Millennials, you won’t be surprised to hear that our saving for retirement … isn’t going so great. And while it’s nice to think that we’ll be able to turn this tide around, the reality is for many of us that just might not happen, and we’ll have to look for other alternatives in our Golden Years.
That could mean pulling up your roots and moving to another country. Or, maybe you’re already fed up with the grind and want to take your job mobile and live super inexpensively starting now.
Either way, if you’re planning your future, rather than spending your time looking for a new place to go on a yoga retreat, hang out with your squad, or even get in an affordable vacation before the end of the summer, check out these countries where you can stretch out your hard-earned dollars and retire on the cheap.
Between English being the country’s first language, incredible temple ruins, gorgeous blue waters, and the fact that you can quite comfortably live there for $1,000 USD a month — and much less, if you’re willing to be especially thrifty — Belize has a lot to offer the budget-conscious over-65 set. These are just a few of the reasons it tops our list of inexpensive places to retire.
Thailand is a popular vacation destination, even for luxury travelers, because the prices are so reasonable and the country is beautiful. Okay, so you’ll have to contend with torrential downpours, but considering you can find a modern two-bedroom condo in Bangkok for around $600 USD per month (and even less outside of the city), we’re pretty sure you’d get used to it.
Another Southeast Asian country worth considering for your retirement, Vietnam boasts spectacular waterfronts, rich history, and warm temperatures, and the cost of living per month hovers around $1,130 USD, with about $420 USD of that going toward rent. If you’re concerned that your language skills aren’t up to snuff, don’t let that hold you back: Although Vietnamese is still the first language in the country, more than half of the population is proficient in English.
Here you’ll find charming architecture, awe-inspiring volcanoes, stunning islands, and breathtaking lagoons. Plus it’s only a quick — and cheap! — flight to the Galapagos Islands, if that particular destination happens to be on your travel bucket list. Not to mention that you’ll finally get the immersive experience you’ve been wanting in order to learn Spanish.InternationalLiving.com reports that couples can live quite happily on $1,680 USD a month in the city of Cuenca.
Contrary to what you see in people’s dating profile pics, there’s more to Peru than Machu Picchu. From farmland to beaches to bustling cities, the country is vast and gorgeous — and the culinary options aren’t too shabby either. According to InternationalLiving.com, a couple can live there for $1,500 USD a month without watching their budget too closely.
More from Ladders
- The average social security benefit does not cover basic living expenses: A state-by-state look
- Survey: Only 54% of Americans know how much they need for a comfortable retirement
- Survey: Number of Americans ‘saving more’ toward retirement continues to climb
- 5 money questions you should be able to answer by 35
- I spent 5 years studying rich people. Here are the best pieces of advice I can give you about money