Retire to Costa Rica by consulting expert resources, choosing a good area, renting first before buying, deciding what amenities you can live without and properly managing your money, advises Kiplinger. Although the cost of living is lower in Costa Rica, expenses such as gas and electricity are higher.Continue Reading
Before retiring to Costa Rica, decide what amenities are must-haves and what you can do without, explains Kiplinger. Electricity is generally more expensive outside the United States, so to save money, you can forgo an air conditioner. Because Costa Rica is considered one of the mildest climates, this might not be a hardship. Gas may be more expensive in other countries, so you can save money by walking or using public transportation as often as possible.
Next, choose a location in Costa Rica in which to retire, such as San Ramon in Central Valley, the Southern Zone, Cahuita on the Caribbean Coast, Arenal at the Northern Highlands and Jaco on the Pacific Coast, suggests International Living. These locations offer cheap homes to buy and rent close to beaches and lakes. When choosing a location, consider transportation and nearby health care. Rent a place first before buying to make sure the location suits you, advises Kiplinger. Some other great locations for expats include villages along the Guanacaste Coast, Central Valley and San Jose, according to AARP.
Another important step is to manage your money properly by keeping a U.S. bank account, says Kiplinger. In order to do this, have a current U.S. mailing address to prevent the bank from closing your account.Learn more about Financial Planning