Last updated 1 August 2016

Top Three Affordable Cities for Retirement

Top Three Affordable Cities for Retirement - According to the National Institute on Retirement Security, 45% of working-age households have no retirement savings. The figure shows a significant number of expats working abroad who are unprepared to retire.

However, retiring and relocating overseas do not exactly mean that an expat must keep up with a high-standard of living.

The world has so much to offer when it comes to places that are both affordable and liveable - all it takes is a comprehensive research.

Live and Invest Overseas is a firm that has conducted a recent study on the most affordable expat cities in the world. The research was based on 12 factors including climate, cost of living, English language usage, healthcare and infrastructure.

Cebu, Philippines        

Cebu is a famous tourist spot for its natural landscapes and historic sites. Expats find it easy to stay in Cebu because of its accessibility to transportation networks, most especially the proximity of business areas to the Mactan-Cebu International Airport. The Philippines is one of the most affordable countries for foreigners. With extremely low cost of living, most expats can afford a quality lifestyle.

According to Numbeo, the world’s largest database for cost of living worldwide, a typical 3-bedroom apartment located outside Cebu’s city proper only costs $340. The total average cost of basic utilities - electricity, water, heating, garbage collection and even internet and mobile connections - is only at $140 per month.

Chiang Mai, Thailand

Chiang Mai in Thailand has captivated foreigners with its natural beauty and location. It is located along the Ping River, which is one of the main contributaries of Chao Phraya River. Living in Chiang Mai provides an earthy feel and environment for expat retirees.

The city is a top tourist destination where people can go elephant riding, trekking, and hiking. A typical 3-bedroom apartment located outside the city proper only costs $380. The total average cost of basic utilities is $90.

Cuenca, Ecuador

The city of Cuenca in Ecuador is one of UNESCO’s world heritage sites because of its cathedrals, museums and parks. It is located in the highlands of Ecuador and is outside the El Cajas National Park. The European vibe, reminiscent of Paris and Barcelona, attracts thousands of tourists into Cuenca every year.

Moreover, the South American city has reliable social service systems and a low cost of living. A typical 3-bedroom apartment located outside the city proper only costs $450 while basic household utilities cost $70 each month.

KEYWORDS: Cost of Living, Expat, Retirement

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