5 Countries Where $100K in Retirement Savings Will Last 25 Years
Are you unsure if retiring abroad or in your country??
You should certainly know that retiring abroad has its benefits, such as cheaper healthcare, a refreshing change of scenery and a lower cost of living.There are a lot of people who haven’t make so much money to have a nice retirement. Fortunately, there are a number of countries where you can retire comfortably with a smaller amount of money.
As of 2016, the average benefit amount came to $1,341 for the typical retired worker. If you have $100,000 tucked away in a retirement plan, that, along with your Social Security payments, should be enough to last more than two decades in these five countries.
Monthly expenses for a couple including rent : $1394
Expatriates go to Ecuador because of its gorgeous landscape, superior healthcare system and the generous government benefits extended to retirees, including discounts on utilities and public transportation. Housing is a steal in the capital city of Quito, with the monthly rent for a furnished, 900-square-foot apartment start at just $538. Utilities run $53 a month on average.
Monthly expenses for a couple including rent : $1690
If you’re looking for somewhere a little more exotic, it doesn’t get much better than Thailand. Retirement visas are available to seniors age 50 and above who meet the minimum income standards. Specifically, you’ll need a monthly income of 65,000 baht (about $1,863 USD) or 800,000 baht (about $23,000 USD) in a savings account.
Monthly expenses for a couple including rent: $2494
Panama proves to be exceptionally welcoming for retirees from all parts of the globe who come in search of a tropical atmosphere. Prices in Panama City tend to be on par with what you’d pay in the U.S., but you’ll find that the surrounding smaller towns and villages are much more affordable. ThePensionado Program saves foreign retirees some extra cash by offering discounts on flights, hospital services, utilities and more.
Monthly expenses for a couple including rent : $1497
Malaysia’s people are just as warm as the weather, and this is the kind of place where outsiders are easily welcomed into the fold. As far as the cost of living goes, Malaysia is roughly 44% cheaper than the U.S. Housing is an especially good deal, with rent prices that are 69% lower than what you’d find here at home. Retirees can apply for a long-term visa through the Malaysia My Second Home Program. If you’re 50 or older, you’ll need at least 350,000 Malaysian ringgits ($89,343 USD) in assets and 10,000 Malaysian ringgits ($2,552 USD) in monthly income.
Monthly expenses for a couple including rent : $2259
Spain features a rich culture and heritage, not to mention a cost of living that’s easily affordable on a modest budget. Compared to the U.S., the cost of living is approximately 20% lower and rent prices are slashed roughly in half. Qualifying for a visa isn’t an overly complicated process; you must be able to show proof of residency, proof of income and be free of any illness that constitutes a threat to public health.
Data source: www.investopedia.com