For many Canadians, the thought of saving enough for a comfortable retirement can seem like an unattainable dream.
But, according to personal finance expert Rebecca Lake, that dream may not be as far away as some might think… as long as you’re willing to move, that is.
In an article published on the U.S. financial education website Investopedia, Lake lists eight countries around the world where it’s possible to live on a minimum of $260,000 for 30 years of retirement. Those countries are: Thailand, Nicaragua, Malaysia, Spain, Costa Rica, Ecuador, Belize and Panama.
For anyone with a smaller nest egg and big dreams of retiring abroad, Toronto-based budget travel expert Barry Choi sat down with CTV’s Your Morning on Tuesday, to break down the numbers on five of those eight destinations.
Choi also factors in annual social security benefits of approximately $15,000, on top of the initial $260,000 to arrive at what he says would amount to $24,000 a year to spend.
“But that’s the bare minimum that you want to work with,” he stressed. “If your goal is to retire long term abroad, I would start saving right now.”