As you create and analyze your retirement plan, you may want to take a closer look at your retirement budget. When your goal is to retire by the age of 37, you need to have enough passive income in place to support your lifestyle and to pay for your regular monthly expenses. The easiest way to accomplish this is to decrease your expenses as much as possible. After all, with fewer expenses, you will need less income in your retired years. The reality is that there are some beautiful, safe places to live in different areas of the world that have a much more affordable cost of living than the United States. With this in mind, it is well worth considering the option to retire early abroad as part of your early retirement plan.
The Top Cheapest Countries to Live in
Because your goal is to retire early by the age of 37, you may be interested in learning more about the top cheapest countries to move to. Each country has its pros and cons to consider. However, these are some of the top countries that others who have wanted to retire early abroad have chosen.
A wonderful option to consider if you want to retire early abroad is Austria. This may not be the absolute cheapest country on this list, but it is a very safe and peaceful place to live. Moreover, it is a lot more affordable to live in than the United States.
Austria is well-known for its stunning scenery and friendly people. A portion of the Alps lies in Austria. Therefore, this means that you can enjoy the incredible mountain landscapes that you also find in Switzerland without the high cost of living that Switzerland is known for.
The overall living standards are high here. Therefore, you will certainly not feel as though you are slumming it in Austria. Still, keep in mind you are living more cheaply than in the United States. When you retire to Austria, you will be able to enjoy the culture and scenery of this country, hike through mountain landscapes, tour museums and more.
If you plan to travel through Europe or surrounding areas in retirement by rail, car or other means, this is a wonderful location to relocate to. However, remember that you will need to apply for a permanent resident visa if you plan to live in Austria for more than six months.
Another beautiful option to consider is Australia. While this is the smallest continent, Australia is actually a huge country that has many affordable communities that you can choose to live in. This includes larger and smaller towns in truly scenic areas.
The country as a whole has friendly people, gorgeous natural beauty and many cosmopolitan areas that have robust culture. You will also be in a great location to explore New Zealand, the South Pacific, and southern Asia when you live in Australia.
This is a peaceful country that is only slightly more expensive to live in than Austria. There are two types of visas you can consider applying for if you plan to relocate to Australia on a permanent basis. If you qualify with a high net worth, you may apply for a fast track visa. Otherwise, you can apply for a standard visa. The initial visitor visa can be upgraded to a permanent resident visa after four years.
If you wanted to retire a little closer to home, Mexico is a wonderful retirement destination to think about. You will not be alone when you retire early abroad to Mexico. More than one million Americans are currently retired in this country. They are all enjoying the country’s incredibly low cost of living. This is paired with a fabulous culture, wonderful food, and beautiful natural landscapes.
Because this is a popular vacation destination for Americans, you will likely meet Americans. They are both visitors as well as permanent residents. Health care in Mexico is reasonably priced. Many healthcare services are comparable to those found in the United States.
However, as a word of warning, there are crime issues in select states in Mexico. When you are preparing to retire early abroad in Mexico, carefully research crime stats so that you choose the safest place to live in this country. Consider looking for communities where many American retirees live.
Costa Rica has emerged as a top vacation destination in recent years. When you choose to live in Costa Rica, you can enjoy vacation-like activities on a regular basis. This is a calm, relaxed country that has a very low cost of living. The government has great programs that are specifically targeted at encouraging retirees to relocate to the country.
In fact, there are many communities of American and European retirees throughout the country. This is a result of the government’s program focused at retirees. Costa Rica is known for its gorgeous beaches as well as its tropical landscapes and volcanoes. Here, you can enjoy snorkeling, swimming, fishing, hiking, white water rafting and more in your free time.
You will also be in a great location for exploring other areas in Central America. Healthcare in Costa Rica is very affordable and high in quality. If you plan to apply for a long-term visa in Costa Rica, you will need to prove that you have at least $1,000 in pension income.
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Another beautiful option to consider is Ecuador. When you think about places to retire early abroad, this country may not initially come to mind. However, this is a truly stunning and relaxed place for you to relocate to. Moreover, it offers many benefits for its residents. In fact, as many as 10,000 Americans may currently be retired in this country.
Because Ecuador is located on the equator, you will enjoy year-round warmth and sunshine. The country has a splendid mix of villages and towns with great restaurants and open-air markets. There are also resorts and plenty of unspoiled natural landscapes. Healthcare is a bit scarcer in Ecuador. You may have to travel a few hours to get to a clinic depending on where you live. The good news is that a couple may be able to retire comfortably here with as little as $1,500 per month. This means that you may be able to retire more easily at 37. You can live a comfortable, happy life in this affordable country.
The decision to retire early abroad is not an easy one to make. You must think about everything from your budget and how you plan to spend your days in a new country to your plans to come back to the United States frequently to visit your family and more. It is wise to learn more about these incredible destinations and other countries that are popular for those who have wanted to retire early abroad. By doing so, you may be able to better plan out your retirement in the coming years. If you have questions or comments about retiring early or living abroad, please comment in the section below.