Preparing for retirement is a long road, both in terms of financial planning but also in terms of getting mentally prepared for a big lifestyle change. Many Americans chose to make big changes, such as retiring abroad for their golden years.
Indeed, more than 440,000 Americans are now drawing Social Security retirement benefits outside the country, according to Next Avenue.
While reasons for retiring abroad vary, the location choice might be limited for some Americans, who pick one based on living costs. But for retirees for whom money is not an issue and who have enough retirement savings, the world is their oyster.
“Retiring internationally is an increasingly attractive proposition for those seeking a blend of culture, climate, and cost-efficiency,” said Andrew Latham, CFP and director of content, Supermoney.com. “A budget of $7,500 monthly, prudently managed, can afford an opulent lifestyle in select global destinations. However, it requires an eye for location and an understanding of the broader financial landscape, local taxation, and healthcare systems.”
The average cost of living–including rent, food and utilities–in Zurich is $3,262, which is in the top 0.3% of the most expensive cities in the world, according to Livingcost.org. The city is ranked fifth in the list of best places to live in the world and is the top best city to live in Switzerland.
This will leave you with $4,238 monthly for extras and leisure.
The city is a magnet for the world’s wealthiest and is set alongside Lake Zurich and the Limmat River and framed by the Swiss Alps, as Zuerich.com explained.
Zurich is known for its natural beauty, as well as its vibrant cultural scene. And for chocolate lovers, the city might be even more of a good fit, as you can visit the Lindt Home of Chocolate.
The average cost of living in Singapore City is $3,416, which is in the top 0.2% of the most expensive cities in the world, according to Livingcost.org.
This will leave you with $4,084 monthly for extras and leisure.
According to the Julius Baer Lifestyle Index, which ranks the world’s most expensive cities annually, Singapore is at the number one spot.
Singapore is a global financial center and one of the most densely populated places in the world, according to Nationsonline.org.
Cannes and Nice, France
Both on the Cote d’Azur–or French Riviera–the cities have a lot to offer and a great climate all year round.
The average cost of living in Cannes is $1,745, while the average cost of living in Nice is $1,683, according to Livingcost.com.
“I can’t think of a more luxurious place to retire abroad than the South of France,” said Mac Steer, owner and director at Simify. “The weather is perfect, there are great beaches and mountains nearby, and the food and wine are unparalleled. Additionally, you’re close enough to Paris that you can go back and forth on the weekends if you want to see people or do some errands.”
According to Steer, Cannes is less expensive than Nice but still has plenty of upscale shops and restaurants along with some incredible views over the Mediterranean Sea from high above town–which offers hiking trails up above town for those who like hiking or mountain biking.
The average cost of living in Adelaide is $2,153, which is in the top 12% of the most expensive cities in the world. This will leave you with $5,347 a month for extras and leisure.
Adelaide is “brimming with events that excite, restaurants that inspire, and beaches that make you feel at ease,” according to Australia.com. In addition, the city is at the foot of three wine regions.
The city is also a great fit for outdoor lovers, offering mountain hikes, beachside cycling and wildlife-filled conservation parks.
The average cost of living in London is $3,029, which is in the top 0.9% of the most expensive cities in the world.
This will leave you with $4,471 for extras and leisure.
The city has a population of 9.6 million, according to World Population Review. “An unmissable destination for travelers, London is a melting pot of history, culture, green spaces and an international crowd that spills into every delicious corner of its cuisine,” according to Vistibritain.com.
Dubai, United Arab Emirates
The average cost of living in Dubai is $1,975, which is in the top 17% of the most expensive cities in the world, according to Livingcost.org.
This will leave you with $5,525 a month for extras and leisure.
Dubai has a population of 3.33 million. It is known for its eye-catching landmarks, including Burj Khalifa (the world’s tallest building), Dubai Mall, The Dubai Fountain and Burj Al Arab, Palm Jumeirah, a man-made island in the shape of a palm tree, according to Visitidubai.com.
It is also famous for its beaches and desert landscapes and has year-round warm weather.
The average cost of living in Paris is $2,194, which is in the top 11% of the most expensive cities in the world, according to Livingcost.org. This will leave you with $5,306 a month for extras and leisure.
The city of love is known for its abundance of art and culture, as well as world-famous landmarks, such as Le Louvre and Notre Dame Cathedral.
It’s also a great fit for foodies and fashionistas, as Paris has more than 44,000 restaurants, according to Fodor’s.
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