Is it possible to retire at a resort?

Many people look into living abroad as retirement approaches, knowing that they can live on less in certain other countries. But one option that few consider is retiring at an all-inclusive resort.

Is it really possible to retire at an all-inclusive resort? Depending on your budget and needs, it’s a surprisingly feasible option.

The monthly cost of an all-inclusive resort

The monthly cost of an all-inclusive resort will vary by resort and location. The biggest, fanciest resorts that specifically target foreign travelers will cost the most. However, smaller resorts with slightly fewer amenities and mostly local guests still deliver the benefits of an all-inclusive resort without the larger price tag. In Mexico, there are resorts you can stay at for under $4,000 a month including meals, drinks, entertainment, housekeeping and more.

Monthly cost of a retirement community in the US

Basic retirement communities in the United States with minimal services can be found for as low as $2,000 a month. However, those offering full services and quality amenities can be as much as $6,000 a month. Chances are the entertainment options will not be as nice as those at an all-inclusive resort, nor will they offer the same sense of adventure. However, they do come with the benefit of being close to family.

The freedom of resort living

One significant benefit of resort living is that you are not locked into a long-term lease. If you want to see a new city or even a new country, you just pack your suitcases and go. In a retirement community, you are locked into a lease that cannot be broken without financial repercussions.

The downsides

Your unit may not include certain appliances, such as a washer and dryer, leading you to spend money for services you’d rather do yourself. If you retire at a resort that targets locals, the staff may not speak English.

Your health insurance may also change significantly or become uncertain as soon as you go abroad. Talk to an insurance broker about affordable international policies that will offer sufficient coverage and consider your retirement options around the globe.