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.
A few weeks back we published an article titled 5 Countries Where You Can Retire for $200K, and the response from our readers was incredible! It was so popular, we've produced this follow-up! We'll link you to the previous article at the end of this one.
Now, for your enjoyment, here are five (more) countries where you can really stretch your retirement dollars!
Malta is a lesser-known international retirement option but it’s one of the best for English speakers! English is the second official language after Maltese, making for an easy transition for North American retirees.
The islands of the Maltese archipelago have year-round sunshine, an extremely temperate climate, and offer a unique mix of prehistoric and colonial history, lovely architecture (there are nine UNESCO World Heritage Sites among the islands), and plenty of outdoor adventure.
The cost of living is lower here than in other Mediterranean countries, with a one-bedroom apartment renting for about $750 to $800 a month. ILM confirms that Malta's healthcare system is ranked among the top five countries in the world by the WHO.
One of the jewels of South America, Ecuador has an amazingly temperate climate and a stunning combination of sandy beaches, metropolitan cities, and the famous Galapagos Islands. Popular towns attracting retirees include Quito, the capital, and the smaller town of Cuenca.
In Ecuador, renting a one-bedroom apartment in the city center only costs about $430 per month in Quito and about $340 in Cuenca. A nice three-course meal for two goes for $35 or less, and everything from beer to wine to groceries can be found for much cheaper than at home. Ecuador also offers high-quality private healthcare options, especially in these two cities. Your retirement dollars will take you far in Ecuador!