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Affordable Retirement in Portugal’s Cosmopolitan Capital

By U.S. News & World Report

Lisbon, Portugal’s city on the Tagus, one of the oldest in Western Europe, was originally settled as a Phoenician trading post. But it was in the 15th and 16th centuries that Lisbon flourished. Awe-inspiring landmarks were constructed during this golden age of discovery, including the Jerónimos Monastery, the Tower of Belém and the Praca do Comercio.

[See: 50 Affordable Places to Buy a Retirement Home in 2016.]

Compared with other West European capitals — Paris, London, Madrid, Dublin and Rome — Lisbon offers the same Old World cosmopolitan flavor, but better weather, more affordable property prices and a lower cost of living. And few other destinations in Europe or the world can boast the sophistication as well as a clean, swimmable beach.

For those dreaming of a Continental lifestyle, it’s the cost that draws retirees to Lisbon. This city boasts one of the most affordable costs of living in Western Europe. Lisbon’s cost of living is an extraordinary bargain when you consider the quality of life it buys.

Featuring a vibrant downtown dotted with colorful houses and small, walkable neighborhoods, Lisbon is known as the White City thanks to the ochre stone that has been used here for construction for centuries. When the sun shines bright, as it often does in this part of the world, the stone shimmers and glistens white.

From elegant townhouses and apartments in centuries-old, classic-style buildings to new luxury condos, Lisbon offers lifestyle choices for all tastes and budgets. Top neighborhoods to consider for expat retirement living include Campo de Ourique, Lapa, Avenidas Novas, Alvalade, Avenida De Roma and Parque das Nações.

Anywhere in the city, you would have access to one of the world’s best health care systems. And medical care costs much less than comparable care in the United States. Most doctors speak English, and a specialty consultation can cost just 7.75 euros. An emergency room visit can be 25 euros.

[Read: 15 Places to Retire in Europe.]

In addition, Portugal is ranked as one of the safest countries in the world, and Lisbon in particular boasts one of Europe’s lowest crime rates. This is a healthy and safe place to live that is also friendly and welcoming. The cultural and recreational amenities and options on offer make it also one of the most interesting places in the world to call home.

Every time you step outside your door, you can find something new. This city of 2.8 million inhabitants boasts a cultural life that is rich and busy, with concerts, theater and art museums with collections spanning several centuries. Music is important to Lisboners. Every year the city hosts several summer festivals, and this summer Lisbon hosted one of the largest international music festivals of all time, Rock in Rio.

Lisbon is one of the few European cities surrounded by white sandy beaches and crystal clear waters. You’ll find 54 Blue Flag beaches in and around Lisbon and the Tagus, including some on the river banks. A Blue Flag is awarded by the Foundation for Environmental Education to beaches that meet standards of excellence for cleanliness, safety, amenities and environmental conditions.

The expat community in Portugal is well established, with 100,000 expats calling the country home full time, 50,000 of these British nationals. One of the primary attractions for Anglophone expats is that English is the second most spoken language in the country. Portugal is a welcoming haven currently looking to attract foreigners, including foreign retirees. The country is working to make the process of qualifying for residency easier.

But it’s the cost of living that makes the idea of retiring to this unsung city in the Old World such an appealing idea. A couple could live here comfortably on a shoestring budget of as little as 1,000 euro per month. Right now, that’s not a lot more in U.S. dollars, meaning that retirement in Lisbon could be more affordable than retirement in many Central American or Caribbean destinations. A more reasonable budget for comfortable retirement living would be 1,600 to 1,800 euros per month, including 650 euros per month for rent.

[See: 10 Affordable Places to Retire Overseas in 2016.]

Invest in a Lisbon pied-a-terre of your own, and you could live a better-than-comfortable life for not much more than 1,000 euros per month. Lisbon’s property market has been depressed since 2008, but is showing signs of recovery. It’s possible to buy a two-bedroom apartment in an appealing location for as little as 200,000 euros. If you buy an apartment using today’s strong dollar, your housing cost in one of Europe’s most appealing cities would be covered for life.

Kathleen Peddicord is the founder of the Live and Invest Overseas publishing group.

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Affordable Retirement in Portugal’s Cosmopolitan Capital originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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