A majority of Americans have fewer savings than what ideally should be. According to a report published by Economic Policy Institute, the average family in the United States have only $5,000 in savings. Even those people nearing retirement age has only about $17,000. To add to the pain, the cost of living in the United States has only increased through the years. In some places, it is hard for a retired individual to even cover basic necessities. It is almost impossible to live comfortably after retirement when expenses related to health care and long term care are factored in.
There is a way out though. No hard and fast rule exists that you have to spend your retirement life in the United States. It makes excellent economic sense to relocate out of the country post retirement. A number of cities abroad provide an excellent lifestyle at much lower costs.
Kingston in Jamaica
This is your heaven if you love to relax on a tropical beach. The city has a number of beautiful beaches, complemented by numerous historic sights and museums. Adding to the joy is an excellent music scene and an eclectic variety of restaurants offering local delicious food. The biggest advantage of Kingston is the low cost to live. The most expensive apartment comes at $700 per month rent. The average rent comes to $300 every month in a decent locality.
Chihuahua in Mexico
This historic city has it all- stunning views of the mountains juxtaposed with beautiful architecture. The culture prone retiree can roam in the museums and shop in the shopping centers and the numerous malls which dot this beautiful metropolis. Chihuahua is extremely affordable. The median expense for an apartment of 900 square foot comes to about $450 every month. Mexico is also known for its low health care expenses. Once the residency in the country is established, you simply have to pay $300 every month to avail of the country's social security network. This scheme covers a number of medical services and there are no deductibles.
Manila in the Philippines
A big community of expat Americans already lives here. English is the official language. It follows that Americans will feel at home in Manila. The city, although a little more expensive than others, is still much affordable. For bigger apartments in the affluent areas, the median rent comes to about $1,000 every month. Smaller apartments come at about $350 every month.