Enjoy a better retirement in one of many fun, affordable places worldwide.
For many seniors, making ends meet on limited incomes can prove to be difficult and working a part-time job after retirement isn't unheard of. Financial hardship can also have an effect on where they live---that means moving to a place with a lower cost of living. There are some affordable locations around the world that can be an attractive place to retire.
States that have no taxes on retirement income
Check states' tax rates on Social Security income and pensions to determine a state's affordability. Some states don't tax this income. One such state is Alabama, according to US News & World Report, which also has below-average sales and property tax rates. Other retirement income tax-free states include Washington state, Wyoming, Florida and Nevada, which in addition have no state income tax; Alaska, which has no income or state sales tax; plus Mississippi, Pennsylvania, South Dakota, Tennessee, New Hampshire and Texas.
College communities
College communities offer access to libraries and other opportunities for seniors to find low-cost intellectual stimulation and entertainment. As stated in Smart Money, college towns are typically alive with arts and crafts events, such as galleries and theaters for both plays and movies. You'll also find plenty of sports and other cultural events in communities built around colleges. Other benefits include affordable access to health care, public transit and affordable housing. Notable college towns that make great places to retire cheaply include Asheville, North Carolina, known for its affordable access to bluegrass music and outdoors activities; Boulder, Colorado, famous for skiing and its bookstores; Charleston, South Carolina, where you can find beaches, golf courses and fine dining; Charlottesville, Virginia, known for its wine tours, hiking and healthy people; Eugene, Oregon, just an hour away from the Pacific Ocean and the Cascade mountains; Fayetteville, Arkansas, where citizens over 60 can study at the University of Arkansas for free; Iowa City, Iowa, where home prices are low and drama theaters are plentiful; and Portland, Maine, home to a variety of museums, galleries and restaurants.
Looking worldwide
According to Bloomberg Businessweek, three major factors in considering affordable retirement spots worldwide include personal safety, language barriers and access to health care. Seniors looking to retire can find good, affordable health care in Thailand and Singapore, which Healthcare Management states are popular spots for medical tourism. Gibraltar is another popular spot for seniors from Britain to retire; as is British Columbia, the Philippines, New Zealand and Australia. Global Post recommends San Jose, Costa Rica, for its tourism appeal and high standard of living; and Panama City, for its health care options, cheap public transportation and tropical weather. MSN Money suggests that Nicaragua is a highly underrated destination for retirees, with plenty of resorts, outdoor activities, tourist spots, plus incentives for residents over the age of 45 with a minimum income of $400 per month.
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