For some seniors, retirement can be an anxiety-inducing experience due to insufficient savings and the rising costs associated with housing and healthcare. The average social security check in December 2023 was $1,767, while, according to the Bureau of Labor Statistics, the average monthly expenses in 2021 were $4,345.
It's no wonder some retirees are looking for an affordable place to spend their golden years outside the country.Now, a new survey by International Living listed 13 global destinations where entertainment, housing, healthcare, and food come with a much lower price tag than in the U.S., so retirees can live comfortably on $1,500 per month.
Mexico is the undisputed winner, with three cities on the list — the most of any country. Querétaro, a historic city in Central Mexico, and Isla Mujeres and Cozumel, islands off the coast of Cancun and Riviera Maya, all offer housing for as low as $500 a month, access to excellent healthcare, and an abundance of recreational activities.
However, five of the destinations on the list are in Southeast Asia. In Cambodia's capital Phnom Penh, for example, retirees will find "a stunningly low-cost, high-quality life," Jennifer Stevens, the executive editor of International Living, told Travel + Leisure.
"Bang for buck, Phnom Penh shines. Rent in the capital city is reasonable: you can lease a one-bedroom apartment in the heart of downtown, within walking distance of restaurants, bars, and the best shopping, for less than $500 per month," Stevens said, noting that a single person can live comfortably on $1,000.
Another spot where the cost of living is times lower than that in the U.S. is the island state of Penang in Malaysia, which stands out as an incredibly diverse destination where most people speak English.
"Penang offers up a wonderfully vibrant mix of old and new — restored colonial buildings anchor the island's tall glass high-rises. It's a culturally rich melting pot. It offers up lush jungle-covered hills bursting with wildlife and pristine beaches along with all the comforts of modern living," Stevens added.
International Living states that retirees here can rent a three-bedroom condo with sea views for as low as $380 per month and that, other than the cost of housing, a single person needs just $500 a month to pay for additional living expenses.
And for those looking to move across the pond should consider Alicante and Granada in Spain, as well as the charming town of Bergerac in southwest France, which is about two hours from Bordeaux. It is known for its viticulture, vibrant year-round arts event program, and picture-perfect setting comprising narrow streets, stone houses, and scenic riverfront.
You can read the complete list of destinations and how much it costs to retire in each at internationaliving.com.
FAQs
Top Places To Live In The Americas
- Panoramic view of Cozumel, Mexico. getty.
- IslaMujeres, Mexico. getty.
- A pagoda in Chiang Mai, Thailand. ...
- Sightseeing in Hoi An, Vietnam. ...
- The Kuching waterfront. ...
- Scenic view of Penang, Malaysia. ...
- The Royal Palace in Phnom Penh, Cambodia. ...
- The town Bergerac, reflected on the Dordogne river.
7 of the most-affordable places to retire abroad
- Malaysia.
- Mexico.
- Panama.
- Philippines.
- Portugal.
- Thailand.
- Vietnam.
Retiring in Malaysia might be an unconventional choice, but with an extremely low cost of living, excellent healthcare, and a tropical climate, retirees are flocking to Malaysia for their retirement. Malaysia is considered one of the safest countries to retire in 2024 and one of the most affordable to live in!
Where do the happiest retirees live in the world? ›
Denmark has the highest level of life satisfaction among seniors and retirees, according to the World Happiness Report, which, for the first time ever, ranked countries by age group.
Where in the world can you live on $1200 a month? ›
So for your total cost of living for one person in Mexico, you're looking at around $1,200 per month, but with more affordable housing, you can definitely get it under a thousand dollars per month. At the top of our list is Vietnam the number one place for affordable living according to Expat Insiders 2023 ranking.
What is the easiest and cheapest country to live? ›
Costa Rica
For those who prioritize a sustainable, eco-friendly way of life, Costa Rica is a top spot for an inexpensive place to live with an incredible quality of life. You can rent a two-bedroom apartment for $800, and you'll quickly find that the cost of fresh, healthy, delicious food is surprisingly affordable.
What is the easiest country to retire to from the USA? ›
With its stunning beaches, lush rainforests and affordable cost of living, Costa Rica constantly ranks among the best places for U.S. expats to retire. The benefits of retiring in Costa Rica include: An affordable cost of living – Costa Rica generally offers a lower cost of living than many areas in the United States.
Which countries do not tax US social security income? ›
U.S. citizens residing abroad.
- Canada.
- Egypt.
- Germany.
- Ireland.
- Israel.
- Italy (You must also be a citizen of Italy for the exemption to apply.)
- Romania.
- United Kingdom.
The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam. Before making the move, consider expenses such as travel costs, taxes and visas, which can vary significantly from one country to another.
Can I live in Belize for $1000 a month? ›
A couple coming from North America can probably survive on US$1,000 per month (assuming you have your own home). However, US$1,500 would be more reasonable. Compared to the USA, the cost of living in Belize is at least 50% cheaper according to testimonials from my ex-pats friends and clients who have moved to Belize.
For example, one popular overseas retirement destination for Americans is Canada, favored for its high quality of life and proximity to the United States. A total of 71,376 social security benefits were withdrawn from the country in 2021, followed by Japan.
Where can I retire on $800 a month? ›
Cuenca, Ecuador
Ecuador's retirement visa, requiring proof of stable income, makes settling in Cuenca an attractive option. With monthly living expenses ranging from $800 to $1,200, Cuenca stands out for its affordability without sacrificing quality of life.
Where can I retire on $500 a month? ›
Querétaro, a historic city in Central Mexico, and Isla Mujeres and Cozumel, islands off the coast of Cancun and Riviera Maya, all offer housing for as low as $500 a month, access to excellent healthcare, and an abundance of recreational activities. However, five of the destinations on the list are in Southeast Asia.
Where is the most affordable beach town to retire in the world? ›
One of the most affordable coastal cities to retire in is Mazatlan, Mexico. Boasting over 10 miles of sandy beaches, it is the best amalgamation of a beach and colonial lifestyle for retirees. There is a large expat community here, the music scene is vibrant, and the cost of living is one of the cheapest in the world.
Where is the best place to live in the world with low cost of living? ›
Ranking as the most affordable city in the world for expats is Cape Town, the dazzling capital of South Africa. The average monthly cost of living here is around $1,447 (£1,140, €1,333) for an individual, and $2,694 (£2,123, €2,482) for a family. In second place was Denpasar, the provincial capital of Bali.
What is the absolute cheapest country to live in? ›
The cheapest countries in the world are Pakistan, Egypt, and Bhutan. To live comfortably in one of these states, a person needs under $400 per month. These countries, however, are unconventional choices for expats and digital nomads because of their low levels of safety and quality of life.
Can I survive on 1500 dollars a month? ›
Living on a $1,500 a month budget is absolutely possible. Whether you're in-between jobs, starting a business, paying off debt, or simply saving money, careful budgeting will help you meet your goals. Don't be fooled, though. Living on $1,500 a month or less is an extreme goal which requires extreme measures.
What country has the cheapest living? ›
The cheapest countries in the world are generally located in Asia, Africa, and South America, with a few exceptions in Europe. Pakistan tops the list of the cheapest countries in the world, with a cost of living index of $294.
