than $20 per visit, and private and national public hospitals are just a short drive away from city centers across the country.
Tara Tiedemann, an American expat writing for ILM, describes a typical morning as a surf session, “followed by a breakfast of eggs, bacon, yuca patties (a starchy root vegetable, similar to a potato), fresh fruit, and coffee, all for just $7 at our favorite local restaurant.”