Want to retire abroad? As inflation, rising interest rates and economic uncertainty look to continue well into 2023, more US and UK retirees living on a fixed income are finding their pensions will go much further abroad.
Whether it’s a lower cost of living, a better climate, a new adventure, or an easier lifestyle, more than 250,000 British pensioners already live overseas according to the UK Office for National Statistics while more than 440,000 American seniors are living abroad, according to the US Social Security Administration.
There are dozens of attractive senior-friendly cities with rich cultures, great food, and affordable living, so how to narrow it down?
Think money. A fixed income shouldn’t be a deterrent to retiring overseas. If you’ve set your sights on living your golden years in places afar, stretching that dollar or pound might not be as hard as you think.
According to crowdsource database livingcost.org, which uses a cost-of-living calculator for price comparisons in over 9000 cities in 197 countries all over the world, here are 10 international destinations where your average living costs are under $2,000 a month:
- Melbourne, Australia: $1968
- Dubai, UAE: $1899
- Stockholm, Sweden: $1802
- Berlin, Germany: $1761
- Montréal, Canada: $1727
- Adelade, Australia: $1654
- Vienna, Austria: $1582
- Rome, Italy: $1546
- Barcelona, Spain: $1487
- Madrid, Spain: $1445
Still too expensive? Check out these five cities where the average cost of living is less than $1,000 per month:
- Sao Paulo, Brazil $948
- Mexico City, Mexico $941
- Johannesburg, SA $935
- Istanbul, Turkey $644
- Mumbai, India $632
Once you’ve picked a city and you’re seriously considering moving abroad to stretch your retirement nest egg, it’s important to look into some basic logistics before making your final decision and beginning your adventure, especially with regard to things like tax rules, residency visa options, and property ownership.
The views expressed in this article are not to be construed as personal advice. You should contact a qualified and ideally regulated adviser in order to obtain up-to-date personal advice with regard to your own personal circumstances. If you do not then you are acting under your own authority and deemed “execution only”. The author does not accept any liability for people acting without personalised advice, who base a decision on views expressed in this generic article. Where this article is dated then it is based on legislation as of the date. Legislation changes but articles are rarely updated, although sometimes a new article is written; so, please check for later articles or changes in legislation on official government websites, as this article should not be relied on in isolation.
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