People often work hard and save diligently for retirement, to spend the golden years exploring and enjoying a new era in life. However, they usually forget to analyze various aspects that can make the life of retirement an easy and comfortable one.
Retiring in some exotic locations can be cheaper than you’d think. Here are 10 countries that are cheapest in the world to live through retirement. Categorized by the cost of living index, these countries are suitable to retire to. Cost of Living Index includes the costs of local consumer goods and services, including groceries, restaurants, transportation, and utilities.
Portugal
Portugal is among the top five countries on the Global Peace Index, making it one of the safest countries on the planet. With its sandy beaches and warm climate, it can serve as a refreshing environment for retiring years.
The cost of living index of the country is 50.39. In order to retire in Portugal, all you need is proof of health insurance while applying for residency at the local embassy.
Malaysia
Another country suitable to live your retirement days in is Malaysia. The cost of living index here is 39.38. For nature lovers, the country is a haven with its numerous beaches and lush jungles. Even those who want to enjoy city life can spend their golden years in one of Malaysia’s many urban settlements, such as George Town, which has been ranked one of the Top 10 cities to retire to.
Malaysia’s low cost of living is quite tempting and English is known as the “unofficial first language” of the country. Moreover, it ranks 30 on the Global Peace Index, placing the country considerably higher on the peace scale compared to other Southeast Asian countries.
Spain
Spain remains a European country known for its overall low cost of living and serenity, with a cost of living index at 54.70. It has a great history and offers plenty of sightseeing to keep your retirement days busy.
Art lovers can indulge in the work of Baroque painter Diego Velazquez or modernists like Picasso and Dali. Madrid is the most expensive city in Spain. However, there still are places priced comparatively lower than their counterparts in major U.S. cities.
Costa Rica
Costa Rica is a tropical paradise with a lower price tag and the cost of living index of 50.89. Explorers will find it difficult to get bored in this country as there is plenty of things to do.
Surfing, whitewater rafting, fishing, jungle hikes, horse riding, and many more adventurous things to keep one busy. International Living rates Costa Rica’s healthcare system as brilliant and among the best in Latin America.
Panama
Alike any other place, your cost of living relies on lifestyle and the place you desire to live in. Panama offers a solid balance between the cost of living and attaining an active retirement. Panama has topped the Global Retirement Index by International Living. The cost of living index is at 51.45 in Panama.
There are plenty of things to enjoy, including zip-lining, biking, golf, and other sports to feel the adrenaline rush. The city of Boquete is famous for many wellness activities such as yoga, meditation, Tai Chi, and more.
Czech Republic
Czech Republic offers a seamless balance of affordability and safety, with No. 7 rank on the Global Peace Index and a cost of living index at 45.12. The country has a rich history, in fact, it is famous as the castle capital of the world.
The Prague Castle has stood tall since the Middle Ages. Moreover, the country houses at least 20 monuments listed as UNESCO cultural and world heritage sites.
Peru
Beautiful landscapes, vibrant cities, mountainous regions and quite farming towns, Peru has it all. You’d have access to world-renowned cuisines made with fresh ingredients from the sea to the mountains in this county that touts a cost of living of 82.
Though Peru ranks No. 70 on the Global Peace Scale, the organization determining the rank still rates Peru as a country with a “high” level of peace.
Slovenia
If you want to retire to the backdrop of the Alps, and French and Swiss regions are too pricey for you, Slovenia is an ideal alternative. The country offers several peaks, and adventurers can break a sweat at Triglav National Park.
Cost of living index of the country is at 52.51. In fact, International Living rated the Slovenian city of Ljubljana as one of the top 10 cities to retire to on the planet.
Austria
Though a bit expensive, Global Peace Index places Austria among the top 3 livable countries, with a cost of living index at 71.79. The country is known for its historical and natural beauty.
There are plenty of museums, fine art and world-famous architecture. Nature and art-enthusiasts will be pretty much inclined to retire in this country.
Australia
With the cost of living index pegged at 72.08, the average cost of living in Australia is slightly higher. However, the scenic beauty of the island continent is unparalleled, which provides a perfect place to retire.
You can enjoy your retirement days amid the peacefulness and laid-back vibe of the country at one of its many beaches. Animal lovers can go sightseeing of kangaroos and other native creatures such as the wombat.