Retiring abroad allows you to essentially double the buying power of your pension and open up a lifestyle that most people find impossible to achieve living in Canada.
Mexico
Mexico is popular because of its proximity to Canada and existing infrastructure for seasonal Canadians known as “snowbirds”. Cabo and Cancun can be expensive, but the colonial cities inland, like San Miguel de Allende or lake towns like Ajijic, have an exceptional quality of life for a fraction of the price.
Private health care in Mexico is excellent and inexpensive. Procedures can easily be 1/3 the price of what you would pay in America. Fresh foods and services are so cheap that many people hire regular household help.
Portugal
Portugal is full of hospitable people and boasts a nice, warm climate year-round. Groceries, restaurants, and health care outside major tourist areas (particularly Lisbon) are quite inexpensive when compared to Canada.
They even offer a two year D7 visa, which was made specifically for retirees with passive income. If you’re looking to be near the beaches, check out the Algarve region, which is known for its expat community.
Panama
This is ranked as one of the top countries in the world to retire. It even has a program called the “Pensionado program” which gives government-sponsored discounts on utilities, movie tickets, doctor bills, airplane tickets, and more.
Panama uses the U.S. dollar, which makes life easier. Renting or purchasing real estate is also a fraction of the price you would pay in Canada. Both Boquete and Coronado offer retirees mountain and beach living.
Thailand
If living a tropical lifestyle is your dream, retiring in Thailand will allow you to truly indulge in a modest Canadian retirement income. Beautiful cities like Chiang Mai or beachside towns like Krabi have modern condos and fabulous restaurants for a fraction of what you’re paying in Canada.
Thailand is also famous for its hospital accommodations and is considered one of the premier medical tourism destinations.
Vietnam
Quickly becoming one of the new retirees’ dream destinations, Vietnam allows your hard-earned savings to stretch further than you ever thought possible. Retire to a coastal city like Da Nang or get lost in the mountains of Da Lat and live comfortably on what would be considered a poor income in most provinces in Canada.
You can enjoy high-quality housing options from brand-new apartments to classic villas at a tiny fraction of what you would pay in North America. Fill up on healthy, delicious, world-class street food and restaurant options for only a couple of dollars. Eat out every day and socialize like never before.
Costa Rica
Costa Rica is full of “Pura Vida” vibes. If you’re into forests, fresh food, and laid-back lifestyles, Costa Rica could be for you. The central valley experiences a temperate climate, which means you won’t have to pay to heat or cool your home. If beach life is more your style, they have some of the best beaches in the world.
Costa Rica is slightly more expensive than other countries in Central America, but still much cheaper than Canada. Not to mention, property taxes and fresh food are extremely cheap. They also have a stable democratic government and a wonderful healthcare system.
Colombia
No longer the secret that it used to be, Colombia boasts some of the highest quality of life and best healthcare in South America, all at an extremely low cost. Cities like Medellín have a year-round springlike climate, which means your utility bills will be some of the lowest you’ve ever had because you won’t need massive A/C or furnace bills.
The Canadian dollar typically goes far in Colombia. Everything from private healthcare insurance to eating at fancy restaurants is incredibly cheap. A simple retirement visa can be obtained if you can prove you have a steady monthly income from pensions/social security.