American couples can retire in comfort on a budget of less than $1,000 a month if they are willing to look overseas, according to a new report from the live-abroad experts at InternationalLiving.
Researchers at InternationalLiving.com surveyed their worldwide network of editors and contributors to establish which country offered the best quality of life at the lowest price.
Each editor sent in details of their personal monthly budgets, which included expenses like rent, health care, groceries, utilities and the cost of having a maid. The budget information was then used to compile a list of the five cheapest overseas retirement destinations.
Nicaragua tops the list, regarded as one of the most beautiful countries in the Americas, where a couple can live comfortably on $995 a month.
âNicaragua's lower cost of living doesn't mean you have to sacrifice the quality of life you have been accustomed to in the U.S. or Canada,â explained InternationalLiving.com's Dan Prescher.
âIn fact, you will probably be able to live in Nicaragua with even more luxuries than you are accustomed to, simply because the prices are so economical.â
In second place was Malaysia, in which a couple can live well on a budget of $1,076. âA monthly budget of $2,000 will have two people living in luxury in Malaysia,â said Prescher.
Ecuador meanwhile, where a couple can live well on a monthly budget of $1,415, came in third.
âThe low cost of living in Ecuador means retirees can afford to travel, take up new hobbies and generally enjoy a better quality of life,â explained Prescher. âEcuador offers something for everyone, and at prices unheard of in North America and Europe.â
Panama came in fourth, with a budget of $1,865, while InternationalLiving.com's Mexico editor reported a monthly budget totaling $2,129, which included a maid visiting three times a week, and a gardener once a week.