Vietnam one of the best places for retirees given its low living costs, according to MoneyWise.
Vietnam has been named among the world’s top 15 countries for retirees in 2019 by MoneyWise, a digital personal finance publication.
With healthcare and other costs skyrocketing in the US, the mere $16,848 retirees receive annually on average is scarcely enough for a decent life, particularly when they face out-of-pocket healthcare costs of more than $13,000 a year. MoneyWise provided the list for those retiring shortly and considering taking their retirement savings and moving overseas for their senior years, and was based on travel advisories and the latest information on living costs, visa requirements, and other factors.
Countries on the list in Central and South America, Europe, and Asia offer not only lower living costs and great climates but also modern amenities and advanced medical care that retirees with savings of $200,000 or less can easily get by on.
With its rich culture and history, gorgeous natural landscapes, and affordable living costs, Vietnam is a truly special retirement destination, according to MoneyWise.
Two people can live on about $1,500 a month in major cities and if you head to the beach towns of Nha Trang or Da Nang you can live happily on less than $1,000 per month. Nha Trang is home to plenty of expats and Western restaurants, while Da Nang is a modern city with a beach and a temperate climate. A one-bedroom apartment in either city rents for under $400 a month.
At those prices, you’ll have plenty of funds left over to explore Vietnam’s sunny coastline, Buddhist pagodas, and French colonial relics, and enjoy tasty street food and unique cuisine, blending French, Cambodian and Chinese flavors.
While Vietnam offers perfectly adequate healthcare, you might have to fly to Thailand or Singapore for a serious medical situation.
Although English is becoming more commonly spoken in Vietnam’s cities and tourist centers and the government has put more emphasis on English-language learning in schools, retirees are advised that some knowledge of Vietnamese is needed to communicate in smaller towns and rural areas.
If you’re not married to a citizen or have a family in Vietnam, you’ll need to apply for a visa to stay in the country long term. Vietnam doesn’t have a specialized retirement program. Instead, you can apply for a one-year multiple-entry visa, which requires you leave the country once every 90 days.
Others countries on the list include Panama, Costa Rica, Uruguay, Portugal, Spain, Chile, Thailand, and Ecuador.