Much closer to home is the Dominican Republic, a tropical island paradise with more than 1,000 miles of pristine beaches on the Caribbean Sea and Atlantic Ocean. Life is cheaper there than in 82 other countries, and retirees can live on just $0.39 to the New York City dollar.
"With its warm climate, natural beauty and affordable cost of living, the Dominican Republic provides everything one may need for a peaceful and enjoyable retirement," said travel expert Michael Donovan, a 20-year globetrotter and co-founder of Stay New England. "I can say from experience that retirees with limited budgets would find much to appreciate about living there. Expenses for housing, food, healthcare, and leisure activities tend to be significantly lower than in the United States."
Donovan said apartments typically rent for half the price of comparable U.S. properties.
"An added benefit is that retirement incomes from Social Security or pensions remain untouched, without the tax obligations of the U.S. system," said Donovan.
Donovan notes that some communities suffer from crime and violence, but the U.S. State Department gives the country a Level 2 travel advisory on a four-level system -- one is safest, four is least safe -- the same as Spain.
"Thousands of American expats have chosen to make the Dominican their retirement home," said Donovan. "In the end, the natural attractions, warm climate, and generous cost of living far outweigh any isolated concerns about crime for retirees seeking an active and affordable lifestyle."
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