Part of the American Dream is the ability to retire in style. However, many Americans many not have accumulated enough in Social Security payments, pension payments (if they actually have one), 401(k) cashouts and other retirement savings to retire comfortably in the United States. The search is on for lower cost destinations that allow Americans to retire with a better lifestyle than they can afford at home.
With reasonable healthcare costs, good infrastructure, a growing economy and a laid-back tropical lifestyle, Costa Rica has become a popular tropical retirement choice for Americans. In fact, the country is quickly becoming known as the Switzerland of Latin America – natural beauty, political stability and mountains help.
If Costa Rica is on your potential retirement list, it helps to look at why it has become so popular. The following are the top five reasons why Americans are retiring to Costa Rica in 2016.
1. Low Cost of Living
While the retirement population of Costa Rica has swelled in recent years, the country still remains an inexpensive place to live. It is possible to live in the capital of San Jose or in smaller cities such as San Ramon for a very small amount of money. The former city has a population around 300,000 while the latter city has a population of around 11,000.
Regardless of the city, property taxes are very low for those looking to make Costa Rica their principal residence. In fact, taxes can be as low as 0.25% of a home’s registered value. If a retiree would rather rent than buy, it is possible to find two-bedroom homes for roughly $500 per month.
When dining out, residents on a budget end up spending around $4 to $7 for breakfast, about the same for lunch and between $7 and $11 for dinner. In addition to eating out, Costa Rica offers a multitude of outdoor markets where fresh meats, fruits and vegetables can be purchased for modest prices.
2. Good Medical Care for Latin America
Costa Rica is known for having the excellent medical facilities that provide retirees with care equivalent to what they might find in the United States. For example, Hospital CIMA San Jose is a new facility with comparable technologies and procedures to top hospitals in the U.S. Hospital Clinica Biblica, outside of San Jose, is another top hospital with the same quality of service a retiree can find at CIMA.
3. Manageable Infrastructure
Costa Rica is a developing country where you will find a wide range of conditions for roads and other types of infrastructure, not helped by its multi-month rainy season. You’ll find modern highways in metropolitan areas, but more common are two-lane roads, often with significant potholes. In 2013, the nation received a $450 million loan to upgrade the infrastructure of its roads and ports.have been allocated to new road construction.
4. Most Costa Ricans Are Multilingual
While it is easier to live in Costa Rica if a retiree knows Spanish, being bilingual is not a requirement to live comfortably in t