Where to Retire for a Low Cost of Living

Deciding where to retire can be very difficult. With careful research, though, you will be able to find a place where your retirement dollar goes further. Here are a few places that you should consider retiring for a low cost of living.

Suburban Areas

Many retirees choose to move to suburban areas for their retirement years. Instead of staying in the city, you can move outside of it and potentially save some money. In some areas, the biggest difference between living in the city and in the suburbs is the price of housing. Some cities have astronomical real estate prices in the middle of town. You might pay more for a one-room apartment than what you would pay for a house in a suburban area. In some cases, you will also benefit from cheaper prices on other things, such as groceries.

While some suburban areas are quite a bit cheaper than living inside of the city, this is not always the case. This might only apply to certain suburban areas around the outside of the city as well. You can check with a real estate agent in order to find the cheapest suburbs to consider retiring in.

Rural Areas

Rural areas are also popular retirement destinations because of their extremely low cost of living. There are many different small towns across the United States that would make a great places to retire. You will be able to get away from the traffic and the fast-paced city life. By living in a rural area, you will get to take advantage of extremely low real estate prices in most cases. Many times, the utilities and other living expenses will be significantly lower as well. Taxes tend to be lower in these rural areas as well. Many retirees also like to move to rural areas in order to be involved in small communities.

Retirement Communities

Retirement communities can present you with good options for locations that will help you spread your retirement dollars. Many retirement communities have affordable housing and other cost-saving benefits for retirees. In addition to the cost savings, you will be able to live near other people your age. Many of these retirement communities will have regular events for the residents that allow you to socialize and develop relationships with your neighbors.

Foreign Countries

Many retirees are also looking offshore for a retirement home. There are many locations around the world that make great destinations for people to retire. You can find areas that are well developed and still have a much lower cost of living than the United States. You may be able to find an area that has unbelievably low real estate prices as well as a lower cost on goods. Most of the time, the tax rate will be significantly lower as well. Before choosing a foreign country to retire in, you want to make sure that you investigate things like safety and health care as well.

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