Once we reach retirement, making sure we have more than enough money to last us is definitely one of the biggest concerns. We certainly want to be able to live life to the full, but we can’t afford to pay through the nose in order to do so. This is where I thought it might be a good idea to come-up with a list of some worldwide destinations that all offer an excellent standard of living, but you won’t have to fork-out a fortune for it.
Lying at the crossroads between the continents of Asia and Europe, Turkey really is a country that can offer us the best of both worlds. On the one hand, it is definitely far more civilized than many people would believe; and on the other, the average cost of living here is significantly lower than in many countries in the European Union. If you like to enjoy a good few meals out every week, in Turkey, the price of a meal in a restaurant certainly wouldn’t preclude you from doing so. Also, house prices and rents are also reasonable when compared with EU countries.
2. The Dominican Republic
One of the most visited countries in the whole of the Caribbean region is also a fabulous destination if you are trying to find an affordable place to retire. Just one word of warning here, though: try to steer clear of the most opulent resorts on the island, I tended to find that the prices of meals, drinks and everyday essentials were massively inflated in these areas—as you will find is the case in many touristy countries around the world. Instead, try to settle in a less-developed coastal settlement and this way you should be able to enjoy the best of both worlds.
Thailand will always rank as being a personal favorite of mine! The coastal resorts and people are simply wonderful and the average cost of living is certainly nothing to sneeze at, either. Again, in and around the exclusive hotels you will find prices artificially inflated. If you can steer clear of these areas in Thailand, you might be shocked to discover just how cheaply you can live in this beautiful country. If you are really on a budget, Thailand will probably rank as being the best value destination for what your retirement income can buy.
This suggestion might shock you, but having visited the country myself, I can confirm that there are parts of the country that are more than safe enough for people to retire to; and also you will enjoy one of the lowest costs of living available anywhere in the world. Specifically, I am thinking about the area along the Indian Ocean Coast: just outside of Mombasa is definitely a good idea and there is some affordable and highly secure housing to be had in this area. Prices for eating out, groceries and everything else essential to your life is at a tiny fraction of what you can expect to pay in the US, Australia and UK.
5. Spain and Portugal
You would need to do your homework to make either of these countries viable as a truly affordable place to retire to, but trust me when I say that it is still entirely possible. Again, the rule of thumb here would be to steer clear of the most expensive and popular holiday resorts. Also, if you can settle just a few miles inland in either of these countries, you will find housing and rental prices are a lot more affordable. The average cost of living for everything in life is always cheaper in Spain and Portugal and the quietest parts of Iberia will offer the biggest rewards in terms of savings to be made.
As we have progressed through this list of suggestions of where it is possible to retire to and live cheaply, no doubt a few of these would already have been in the back of your mind. The simple fact of the matter is that there are numerous places in the world where it is possible to retire and really make your money stretch that extra mile. Just do your homework beforehand and compare prices before taking that final leap.