Retirement is one of the most celebrated turning phases in a person’s life – and for good reason, too! If you’ve played your cards right and you’ve diligently and consistently worked hard for your retirement, all that’s left to do is to choose where to live and what to do after your retirement.
Some people are absolutely comfortable staying put while others feel the need to leave and see the world, minus the stresses of their former lives that have mostly been centered on their work and supporting the family. Today’s discussion will focus on four of the best places to retire overseas.
If you have been looking for new scenery and a new culture to appreciate while enjoying your retirement, you’ve definitely come to the right place.
Before we share with you our personal picks, it would be best to evaluate your current mindset about leaving your hometown or city for a foreign country. Here are some guide questions that will help you with the primary evaluation:
- Are you comfortable with learning a new language?
- Are you stable enough, financially, to start a new life in a foreign land?
- What are your feelings about meeting new people and living in a place with a different culture and language?
- Generally speaking, how comfortable are you with the idea of change?
These basic questions will help you zero in on your true sentiments about retiring abroad. Once you have determined that you are absolutely ready to retire to a new place abroad, feel free to learn more about these great retirement spots:
If you are used to living in a bustling city and brushing elbows daily with fellow cosmopolitan citizens, Argentina tops our list as the go-to country for expats who wish to experience a truly immersive but modern South American culture.
From old cathedrals to cobbled streets dotted by restaurants, cafes and punctuated by amazing beach resorts, large cities like Buenos Aries have so much to offer to retirees who wish to live a chic, modern lifestyle.
Though the country’s political atmosphere is sometimes marred by bureaucratic shenanigans, the country’s economy is currently on the mend and relatively affordable prime properties are up for grabs (you can get a slice of Argentinian city life for about $100,000-$300,000). Fairly spacious and modern rental units that can also be rented ASAP for less than a thousand dollars per month.
Italy is home to very rich European culture and history; in fact, the Renaissance or the positive ‘upheaval’ in art and literature began in this little country before spreading to other parts of Europe. Whether you are a modern city dweller or a nature lover just waiting to be unleashed, Italy has something to offer the retiree who wishes for both relaxation and adventure.
As with other places, the highly popular cities in Italy have become more expensive in recent years so you may want to explore a bit before settling down. Places like Le Marche are not as expensive for expats and still offer stunning beaches (it’s near the Adriatic!) and access to the legendary Italian snow-capped mountains.
Spring is also something to look forward to, with its glorious beauty and more opportunities for nature-trekking. It is also no surprise that many retirees and expats are drawn to the charming mountain villages and it is not uncommon to find retirees who live in farms for more than 2 decades or even more.
Now, if money is not an issue then head for the central areas for culture and art, like Florence. Scenic places such as the Urbino will also give you access to unique, Italian architecture that you will fall in love with instantly. Become the perpetual explorer and find amazing Christmas Bazars in Milano and breathtaking UNESCO world heritage sites like the Templo of Hera.
There is always something new and unique in Italy, which makes it a close number two in our list of prime countries for both old and new retirees.
Many retirees come from long careers filled with travel and exhausting city-hopping. If your dream retirement is to find a place where solitude reigns supreme, then you may want to see Spain. Spain offers a marvelous slice of European life minus the hustle and bustle of big cities that many of us have grown weary of.
And with the current state of Spain’s economy, the housing market is currently offering enviable properties with values cut down by almost fifty percent. An expat-friendly country, Spain’s major attractions to retirees include popular places such as Seville and Toledo.
If you have long been drawn to the beauty of the Mediterranean and its lovely culture and people then Spain is a logical choice for your retirement. There are endless beaches and unexplored Andalusian nooks and charming villages that you can choose over bigger towns and cities.
You won’t have to worry about expenses here as well as many retirees find Spain more affordable than France and even the United States. Spain also boasts of an independent and robust pharmaceutical industry which cuts down the need for expensive importation.
That means that in the long term, any regular medication will cost you less if you live in Spain. Excited? You can acquire scenic properties for around $200,000 and you will not only enjoy being close to the beaches that many only dream of but it is also possible to find a quiet little town to finally settle in where solitude and simple living are the orders of the day.
To many expats living in Portugal, Spain is more cosmopolitan, which may not appeal to retirees who have grown tired of the bustle of the grand, modern city. Portugal allows retirees to relax and slip back in time.
And one year in one of Portugal’s many villages will surely rejuvenate your senses and erase the stress of the constant pressures of your old life. Like Spain, Portugal’s changing economy has allowed expats to find better property deals in places like Cascais.
If you are planning to rent a fully furnished property with amenities such as a private pool, expect to pay only a thousand dollars every month. Truly an amazing place for retirees!
If you’re planning an early retirement, or in case of the unexpected, we have a variety of options for accessing your personal retirement fund early, without the 10% withdrawal penalty. Visit our full 72t Early Distribution Guide, here. As always, feel free to give us a call or send us an email with any questions. We’d be happy to help with our trusted expertise.