Where to Retire for Less Than 1000 a Month

Need to retire for less than 1000 a month? It is entirely possible both at home and abroad, but you are going to need to do a little homework, and depending on where you live, you may also need to change location to live somewhere with lower property, state or other tax.

Saving up enough money is always an issue we have to face when planning for our retirement. Every one of us dreams of the day when we can finally quit our jobs and live a grand and luxurious life. However, if you are not born rich, then you must find a way to finance the kind of life you want to live during your retirement.

Retirement Planners, and Should You Believe Them?

Retirement planners say that we need at least 1 million USD to last throughout your retirement. That will give you about 26,000 to 29,000 USD for each year. Yet no one will simply come up and give you a million dollars. You have to prepare for it ahead of time but the reality is that many people will fall short of this goal.

So, if having a million dollars in the bank at the time of retirement isn’t in the cards for you, how can you still live the life we want during your retirement?

What if you Don’t Need a Million Dollars for Retirement?

Fortunately, there are places where you can retire for less than 1000 a month. In countries like Ecuador, Philippines, Mexico, Panama, Uruguay and Italy, you can actually retire for less than 1000 a month. In the US, you would hardly make it though the month with only $1000 in your pocket, but it is still possible if you have paid off your house. However, in those other countries, your standard of living can far exceed what is possible for you, and still have a little cash to spare, even when you retire for less than 1000 a month.

Now what do places like Ecuador, Philippines, Mexico, Panama and the likes have in common that makes you able to retire for less than 1000 a month there? Those countries all have a very low cost of living.

In the Philippines for instance, an income of $600 a month will afford you a life that far exceeds local standards and is suitable for a simple western lifestyle abroad.

The reason I know this is because I’ve met people living there right now who have chosen to relocate there and take advantage of both the cost savings and all of the natural beauty and sea side activities in the Philippines. With only $1000, you can afford and even higher standard of living.

A Look at the Cost of Housing Abroad

In the aforementioned countries, finding a place to settle in is relatively cheap. You could rent an unfurnished house in Ecuador for only $150 a month. In the Philippines, you could rent a 6-bedroom house for as low as $350 a month. If that is way too big for you, you can have the rest of the space rented out and you even get back some of the money you paid for the rent.

Everything from your utilities such as telephone, electricity, water to your food and other basic needs are also considerable lower than what you might expect to pay for them at home. In Panama, you would even get to enjoy a Pensionado Program where they offer incentives and discounts for retirees like yourself. Health care is of high quality in these countries, yet they still come cheap. You don’t even have to do your own chores while living in these countries if that doesn’t suit you. You can hire a house keeper and a gardener for a week and that would cost you only $10.

In 2002, when I lived in China the first time, we had a full time maid that would go grocery shopping and cook for 8 of us living in the house, wash all of our clothes daily, wash and clean the 3 floor house. The total cost of this was about $150 per month.

From Southern America, to Asia, and even to Europe you can actually find places where you can retire for less than 1000 a month. In places like these, your average retirement income would go a very long way and allow you to live like a king or queen. So, no matter what your personal situation is, do your homework and see what is out there that will fit within your budget. I think you’ll be pleasantly surprised.

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