You don't need a huge nest egg to retire well, especially if you're willing to move to a place with a low cost of living. Relocating to one of these places could help you to get by on a combination of Social Security and a small amount of savings, or allow you to retire younger or maintain a better lifestyle than you could in a more expensive city.
To find places where retirees can live well on less than $75 per day, U.S. News analyzed recently released 2012 Census Bureau data. We looked for places where people age 60 and older spend the least on housing, including rent, mortgage payments and other housing costs, and places where retirees spends less than a third of their income on housing. Among the most affordable cities, we selected places with amenities retirees will need, such as medical facilities, services for seniors and recreation options.
Here are 10 places where it's possible to live well in retirement on less than $75 a day:
Once known for its rubber production, Akron is now home to the world's largest concentration of polymer research and development, thanks to The University of Akron's College of Polymer Science and Polymer Engineering. Seniors can get discounts to the Akron Art Museum and Akron Symphony Orchestra, or enjoy the 6,600 acres of metropolitan parks for free. The Akron General Medical Center and Summa Akron City and St. Thomas Hospitals are ranked as high-performing medical centers in a variety of specialties including geriatrics. These amenities are coupled with low housing costs. People age 60 and older pay a median of $1,087 per month with a mortgage, $646 in monthly rent or $420 per month if they own their homes debt free.
The best golfers in the world come to Augusta each spring for the Masters Tournament. The low home prices will tempt you to stay. The median monthly housing cost for people age 60 and older is $1,057 among homeowners with a mortgage, just $329 for those who have paid it off and $616 monthly for renters. Located along the Savannah River, this college town is the home of Georgia Regents University, which includes the Medical College of Georgia. Seniors can get discounted admission to the Augusta Museum of History, the Boyhood Home of President Woodrow Wilson and on boat tours of the Augusta Canal.
To see the other eight cities go here.
Earlier on HuffPost50:
Buenos Aires, Argentina
Buenos Aires, Argentina, is a good place for retirees who want to enjoy " an Old World Continental lifestyle" in South America, according to Kathleen Peddicord.
Chiang Mai, Thailand
Retiree's can retire in Asian cities, like Chiang Mai, Thailand, for $700 to $800 a month, according to Kathleen Peddicord.
Cartagena de Indias, Colombia
Cartagena de Indias, Colombia, has a historical downtown that was "<a href="http://www.cartagenadeindias.travel/aspectos_generales.php?la=en">declared a World Cultural and Historical Heritage of Humanity by UNESCO</a>."
Cinta Costera, Panama
Colombia and other countries in South America have more "polished retirement options" than nearby countries in Central America, like Panama, according to Kathleen Peddicord.
"If you're interested in a life that includes what are conventionally recognized as cultural offerings of the high-brow variety, you should be looking to France or Italy, Spain or Portugal," wrote Kathleen Peddicord.
Some areas in southwestern France are surprisingly affordable for retirees, said Kathleen Peddicord.
Royal Monastery of San Lorenzo de El Escorial, Spain
Kathleen Peddicord recommended Spain as a retirement destination for retirees interested in enjoying "high culture" offerings like "world-class museums, opera and live theater."
The Philippines is a beautiful and affordable retirement destination in Asia, according to Kathleen Peddicord.
Unlike other Asian countries, Malaysia allows visitors to reside in the country long-term, according to Kathleen Peddicord.