7 Best Places to Retire Comfortably with Less Than $1 million in Savings

 In Retirement

best places to retire

Here at IncomeClub, we’re all about helping people improve their retirement options. Still, we know that it can be a struggle to get your retirement income to the level you want.

One way to prosper during retirement is simply to change where it is you want to live during your golden years. The world is full of options that will make for an amazing retirement.

Below, we’ve listed seven destinations you can retire at for under $1 million.

Corozal, Belize

Located on the east coast of Central America, Corozal, Belize is absolutely gorgeous.

Aside from the Caribbean weather, there is also dense jungle in the western portion of the country and, while you may not want to live there, you’ll never be far from amazing sights, the kind that most people only ever see on TV. This includes old Mayan ruins.

Offshore, you will have access to the gigantic Belize Barrier Reef, so if you like snorkeling or scuba diving, you’ll literally never get bored. There is no lack of places to learn how to do both, either.

Apparently, this also means you can enjoy hobbies like surfing, paddle boarding, and deep-sea fishing. Of course, there’s nothing wrong with just finding a patch of beach and lying out in the sun.

Best of all, the official language here is English and Belize’s Qualified Retired Person program actually rewards retirees for making their new home here with, amongst other things, a fast track to receiving residency status.

Granada, Nicaragua

The Spanish first colonized Granada back in 1522, but much of its European influence is still tangible in this city. You’ll have no shortage of beautiful architecture to look at as well as two amazing coastlines right on the Caribbean.

There is also a rich culture here to enjoy which means it will take you years to experience everything the restaurants, theaters and more have to offer.

If you enjoy rum and coffee, Granada will not disappoint. As you might imagine, being famous for these two items also means the city has incredible festivals throughout the year.

There is never a dull moment here, but it will be incredibly kind to your bank account.

Boquete, Panama

Another option with a relaxing atmosphere and natural beauty is Boquete, Panama.

There is already an established expat community there so you should have no issue settling in. For well over 10 years now, retirees from all over the world have made Boquete their home.

Amongst other things, you can rest assured there will be no need to learn Spanish if you wish to live here.

Although the weather is much warmer elsewhere the country, you’ll find that Boquete is very mild. Being a mountain town also means you’ll be privy to some absolutely breathtaking views.

While you won’t be on the beach, this is one of the reasons so many people love it here: there’s no need to deal with tourists.

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George Town, Malaysia

There is no shortage of reasons to love Malaysia. While there are just as many places you could decide to live, your retirement income will be best spent in George Town.

For one thing, it’s incredibly safe. Your retirement income will be safe too because of how low the taxes are here. Add that to a low cost of living, and you’ll be able to stretch your savings considerably.

George Town is located on its own island, Penang, as well. It is also known as “Island of Pearls” because of its beauty.

As almost the entire island speaks English, you’ll have no problem enjoying the local culture the moment you land. This includes cooking that has made George Town a go-to destination for foodies from all over the world.

Cuenca, Ecuador

Another absolutely gorgeous place to enjoy your golden years would be Ecuador and, more specifically, the city of Cuenca.

This colonial city has been incredibly well-maintained, meaning it looks almost exactly like it did more than 300 years ago.

It is by far the most European city in Ecuador and, because of its numerous historical monuments, it is an official UNESCO World Heritage Trust site.

That’s not to say there aren’t plenty of modern amenities, though. You really get the best of both worlds in that regard.

Furthermore, you can walk just about anywhere you need to go, so there’s no need for a car.

Add to that a temperate climate that ranges between the 50s and 70s all year long, and you’re looking at a very comfortable, affordable place to retire.

Chiang Mai, Thailand

If you like Asian architecture and the natural surroundings of the Southeast of this continent, it’s hard to recommend a better place to retire than Chiang Mai.

Its nickname, “The Old City,” is a reference to how much living history is present wherever you turn here.

However, because it’s in the north, it’s far removed from the other side of the country which is where tourists tend to hang out. As a result, your retirement income is going to go much further.

Due to all the North Americans who have retired here, though, you won’t have any trouble fitting in the right away.

Lagos, Portugal

Speaking of “old cities,” Lagos in Portugal is packed with gorgeous 15th-century architecture.

You will constantly find yourself walking down cobblestone roads surrounded by buildings that look like they’re from a movie set. Within driving distance are a number of beaches, historical sites, and even more beautiful towns.

You will love the surroundings here too because everywhere you look there are restaurants and cafés that are extremely budget-friendly, yet packed with flavor. The seafood is legendary.

Rent is extremely affordable as well, so feel free to try a season or two here first before retiring.

No matter when you arrive, you’ll find a very accommodating climate that means you won’t have to waste any of your retirement income on air conditioning or central heating.

While it’s possible to retire in your 40s, if you’re worried about coming in under $1 million or you simply want a destination that will feel like a permanent vacation, the seven options listed above will not disappoint.
saving for retirement

Sergey Sanko
Sergey had started an IncomeClub after years of being an investment advisor for high affluent investors and managing fixed income securities. He is the lead investment advisor representative and holds a Series 65 license. Sergey earned his Executive MBA degree from Antwerp Management School.
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