“How much will I need to retire?” Now, that is a question everyone finds themselves asking at some point in their lives.
For those who are just starting their carer retirement may seem pretty low on the list of priorities. However, the question of how much money you will need to retire should be raised as early as the time you recieve your first paychque. Of course the idea can be quite ironic since you just started with your career and now you are planning on retiring already. Yet, saving for retirement is something that needs your attention right away.
With regards to planning on where to retire moving overseas in a tropical country seems to be a popular retirement option these days.
Among the countries that are gaining that are attracting a large number of retirees each year are Mexico, Thailand, Philippines, Costa Rica and Spain.
If you want to retire in an overseas country that is cheap but still close to home, then retiring in Mexico is just right for you. The question “how much will I need to retire here in Mexico?” definitely gives you an answer that will leave you very happy. The cost of living here is very inexpensive compared to living in the US, Canada or other first world countries.
If you have an annual average retirement income of around 29,000 USD, than that will surly go a very long way here. You will find your expenses are very low here including food, housing, and heathcare. On the flip side of the coin, because there are so many expats retired and retiring in Mexico if you want to live in a palace and have all that comes with that kind of lifestyle you can also find that, though your cost of living will be much higher.
On the other side of the world in Asia and that’s where you can find Thailand. This country has many sights and wonders to see and the cost of living here is relatively inexpensive. The annual average retirement income of a regular American, which is around 29,000 USD, can go along way here since it has been estimated that retirement living here will cost around 16-18,000 USD per year. Depending on how and where you retire within Thailand that number can be considerably lower. For those people that currently live in a colder climate in North America the money you will save on your heating bill alone could make moving to Thailand a very cost effective place to live. Food, housing, and recreational activities are relatively inexpensive compared to the US.
The Philippines is another country in Asia that is gaining popularity as a retirement destination.The cost of living here is very low, making your retirement income go a very long way should you decide to retire here. There a lot of sights to see in this place. Also, you can also enjoy beaches here that are similar to the tropical islands of the Caribbean. How much will I need to retire here? Well, the good news is that the national average of 29,000 USD each year is more than enough to let you live comfortably in the Philippines.
This tropical paradise used to offer one of the lowest costs of living abroad, but that is quickly changing.Furthermore, if you miss the popular food chains in America, you may be surprised to find them here as well.Other living expenditures, such as your utilities, are very cheap here. If you ask yourself “how much will I need to retire here?” then the answer is definitely clear that you would not need too much money to live comfortably in this paradise.
From the retirees that I talked to here their average apartment rental was $300-400 per month for a furnished apartment. And one woman who was in the process of building a house here in the countryside told me that she was expecting to pay around $30,000 for both the land and the final construction of her simple Costa Rican style home.
Surveys have shown that in order to maintain your current lifestyle when retiring in Spain, it means that you will need a nest of a 1 million USD or more. Now that is a very large amount of money and it would surely go a very long way when you retire in other countries. Spain is a popular retirement destination for British people. For them, how much will I need to retire would seem like a silly question since a retirement income of over a million is no big deal.A lot of Britons have reached that magic number for their income each year.
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