Are you currently looking for a few of the best places in the world that you can retire? The place that you ultimately choose will be based upon the amount that you have saved in your retirement fund. There are some people that will only have as little as $250,000 to use by the time they retire. Others will have done much better, saving between $500,000 and $1 million by the time they reach retirement age. Finally, there are those that have done very well, creating multiple nest eggs that total in value of well over $1 million. If you are in the United States, and you are thinking about retiring in another country where the money that you have will last a much longer time, there are many choices to consider. Whether you want to live in Central America, Asia, or in Europe, there will be many countries where your money will allow you to retire without any financial worries. Let’s first talk about the top cities in the United States that you should consider retiring in, followed by the best cities in the world that you can retire comfortably on a retirement fund of $250,000 to a million dollars or more.
Where To Live In The United States When You Retire
If you are ready to retire, and money is not a problem, there are many places in the United States. Some of these locations might be states that you have never thought of living in. These places will include Bethlehem, Pennsylvania, where the median price of a single-family home is just $153,000. It is also a location where retirees do not have to pay state taxes on Social Security or retirement benefits. If you are looking for a place that is much warmer, you can head south to Hollywood, Florida, a city that is just south of Fort Lauderdale adjacent to the Atlantic Ocean. Not only will this provide you with plenty of heat most of the year, the median price of a retirement home is just under $200,000. This is a small price to pay for living in such an inviting climate that is close to the beach in one of the warmest states in America. In addition to these benefits, Florida does not have income or estate tax, and you can also take advantage of a $50,000 homestead exemption. For those that love to play golf, you are literally in the midst of an entire coastline of some of the best golf courses in the world, something that many retirees enjoy doing throughout the week. However, these are just examples of places that you might want to live in the United States. You might want to consider moving overseas. There are some countries where the conversion of the US dollar into their money will increase your net worth instantly. Let’s now look at places that you might want to retire if you only have $250,000 in your retirement fund and you want to make this last as long as possible.
Countries To Retire In If You Have $250,000 Or Less
If you only have $250,000 in your retirement fund, this will not last very long in the United States. Unless you are able to move to one of the cities that has already been mentioned, you may find it difficult to survive. Therefore, moving overseas is likely a good choice. You will need to think long and hard about your final destination. There are many countries where this amount of money will allow you to live in luxury. One of the best places to consider is the country of Ecuador. It is located in between Colombia and Peru in South America. You are literally on the equator of the earth, which means you will never have to worry about being cold. Another benefit of living in this country is the cost of living. For a single person that is living in the capital city Quito, monthly expenses will only total about $500 in American money, and renting a fully furnished apartment would cost around the same. This makes Ecuador one of the most affordable places to live, plus you have access to a superior healthcare system, incredible landscapes, the Andes, and the Pacific Ocean if you are near the coast. Now let’s look at the best place to live if you have $500,000-$1 million in your retirement fund.
Countries To Retire In If You Have $500,000 To $1 Million
For those that have over half $1 million in their retirement account, or perhaps as much as a million, you have many more options available. You will have double to quadruple the amount of money of someone that has only saved 1/4 million dollars, so you will be allowed to pick and choose based more upon what you want instead of what you can afford. One of the best choices is the country of Thailand which is also an extremely warm country. Even if you decide to live in Bangkok, one of the most expensive cities to live in, you would only need $23,000 in American money to live comfortably every year. Additionally, if you are over the age of 50, they make it very easy to get retirement visas so that you can enter the country for this purpose. You will have to meet a minimum income standard which you will easily do if you have a retirement fund of upwards of $1 million. If Thailand is not for you, but you would like to live in a country that is similar, Malaysia would be a similar choice. Due south of Thailand, you could also easily live in luxury in this country with the same amount of money. Most people recommend living in the capital of Malaysia, Kuala Lumpur, because of the multitude of activities that will be available to you, including beaches that are just a short drive away. Now let’s look at where you might want to consider retiring if you have $1 million or more in your retirement account.
Countries To Retire In If You Have $1 Million Or More
One of the most beautiful places that you could retire is in the country of Belize. It is a destination that many people have on their list of places to go that are considered to be a tropical paradise. It has fantastic weather, sandy beaches, palm trees, and it is relatively affordable to live there. Living in Belize will cost much more than the other countries that have been mentioned with basic expenses, not including rent, starting at just over $1600 a month if you are living in Belize City. Although you could get a small fully furnished rental for about $500 a month, there are many luxurious condos and homes that you would prefer renting. They could cost a couple thousand dollars a month, especially those with a close proximity to the ocean, something that you could definitely afford if your retirement was $1 million or more. Another benefit to moving to Belize is they have what is called the Qualified Retired Persons Incentive Program. If you are over the age of 45, and you are receiving a pension for a minimum of $2000 a month, you will be eligible to participate. Your money will be tax-free because all of your earnings will likely have originated outside of the country. This alone is going to provide you with a substantial savings. You will have many things at your disposal if you decide to live here. You can learn to surf, snorkel, scuba dive, or head into the jungle to see the incredible Mayan ruins. It is the quintessential perfect location for anyone that wants to be warm when they retire, and also once to live in luxury in a place where a million dollar retirement can go a long way. Although these ideas will start you thinking about where you can retire, there are a couple of other areas in the world that are also worth considering.
Best Places To Retire In Europe
The first place that you should consider retiring if you would like to live in Europe is the country of France, specifically in the city of Bordeaux. It is a city of just under 1/4 million people, adjacent to the Gironde River in Southwest France. Although it was once considered to be an affluent part of France, it is now an affordable place to live. It has recently added a new tramway system, developed new restaurants, and is actually referred to as Little Paris. For just $800 a month in American money, you can have a very nice two bedroom apartment in the midst of the city. It has a nice balance of rain and warm summers, and has an active English speaking community. Another beautiful country to retire in, if you are partial to European countries, is England. Although the cost of retirement in cities like London or Brighton can be expensive, with $1 million in your retirement, it probably won’t be a problem. However, if you are simply looking for what is considered to be the best place to retire in England, it is a city called Birmingham. The average cost of a home is just over $200,000 American money, and it is said to have the largest number of pubs and cinemas for miles around. It is also centrally located, allowing you to take excursions to different areas of England, including trips from Wales to Ireland or even the Isle of Man. The cost of living is also reasonable, making this the ideal place to retire if you would like to live in the United Kingdom. For some people, however, England and France are too far north. People that retire are often looking for something that is much warmer. Instead, you might want to consider heading south to cities that are close to the Mediterranean Sea. Let’s look at three of the best places to retire if you would like to stay warm and live in the Mediterranean.
Best Places To Retire In The Mediterranean
If you would like to live in the Mediterranean, a great choice would be in the country of Spain, specifically in the city of Valencia. This is a better choice than Madrid which is in the center of the country, whereas Valencia is right on the coast of the Mediterranean Sea. The cost of a two bedroom apartment in their finest neighborhoods is only $550 a month. The cost of living is also low, making this a wonderful choice. Finally, you can still live in this Mediterranean region if you decide to live in Italy. It is much more expensive in cities such as Florence, Venice, and Rome, but very affordable on the East Coast, specifically in the Puglia “boot” region. If you were to choose a city like Leece, or even Bari to the north, you could rent a one bedroom apartment for just over $400 per month. Whether you have $250,000 in your retirement fund, or over $1 million, you will not have to worry about the low cost of living in southern Italy. If you do have a sizable retirement, you could easily get a beautiful home on the coast in Naples, Sorrento, or if you prefer, head north into Florence or Milan. Italy is a beautiful place to live, a country that you will definitely want to explore.
These are just a few ideas to consider for retirement destinations. Whether you want to live in the United States, or in a foreign country, you now have a few basic ideas to consider. All of the cities that have been mentioned are excellent places to start looking for homes that you can rent or buy. Most of these places also have a very affordable cost of living, catering to even the lowest retirement budget. Whether you want to live in the United States, Asia, Europe, or in the Mediterranean, you now know where some of the best places to live are located. Based on how much money you have in your retirement, you can now begin to think about where you will want to reside in your retirement years.