Retire overseas on $1,200 a month living like a king
You can live well -- even in luxury -- if you're willing to leave the US. Yes, it's a big move, but here are 5 places where a Social Security check goes a long way.By
Liz Weston
Easy living abroadRetiring abroad isn't for everyone or even for most people. But the adventurous can find comfortable, even luxurious lifestyles in many places that cost them far less than what they would pay at home, said Kathleen Peddicord, the author of "
How to Retire Overseas: Everything You Need to Know to Live Well (For Less) Abroad."
I asked Peddicord, who has written about living and retiring overseas for more than 25 years, to pick out five cities where a couple could retire comfortably on the typical U.S. Social Security check of $1,200 a month. Access to good medical care is a must, of course, and all five places on Peddicord's list offer it, as well as low crime rates and emerging communities of expatriates to help show you the ropes.
"You wouldn't be the first gringo in town, but (in most cases) you wouldn't be joining an established community of thousands," as in some other cities already discovered by expats, said Peddicord, the publisher of the
Live and Invest Overseasgroup. "The places with the truly established and thriving expat communities are going to be more expensive."
People who are considering retiring abroad need to do their research, because countries vary dramatically in how welcoming they are to foreign nationals who want to become residents. Tax laws vary as well, and most Americans will want to buy health insurance -- either a local plan, which may cost less, or an international plan, which typically offers more flexible coverage. Peddicord said that in Panama, where her family of four lives, local or "in country" health plans cost as little as $100 a month but are not available to people over a certain age (usually early to mid-60s). An international plan with a $3,400 deductible might cost a 60-year-old about $180 a month.
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Retire overseas on $1200 a month - MSN Money