Saving for a nest egg is always a good idea, but how much does it actually cost to retire in North America? Experts say that a couple needs to save anywhere from $275,000 to $1,025,000 to retire comfortably at the age of 65.
Retiring in America is expensive. In addition to paying for food, clothing, and housing, you need to cover healthcare expenses in your old age. Fidelity Investments calculates that a retired couple would need $260,000 to cover just their healthcare.
If you're looking at these numbers and starting to curse under your breath, take a moment to consider this option: go hang your hammock somewhere else.
Barry Choi, a budget travel expert, writes that with $200,000 saved and some retirement benefit payments coming in, you can retire comfortably outside America and enjoy your senior years in the sun.
Here are five countries where you can really stretch your retirement dollars!
This Central American country has a gorgeous landscape dotted with lakes and lined with volcanoes in the west and beaches along its eastern shores. The main language is Spanish but English is widely spoken, especially along the Caribbean coast. Given its geography, the weather in Nicaragua is lovely all year.
According to International Living Magazine ("ILM"), a couple can live comfortably in Nicaragua on $1,200 per month. Spending $2,000 a month equates to a life of luxury. A beer at a restaurant costs $1.25 and a full lobster dinner is about $15. One month of groceries costs less than $300!
Nicaragua also has high-quality, low cost healthcare, especially in the Managua area. Some hospitals offer a tiered health program or a membership program whose pricing depends on age and health conditions. However, generally people aged 41-50 pay $50 per month, ages 51-65 pay $61, and those over 65 pay $65 per month.