Most people work hard all their lives with the idea that once they’ve reached their early to mid-60s, they’ll be able to retire with enough cash to buy a little place on the beach and maybe a convertible. However, not all retirement plans are created equal and many retirees find themselves with just enough savings to maintain their lifestyle, bailing on their dreams of fancy living on the beach. However, it doesn’t have to be that way. If you’re retiring this year and you’re flexible with your destination preferences, we have a list of spots that are perfect for retirees with a limited budget.
Panama City has seen a recent boom in building, with new apartment complexes springing up just as fast as the contractors can move. Because of that momentum, rental prices have dropped substantially in the city. Today, you could find a two-bedroom, two-bath apartment with a pool and an ocean view for as little as $1,300 per month! You can find apartments for even less if you move inland a little further from the beach. Plus, you can find hired help for things like housekeeping and gardening for insanely cheap rates.
Chiang Mai is the second largest city in Thailand. It’s a popular retirement destination for all the right reasons. First off, the cost of living is insanely low. But it’s more than just a cheap place to live. You get a ton of “bang for your buck,” especially when it comes to food and entertainment. For example, you can snag a 7-course meal at the Shangri-La hotel for under $50. We all know that golf is a major component of a lot of folks’ retirement plans, and you can play a round at the Gymkhana Golf Club for just $5.
Penang is a Malaysian island in the Andaman Sea. While the thought of retiring on an island doesn’t sound like an affordable lifestyle, you’d be amazed at how cheap it is to live there. For $2000 a month, you can snag a 4,800-square-foot apartment with marble floors and an ocean view. Golf will run you around $30 for 18 holes and you can pick up some private tennis lessons for around $15 an hour.