Are you looking forward to retirement? Do you imagine peaceful days spent socializing with family and friends, pursuing hobbies, and catching up on things you put off during a long career with limited time off? While we all long for those days, you may look at your bank account and bills and wonder if they’ll ever come. If retiring in the U.S. feels unattainable, there are options for moving abroad that may be within your budget.
1. Philippines
The Philippines is a diverse set of islands with a large population of 114 million people. It is one of the cheapest countries in the world. Retirees may be drawn to the warm weather and thousands of beaches. People also love the food, such as the Filipino take on Mexico adobo.
You can retire to the Philippines by making a $10,000 investment into a retirement account or property, and by showing $800/month in retirement income.
2. Finland
Finland is regularly named the happiest country in the world, and there are many reasons why. This Nordic nation is in the top 10% for safety and infrastructure. It offers free college education and universal healthcare for everyone, including expats. Your grandchildren may want to study near you!
You can retire here with €1,000/month in income (about $1,100). Finland presents the highest cost of living on this list, but costs vary depending on your lifestyle and where you choose to live. You’ll save if you live outside Helsinki in cities like Espoo and Turku or a college town like Tampere.
3. Portugal
Portugal is a retiree’s dream. The country ranks in the top 25% on the healthcare and safety index and 7th on the global peace index. Although some opt to retain private health insurance, expats can access the national healthcare system after only three months.
The Algarve region in the south has beautiful beaches and hot summers, and coastal cities like Lisbon and Porto have milder weather and endless options for arts, food, wine, and culture. You can get a retirement visa with €760 in monthly retirement or pension income, which is equivalent to approximately $830. After five years, you can convert your residency for EU citizenship and enjoy easy travel across Europe.
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4. Costa Rica
Costa Rica offers retirees the choice of tropical weather on the Atlantic and Pacific coasts and milder weather in the mountains. The lush rainy season lasts from May to November.
Travel between Costa Rica and the United States is easy, and the country operates in Central Standard Time. This Central American country is a leader in addressing climate change, and it’s one of the most biodiverse places on Earth. Its government is a full democracy, one of four in Latin America and the Caribbean. You can get a visa with a minimum income of $1,000.
5. Panama
Neighboring Panama shares many of Costa Rica’s benefits for weather, biodiversity, and proximity to the U.S. Its Eastern Standard Time zone location makes it easy to keep up with friends and family on the East Coast.
Its pensionado visa for retirees is available if you have a $1,000 monthly income. Most expats prefer private healthcare to public but use public facilities when they need quick, affordable care. Expat hotspots include Boquete and Coronado.
6. Mexico
With 7,000 miles of coastline, there are endless beachfront options on the Pacific Ocean, Gulf of Mexico, and the Caribbean Sea. There are also inland places to live in vibrant destinations like Mexico City, Lake Chapala, and Monterrey. Most Americans choose private hospitals for their healthcare, but the public option is available for a small fee. Pharmacies also staff physicians for affordable appointments on the spot.
7. Czech Republic
Czechia is known for its rich history, architecture, and culture, plus its affordability. Expats with sophisticated tastes are drawn to modern Prague and picturesque towns like Cesky Krumlov in Bohemia. It’s ranked in the top 10% of countries for safety and healthcare, which both appeal to retirees.
Health insurance is required; many expats choose private healthcare. The Czech Republic doesn’t offer a dedicated retirement visa. Still, you can get around this by applying for a long-term visa for study while enrolling in language classes and showing a mere 3,130 CZK per month in income (less than $150).
8. France
Expats are often surprised to see France in a list of affordable retirement destinations, but outside of pricey Paris, living on a budget can be très achievable. Some popular destinations include charming Limoges, known for its porcelain, Caen in Normandy, beloved by WWII buffs, and Marseille, the largest city on the French Riviera.
Oenophiles can choose to live in a region that produces their favorite varietal of wine, and travel lovers can pick a city with easy access to Spain, Italy, England, Belgium, or Switzerland.
9. Thailand
Known as the Land of Smiles, Thailand is another country with a lot to offer retired Americans looking for a high quality of life at a low cost of living. The weather is hot and humid, and the incredible diversity of terrain means many lifestyles are available, from city life to beach resorts to rural villages and jungles. Popular cities include Chiang Mai, Bangkok, and beachy Koh Samui.
Of course, any discussion of Thailand wouldn’t be complete without mentioning the food! Endless street markets — and even floating markets — provide adventurous eats and one-of-a-kind experiences. You can get a visa after showing a monthly income of ฿65,000 (about $1,825).
10. Uruguay
Uruguay is a hidden gem for retirees in South America. This small, lush nation is nestled between Argentina and Brazil in the Southern Hemisphere. International Living points out that it’s known for its high-quality, affordable healthcare. Their Mutualista program allows you to subscribe to a hospital’s services without a deductible or lifetime cap.
Most expats live in Montevideo, the coastal capital, though others choose resort destinations like Atlantida and Punta del Este. You can retire in Uruguay with a monthly income of $1,500.
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