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7 affordable places to retire abroad

by SuperiorInvest

The cost of retirement in the United States varies from state to state, but can cost up to $73,140 a year in a place like New York. It's one of the reasons many Americans consider retiring abroad, where they can live on lower incomes without sacrificing their quality of life.

In November 2023, the average monthly Social Security check was $1,710.78, according to the Social Security Administration. In 2022, about 48% of retirees reported spending less than $2,000 a month.

With that kind of budget, retiring aboard could allow your money to go further, according to US News and World Report.

To determine the list of countries where you can budget as little as $1,000 a month, US News and World Report spoke to travel and budget experts who have lived in and visited more than 50 countries and track living costs across the globe. world. The analysis also took into account travel costs, such as flights, taxes and visas.

A 2023 report by Moving to Spain named Portugal the best European country to retire in. It is one of the most affordable European countries due to its low cost of living.

Gabriel Mello | Moment | fake images

7 of the most affordable places to retire abroad

  • Malaysia
  • Mexico
  • Panama
  • Philippines
  • Portugal
  • Thailand
  • Vietnam

Portugal has long been a paradise for expat retirees. A 2023 report by Moving to Spain named it the best European country to retire in. It is one of the most affordable European countries due to its low cost of living.

On average, the cost of living, excluding rent, is almost 29% lower than in the United States, according to SmartAsset.

To retire in Portugal, US citizens must apply for a residency visa. According to Global Citizens Solutions, the process is relatively simple and requires applicants to provide a valid passport, proof of income, health insurance, and a criminal background check.

Panama is one of the most affordable places to retire abroad.

Heloví | E+ | fake images

US News and World Report highlighted Panama as a country that offers US retirees the opportunity to explore a new country while still being a short flight away.

“Panama has much lower living expenses than the US, especially in housing,” the report states.

On average, the cost of living in Panama is 35.4% lower than in the United States, according to Numbeo. And rent in Panama is also, on average, 52.1% lower.

Panama is also considered expat-friendly because it only pays taxes on income earned from Panamanian sources, according to PricewaterhouseCoopers.

To retire in Panama, you must have a monthly pension of at least $1,000, a clean criminal record, be at least 18 years old, and apply in person in Panama, according to the country's embassy.

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