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Retirement Costs in 13 Countries

Last Updated: December 19, 2015 BY Michelle Schroeder-Gardner - 9 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

I constantly dream of retiring (who doesn’t), and I would either like to retire abroad or constantly be on vacation.  I found an article on MSN about 13 places to retire abroad and their average living costs.  I thought it was a good article since I want to travel or retire abroad.

There are a lot of things to consider when retiring such as:

  1. Health insurance
  2. Food
  3. Utilities
  4. Phones
  5. Internet and cable
  6. Cars/Transportation
  7. Fun, entertainment and traveling
  8. Personal (clothes, hair, etc)

Of course, all of this adds up like crazy, and it’s recommended that in retirement that you have around 70% to 100% of your past salary for your yearly expenses.  Many people think that you should save less, but not everyone will have their homes paid off. I plan on having around 85 or 90% per year.

Here is what the article says about places to retire abroad (these are all per month):

  1. Argentina – $4,000
  2. Belize – $2,200
  3. Brazil – $2,700
  4. Colombia – $2,000
  5. Chile – $2,500
  6. Ecuador – $2,000
  7. France – $3,000
  8. Italy – $2,400
  9. Malaysia – $1,600
  10. Mexico – $2,500
  11. Panama City – $2,500
  12. Thailand – $1,200
  13. Uruguay – $2,300

You can obviously find places for MUCH cheaper than this, but I think these costs are for living very well in most of these countries, while some are just average living.

Have you thought about your retirement? Is retiring abroad something that you’ve thought about?

Also, Daily Worth is having a $10,000 giveaway (5 winners will each win $2,000).  Sign up under my link. All you have to do is enter your e-mail!

9 Comments
Filed Under: Retirement Tagged With: Travel

Secrets of Early Retirees

Last Updated: December 19, 2015 BY Michelle Schroeder-Gardner - 10 Comments

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

Everyone wants to retire early right? Retirement seems so far away for me (and it is) but I still want to retire early. But am I prepared?

Yahoo! Finance had an article about early retirees and I thought it would be helpful to compare myself and see where I am.

1. Do you save for retirement outside of just your workplace plan? I save, most of my retirement fund is from my work though, because I’m trying to pay down debt first.

“69% of early retirees do this vs. 60% of those who plan to retire after 65 and 49% of those who say they’ll never retire.”

 2. Do you defer a high percentage of their salary into a retirement plan? No. I feel like I’m already failing at this article.

“Early retirees defer a median of 10% vs. 6% for those who plan to retire after 65 or don’t plan to retire.”

 3. Did you start saving at a young age? I started saving awhile back! This is something that I did not fail at.  I expect all of my debt (besides my mortgage payment) to be done in a couple of years, and then I will start heavily saving and investing.

“The median age early retirees begin saving is 25 vs. 30 for those who will retire after 65 and 31 for those who never plan to retire.”

4. Do you have a thought-out retirement savings strategy? No I do not.  All I’ve really thought about is that I want to retire.

“71% of early retirees have either a written plan (16%) or a non-written plan (55%), while just over half of those who plan to retire after 65 do and just one-third of those who will never retire do.”

5. Are you very involved in managing and monitoring your retirement accounts? I monitor them all the time. Nearly everyday.

“71% of early retirees say they are very involved vs. 58% of those who will retire after 65 and just 45% of those who say they will never retire.”

6. Have you saved the same amount or more since the recession began? I have saved more. Considering I was only around 18 when the recession started, of course it’s more.

“71% of early retirees are doing this compared to 61% of those who will retire after 65 and just over half of those who never plan to retire.”

How are you doing? What are your retirement plans?

10 Comments
Filed Under: Retirement Tagged With: Retirement, Savings

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My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.
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