How To Retire On The Cheap


Why Should I Retire In France

How to Retire Cheap Internationally

France is the good life defined. The food, the wine, the art, the shopping, the history This country boasts the most beautiful and romantic city on Earth plus the best of country living and dramatic Mediterranean and Atlantic coasts. On top of all this, France is home to the worlds best health care, the worlds best infrastructure, top international schools, and, in some regions, zero crime and a wonderfully relaxed way of life And, in some parts of the country, the very good life can be very affordable, as well.

Sacramento Is One Of The Cheapest Places To Live In Northern California

Its relative proximity to San Francisco, wine country, Lake Tahoe, Yosemite, and the Sierras puts Sacramento in an enviable position for active retirees. The leafy downtown riverfront has a historic “Old Town” and the city’s dining scene is tagged as “farm-to-fork,” emphasizing access to the extensive Central Valley’s fresh, local produce. Sunny days and mild evenings year-round do become hot in summer.

S 4 Most Affordable Places To Retire Overseas

With inflation running rampant and its potential impact on retirement account balances on the minds of many near and recent retirees, a greater percentage of Americans might just be open to the option of retiring overseas to bump up their quality of life.

If stretching your retirement dollars is your No. 1 priority in an overseas haven, then the places that score best in the Cost of Living category on International Livings 2022 Annual Global Retirement Index should be at the top of your list, says Jennifer Stevens, executive editor, International Living. Because there, not only can you spend much less day-to-dayas little as $1,500 a month for a couple, in fact, but you can upgrade your lifestyle while you save.

Interestingly, none of the four countries on this list made the top 10 in ILs 2022 overall rankings . But with a focus solely on cost of living, they rise to the top.

Keep in mind that the places we recommend are not merely cheap, theyre places where we find great value. They are places where a small outlay buys you a big lifestyle. And by that I mean that you can live very comfortableperhaps, in fact, more comfortably than you do in the U.S., for a fraction of what you spend today, Stevens adds.

Affordability makes for a rich quality of life in retirement overseas, and the countries at the top of the IL Indexs Cost of Living category offer some of the highest quality of life possible for the least amount of money.

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How To Live Cheap: 23 Frugal Tips To Live Rich

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Want to learn how to live cheap but dont know where to start? A lot of us have been there. The reality is if you look hard enough, youll see there are ways on how to live on nothing or next to it.

Its hard to go through day by day and learn how to live on a budget when you dont even know whats going to happen the next day. I know the feeling. Believe it or not, you are not alone.

On the brighter side, there are solutions to these problems, and theyre the easy ones youve probably overlooked.

These are some of the things I found, and theyre here in this post:

  • how one made $615.56 in 10 days by putting in a few minutes every day
  • how this meal plan brought down our food budget to $150/mo for a family of 6
  • or how switching to another bank makes me $1,800/year without me working hard for it
  • and so many more

Now, lets move on to the meat of this post!

Have Multiple Investment Vehicles

How to Create a Retirement Budget

Have a mix of retirement vehicles, because tax diversification can help ensure you have enough for retirement. For example, pretax retirement savings sitting in a 401 or a Traditional IRA are typically taxed as ordinary income when you make withdrawals, unlike a Roth. During retirement, you will be able to take some income out of your plan as taxable and some tax free, thus lowering your tax bracket, Prince says.

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Retiring Abroad Vs In The Us

Retiring abroad is an adventure, though just how big an adventure depends on the destination. Still, no matter where you go overseas, you will be a long way from home, and youll have to get comfortable with the linguistic, cultural, political, and economic differences.

And though youre likely to enjoy lower costs, cheaper healthcare, and a nice change of scenery, remember that living abroad is not at all like being a tourist. Be sure to test out a destination before making any long-term decisions. Rent for at least six months, immerse yourself in the culture, get to know the locals , and decide if youd really be happy living there.

According to the Social Security Administration, the average Social Security retirement benefit is $1,563 per month . That amount may be enough to retire comfortably abroad if you stick to a budget.

On the other hand, you may be happier retiring in the U.S. if you shy away from adventure and prefer a predictable and familiar routineor if you want to stay close to family, friends, and established networks. Of course, the cost of living in the U.S. is much higher than in many parts of the world, and youll also be subject to rising healthcare costs and high assisted living costs. If you decide to stay in the U.S., you may still want to consider relocating to an area that better suits your retirement goals.

Redding Is One Of The Best Places To Live In Northern California

Redding, a medium-sized city of 90,000 in Northern California, is underrated as a retirement destination. With Mount Shasta as a backdrop and the Sacramento River running through town, Redding offers lots of outdoor opportunities and plenty of sunshine, making it a great climate for active retirees. Summers are hot and dry while winters can be cold and wet. As of mid-2018, median home prices are $270,000 and median rent on a two-bedroom unit is $926 per month, well below California averages.

Also Check: Social Security Retirement Benefits Information

Cut Down Your Food And Save Boatloads

Living cheap starts with saving money on food food is the third biggest expense for Americans. Its easier to do that when you plan your meals in advance. Its the

How do you save, then?

You can browse the weekly ads for coupons. You can plan your meals based on sale items, and be flexible with what you eat.

You can also follow meal planning services, like PlateJoy plan, which can save you a lot of time and money.

It is a service that sends a plan and shopping list per week for just $7/mo with my coupon. Each meal costs around $2 or less a person. See my PlateJoy review here.

Meal planning is one reason our grocery bill is just $150/mo for a family 6.

It has made a big impact on our food choices, food quality, and food savings. It could do the same for you, too.

Having a cable subscription is a waste of money. Cable companies charge a whole lot.

What do I do if I want to watch TV shows? I go to Hulu, Netflix, and even TV/cable networks websites to watch the videos.

There are so many free options now that you no longer need a cable.

Here are some of my favorite ones for watching TV shows without having to pay arm and leg:

  • Cable Network Channels Online
  • Library
  • Amazon Prime Video
  • HBO NOW, Showtime, Starz
  • See, you can have a lot of these, and not pay a single dime. Thats how to live cheap and have everything you need.

    How Can You Live Cheaply

    How to Retire Early Cheap in 2022

    Life can be expensive. It seems that things get pricier and pricier every day and our income cant keep up with those.

    That said, there are ways you can adopt to live a cheap life but a rich on.

    Here are they:

  • Categorize your expenses. Start reviewing your expenses from the past couple of months and find out what those expenses are.
  • Analyze your expenses. Know which ones are the biggest cost drivers and find out what can be done with them.
  • Create a budget. Create a plan that can work for you.
  • Look for ways to save money. Find ways to live cheap, save money, and still live the great life you want.
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    The Great Depression Little Money Available

    During the great depression in 1929, there really wasnt much in the way of pensions and savings people just lived on what little money they had.

    Beginning on Black Tuesday, October 29, 1929, when the value of the New York stock market fell dramatically, and ending in 1939, the Great Depression was a time when Canadians suffered unprecedented levels of poverty due to unemployment.-

    The unemployment rate during the great depression was at an all-time high of 30% where 1 in 5 Canadians lived on social assistance from the government.

    When there was no money available people turned to barter to obtain services such as medical help or food to put on the table.

    Canadas Blue Cross prepaid hospital insurance plans provided a benefit that funded a maximum annual period of hospital care for plan members, including diagnosis, treatment and surgical services.

    Believe me, there are seniors who are bartering their services today just to make ends meet, living below poverty and unsure how to fund their retirement years.

    Its a continued struggle but with the inclusion of work pensions, RRSPs and TFSAs along with a savings plan your retirement years dont have to be gloomy.

    For the unfortunate seniors who are faced with retiring with little money, its a tough spot to be in especially when resources in Canada are limited.

    The outcome is that you have to learn how to retire on little money by making significant changes to the way you live.

    Where Should I Retire In Vietnam


    Hanoi is Asias most up-and-coming metropolis. Its a mishmash of cultural and historical influences, with French-colonial architecture sidled up next to Chinese-designed buildings, modern skyscrapers looming over ancient pagodas. Nicknamed The Capital of Thousand Years of Civilization, Hanoi is remarkable in that its one of the most ancient capital cities in the world.

    Much of Hanois history centers around its Old Quarter, one of citys most charming neighborhoods. Its full of French-colonial buildings interspersed with Buddhist pagodas, museums, parks, and monuments shops touting knock-off goods and sidewalk food stalls serving hot noodles men puffing cigarettes on street corners and old ladies pushing bikes loaded with vegetables for sale The activity never stops on this citys bustling streets Hanois eight million people are always in motion.

    Da Lat

    Da Lat, a cool-weather destination in Vietnams Central Highlands, offers a decidedly different pace of life. This is the resort town that the French carved out of mountain back when the country was a French colony. Like all hill stations around the world, it served colonists as an escape from the sweat, grime, and tropical malady of the lowlands.

    Also Check: Ways To Save For Retirement Besides 401k

    Move In With Family Or Friends Or Let Them Move In With You

    Maintaining a household for one or two people is expensive. You can live on far less if youre willing to share living quarters with one or more people.

    You could let a college student or a single person live with you, and share the costs and responsibilities of maintaining a home.

    On the other hand, you could be worth your keep if you move in with your adult child and take care of the grandkids.

    Of The Cheapest Places To Retire Where Your Savings Will Last Longer

    Simple Steps for a Retirement Budget

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    Whether youre retiring next year or plan on working for several decades longer, its never too early to start planning your retirement.

    One of the best ways to make your retirement savings last the longest is to consider moving to an area with a low cost of living.

    While many retirees have plans to retire right here in the United States, its possible to improve your quality of life and even retire early by moving abroad.

    Millions of Americans have retired in other countries to reduce their cost of living while also living a fun, fulfilling retirement.

    We decided to list the cheapest places to retire where your savings will last longer and will allow you to do more.

    Many of these countries offer a blend of modern society and rich history, creating the perfect environment for a grand retirement adventure.

    Here are Money Done Rights cheapest places to retire and stretch your retirement savings even further.

    Note: In addition to price, other factors are considered in these rankings such as quality of life, safety, and healthcare.

    Read Also: Mrs Scott’s Retirement Home

    How Can I Live Good With Little Money

    Now, this question is very specific, that is, how to live not only cheap but also with little money. There are specific ways you can do that, and here are they:

  • Cook at home . This may sound dramatic, but cooking at home is way cheaper than eating out. Plus, you exactly know what ingredients youd use.
  • Use alternatives, when applicable. Sometimes, you have to be open to new concepts when it means you can save money. For example, you may entertain using online grocery delivery services to save time, money on transportation, among others.
  • Time your visits to the grocery stores. Dont go to the grocery stores just to buy one stuff here and here. When you do that, youll find yourself buying more than what you need.
  • Get a roommate. If you live in an apartment or even a house with more space than you need, find a roommate who can share costs with you.
  • Go to the local banks. Local banks provide good food or essentials for daily living. Dont be shy to go there.
  • Ask people around. Ask people you know if they have things they want to throw away but you may find a need for. You could get them for a deep discount or even for free. Just ask.
  • Find Something So Great That It Doesnt Seem Like Work

    Face it if you cant wait to retire, youre in the wrong job. Or maybe youre not cut out for a traditional job at all.

    Escaping from a job you hate going to doesnt mean you cant make any money, or use all those talents youve spent your lifetime acquiring. You still have so much to give. You just dont want to commute early every morning to go someplace and give it.

    Sometimes its not the work you hate, but the commute, the cubicle, or the company of the people you work with.

    Forget your goals list, or what anyone else thinks of you.

    Start your own business, be a consultant, or try any of a number of things you havent let yourself do until now.

    Go back to school, or take night or online classes until you qualify for the work you really want.

    You only have one life. Spend it doing work that is meaningful to you. Tweet this

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    Portugal Open For Us Citizens

    Its no wonder that Portugal has topped the charts for the best places to retire through the years. This tiny country in the southwest corner of Europe has something for everyone. Vibrant cities full of Old World charm, miles of golden sandy beaches, green, rolling hills, some of the best healthcare in the world, low cost of living, and safety.

    But for me, the best part about living in Portugal is the people. The Portuguese people are warm, friendly and greet everyone with double-cheeked kisses. Since English is taught in the schools, many Portuguese speak some English, which makes retiring here a little easier.

    Last year my husband Clyde took our car into a service center for an oil change. To pass the time he went next door to a family-run café for a cup of coffee. The lady of the house was in the next room preparing to serve lunch to her family and insisted that Clyde join them. Since he had already eaten, he declined but had to smile about her generous offer.

    If you are looking to retire in a city full of Old World charm, check out Lisbon. The city comes alive with colorful tiles, museums, palaces, nightlife, and a tram system that navigates the steep, cobbled roads. Take a deep breath and inhale the sweetness of the pastries that are all around. Sample an original custard tart in the famous bakery of Belem that has been baking these delectable treats since 1837.

    Why Should I Retire In Italy

    How to Retire Overseas

    If youre looking for quintessential Old World lifestyle, Italy deserves your attention. The old towns are charming, and the countryside between is pleasant. Even excluding the big cities like Rome, there is enough here to keep your interest and to support a fully appointed life on the Continent. Whats more, life here can be much more affordable than back home.

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    Get A Free 401 Audit To Start A Frugal Life

    So, you are on your way to saving money for your retirement. But do you know how much fees your retirement fund is getting charged?

    If youre trying to live cheap, one lesson is to never overlook at your retirement funds.

    Why does it matter? Heres the answer.

    Believe it or not, a slight increase in fees could cost you tens of thousands of dollars in the long run.

    A friend of mine introduced me to Blooom. It is a product that analyzes your retirement accounts and shows you how much you pay and how much it will cost you in the long run.

    Lets say, I saved $3,000 in the first year of using it, and the compounding savings I will get in the future is big .

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