7 of the most beautiful (but affordable) places to retire
Ready to call it a day? We take a look at some of the most scenic, safe and cost-effective cities around the globe, where you can live well without the price tag in 2021.
It’s never too early to begin planning your retirement. Especially if you have aspirations to live out your twilight years abroad. But when it comes to choosing where you’ll be living your best life in 10, 20, 30 or even 50 years (like we said: never too early), there’s a number of factors that need to be taken into consideration. And unless your nest egg is objectively huge, the cost of living will be one of them.
The Global Retirement Index, which is compiled a team of travel and economic experts, editors, and expats all over the world, has just released its 2021 report on the best countries to grow old in. Published by International Living, the report scores destinations according to 10 criteria – housing, benefits, visa availability, ease of ‘fitting in’, development level, climate, healthcare, governance, opportunity and cost of living. Basically, everything you need to know about a foreign place when you’re considering shifting your life there.
Each country is then ranked according to how it scored in each category, with the results revealing a final 25 destinations that are beautiful, friendly, accessible and, most crucially, affordable. But to help you pinpoint where exactly you’d like to settle (Mexico, for one, is a very big place), we’ve taken a look at which cities within these countries balance beauty with budget. Happy planning.
San José, Costa Rica
Best for: retiring in great shape.
The Central American nation of Costa Rica topped the GRI’s list of best places to retire, which might come as a surprise, given its proximity to countries like El Salvador and Honduras, which are known to be unstable. But rest assured sunny Costa Rica has little in common with its neighbours – in 1948, the country abolished its army and redirected that budget into healthcare and education. The report even goes as far as calling it the “Switzerland of Central America”.
San José is the country’s capital city, and it’s colourful streetscapes and year-round springlike climate make it a very easy place to kick back. The city – and Costa Rica in general – has a very outdoorsy culture, and the access to fresh, locally-grown produce that’s pesticide free means you might even retire in the best shape of your life. What’s more, the GRI’s insiders claim you can live in San José for around $2600 a month. So sit back and watch that superannuation go far.
Porto, Portugal
Best for: expat perks and friendly people
Lisbon has become a tourist hotspot in the last few years. But if you ask the Portuguese, the general consensus is that Porto is the place to be. The city is alive with arts and culture, and its old world charm is postcard perfect. The people there are, we’re quite convinced, among the friendliest and most welcoming in the world.
Also, if you’re a pensioner, high net-worth individual or entrepreneur of ‘high cultural or economic worth’, you may be eligible for the country’s non-habitual tax regime, which offers reduced taxes to expats who fit the aforementioned description. Porto is a little pricier than some of the other countries on the GRI’s list, but this is justified by perks like its universal healthcare system. According to the report, you can live comfortably here for approximately $3800 a month.
Valletta, Malta
Best for: living like an artist
If your doctor has recommended a Mediterranean diet, why not just move there? Jutting out from the sparkling seascape is Malta, which has got to be one of the most underrated destinations in the world. The country is made up of three teeny tiny islands – Malta (home to the capital city of Valletta), Gozo (renowned for its beaches) and Comino, which is virtually uninhabited.
Sun-soaked, temperate and bursting with beautiful architecture, art and history, despite its size, Valetta is somewhere you could never grow bored. It’s the kind of place you can live for a couple of months and feel like a local – a claim that’s evidenced by its score of 90 in the GRI’s ‘fitting in’ category. The city is easy and affordable to circumnavigate – a monthly bus pass costs $33, which would get you three ferry rides in Sydney. Also, it’s a stone’s throw away from the rest of Europe. According to the GRI, you could call Valletta home for $3000 a month.
Dan Nang, Vietnam
Best for: culture without the cost
If you love Vietnam – which came in at number 10 on the GRI’s list – but the hustle and bustle is a deal-breaker, try the hamlet of Dan Nang. It’s still home to one million people, but as the report notes, with its leafy restaurant-lined streets, it maintains a much quieter vibe.
Dan Nang has a reputation for being Vietnam’s most progressive city, a label earned through initiatives like anti-littering laws, a lack of corruption and its abundance of green spaces and cultural activities. It’s worth noting Vietnam scored 99 in the ‘cost of living’ category, and the affordability of Dan Nang is no exception. According to the survey, you can get away with living on only $1300 a month.
Westport, Ireland
Best for: cottage-core
For many, a tropical clime is a non-negotiable when it comes to picking a retirement posse. But if you’re not one of those people, and you’re a sucker for countryside charm, you should take a look at the quaint village of Westport in Ireland.
Ireland came in at 14 on the GRI’s overall list, which was dominated by South and Central American countries – a few of which we’ve included here. But given it’s the prettiest and most affordable place in the North Sea region, we thought we’d add it in. Just over one hour’s drive north of Galway, Westport is a former medieval town on the banks of the Carrowbeg River. With hedge-lined streets, charming neighbourhood pubs and whitewashed houses dripping with flower boxes, it’s like a scene out of a Hugh Grant movie. And it can be all yours for just under $4000 a month.
Los Cabos region, Mexico
Best for: the food, obviously
Mexico snuck in at number three on the GRI’s list, a feat the report puts down to a combination of the country’s warm weather, cheap and cheerful atmosphere and the sheer richness of its culture, history and environmental diversity. Like we said, Mexico is a big place.
Instead of choosing a city, we went with a region, as there’s so much to discover in this tip of the Baja California Sur. It’s full of funky beach towns that aren’t totally littered with tourists, the food is incredible and a large expat community lives in harmony with the locals, making Los Cabos one big melting pot of magic. According to the GRI’s estimates, it’ll cost you only $1300 a month.
Penang, Malaysia
Best for: the juxtaposition between old and new world
Penang is another cultural melting pot with architectural influences ranging from colonial (Fort Cornwallis) to Chinese (Khoo Kongsi temple). It’s also a very developed city with streamlined transport that makes you wonder why the rest of the Western world hasn’t caught up.
Malaysia came in at number seven in the GRI’s report, scoring a 92 for ‘development’ and a 91 for ‘cost of living’. So then, how much will residing here eat into your savings? Expect to shell out approximately $2500 a month. Peanuts!
See the full Global Retirement Index report by International Living, here. All costs are in AUD.