8 countries where $200,000 will last 30 years of retirement
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Retiring abroad certainly has its benefits, such as cheaper healthcare, a refreshing change of scenery and a lower cost of living.
That last detail is especially important for retirees who haven't saved as much as they had hoped.
Fortunately, there are a number of countries where you can retire comfortably with a smaller nest egg. (For more, see: Retirement Funds Too Little? Retire Abroad.)
Living on the cheap is even easier when you're receiving Social Security benefits. As of 2017, the average benefit amount came to $1,360 for the typical retired worker.
If you have $200,000 tucked away in a retirement plan, that, along with your Social Security payments, should be enough to last three decades in these eight international locales.
Shutterstock1. Ecuador
Expatriates flock to Ecuador because of its gorgeous landscape, superior healthcare system and the generous government benefits extended to retirees, including discounts on utilities and public transportation.
Housing is a steal in the capital city of Quito, with the monthly rent for a furnished, 900-square-foot apartment starting at just $486. Utilities run $69 a month on average. Overall, Ecuador has a cost of living that's 61% cheaper than New York City. (For more, see How To Plan Retirement in Ecuador.)
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2. Nicaragua
Nicaragua is located in the heart of Central America, and it's a premier retirement destination if you're looking for excellent quality of life without a high price tag. Rent for a 900 sqft furnished apartment can start as low as $275 in the capital city of Managua, while gas is priced at under a dollar a gallon.
The Nicaraguan government offers a number of financial incentives to attract foreign retirees, such as a sales tax exemption on construction materials if you're building a home. You need to be at least 45 years old and have a minimum monthly income of $600 to qualify, which may be appealing if you're considering an early retirement. It's one of The 7 Best Countries for Retiring in Latin America. However, the U.S. State Department urges travelers to remain cautious.
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3. Thailand
If you're looking for somewhere a little more exotic, it doesn't get much better than Thailand. Retirement visas are available to seniors aged 50 and above who meet the minimum income standards. Specifically, you'll need a monthly income of 65,000 baht (about $1,863 USD) or 800,000 baht (about $23,000 USD) in a savings account.
Bangkok is one of Thailand’s pricier cities, but even so, it's still 50%–60% cheaper than Chicago, New York or Boston. (For more, see: Retire In Thailand with $200,000 of Savings?)
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