Retirement

Retire In These 30 Beach Towns For Only $40,000 Per Year

CR Staff - May 23, 2023

12. Volcán, Panama

As the name suggests, Volcán is located near Panama’s one and only volcano, Volcán Baru. The town is small, and not many tourists bother to visit. The population is just 14,000 people, and it is a small farming community near the beach. It is a perfect place to live if you are looking for peace and quiet with gorgeous scenic views. The Volcán Baru National Park and La Amistad Park have hiking trails through forests and jungles. Since it is a more remote village, speaking Spanish is an absolute must as the lack of regular tourism will not have cultivated much of an English speaking population.

Volcán has been called the “breadbasket of Panama” because its volcanic soil is so nutritious, they produce the vegetables and the flowers for the entire country. Since you would be living in the heart of the farming community, this means that food is cheap and plentiful. The main language is Spanish, so it is necessary to know when you are renting or purchasing a property. But there are a lot of expats living there, so it is possible to make friends with other English speakers at the local bars. Two people can comfortably live on a budget of $1,514 per month.

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11. Fort Pierce, Florida

Located an hour away from the famous Palm Beach, Florida, the town of Fort Pierce gives you the same beaches on a budget. The town of Fort Pierce has been voted by both Reader’s Digest and Travel & Leisure as one of the best main streets in America. The buildings are beautiful, historic architecture standing next to tropical palm trees. There are plenty of restaurants, theaters, comedy shows, and a farmer’s market on Saturdays. On the first Friday of every month, the town has a Friday Fest with live music, food, and community events. If you’re interested in culture and history, Fort Pierce is home to the Navy SEAL museum, as well.

Love fishing? Then you would love to move to Fort Pierce. The fish there have broken records for size. Even though it is such a fantastic location, it is relatively uncrowded with other fishermen. Buying a house costs an average of $150,000. There are plenty of one-bedroom apartments available for $700 to $1,000 a month, depending on the location. According to Census Bureau, most residents of Fort Pierce pay under $10,000 a year in housing costs. Coupled with Florida’s zero income tax, it’s an inexpensive place to live that allows you to stretch your retirement income for maximum benefit.

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10. Lagos, Portugal

Portugal has been a go-to holiday destination for Europeans for a very long time. The town of Lagos is an oceanfront town in the Algarve region, which is known for its beautiful climate all year long. In the winter, it only gets as cold as 52 degrees, and only up to 75 degrees in the summertime. The city is easy to walk around, especially near the marina. It is also just one hour away from the International Airport in Faro, so it should be easy to get on a plane to visit the surrounding countries in Europe, or to see friends and family.

Normally, Lagos has a population of only 22,000, but in the summer, tourists begin to visit from all over the world. Even though the main language spoken is Portuguese, you should be able to meet other expats who speak English. The average budget for two people is just $2,080 per month. Retiring to Portugal also gives easy access to popular Spanish retirement destinations like Mallorca or the beautiful, historic cities of Spain like Madrid and Barcelona. Many Universities and language courses have combined Spanish and Portuguese programs, so it would be well worth looking into learning both languages.

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9. Rovinj, Croatia

If you are a fan of Game of Thrones, you may or may not know that the scenes of the citadel of King’s Landing were filmed in Dubrovnik, Croatia. Since it is a seven-hour drive away from one another, you cannot exactly go on a behind-the-scenes tour so easily. However, the city of Rovinj is a seaside town with its own medieval winding streets that are absolutely breathtaking. Despite being an Eastern European nation, which are often thought of as cold, coastal Croatia has a warm Mediterranean-like climate that is warm, but not hot, summers and extremely mild temperate winters.

According to Numbeo, an apartment in the center of the city is just $355 per month. Everything else in the city is equally as affordable. The main language spoken is Croatian, so be prepared to learn if you want to move there. For some, it may actually be worth it if this is the lifestyle you have always dreamed of. One US dollar is the equivalent of over six Croatian Kuna, so your retirement income, combined with the low cost of living and housing, will stretch much further in Croatia than in Euro Zone countries that use the Euro currency.

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8. Daytona Beach, Florida

Made famous by the Daytona International Speedway, the city of Daytona Beach, Florida, has so much more than just NASCAR races. They also have the Daytona Beach Pier with loads of rides and attractions, which would be perfect for grandkids who come to visit. And, of course, you can relax on the beach with warm weather all year round. Last but not least, it is just an hour away from Orlando, so it’s an easy day trip to visit Disney or Universal Studios. While Florida has a high risk of summer and autumn hurricanes, that risk is offset by the incredibly mild winters and hot summers.

Again, Florida does not have an income tax, so you will save a lot of money each month. The median income in the city is $41,857. There are plenty of options online to find an apartment between $850 to $1,200 per month. The median home price is just $117,000, which is less than most other places in Florida. There are also world-class medical facilities throughout Florida and the state has many programs in place to support their large senior and retiree populations, so Florida is an ideal retirement location for retirees with chronic illnesses or other medical concerns.

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7. Tuckerton, New Jersey

Just 20 minutes away from the luxurious Long Beach Island, Tuckerton is a small shore town that sits on the Great Egg Harbor Bay. Both tourists and local residents can enjoy the historic Tuckerton Seaport, which is now a museum that was once the town’s yacht club. The seaport allows you to take a ferry to Long Beach Island. The ferry drops you off near Bird & Betty’s restaurant, which also doubles as a venue for concerts. It is also within walking distance of museums, restaurants, and the Fantasy Island amusement park. It has old-time American charm and is an ideal destination for history buffs.

The town of Tuckerton itself is very quiet, but it has everything you need. This includes antique shops, restaurants, bars, a shopping center, and a Walmart. If you are looking for a place to relax and get some work done with a good cup of coffee, stop by the Union Market cafe, which also serves as an art gallery and co-op for local artisans. Apartments in Tuckerton start at just $800 per month and go up to $1,500 depending on the size you need. The small town size will also let you get to know your neighbors and is an ideal retirement destination for those tired of big city life.

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6. Volterra, Italy

Located in the heart of Tuscany, the town of Volterra has been preserved for 2,500 years. Walking down the streets, you will feel like you are walking back in time. It has been called one of the most beautiful towns in all of Italy. Tuscany is famous for its beaches and its beautiful wine country. Compared to the famous San Gimignano 20 miles away, Volterra gets very few tourists coming to visit so residents can enjoy a quiet existence. However, the low tourism rate means you will be far more likely to need to learn Italian, at least conversationally, to get by.

The town has museums, historic monuments, public spaces, and of course, delicious Italian food. It’s also very affordable, especially compared to the major hotspots in Europe. Two people can live a comfortable lifestyle on $1,715 a month, or $20,580 a year. Italy does use the Euro, officially currency of Euro Zone countries, which is slightly stronger than the US dollar. Typically, one US dollar is worth about 80 cents of a Euro. However, the relatively low cost of living still allows for a very comfortable Mediterranean retirement with rich history, incredible warm summers and mild winters, and delicious and abundant seafood.

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5. Puerto Viejo, Costa Rica

If you are looking for a quiet and laid-back place to live in the Caribbean, look no further than Puerto Viejo, Costa Rica. It’s warm all year long, so you and your family can enjoy lying on the beach, snorkeling to see the beautiful underwater wildlife or surfing. Since it is a popular tourist destination, there are plenty of restaurants, cafes, and supermarkets filled with items imported from other countries. Unlike other islands in the Caribbean, Costa Rica has miraculously been spared from ever suffering the effects of a hurricane, and they have only ever been hit by tropical storms during the rainy season.

The cost of taxes, food, and rent are all low. There is also a public healthcare system where it’s very cheap to get medical attention when you need it. The only downside is that since Puerto Viejo is relatively rural, you would have to travel for at least 90 minutes to get to the nearest hospital that would be equipped to help you in case of an emergency. According to International Living, you can rent a beautiful, spacious 2-bedroom villa for just $950 a month, and most couples enjoy a very comfortable life living on only $2,000 a month.

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4. San Juan, Puerto Rico

Spanish is the main language spoken in Puerto Rico. But as a US territory and almost-51st-state, many people speak English, and there are plenty of ex-pats living there. This actually makes it very easy for Americans to move there, and you will not have to deal with loads of immigration paperwork. In 2017, Puerto Rico was hit with Hurricane Maria. It was incredibly tragic, and much of the island is still trying to recover. As the largest city, San Juan has the most in terms of restaurants, entertainment, and nightlife, as well as access to medical care and anything else you could possibly need.

Property prices vary drastically in San Juan. You can find a six-bedroom house in a typical residential neighborhood for just $84,000 or spend a million dollars on an eight-bedroom mansion near the ocean. The same goes for apartments. There are options from $650 per month, all the way up to $6,000. Keep in mind that food and groceries in tourist areas will be incredibly expensive, but most of the residential areas are going to be the same prices you would typically expect in the United States. Puerto Rico’s currency is also the US dollar so you won’t have to worry about any conversion rates.

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3. Phnom Penh, Cambodia

According to IL’s Annual Global Retirement Index, Cambodia is ranked near the top as one of the most affordable places to live in the world. Local residents are friendly and welcoming to Americans, and many people even speak English. Cambodia has only two distinct seasons and consistently warm, tropical temperatures all year. The monsoon season brings heavy rains and humidity. Collectors of rare and tropical plants will enjoy the abundance of rainforest plants that are native to Cambodia. Life expectancy and health care facilities are rapidly developing and improving throughout Cambodia, making it a solid choice for an affordable retirement experience.

Expats can live comfortably on less than $30,000 per year. The US dollar stretches a lot more in Cambodia, so any American who lives there can have a high quality of living. The city of Phnom Penh has apartments where you can live in a one-bedroom apartment for just $250 per month. Utilities are roughly $100 per month, with food being another $200. One US dollar is equivalent to over 4,000 Cambodian Riel, and while there is obviously some inflation, a US dollar will still stretch a long way allowing for a very comfortable, and possibly even luxurious, retirement.

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2. Pedasí, Panama

Four hours away from the bustling Panama City, the small town of Pedasi sits on the Pacific coast. It was once a small fishing village along the sea and has a very relaxed and laid back lifestyle. The beaches are brown and lined with rock formations. Pedasi is considered to be one of the best places to surf in the world. Temperatures stay between 75° to 93° all year long, and it’s far less humid than Panama City. Since it is a more remote village, it will likely be essential to learn Panamanian Spanish to be able to communicate with the locals.

The cost of living is very affordable. According to Panama Equity, most couples live comfortably on just $1,500 to $2,000 per month. You can buy a beer for just $1 and hire a housekeeper for only $15 a day. Any other help you might need like gardeners or handymen costs just $5 per hour. The average cost of a 2-bedroom house is $100,000. Rent is only $500 to $1,200 per month, depending on the size you are looking for. The US Dollar is worth exactly one Panamanian Balboa, so the international currency conversion is extremely straightforward.

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1. Central Valley, Costa Rica

Costa Rica is a gorgeous tropical paradise that has been called “the best climate in the world.” It is warm all year long, and rarely gets hit by major storms. In The Central Valley, the majority of the nation’s population lives there. This means that you will find plenty of medical facilities, shopping, restaurants, and entertainment. You can also enjoy amazing natural sights like volcanoes, waterfalls, rivers, and rainforests. The main language spoken in Costa Rica is Spanish, but there are also some people who can speak English thanks to the high number of expats and tourists in the area.

Depending on the lifestyle you want to live, you could survive on under $1,000 per month, or spend upwards of $2,000 if you plan to have the life of luxury. If you are looking to buy a property in the Central Valley, there are a number of condos and houses that cost less than $200,000. And if you are looking to visit, it is possible to rent a gorgeous villa with a pool for just $45 per night on Airbnb. One US Dollar is the equivalent of just over 614 Costa Rican Colón, so your retirement savings and income can go a long way.

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