We spend a large chunk of our lives saving and planning for retirement but one question remains — where should you retire?
There is no easy answer but certain factors could make the choice a little easier, such as tax burden, cost of living as well as climate and location.
These points were all taken into account when SmartAsset.com recently compiled a list of the best places around the world to retire. Here we take a closer look at eight of those places:
1. Naples, Florida — When it comes to retirement, Naples ranks as the top destination not just in Florida but the entire U.S. and it is easy to see why. It is central, the health care facilities are easily accessible, there are various suitable recreational facilities scattered across the city and there is a strong retirement community.
2. Portugal - The scenic beauty and Mediterranean climate make Portugal an enticing retirement destination but what seals the deal is its income tax program. Expats who qualify for Non-habitual Residence (NHR) status do not have to pay tax for 10 years and if you do earn income in Portugal, it will be taxed at a flat rate of 20%. The cost of living is also about 30% lower than in the U.S.
3. Thailand - Not only is Thailand beautiful but it is affordable too, making it the ideal retirement destination. The average cost of living is estimated to be between 30% and 40% less than the U.S., with the average rental fee being roughly half of what you could expect to pay in the U.S.
4. Germany - Affordability and a first-rate healthcare system make Germany one of the top places in the world to retire. Outside major cities, you could expect to rent a one-bedroom apartment for about 30% less than you would in the U.S. The weather may not always play along but Germany is still immersed in natural beauty, adding to its appeal.
5. Spain - Natural beauty make Spain a sought-out retirement destination but if that is not enough to convince you its affordability might. The average rent is much lower than in the U.S. and you could easily get by on a budget of between $20,000 and $25,000. Spain also offers its residents a comprehensive public healthcare program.
6. Costa Rica - Climate plays a big role when it comes to retirement. You want to live out your golden years in a place where you can enjoy yourself. This is one reason why Costa Rica factors so high up as a retirement destination. Add to that its affordability and you have a winner. It is estimated that the average retiree could easily get by on $1,500 a month while a couple could easily make do on $2,500.
7. Mexico - While Mexico is close to the U.S., it remains an affordable place to live in, which is why many people are choosing to retire there. A couple could get by on roughly $2,175 a month and may even still be able to keep their old insurance as some medical facilities work with U.S. insurance providers.
8. Argentina - Depending on where in Argentina you go, you could be treated to vast mountainous areas and warm weather or rustic coastal towns and cooler weather. It all comes down to personal preference. One consistent across the country is its affordability. Cost of living is roughly 50% to 60% lower than the U.S. and a retiree could live comfortably on a monthly budget of $1,500.
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