Real Estate Agents: Here’s Where We’d Retire If We Had $10 Million

Where you choose to retire will be one of the most important decisions in your financial life. Most people look for things like nice weather, favorable tax codes and access to medical care. Proximity to family may be a critical factor as well. The specifics will be different for everyone, but there is one universal concern — the cost of living.

Being on a fixed income means that choosing a retirement destination you can afford is critical. With a nest egg of $10 million, though, you have a lot of flexibility, opening up destinations outside of the typical Florida retirement village. GOBankingRates spoke to real estate agents and other experts to find out where they’d retire with a budget of $10 million.

“From marine life and Haystack Rock to the fine dining experience, art centers and resorts, Cannon Beach serves as the perfect retirement destination for elders who want to live with style by nature,” said Jack Rockwell, licensed real estate agent and owner of The Rockwell Group.

In addition to stunning natural beauty (Rockwell notes that the monolithic rock formations there are reminiscent of Greece), Cannon Beach’s close proximity to Seaside, Astoria and Rockaway Beach means that retirees there have access to everything the Oregon coastline offers.

Rockwell’s second choice is living abroad in Hua Hin, a town about 200km south of Bangkok. According to Rockwell, Hua Hin offers “all the perks of retiring in Thailand: world-class healthcare, resorts, care facilities for older adults and a magnificent powdery white beach.”

Foreigners can’t own land there, but they can buy a condominium on the beach that offers resort-style amenities like a fitness center, pool, hot tub, restaurants and landscaped gardens. Thailand’s recently implemented 10-year retirement visa for those aged 50 and older means that retirees can spend a lot less time and money dealing with the hassle of frequent visa updates.

Joshua Martin, licensed realtor and owner of Atticus Home Buyers, says Santa Fe is a “gem” for retirement.

“The city’s picturesque landscapes, warm climate and abundance of outdoor activities make it an ideal place for retirees seeking a unique and fulfilling retirement,” said Martin.

With an average of 283 days of sun every year, that warm climate allows for getting out of the house all the time, a huge plus for very active retirees. It also boasts a large community of those aged 65 and up.

Martin’s second pick is another Oregon destination: Portland. “This hip and eco-friendly city offers a great mix of outdoor beauty and cultural attractions,” he said.

Portland is one of the homes of the American craft brewing movement and has an incredible food scene, making it an appealing choice for retirees that love their food and drink.

While it may not boast as many sunny days as say, Santa Fe, the climate in Portland is mild; the summers aren’t that hot, and the winters aren’t that cold. The abundance of nearby nature and outdoor activities means there’ll be plenty to enjoy on the nice days.

“Santa Barbara offers stunning beaches, a Mediterranean climate and a thriving cultural scene,” said Mike Qiu, real estate agent and owner of GoodAsSold Home Buyers. “While the city oozes sophistication and relaxation, it’s important to note that the cost of living and property values can be relatively high.”

With a budget of $10 million to work with, most retirees should be able to make it work despite the higher cost of living on the California coast. Hikers, golfers, beachcombers and wine lovers will all find a lot to love.

Qiu’s next choice is an international destination. “With a rich cultural experience, a favorable climate and a lower cost of living compared to many Western European cities, Lisbon has become increasingly popular among retirees,” he said.

Portugal offers a Golden Visa program which requires a large upfront investment, but with a $10 million nest egg that shouldn’t be a problem. Living in Portugal offers another benefit that’s huge for retirees: a universal National Healthcare system.

It’s clear that having a sizable retirement fund gives you the flexibility to retire comfortably in popular destinations or off the beaten path. Coastal living, big cities, the high desert — just about anything you could dream of.

Without that money, though, you may find yourself having to settle for a less-than-ideal retirement spot. So, start planning and saving now so you too can enjoy retiring in your dream destination.