So many of us dream of a retirement that involves great weather, relaxation and time to do what we enjoy.
But with the cost of living rising, expenses are eating into our pension payments and savings, decreasing our retirement income.
An overseas retirement can make your money go further, giving you access to both lower cost housing and lower cost of living to maintain the lifestyle you want.
With this in mind, we explore four of the best cheap countries to retire to in 2022.
Mexico
With fantastic weather, affordable living and miles of stunning coastline, Mexico makes for a popular destination for retirees.
It is especially popular with people from the USA who are looking for a change of scenery, better weather and a more relaxed lifestyle. Moreover, in Cancun, the cost of living is 85 per cent lower than in New York, while rent is a whopping 85 per cent less.
Mexico boasts an impressive and efficient healthcare system consisting of public and private options. The majority of Mexican hospitals are excellent and staffed by highly trained and often English-speaking doctors.
Panama
Holding the top spot in the World’s Best Places to Retire in 2022 from the Annual Global Retirement index, Panama has seen a surge in popularity as a retirement destination in recent years. And it’s easy to see why.
It has a friendly expat community, an enticing climate and glorious sandy beaches.
Although the cost of living has risen somewhat in recent years as more retirees flock to the country, it’s still incredibly affordable. On average, consumer prices in Panama are 41.73 per cent lower than in the United States (when rent is factored in). Additionally, the price per square metre to buy in a city centre is around 57 per cent lower than in the USA.
Thailand
Thailand has long been a favourite place to retire for expats from around the globe thanks to its relaxed pace of life, friendly culture, great weather and superb beaches.
In comparison to the UK, the cost of living in Thailand is around 36 per cent lower, meaning that your money can go much further in retirement. Utilities are far less too, with the cost of basic utilities (electricity, heating, cooling, water and waste management) being around 71 per cent lower in Thailand when compared with the UK according to Numbeo.
Additionally, Thailand is gaining worldwide recognition for the quality of its healthcare services, after the US magazine CEOWORLD placed Thailand sixth in its 2019 list of countries with the best healthcare systems.
Portugal
A strong expat community, an affordable lifestyle, plus a fantastic climate has kept Portugal on the list of great places to retire for many years.
It is a diverse country with options for all kinds of retirement lifestyles; from its characterful cities such as Barcelona and Lisbon, to the more laidback lifestyle on the Algarve, Portugal offers something for everyone.
Consumer prices are around 30 per cent lower than in the UK and property prices can be around 39 – 47 per cent less, depending on location.
Portugal has universal health coverage through its publicly financed public health service (called the Serviço Nacional de Saúde, SNS). State healthcare in Portugal is not completely free. Healthcare costs are covered by the state, and patients pay standard user fees, known as ‘taxas moderadoras’.
However you envision your retirement, here at Benoit Properties we have a fantastic selection of properties across the globe and are on hand to help you find the best location for your needs.
Contact us today to reserve your dream property!
