How to Retire Like a Millionaire Overseas — Without the Price Tag

Editor's Note: This story originally appeared on Live and Invest Overseas.

Budget is a crucial criterion for anyone considering retirement.

The fact is that we’re living longer than ever before, so we need bigger retirement budgets than ever before.

Budgeting for retirement

If the average American retires at age 62 and aspires to live to age 100 (which 54% of Americans do), then you have to be prepared to finance 38 years of retirement.

How much does 38 years of retirement cost? According to the U.S. Census Bureau, about $2.3 million.

The good news for those without a multi-million dollar retirement fund is that in the right spots overseas, your dollars can stretch so much further.

Take Belize, for example.

Belize: an English-speaking Caribbean paradise

Warm, welcoming, independent and private, Belize is an English-speaking Caribbean paradise.

This small country on the eastern coast of Central America — just a little larger than Massachusetts — is home to a population of around 400,000. If you like wide-open spaces and small-town living, then Belize could be your perfect overseas haven.

My preferred destination within Belize is the seaside town of Corozal, in the north of the mainland.

It offers some of the best of Belize living, and while it’s not well-developed yet infrastructure-wise, it’s slowly getting the attention it deserves. Forbes listed it third in a report of the 20 best places to retire in 2020.

Retiring in Corozal

Despite its small size, Corozal offers a nice variety of lifestyle options, including oceanfront, riverfront, lagoonfront and inland farm-country living. Lots and land are available in private developments and directly from the local market.

Here, you can rent a two-bedroom Belize-style home for around $800 per month, and, all-in, a couple could live well here on a monthly budget of $1,741.

The one caveat when it comes to Belize is health care.

While facilities and standards are improving, they are limited. For those with serious health concerns or existing medical conditions, it’s best to look elsewhere in the region.

How living in Corozal can enhance your life

• A tax-friendly environment. Like Panama, Belize only taxes its residents on locally sourced income, so you can reduce or eliminate your tax burden by basing yourself here.
• Stress-free living. The pace of life in Corozal is slow … For those who seek a long-gone haven — where time stands still and life drifts peacefully by without hassles — Corozal is perfect.
• Warm weather year-round. Corozal is warm year-round, with an average high of 89 degrees Fahrenheit  (32 degrees Centigrade) and an average low of 70 degrees F.
• Caribbean Sea access. Corozal may offer the world’s most underrated strip of Caribbean beachfront. The town is tucked inside Corozal Bay, a deeply indented part of the Caribbean, which makes for especially calm waters. This is a playground for any type of watersport you like to practice, especially sailing.