I just read an article entitled “How much money do you need to feel rich in America?” It really started me thinking about how much you need to feel rich in Costa Rica. The answer is, “Not much.” This is especially true when it comes to retirement.

The standard definition of wealth is: being able to live a comfortable life without having to work. This definition is subjective and depends on the individual.

In the article I read the answers ranged from “I’d like to have enough money so my family and I wouldn’t have to work anymore or worry about the necessities, and maybe travel a bit” to “I’d need about one billion dollars.” One young person who wanted to retire early at 35 wanted an annual income of $300,000. It was pointed out that you’d need a nest egg of around $12 million to generate said income. On the other hand, I know a single person who moved to Costa Rica around 25 years ago with an income of around $1000 monthly and has lived very comfortably all of these years.

I know people who have moved to Costa Rica and lived on budgets from $600 to $5,000 per month which is fraction of the cost you’d need in America. Most of these people seem very happy and don’t feel they are missing out on anything by living here.

It really boils down to what your personal needs, lifestyle and spending habits. One thing is for sure: you can enjoy a quality lifestyle for far less than you would in North America. This is what is making Costa Rica so popular for retirees.

To answer the question at the beginning of this article: I feel wealthy due to the fact that I live in one of the most beautiful places on earth and have the free time to do whatever I want. Time is our most precious commodity.