Retiring in Hawaii may seem like a dream come true, but the state is not without its drawbacks. First, the average price of a home is about $860,000. This is approximately twice the national average. States also tax nearly all retirement income, except that earned from private or public pensions.
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If you are… thinking about retirement If you’re looking to move somewhere perhaps better than Hawaii, especially when it comes to economics, there are several options to consider. Some of these are located within the United States, while others will go further outside the country. Still, if you’re flexible, you could also do something like this: Find your next best place to spend your retirement.
Mexico
“For retirees who want to stay close to the U.S., Mexico offers a convenient and affordable option. Cities like San Miguel de Allende and Lake Chapala have large expat communities, making U.S. retirement We offer a high quality of life at a fraction of the cost of later destinations,” said Neil Shah, Founder and CEO. Careyaya.
According to Numbeo, Mexico City has a very low cost of living index of only 47.3. For context, a cost of living index of 100 is considered average in the United States. This means it is much cheaper to live in Mexico City and its surrounding areas.
Plus, there’s a lot to see throughout the country.
“Mexico also boasts a rich culture, delicious cuisine, and incredible natural beauty, from pristine beaches to vibrant cities,” Shah said. “While safety is a concern in some parts of the country, many retirement-friendly communities offer a safe and welcoming environment.”
Mexico also does not tax retirement income. However, it will still be taxed by the U.S. government.
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Costa Rica
Costa Rica is another popular choice for U.S. citizens who want to retire without traveling too much abroad.
“Based on my experience traveling the world and living abroad, I can confidently recommend Costa Rica as an ideal retirement option for one simple reason: Pura Vida.” is a travel expert, all over the world. “Although I now call South Florida home, I lived in Costa Rica for nine years, and I can say that those were some of the happiest and most fulfilling years of my life.”
Like many parts of Hawaii, Costa Rica has some stunning scenery for those who prefer beautiful scenery to the hustle and bustle of the city. However, the cost of living is a big draw compared to that.
“Retirees have access to state-of-the-art equipment and quality medical care,” Schmidt said. “Infrastructure and services are comparable to the U.S., but costs are lower. Healthcare is top-notch yet cheap. Most importantly, the cost of living in Costa Rica is lower than a U.S. retiree can live comfortably on $2,000 a month. 50% to 60% less. You can enjoy paradise without going broke.”
San Jose, Costa Rica has a COL index of 54.6.
Portugal
“Portugal is an attractive option for retirees seeking a European lifestyle at a fraction of the cost of other popular destinations such as Spain and Italy,” Shah said. “The country has a mild Mediterranean climate, beautiful beaches, and vibrant cities like Lisbon and Porto. Portugal also has a relatively low cost of living, with affordable housing, healthcare, and food options. ”
Its central location also makes it easy to travel to other European countries or return to the United States when you retire in Portugal.
“What I appreciate most about Portugal is that you can really get the whole package without the high costs,” says Jackson Grove, professional adventure photographer and travel expert. Mr. Su said. era of travel. “From beautiful landscapes like Sintra’s lush mountains to the hospitality of the locals, the lifestyle is top-notch. And whether you like historic cities or beaches along the Algarve, there are plenty of We have an incredible community.”
With a COL index of 51.1, you can make much more money in Portugal than in Hawaii.
north carolina
If cost is a concern, you may want to avoid some locations in North Carolina, such as Hendersonville and Charlotte. However, there are still some places in the state that offer a high quality of life at an affordable price.
Travel expert Alonso Marley said: skylux travelspecifically suggested Marion to people over 55 years of age.
“The collective efforts and local pride of local residents have transformed this region into an ideal mountain destination for seniors,” he said. “It’s a very compact, yet vibrant and affordable venue that draws the local community together for a variety of festivals. Not to mention Marion’s breathtaking location that helps retirees stay active year-round. There is also nature.
“Plus, the city is known for its senior living communities and homes that offer both independent and assisted living, making retirement even more enjoyable.”
North Carolina’s COL Index is 77.3. According to Zillow, the average home price is $329,225.
Discover more: 10 Worst Places to Retire in North Carolina
oklahoma
For retirees looking for a quiet lifestyle without the high cost of living, Oklahoma may be the place for you. The average price of a home is just $203,455, less than a quarter of the price in Hawaii. You might end up missing out on some of these beautiful beaches, but considering the price, you might not mind.
“The cost of living here is below average for everything from housing to groceries to health care,” Marley said. “The area is considered relatively safe and has a wealth of amenities for those who love an active lifestyle and culture, including hiking trails, parks, art galleries, museums, and theaters.”
Oklahoma is also home to St. Francis Hospital, one of the best medical facilities in the region.
Malaysia
Last but not least, if you’re looking for a place that’s comparable to Hawaii in many ways, but costs much less, check out Malaysia.
“This Southeast Asian country may not be the first place you think of as a retirement location, but it offers a fascinating blend of modern amenities, cultural diversity, and natural beauty. ,” Shah said. “Cities like Penang and Kuching offer a high standard of living at low costs, with excellent healthcare, infrastructure and dining options.”
The country also boasts jungles, beautiful islands, rainforests, and an abundance of wildlife found nowhere else. It is also centrally located for those who want to experience the wonders of Asia after retirement.
Kuala Lumpur’s COL index is 34.6. Penang Island is even cheaper at just $32.1.
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This article was first published GOBankingRates.com: 6 Retirement Destinations That Are Better and Much Cheaper than Hawaii
