You've put a lot of time and energy into planning for your future by budgeting, managing debt and building a retirement fund. Where you live also matters. These affordable places to retire could give you more bang for your buck, allowing you to enjoy a high quality of life and live comfortably.
If you're ready for adventure and a different pace of life, consider one of these international locations.
Ecuador: Our neighboring continent to the south offers a spot retirees might consider: Ecuador. You can enjoy daily sunshine and an abundance of fresh produce. You could probably live comfortably on about $700 per month.
Central America: You could retire to Panama or Nicaragua and live on an $800-a-month budget, or in some cases, about $18,000 per year. Rentals are affordable, as are historic homes if your retirement plans include remodeling. Fresh foods are easy to find, and you can still enjoy being pampered with salon services and domestic help that costs less than in the U.S.
If you have more to spend during your retirement, about $100 a day, you can take your pick of U.S. locations.
West coast: The northwest U.S. is not typically touted as retirement central.
The South: There are still some affordable places to retire in the south, including Florida.
Northeast: Some of the most affordable places to retire when you love the change of seasons are in the northeast.
Retirement is no time for financial surprises. Protect your financial well-being by managing your credit through your working life with activities such as monitoring your credit score.