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South America has become a popular retirement destination for U.S. expats because of its affordable prices, warm temps, stunning scenery, delicious food and relaxed lifestyle. As with all places, the cost of retirement in South America varies by country, city and neighborhood. If your dream retirement is a sunny beach in pricey resort area, you’ll pay more than if you settled in a modest inland village away from the expensive boutiques and crashing waves.
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For most seniors, a “comfortable” retirement means having plenty of money to travel, enjoy the sights, dine out and not have to worry about affording the essentials.
For the most part, South America offers moderate costs compared with the rest of the world. It is less expensive than North America, the Caribbean, western Europe, Australia, the South Pacific and east Asia, according to a 2021 analysis from the NetCredit website. But it’s more expensive than other parts of the world like eastern Europe, central Asia and much of Africa.
Here is what it will cost you to retire comfortably in these 10 South American countries, according to NetCredit. The analysis is based on the average retirement age in the United States (64 years old) and the average life expectancy (78.7 years old). Dollar figures represent the amount of retirement savings you would need:
Uruguay: $351,480
Chile: $321,286
Suriname: $312,457
Peru: $311,206
Ecuador: $296,785
Argentina: $282,989
Bolivia: $252,850
Paraguay: $226,332
Brazil: $216,877
Columbia: $215,943
Keep in mind that the above dollar figures reflect the amount of money you would need to retire during the typical life span. That’s not always the most reliable gauge, because life expectancies tend to go higher once you reach retirement age.
A more recent analysis from the Expat Financial website rated some of the best South American countries to retire in and provided average monthly costs to retire comfortably. Here are some of its findings:
Chile: You can maintain an urban lifestyle in Chile and still live comfortably off of an average of $1,200 a month while taking advantage of living in the country with “the highest standard of living,” strongest economy and “lowest levels of corruption and poverty” in South America.
Argentina: A rentista visa lets retirees move to Argentina on a permanent residency visa with proof of income of $1,600 a month. Argentina also offers expats the ability to buy a property with a 90-day visa.
Peru: An average retiree can live comfortably off of $1,600 a month and enjoy South America’s “best location for adventure-seeking retirees.”
Ecuador: According to Expat Financial, Ecuador offers retirees a permanent residency scheme when you provide proof of either a real estate investment or an income of only $800 a month. The country also offers an over 65 discount program that provides reductions in taxes and lower prices on transportation, electric and water bills.
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This article originally appeared on GOBankingRates.com: What a Comfortable Retirement Will Cost You in These 10 South American Countries
Source link : https://finance.yahoo.com/news/comfortable-retirement-cost-10-south-220719713.html
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Publish date : 2024-06-18 18:07:19
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