Planning for retirement can entail many changes – starting with the ability to turn your alarm clock off! In some cases, retirement may include a plan for relocating to a different city or state, or possibly even to a different country. Before you make a move, though, it is important to have an idea of what your expenses will be – and checking out the information on the 10 most affordable countries for retirees to live can be a good place to start!
Where in the World Do You Want to Go?
Somewhere along the line, you have likely heard the famed William Shakespeare saying, “The world is your oyster”, meaning that you are in a position to take the opportunities that life has to offer. One of these opportunities could be the ability to relocate to another country.
But where in the world should you go?
One way to narrow down your options is to consider the estimated cost of living, and then compare that with the amount of retirement income you expect to receive. Based on its annual Global Retirement Index, International Living ranked cities around the world, using ten different categories, and ranking each of the areas on a scale of 1 to 100 (with 100 being the best).
The categories that were ranked encompassed various attributes of each of the countries, including housing, benefits, and discounts available for seniors, the ease of getting a visa or permanent residency, the cost of living, fun and entertainment, the quality and price of health care, climate, governance, development, and even technology.
This year, the study concluded that for 2020, the ten most affordable countries for retirees to live include the following:
3. Costa Rica
Coming in at the top spot, Portugal received a climate score of 88, cost of living at 85, and healthcare an impressive 98. It also received a score of 75 when it comes to visa and residency, so for those who want to call this country home, there should not be a lot of barriers in the way.
Yet, while all ten of these countries offer some enticing reasons for residing there, it is essential to ensure that you can count on a steady and reliable stream of income so that you don’t spend retirement worrying about running out of money at a time when you should be worry-free.
Taking the Next Step Towards an International Move in Retirement
Even if you’ve amassed a hefty sum of money in an IRA and/or employer-sponsored retirement savings plan, the key to a successful and stress-free retirement is how much income you can rely on, and for how long.
That’s where the Annuity Gator can help. Our focus is on educating consumers – both retirees and pre-retirees – on how to maximize their retirement income-generating strategies. Oftentimes, an annuity may be one component of this income strategy.
But, just like most other products and services, not all annuities are exactly the same. So, it is essential that you either have a good understanding of how these financial vehicles work or that you partner with a retirement income specialist who does – and who can help you with comparing the best possible options for you and your objectives.
At Annuity Gator, we’ve been doing this for quite some time now, and because of that, we have become a highly sought-after source of annuity information online. So, if you’re ready to put an actual retirement income plan in place, as versus holding on to a myriad of unrelated financial product, let’s talk.
We can be reached directly by phone at (888) 440-2468. Or, you can go to our secure online contact form and set up a time to have a conversation with one of our annuity specialists. We look forward to hearing from you.