Retirees looking to stretch their pensions might consider spending their golden years in Ecuador, Panama or Mexico, where the cost of living is low and the weather is warm, according to a new index.
International Living Magazine rated the three Latin American countries the top destinations in its Retirement Index 2012, followed by Malaysia, Colombia, New Zealand, Nicaragua, Spain, Thailand and Honduras.
“The proposition is that you can live better for less, and not sacrifice anything, if at all, in quality of life and still live on half or less of what your cost of living would be in the United States or Canada,” said Dan Prescher, special projects editor for International Living. “As the world economic situation deteriorates, that’s becoming more important,” he added in an interview.
Prescher, an American who now calls Ecuador home, said he and his wife live comfortably on about $1,300 a month – for everything. Honduras, Thailand, Panama, Nicaragua and Mexico offer similar lifestyles for comparable prices, according to the magazine. Meals in some of the index countries cost as little as $3, local beers sell for $1.50 and there are discounts for retirees on public transport and utilities, among other perks.
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