5 Amazing Countries You Can (Almost...) Retire With Your CPF

Moving overseas and experiencing life abroad - this may be the dream for many. Yet when faced with factors such as cost and viability, most may end up forgoing this dream and instead decide to remain in Singapore. However, what if we told you that you could move overseas for your retirement?

Retiring overseas would allow you a change of scenery and an entirely different experience. Moreover, when properly planned, it could also be more affordable than a retirement in Singapore. Taking into consideration accessibility, safety and affordability, we came up a list of 5 countries that you can consider for your retirement.

#1 Vietnam

Generally safe from crimes, living in Vietnam is extremely affordable thus making it a popular destination for expats and retirees to relocate to.

With a fascinating culture, good food and varied landscape, Vietnam has lots to offer. You could take an overnight bus to Cambodia or Laos, go on a cruise around Halong Bay or explore the many different terrains and landscapes within Vietnam. Should you wish to supplement your retirement fund, you could also easily find a job teaching English.

The average cost of living in Vietnam is 53.3 per cent lower than Singapore¹, thus allowing your monthly expenses to be as low as just S$770 a month.² With such low costs of living, you may have enough in your CPF for you to comfortably live out your retirement years in Vietnam.

(See "3 Surprising Facts About CPF Life You Probably Didn't Know")

#2 Thailand

Close to home, Thailand is arguably one of the most attractive retirement destinations in Southeast Asia. Offering an easily obtainable retirement visa for retirees above the age of 50, you can either stay permanently or enter on a 90 days visa and do regular border runs to neighbouring countries.

With a generally low cost of living, individuals can look to live on a basic estimate of S$820 a month, making it 30 per cent cheaper to live in as compared to Singapore. Its proximity is also an added advantage as trips back to Singapore can easily be done should you wish to visit friends or family living here.

(See "You Might be in Massive Trouble, Without These 3 Insurance Policies")

#3 Spain

Moving out of Asia, why not consider retiring in Spain? A country with a siesta (Spanish for nap time) tradition, it reflects the Spanish way of life - relaxed and laidback.

Typically sunny and with mild winters, Spain has a generally moderate climate thus making it suitable for retirees who like the sun but are afraid of the heat. Weekend trips can also be done in some of the numerous beaches scattered along the coastline of Spain. Alternatively, you could also immerse yourself in Spanish architecture and explore the UNESCO sites of this historically rich country.

With the cost of living in Spain being relatively low, you can look to get by on just S$1330 a month, thus making it an affordable place to consider for retirement.³

(See "Worried About Critical Illness? Here's 3 Plans You Should Know")

#4 Australia

Do you want to retire in one of the world's most liveable cities? Look no further as Australian cities take 3 out of the top 10 coveted spots on the list. Being the 9th happiest country in the world⁴, it should not come as a surprise that Australia is one of the best places to retire in.⁵

A basic estimate of monthly expenses in Australia starts at just S$1349 a month. But with the decreasing cost of living and the strengthening of the Singapore Dollar against the Australian Dollar, living in Australia is becoming increasingly affordable. Moreover, Australia is also one of the world's safest and most peaceful countries thus making it an ideal place to live in.⁶

However, retiring in Australia may be tricky if you do not have any dependents with Permanent Residence (PR) status. In such instances, an investor retirement visa would be required. Nevertheless, with the growing amount of Singaporeans residing in Australia, retiring there is still an option to consider.

(See "You Might be in Massive Trouble, Without These 3 Insurance Policies")

#5 Nicaragua

If you are looking for something more exotic... consider Nicaragua, a Central American country that offers an 'off the beaten road' experience. Bordering the Caribbean Sea and Pacific Ocean, Nicaragua has a variety of different terrains and landscapes thus ensuring that there is something suitable for everyone.

With cheap healthcare and a significant progress in development, retirees are drawn to the affordability of leading a comfortable lifestyle in Nicaragua.⁷ Moreover, the country has one of the cheapest and easiest to obtain retirement programs thus making it easy for retirees to make the move to Nicaragua. Foreigners are also encouraged to open businesses and doing so can further supplement your retirement funds.⁸

(See "Worried About Critical Illness? Here's 3 Plans You Should Know")

With the increased ease in obtaining a retirement visa to retire abroad, adequate planning is important to ensure that you do not miss out on such opportunities. Your retirement planning would also determine your retirement lifestyle. Therefore, it is important that you are prepared and aware of your finances so as to ensure that you will have your ideal retirement.

How FSMOne can help you get on track

Our team of friendly advisers is able to help you review your financial objectives, long term commitments, and offer you investment and insurance advice specific to your needs. If you would like assistance in reviewing your financial and protection portfolio, or simply to get a quote for an insurance plan, you can contact our advisers at advisory@fundsupermart.com.

^{1Source: https://www.numbeo.com/cost-of-living/country_result.jsp?country=Vietnam}

^{2Source: http://alittleadrift.com/cost-of-living/vietnam/#costs}

^{3Source: https://internationalliving.com/the-best-places-to-retire/}

^{4Source: http://edition.cnn.com/2017/03/20/travel/worlds-happiest-countries-united-nations-2017/index.html}

^{5Source: https://www.businessinsider.com.au/best-places-to-retire-in-the-world-2015-7#/#3-australia-119}

^{6Source: http://www.worldatlas.com/articles/safest-countries-in-the-world.html}

^{7Source: http://www.huffingtonpost.com/kathleen-peddicord/best-countries-to-retire-abroad_b_5696159.html}

^{8Source: https://internationalliving.com/countries/nicaragua/live-in-nicaragua/}

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