You had finally reached that age where you can relax and do things you put hold on when you were busy raising a family. Now, you can say that the world is truly your oyster because you have all the means to do what you want and be where you want to be. Your kids are all grown up, and your job will no longer tie you down --- what more reason do you need to go out and explore the world?

It’s an understatement to say that people look forward to their retirement. After all the years of hard work, they can now enjoy the fruits of their labor. While some retirees opt to spend more time at home, others envision a life full of new adventures in a foreign land. If you’re one of the latter, here are some retirement destinations you might want to consider, along with the cost of living there for the rest of your life.

1. Costa Rica

Costa Rica is one of the best countries to retire in because of its natural beauty. Millions of visitors go to Costa Rica each year because of its tropical climate, wide array of real estate options, affordable medical system, friendly locals, and low living costs. It’s safe, neutral, and committed to protecting the environment. You will definitely enjoy the scenery here as ¼ of its land is conserved as wildlife refuges and national parks.

You will love how welcoming and warm the Ticos are. Before you can settle here, you need to acquire residency. After which, you need to pay 7 to 11% of your declared monthly income through the Caja Costarricense de Seguro (Casa). This money goes to public healthcare.

You and your spouse can already live comfortably in the country for at least $2,000 per month. Though it’s not an extravagant lifestyle, you can already rent a two-bedroom house with amenities, air conditioning, healthcare, transportation, entertainment, and groceries. If you raise your monthly budget by $500 or $1,000, you can already enjoy a relaxed lifestyle, complete with all the comforts you need.

2. Panama

Panama is one of the best-ranking countries when it comes to the retirement index. One of the main reasons for this distinction is it constantly delivers when it comes to value for money. If you wish to live within the Western Hemisphere, you might want to consider Panama. You’ll love its hurricane-free environment, big-city amenities, warm weather, and stellar ocean views.

If you love to travel, the country also offers convenient and exciting in-country travel experiences too. They boast of reliable domestic flights and intercity buses that will take you to various destinations. Yet, despite all its grand offerings, Panama remains accessible and affordable.

If you intend to settle here, you might as well get yourself the Pensionado, the local term for the Pensioner visa. This visa is your ticket to massive discounts and benefits while in the country. The scheme was set up to provide Panamanian retirees a life with dignity. Regardless of your age, if you’re a pensioner, you can apply and become a Panamanian resident pensionado. To qualify for this, you just need to show that you receive a $1,000 monthly pension.

Once you become a resident retiree, you will have access to a plethora of discounts only given to locals. These discounts include 25% savings on your restaurant meals, medication, plane fares, show and off movie tickets, and power bills. Though the cost of living in the country isn’t that cheap, you can certainly lead a comfortable life with these huge discounts, even on a monthly budget of $2,600.

3. Mexico

The Mexicans’ North American neighborhood has long considered their country as the ideal retirement destination. Over one million Americans and 500,000 Canadians consider Mexico their home today. Because of this, Mexico is one of the leading expat destinations worldwide. There are several good reasons for this.

First of all, the expat community here is very welcoming, making your transition easier. They never fall short of happy hours, events, clubs, and activities to make you feel welcome. And if you’re looking for modern conveniences like satellite TV, cable, fiber optic, high-speed internet, cellphone service, and well-maintained highway systems, Mexico will not disappoint. You will also experience the distinct Mexican culture that is still very much alive. And don’t ever forget the food! They offer a variety of different regional delicacies that are all delicious.

Retired couples could live comfortably in this country with only a fraction of what they usually spend back home. The cost of living here will highly depend on the kind of lifestyle you choose. If you want to live a simple life, $2,000 a month is more than enough to cover all your expenses. You don’t even have to worry about real estate costs as you can easily find affordable homes. Food, transportation, medical care, and entertainment options are also cheap so you will find it easy to make ends meet here

4. Colombia

If you have been dreaming of seeing the Andes mountains meet the Caribbean and the Pacific Oceans, you simply have to choose Colombia as your retirement destination. Aside from this mesmerizing scenery, you can also find the Amazon rainforest here. If you want to experience city life, the cosmopolitan cities won’t disappoint.

What’s even more alluring about this country is that it offers high-quality healthcare at an affordable cost, even to expats. The Colombian healthcare system ranks 22nd among the best healthcare systems in the world --- higher than Canada and the U.S. If you’re a retiree planning to live here for good, you have one less worry off your list.

It’s also easy to get a retirement visa here. You only need to prove any of these circumstances --- you receive $2,500 monthly from 401K or private pension, or you have at least $750 in social security income. Couples who live in Colombia claim that they can get by comfortably on a budget of $2,000. And since you don’t have to pay for cooling or heating costs because of the tropical climate, you can easily lower your expenses by approximately $3,500 per year.

5. Portugal

The last country on our list is Portugal --- that small country in southwestern Europe. This vibrant country has so much to offer, from its golden sandy waters, rolling hills to the low cost of living, better healthcare, and safety. Among all that Portugal has to offer, many say that its best asset is its people. They are naturally friendly, warm, and easy to get along with. And since most of the locals speak English, it’s easy for foreigners to settle here.

To retire in Portugal, you can already live comfortably with a monthly budget of $2,5000. However, if you choose to live in the centers like the Algarve, Cascais, Porto, and Lisbon, you might need to raise your monthly budget to $3,000.

Takeaway

Retirement means different things to different people. While some think of this as perpetual downtime, others take it as a great opportunity to see places they could not enjoy when they were still working. If you’re planning a lavish retirement, think of these countries as your options. Choose well and enjoy your retirement to the fullest.