One often-overlooked way to stretch your nest egg in retirement is to relocate to a place with a lower cost of living.
The world is full of places where a couple can comfortably retire with a budget of around $3,000 a month or less. I’m not talking about roughing it in a third-world country. Imagine spectacular surroundings – like tropical paradises and cities steeped in history. As a bonus, these places offer a high quality of living and world-class healthcare for a fraction of the cost here.
If you have a sense of adventure and openness to new things, consider these five gorgeous places to retire abroad on a reasonable budget.
1. The West Coast, of Ireland
Along the long west coast of Ireland, you’ll find vistas that encapsulate the most beautiful and most dramatic features of the storied Irish landscape. This part of the country is home to the Wild Atlantic Way, a driving or cycling route that winds through some of the most spectacular natural wonders Ireland has to offer. The Cliffs of Moher in County Clare, An Branán Mór sea stack, and the Aran Islands are all visible from the route. A retired couple can live comfortably here on a budget of just $2,800 a month.
2. Sintra, Portugal
This resort town lies in the foothills of the Sintra Mountains near Lisbon, the capital of Portugal. A former sanctuary for royals, Sintra is full of palaces, mansions and other architectural gems, like Moorish doorways, Scottish Baronial turrets, Manueline sea monsters and crenelated watchtowers. The Palace of Pena, a pastel-painted 19th-century Romanticist feat on a hill surrounded by pine forests, is one of the must-see places in Sintra is. Taking up residence in this arts-and-culture-rich tourist town will cost a little north of $3,000 a month.
3. Siem Reap, Cambodia
Known as the Kingdom of Wonder, Siem Reap is the gateway to the ruins of Angkor, the seat of the Khmer kingdom from the 9th–15th centuries. Here you’ll find a town steeped in history, culture and tradition. The grounds of Angkor Wat, one of the world’s largest religious monuments, span 500 acres and are dotted with grand stone temples. Siem Reap also has modern gems, like beautiful hotels, excellent yet affordable food, art galleries and artisan shops. It’s easy to live a comfortable life here on $1,100 a month for a couple.
4. Cusco, Peru
Once the capital of the Incan Empire, Cusco is Peru’s most historic city and a UNESCO World Heritage site. In Cusco, residents and travelers can explore domed churches and ancient, pedestrian-only cobblestone streets. Early colonial structures have since been converted into trendy restaurants, shops and homes, and a modern city surrounds the historic center of the town. Cusco is known for its clear, sunny days and an overall mild climate. A retired couple could enjoy a good life on just $1,700 a month.
5. San Miguel de Allende, Mexico
Just a few hours’ drive from Mexico City is the city of San Miguel, which was declared a UNESCO World Heritage City in 2008. The colonial center has plenty to offer retirees, like a thriving arts scene, charming local cultural traditions and mild weather year-round, with pleasantly warm days and the perfectly cool nights. Because of its natural beauty and artistic community, San Miguel has long been a haven for artists. In this city south of the border, a retired couple could live quite well on a monthly budget of $1,650.