Frugal retirement living has become a popular topic in recent years. So many Baby Boomers are finding themselves on the brink of retirement with a fairly small nest egg. You’ll probably be just fine if you only live another 7 years. But you could live another 20. What then for your retirement plans?
Here are a few keys to a frugal retirement living, no matter how long you live.
Don’t Just Downsize, Relocate
Your retirement plans might be to switch over to a one or two bedroom home in the town you already live in. That’s probably where the grandkids are. But the best tool you have to achieve a frugal retirement living is to relocate somewhere more affordable.
When it comes to saving money on housing and overall cost-of-living, the sky’s the limit if you choose to move abroad. You can live comfortably in many middle-income countries around the world and cut your living expenses by more than half. There are even some places in the first world (think Spain or Portugal) where you can do just about as well. Oh, and you’ve relocated to a veritable paradise, so there’s that.
If moving abroad just isn’t an option for you, then there are likely other cities or towns in the US that are much more affordable.
Use a tool like Numbeo to compare the cost of living in different cities around the US and the world. Find a place that interests you and plan a visit for your next vacation. Moving abroad could be all you need to achieve a frugal retirement living.