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August 06, 2019 at 03:00 PM
(Related: 12 Best States for Retirement: 2019)
Some think of retirement as a last chance to do something nobody would expect, something different. But if there’s little retirement money saved, is it even possible?
Well, be of good cheer, because GoBankingRates has looked into the matter to find places to spend retirement abroad.
Using Numbeo, an online pricing database, to identify 50 countries that are the cheapest in the world to live during retirement, GoBankingRates ranked those countries by four key affordability metrics—and then measured each metric against what you would find in New York City.
Here’s how they did it: Their cost-of-living index includes the costs of local goods and services, such as restaurants, groceries, transportation and utilities, while their average rent provides the typical rental price in the country. (Average monthly rent is based on calculating the average cost of a one-bedroom residence in the city center; a one-bedroom residence outside the city center; a three-bedroom residence in the city center; and a three-bedroom residence outside the city center).
Then there’s the groceries index, which includes typical grocery prices in the country, while the local purchasing power index measures the relative purchasing power of a typical salary in that country; a lower purchasing power buys fewer goods, whereas a higher purchasing power buys more.
There are also the quality-of-life metrics, which include the health care index (for estimates of the overall quality of the health care system, health care professionals, equipment, staff, doctors and costs); the safety index (which measures the safety of the country on a scale of 0-100; a higher safety index indicates a safer country, whereas a lower safety index indicates a more dangerous country); and the average temperature (the average annual temperature of the country based on the average annual temperature for major cities in the country).
Feeling adventurous? Check out the slides above for the 15 cheapest countries GoBankingRates identified in its evaluations.
— Related on ThinkAdvisor:
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