There are many benefits and advantages of retiring overseas. Launching a new life in a new country at this stage of your life can mean better weather, new adventures and opportunities, and new friends. You can realize the beach life you've dreamed of for decades and sometimes even realize some significant tax savings by relocating overseas.
However, the primary advantage of retiring to another country can be a reduced cost of living. In some places overseas the cost of everything, including rent, groceries, a retirement home, medical care, health insurance, and dinners out, can cost a fraction what they cost in the United States.
If living within a budget is a priority for your retirement planning, don’t despair. Even on a very limited retirement budget, or perhaps even Social Security alone, you can afford a comfortable, interesting, fulfilling, and adventure-filled retirement lifestyle if you know where to look to find it. Here are six affordable places to retire overseas in 2012, 2 of them in Asia:
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| Kuala Lumpur Skyline at Night |
Kuala Lumpur, Malaysia
Monthly budget : $1,250
Monthly rent : $500
This developed Southeast Asian city is one of the world's most exotic and, at the same time, comfortable places to retire anywhere in the world. Kuala Lumpur qualifies as one of the best places in the world to live what can qualify as a luxury lifestyle on even a very modest budget of as little as $1,250 per month.
Life is different in the heart of the Malaysian peninsula than in the West. When you go to your neighborhood shop, you take your time and converse with the owner, ask about his family, and he asks you about yours. By your second or third visit, you'll be recognized and waved to when you enter. You may even be invited to dinner, or at least to share a cup of kopi(coffee).
Unlike many places in Asia, foreigners are genuinely welcomed in Kuala Lumpur, and Malaysia is the only country in this part of the world that makes full-time residency a straightforward option for foreign retirees. Language isn't a problem, as almost everyone speaks adequate English. Medical care is among the best in the world, and Malaysia has developed an important and growing medical tourism industry.
Chiang Mai, Thailand
Monthly budget : $1,100
Monthly rent : $400
Consider settling down in Chiang Mai, perhaps the world’s most affordable place to retire comfortably. A retired couple can live here for as little as $1,100 per month, including rent and other basic expenses.
A frugal person could live here on much less. I know a single American man living in Chiang Mai on only $200 a month, with half of that going for rent. He makes a sport out of spending as little as possible. Another Thai American woman who bought an apartment in a small town outside Chiang Mai manages on her Social Security income alone, which is $600 a month. These are special cases, but you can live very cheaply in this part of Thailand.
House and apartment rentals can vary a great deal. You can rent a small home outside Chiang Mai for $100 to $150 a month. For a house or apartment that most American retirees would be happy living in, figure about $400 a month.
Original URL Link: http://money.usnews.com/money/blogs/On-Retirement/2011/11/29/6-affordable-places-to-retire-abroad-in-2012
