The time has come for you to forget all the rights and the wrongs that you’ve done throughout your decades-long career and retire. But when you’re ready to say goodbye to the workforce for good, the last thing you want to worry about is debt, or getting into it. So you look at your pension, your social security retirement money, or your 401k or IRA savings and try to figure out how to make your money stretch until your last breath. Now you have to figure out what places you can move to where you can enjoy your retirement and pay way less taxes in the process. So here are 25 locations around the world that you’ll definitely want to spend your twilight years living in.It’s got luscious mountains, wide-open wilderness, and most importantly, you get a yearly check from the state government once you become a permanent resident. Plus, you don’t have to pay income or sales taxes.
Florida not only offers a 6 percent sales tax, but they also have no state income tax, so your social security and pension are exempt from taxation. Plus there’s water practically everywhere. You’ve got the Atlantic Ocean on one side and the Gulf of Mexico on the other. So you can fish, swim or stroll on the sandy shores all day during your retirement.
This beautiful Southern locale won’t tax your social security, pension, or IRA accounts, and they have no annuity taxes either. Besides, Mississippi offers some of the lower cost of loving, and the housing prices are still affordable despite the property taxes.
The cost of living is significantly less compared to living in the U.S. so you could end up paying half of what you normally would per month for a nice apartment. Just leave your money in your bank back home and you won’t be taxed. In fact, you could literally live on a budget of $1,500 a month here. Not bad, huh?
You’ll spend as little as $500 a month on a nice apartment with amenities. But if you buy a home, you will only pay 5 percent on property taxes and national sales taxes are only 5 percent and there’s no capital gains tax. So you can enjoy retirement by the sandy coastal beaches.
This Central American country is perfect for seniors who love big city life and the sale tax rate is only 7 percent. Plus, retirees get a 20 to 50 percent discount on airfare, bus and train tickets, not to mention restaurants, theaters and hospital services. There’s also a 2.1 percent rate on property taxes, but a 10 percent tax on capital gains.
Retirees can live in luxury on a budget of $1000 a month without worrying about taxes being levied on their retirement savings. Though the sales tax is 12 percent, property taxes range from .25 to .5. so it’s cheaper to buy than to rent. With one of the best climates in South America, it’s ultimately the world’s best retirement haven.
Retirement income is not taxed, and the tax rate for capital gains is a mere 6 percent. If you’re planning on buying property, you’ll wind up paying 1 to 2 percent tax on it. Plus, you won’t have to get into debt or struggle on your retirement money or risk getting into debt here. You’ll end up enjoying low cost affordable living in your golden years.
If you’re on your own, you could live in a one bedroom apartment from $300 to $600 a month. But don’t move your retirement savings into a bank in Thailand as they charged up to 37 percent in remittance tax. Also, there’s no tax on owner-occupied properties either.
The Latin American country won’t tax your retirement income, so you can live out your days on a budget of $1,000 to $2,500 a month. Also, since the economy here is very stable, your tax burdens will be virtually minimal.
Unlike other European countries, Portugal’s cost of living is quite affordable, especially now that the U.S. dollar is stronger than the euro. You can sip wine all day and spend very little on groceries, without worrying about getting into debt in a foreign country.
There is no state income, estate or inheritance taxes. Plus, it’s reduced it’s stock dividends and interest income down to 5 percent. So your IRA, pension and social security benefits will remain untouched by anyone other than yourself.
This is a great option for retirees because it gives them a low-tax backdoor option, but avoid paying for the actual Andorran residency, which can run you up to $520,000. You should use that amount to buy a house there, which are reasonably priced, instead.
Plus, federal qualified retirement plans, social security, certain capital gains, and IRAs are excluded from taxation. Ultimately, it’s what any retiree wants in their later years to avoid debt. You can also live in one of the greatest cities in the world, Chicago. Oh and then there are the excellent sporting events for any hardcore sports enthusiasts too.
The state’s sales tax is at a low 4 percent, and they don’t tax on any form of income, and that includes social security and retirement benefits. As a bonus, you also get to enjoy virtually zero traffic, and the lines won’t be nearly as busy at the supermarkets. You can spend more time walking your dog or going for a jog around the block, or writing that novel you’ve always wanted.
Plus taxes are extremely low here, which can be very appealing to retirees looking to settle down in their golden years. There’s no state tax, no city or county tax, and they won’t tax your pension or social security benefits. Plus, the sales tax, at 6.85 is not that high.
Besides, minimal traffic congestion, and clean, crisp air, seniors only have to deal with a 4 percent state sales tax, and there’s no income tax for individuals. Pension and social security benefits aren’t taxed either. So retirees can do what they should be doing with their money, enjoying life.
In fact, it may very well be the most exotic destination in America. Renting is cheap at about $684 a month for a studio apartment. Retirees can also enjoy U.S. and Guam-based insurances to cover their health care costs without having to dip into their retirement money. You can also spend the day diving or snorkeling in Guam’s beautiful coral reefs.
You can rent a fully furnished studio apartment for $330 to $480 and the low property taxes keep the cost of living relatively low. Plus, you get free public health care and the cost of prescription medications cost only a fraction of what they would in the States.
You can actually live on a budget of less than $500 a month, even in the country’s capital, Buenos Aires, which is known as the Paris of South America. Restaurants, European style cafes and night spots are affordable, and although taxes are high for locals, you certainly won’t notice much of a difference if you have USD.
Who wouldn’t want to spend their retirement in Guatemala? You can immerse yourself in history, live among the Mayan culture, or enjoy lakeside life to the fullest. A studio apartment with a lake view will only set you back $300 a month. The food is cheap and delicious. You can also hire a full-time nurse for $20 a day. The cost of living will wind up costing you $700 a month in retiree-friendly Guatemala.
The cost of living is lower than another part in the country. There’s no income tax, including retirement incomes like pension, social security and 401k or IRAs. The only thing that might hurt your pockets are the high property taxes. But you’ll certainly feel safe with the low crime rate and police, ambulances and fire trucks that are more than happy to respond to any emergency.
Services are far more economical and that includes, medical care, insurance, property taxes, seafood and farm produce. Plus the property tax is at 1 to 1.5 percent, there are no capital gains tax, and there are no taxes on foreign retirement income that seniors need to fear.
It’s warm, easy to reach, has managed to retain good monetary value, making everything more affordable, especially for seniors. They also have spectacular beaches, incredible national parks, but the sales tax is at 23 percent, income is taxable by as much as 12 to 40 percent and foreign retirement income is taxed as well.
Renting an apartment can be as low as $450 a month, which is ideal for seniors. Plus, you can get many grocery items at very low prices too. Retirees can also visit the island’s world class hospital, which is priced reasonably. So you have plenty of retirement money to spend elsewhere on the things you love.