Retiring for many is just around the corner and with it comes many questions. One that's been gaining a lot of popularity over the years is a result if you want to retire in the US or retire abroad.
This has been on the mind of many people according to the Social Security Administration, over 500,000 people are living outside the US and getting Social Security benefits. So it is possible to withdraw abroad. The question now is where do you want to go?
Below we've compiled a list of some countries to consider. And even if you're reading this and you're not from the United States, these countries are still worth considering. No matter the case these countries will ensure that your money will go to the farthest!
Those who are looking to Malaysia are those looking to immerse themselves in a rich culture with exotic scenery. Your modern amenities are set to pretty reasonable prices allowing you to live conveniently and comfortably. Furthermore, you'll find great malls for shopping, low-cost rental units, and delicious food street making living here very easy.
Costa Rica has many things going for it. The mild climate, the stunning landscapes, and the pristine beaches are what bring tourists and vacationers, but also retirees. The residency process in Costa Rica is very simple and the cost of living is pretty small as well. To put it in perspective, you'll need to make at least $ 1,000 every month in order to live here and enjoy a high standard of living. If that's covered by Social Security every month or you have something similar to that, you're covered.
While the current president of the US may not like Mexicans that much, it's clear that other Americans do not feel that way. Mexico is a welcoming country that draws millions of withdrawals to their borders. Today it's not out of the ordinary to see expat communities around the areas. Because of these communities you can enjoy seaside living and enjoy conversations with friendly locals. Best of all most of them speak English which saves you the struggle of learning a new language.
On top of that when you become a resident of Mexico, once you're over the age of 60, you get discounts to airlines, groceries, and restaurants.
For the adventurer, you've got Nicaragua. The biggest selling point for Nicaragua to retirees is the location and the community. It's a fantastic community and the tropical climate is a nice and welcomed touch. What's even better about Nicaragua is that the government provides many incentives as well if you're coming to Nicaragua. Already there are low costs, but any money that you make outside of Nicaragua is tax-free thanks to government policies.