5 Cheapest Places to Retire

June 18, 2015 Updated: June 18, 2015
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A lot of us have dreams of retirement being all play and no work. We imagine endless sunny days spending time on our favorite hobbies and with our favorite loved ones. However retirement can also be a daunting thing to think about. Will you have saved enough money? Where will you live? Will retirement be the vacation from life you had hoped it would be?

Well you’re in luck. We did our research and found 5 of the cheapest (and coolest!) places to consider for your retirement. So even if your savings aren’t quite where you hoped, you still have a chance to retire peacefully and comfortably in a beautiful location.

Mexico

Endless beaches, great nightlife for young and old, and cheap to boot. While Mexico is littered with tourist traps there are also those little off-beaten towns on the outskirts of the major tourist areas that provide the same great amenities- delicious food, cheap housing, & beautiful beaches all while giving you a more secluded existence. One of our favorite sleepy little surf towns is Sayulita. Sayulita offers tons of activities for the retiree- fishing, horseback riding, zip-lining, surfing and hiking.

Panama

Panama has long been known as a great retirement destination. Unlike Mexico, it’s not often someone’s first thought when they think about retirement. However, just in January 2014, InternationalLiving.com named Panama as one of the most ideal places to retire to. From the gorgeous beaches, to the fresh produce markets to the peaceful hillside villages and an ocean full of delicious fish for the retired fisherman, Panama is at the top of many retirees’ places to go.

Florida

While Florida can be on the pricier side of many places to live in the US, it does have its perks. It also has some places, like Daytona, which show up as being a cheaper option than most other Floridian beach towns.  Word on the street is that it’s not hard to find a cheap meal and a cool place to hang out in Daytona. Housing isn’t astronomical either. And again, you will live just a short way from the gorgeous beaches. There’s an older and younger demographic as well which ensures you’ll have friends your own age and have the young folks there to keep you on your toes.

Ecuador

Cotopaxi volcano and wild horses (PatricioHidalgoP, iStock)
Cotopaxi volcano and wild horses (PatricioHidalgoP, iStock)

If you are more of an adventurous retiree, then you might want to consider a big move to South America. The beautiful country of Ecuador has continuously popped up on many “best-kept secrets” lists. In certain parts of the country you’ll experience great weather year-round.  And what better to accompany great weather than cultural and artistic little towns. Located in southern Ecuador, Loja is a great city, though not too big in numbers, that retirees have been turning to for quite a few years now. The good news? Many people agree that the city itself has not changed much in the last 15 years, so you can be pretty certain it’s amazing qualities are here to stay.

Nicaragua

Central America is full of amazing countries with beaches, culture, and great atmosphere. The one country that isn’t always the first to be visited is Nicaragua, and not for any valid reason! The best perk of a possible retirement in Nicaragua? They actually have a Retiree Benefit Program. Some perks include being able to import a certain amount of personal goods duty-free, not being taxed on out-of-country compensation, and also being able to bring in a car (under a certain price) tax-free as well! Mix these perks with great beaches, great towns and great people and you’re well on your way to a happy retirement!

No matter where you retire, it’s always a good Idea to make sure you will able to retire comfortably. Many of us (especially those in their mid-20’s and 30’s neglect the idea that one day we will have to rely on the money we’re putting away now. That’s where companies like Suncorp Super and the like come in, who can help you consolidate and manage your retirement fund so when your do retire, you can travel the world.

So which place above sounds most appealing to you?