This has increased the number of Indian retirees wanting to settle abroad. But apart from the culture, climate, language, and crime rate, you also need to give adequate attention to the financial aspects of spending your retirement years abroad.
While the family ties and personal preferences will abundantly impact the selection, having a clear idea of the expenses of settling abroad will help you make a confident decision. After all, you’d definitely want to live your retirement just as you had always imagined without worrying about the finances.
So, here is a list of some of the best places to retire in the world along with their approximate living expenses.
1. USAWhile most people move to the USA for better professional opportunities, the quality of life there also attracts a large number of retirees. There are several locations in the USA such as Omaha, Kansas City, Louisville, Greenville, and more that are considerably cheaper than popular cities like New York, California, and Los Angeles with less of the hustle and bustle that you’d prefer for your retirement years.
But as compared to India, the USA is still a far more expensive country even if you select one of the cheapest locations. Some top expenses retirees should know about are as follows-
- House Expenses- If you are looking to purchase a house, it can easily cost $200,000 and above. Renting the same can cost anywhere between $1,200 and $1,500 per month.
- Healthcare Costs- Medical inflation in the USA is one of the highest all over the world. You can consider purchasing medical coverage for expats to keep yourself protected from the high healthcare costs. The annual premium for such health insurance plans can be up to $2,000.
- Monthly Budget- Even the day-to-day expenses in the USA are considerably higher. For two people living in one of the cheaper cities in the USA, the average monthly budget can be up to $1,500.
- Assisted Living- If you are looking for assisted living facilities in the USA, you will find several great options. However, such facilities are very expensive. It can easily cost up to $3,000 a month for a retiree to stay at one such facility.
2. CanadaThanks to the large number of Indians that live here, Canada is also a trendy destination for retiring abroad. It is one of the few countries in the world with immigration policies that are fairly positive, and even the quality of life is known to be excellent. Moreover, the crime rate in Canada is one of the lowest in the world.
Some of the top places that Indian retirees can consider in Canada are Ottawa, Burlington, Oakville, St. Albert, and Boucherville. The average cost of living in Canada can be-
- House Expenses- You can purchase a decent house in one of the rural areas of Canada for $200,000-$250,000. The rent can be in the range of $1,500-$2,000.
- Healthcare Costs- All the permanent residents and citizens of Canada have access to universal public health insurance. However, the same is not available for temporary residents. You can consider purchasing one for yourself by paying around $3,000 per year.
- Monthly Budget- The monthly cost of living in Canada can be up to $2,000 without rent. If you are also paying rent, it can cost up to $4,000 per month.
- Assisted Living- You can find several retirement communities across Canada. The average fee of living in such communities can be in the range of $1,500 to $3,000 per month.
3. EuropeWhile Europe too is not really a cheap place to move to after retirement, it definitely has a lot to offer. It is one of the most popular tourist spots for Indians, and the quality of life here is known to be one of the best. While the cold temperatures of some of the locations can be a bit of a let-down for some retirees, there are several locations where the climate is reasonably comfortable almost throughout the year.
Some of the best places to retire in Europe are Malta, Spain, Italy, Portugal, and Croatia. The average cost of living at one of the affordable locations in Europe can be-
- House Expenses- The average price of a decent sized house in Europe can be around $200,000 and above. However, the rent is mostly affordable at a lot of places and can be in the range of $800-$1,500.
- Healthcare Costs- Most countries in Europe provide many different types of government subsidies with regards to healthcare costs. Expats can also consider purchasing health insurance that cost around $2,000 to $3,000 annually.
- Monthly Budget- The living expenses significantly vary on the basis of best places to retire in Europe. For instance, in Spain, which is considered to be one of the more affordable locations, the monthly expense for 2 people can be up to $2,000. The same in other expensive cities can be up to $4,000 to $5,000.
- Assisted Living- The cost of assisted living facilities is high in Europe. The average cost of assisted living facilities can be in the range of $3,500 to $5,000 per month.
4. MalaysiaIf you are looking for a place close to India, Malaysia can be a great option. The friendly atmosphere, warmer climate, and excellent healthcare facilities are some of the top reasons that make Malaysia one of the best places to retire in the world. Moreover, as compared to the places listed above, Malaysia is more affordable too.
Some of the top places that you can consider for your retirement in Malaysia are Kuala Lumpur, George Town, Kota Kinabalu, Penang, Ipoh, and Malacca. The cost of living in Malaysia is as follows-
- House Expenses- The average cost of a 2-bedroom apartment in Malaysia can be in the range of $100,000-$200,000. However, the prices can be higher at many places in Kuala Lumpur. Many Indian expats prefer renting apartments, which can cost $800-$1,200 per month.
- Healthcare Costs- While there is a public healthcare system in Malaysia; most expats generally prefer purchasing private insurance. Private health insurance policies can cost up to $800 per year.
- Monthly Budget- If you select a place in Kuala Lumpur, the monthly expenses can be up to $800 per month for two people excluding the rent. The same can be in the range of $500-$700 at places like Penang.
- Assisted Living- If Malaysia is your location for retiring abroad and you are looking for assisted living, there are some very popular retirement homes here. Most of the popular facilities cost around $1,500 per month.
5. UAEUAE is also an excellent option if you are aiming to spend your retirement years peacefully away from the chaos of city life in India. While UAE is very popular for its harsh laws, high living expenses, and hot weather almost throughout the year, it can still be a great option if you are looking for best countries to retire in the world.
Some of the top locations that you can consider for your retirement in UAE are Sharjah, Abu Dhabi, Al Ain, and Ras Al-Khaimah. The average expenses in the UAE are as follows-
- House Expenses- The average cost of a house at a place like Dubai can be up to $250,000-$300,000 and above. The same at a place like Sharjah can be around $150,000 and above. Average rent in UAE can be around $1,500 to $2,000.
- Healthcare Costs- At most places in UAE, it is mandatory for employers to offer health insurance to all the employees. So, if you have your children working in the UAE, you too can be covered under the same policy. You can also consider purchasing a private health insurance policy and the premiums for the same can be up to $1,200-$1,500 per year.
- Monthly Budget- Right from food, utility bills, to education, everything is considerably more expensive in UAE. The monthly expenses of 2 people living in UAE can be up to $2,000 per month.
- Assisted Living- The senior living facilities are not as extensive in UAE as compared to places like the USA or Europe. While there are some assisted living facilities for seniors, they are expensive and can cost around $2,000 to $3,000 per month.
Living Your Dream RetirementHow you enjoy your retirement years in a foreign country would abundantly rely on your retirement planning, the things you want to do, the life you want to live, and the location you select. If you want to do something different in the golden years of your life, retiring abroad can be a great option. But successful migration would surely require a lot of planning, especially with regards to your finances.
In countries like the USA and Europe, retirees move to a foreign country after retirement for reducing their expenses. But as the cost of living in India is lower than most popular foreign countries, cheaper living is mostly not a benefit a retiree can experience by moving to a foreign destination.
So, before taking any concrete steps, ensure that you are completely satisfied with your decision to migrate. If you do decide to shift, plan the migration and its financial aspects very carefully to make sure that you are actually able to live the retirement of your dreams.
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The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
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