Many people, having worked as hard as they have to save money for retirement often come to the realisation that what they saved, simply isn’t enough to cover the costs of retirement. However, when it comes to retirement, there is always the option of living abroad at a lower cost of living. This is probably why you are reading this, to begin with. You are probably in search of more affordable countries, that you can retire in. That being the case, obviously, you don’t want to retire in a falling state or one that is in turmoil. You should be able to enjoy a peaceful state of existence, enjoying everything your new home has to offer.
When it comes to sights to see and cultures to experience, this list of the cheapest countries for a comfortable retirement has some spectacular ones. You would be surprised at how affordable some of these places are and what they can offer you as a retiree.
Hence it wasn’t simply important to identify the cheapest countries to live in, but also consider the best places for a peaceful and happy retirement. When it comes to retirement, you don’t want to have to find yourself in a state of disaster, which is why these countries have made this list. They are some of the safest places on the planet with the most affordable costs of living.
In considering the places on this list, we have taken into consideration factors such as the quality of life, cultural attractions and of course any turmoil or conflict within the nation. Hence you can rest assured that you are in trusted hands. We are here to provide you with the most informative means of figuring out another country to call your retirement home.
Below is the list of the best cheapest countries for a comfortable retirement.
Though the country at the top of the list is a little more expensive, we thought it was best to start with a more expensive yet affordable country. Austria is one of the top 3 most liveable countries, which is why it is such a destination to consider. Vienna has been ranked by the Economist Intelligence Unit as the most liveable city on the planet. As appealing as the idea of retiring in Austria may be, you may be wondering about the costs involved.
When it comes to the standard of living, Austria offers most modern luxuries and amenities. With everything the country has to offer, it is surprising that on average, you could be looking to spending around $900 on an apartment. This is rather affordable when compared to the costs of living in the U.S. Even if you are not from the U.S, an apartment at this cost is rather reasonable. This means, on a budget of $2000 a month, a couple could retire comfortably in Austria.
You will be captured by the seamless beauty of the culture of the lands, known for the world-renowned architecture. There is a selection of museums and fine art exhibits, which is perfect for the history and art lover.
You do need a residence permit in order to retire here. However, you can acquire this upon showing proof of income or savings.
Slovenia is a great alternative for those who are looking to retire in the land of the Alps. Though countries such as France and Switzerland may be too expensive, Slovenia offers an affordable alternative for those looking to retire in the region.
Ljubljana, a city in Slovenia has been ranked by International Living as one of the top 10 cities to retire in the world. The cost of living in this city is rather affordable, where a couple could see themselves living a comfortable life on a budget of $1,500 a month.
Further to being able to retire close to the Alps, Slovenia has some great attractions. From cave exploring to wandering the gardens of beautiful castles, Slovenia has a rich culture and heritage, which can be appealing to any retiree.
This beautiful land is a perfect destination for nature lovers, with beautiful mountain ranges that will leave you breathless. The quiet farming storms of the country and the people of the land makes Peru one of the most sought after destinations for retirees.
With all the perks that Peru has to offer by way of sights and attractions, this Latin American country boasts a rather affordable cost of living in comparison to other countries. A couple can see themselves living a comfortable life on $1,500 or less; as reported by International Living. You could easily secure yourself a great apartment in the upscale areas of Lima for about $800.
The food in Peru is amazing. You get to experience the rich cuisine of the land, incorporating fresh ingredients from the locality.
For those looking to retire in Peru, you will have to secure a Rentista Visa. This can be attained upon withdrawing at least $1,000 in retirement savings. That being the case, you aren’t allowed to work on this visa and must remain in the country for at least six months of each year. You can apply for permanent residency after seven years.
4) The Czech Republic
Considered one of the most peaceful states in the world, the Czech Republic offers a rather affordable retirement for those considering Eastern Europe. Compared to Western Europe, the cost of real estate is substantially lower, which makes it ideal for retirees from around the world.
In comparison to other countries, the Czech Republic is rather affordable for retirees, with an average cost per month at $1200 for a couple. Offering a great standard of living, it is considered one of the most peaceful places to retire in, ranking 7th on the Global Peace Index.
If you love history, you will find yourself absorbed by everything the country has to offer. Known as the castle capital of the world, you will find many castles which have been standing since the middle ages. There are also various sites within the country listed as UNESCO cultural and world heritage sites.
One of the most appealing things about retiring in Panama is the tax benefits. The government simply will not tax you for any income earned outside the U.S. Hence if you opened a retirement plan in America and continue to invest towards it, you won’t be taxed for that.
Based on the levels of luxury you require, the costs of living will vary in Panama. If you are a minimalist, you could see yourself living on $500 a month. However, on average, a couple living a standard lifestyle could see themselves comfortably retiring at a cost of $2,000 a month.
You will find yourself with plenty to do in Panama. If you love adventure, you could go zip lining. If you prefer golf, then Panama caters for that too by way of some excellent golf courses. You can go cycling or partake in various other sports, or enjoy the wellness the country has to offer by way of yoga and meditation.
6) Costa Rica
If you are looking to retire in a tropical paradise, then look no further. Costa Rica with its rich biodiversity and culture is an amazing destination that is both affordable and safe.
When you consider retiring in the tropics, there is usually a high price tag that comes along with it. This is not entirely true with Costa Rica. As one of the most affordable tropical countries to live in, you can see yourself comfortable accommodated on rent as low as $500 a month. The costs of dining out at restaurants are rather low, and the country has various attractions to keep you busy. On average, a couple could see themselves comfortably retiring in Costa Rica on a budget of $2000 a month.
If you are a nature lover, then there is plenty to see and experience in Costa Rica. From nature trails to spotting rare wildlife, Costa Rica as mentioned is a tropical paradise. As an added bonus, the country has a great healthcare system, considered the best in Latin America by International Living.
Spain is a great European country with an affordable cost of living. Though there is some political conflict in the country, the state of existence is peaceful and the culture of the land is rich. Obvious to state, the political conflict isn’t too much of a worry when you considered the developed nation of Spain. With the low cost of living, the country has to offer, Spain had to be included in this list. In fact, it is one of the more popular destinations for retirees from around the world.
At an average budget of about $2000 a month, a couple could see themselves retiring comfortably in Spain, enjoying a healthy and active lifestyle. You could even see yourself living on a smaller budget if you choose to live a minimalist lifestyle further away from the bigger cities of Spain. A one-bedroom apartment in the city of Madrid could cost you around $925.
With a great healthcare system, you qualify for the state healthcare program so long as you are paying into Spain’s social security system. If you are looking to extend your stay to retire in Spain, you will have to apply for a visa.
The country is extremely open to ex-pats and is one of the most welcoming nations in the world. You can get yourself a visa for up to 10 years by simply applying for the Malaysia My Second Home (MM2H) program.
What is most attractive about Malaysia is the extremely low cost of living. In fact, it is one of the most affordable places to retire in the world. You can see yourself securing a one-bedroom apartment in the urban areas of George Town for as low as $200 a month. In fact, a couple could comfortably retire in Malaysia for as low as $1100 a month.
Malaysia is a safe and peaceful nation, with some amazing sights. You will find untouched forests and beautiful beaches and islands. It is a perfect destination for the nature lover who is also looking to live a more modern lifestyle. Though there may be a culture shock when you first arrive in Malaysia, you should not be worried; English is widely spoken in Malaysia.
Considered one of the safest countries to live in by the Global Peace Index, Portugal is a great destination with a warm and pleasant climate.
A couple looking to retire in Portugal could see themselves living a comfortable life on a budget of around $2,200 a month. This is in the heart of Lisbon. If you choose to live away from the larger cities of Portugal, you could see yourself spending a lot less.
The tax breaks the country offers is another perk when it comes to retiring in Portugal. For instance, if you qualify for Non-habitual Residence (NHR), you are exempt from income tax for 10 years. This covers earnings on investments made outside of Portugal too.
From the sandy beaches to culturally rich small towns, the country has much to offer the retiree who is looking for a slow pace of life in a comfortable environment.
Romania is another country that is rather affordable when it comes to retiring overseas. The country is beautiful with a rich culture, which makes it one of the more popular destinations for travellers from around the world.
If you are looking to retire in Romania, you may be surprised at how affordable the country is for retirees. On a budget of $1500, a couple could live a comfortable life.
Offering the benefits of a universal healthcare system, the Romanian state finances primary, secondary and tertiary healthcare. This free public medical care extends to ex-pats, which is what makes the country so appealing for retirees.
Offering a good standard of living, Ecuador has its perks. It has surprisingly good healthcare, which is great for retirees and offers a low cost of living. The climate is again pleasant, which makes Ecuador a sought after destination to live in.
A couple can easily see themselves living a comfortable lifestyle on as little as $1,200 a month. This includes rent. The transport system is inexpensive, which makes getting around very easy. Though the medical services are not free, they run at a fraction of the cost in comparison to the U.S.
You will have the opportunity to plunge yourself into a new culture and enjoy some amazing food and sights. The air is clean and the water is pure, and the country has a great selection of fresh fruits and vegetables. There are also amazing cultural exhibits from art to festivals and symphonies; many enjoyed free of charge.
Croatia with its small population has made this list for the high quality of life at affordable prices. Coupled to clean air and water, Croatia has a great selection of food and wine and offers socialised healthcare.
The cost of living for a couple in Croatia is stated at an average of $1500 a month. In comparison to most places in the U.S, this is rather affordable.
If you do plan to retire in Croatia, you will need a temporary residence permit. In order to acquire this permit, you would have to state the reason for wanting to live in Croatia. From beautiful small towns to breathtaking natural parks, Croatia has much to offer by way of attractions to any retiree.
Turkey is a country with a rich history and people. There are some amazing places that are perfect for retirement. For instance, Altinkum, also known as Golden Sands is a budget destination with many retirees from around the world, especially the British. Due to the numbers of British retirees in the region, there has been an influx of British bars and restaurants, that you would find in various parts of the town.
The cost of living in Turkey is not high. A couple could see themselves comfortably retiring on a budget of around $1,500 a month.
With some beautiful beaches and warm and friendly people, it is no surprise that Turkey has made this list of the best affordable places for a comfortable retirement.
Occupying a portion of the eastern Balkan peninsula, Bulgaria is a safe country that scores high on the Global Peace Index. There is a generally low level of crime and no real political conflicts in the region.
The cost of living in Bulgaria isn’t too high, with an average monthly budget for a couple at around $1,600. If you are looking to retire in Bulgaria, a couple could even see themselves living comfortably on as low as $1,000 a month, depending on where you choose to live.
Famous as the oldest country in Europe, Bulgaria is famous for the beautiful natural diversity of the land which includes mountains, plains, coasts, rivers, lakes and hot springs. If you are a nature lover, there is plenty to see and experience in Bulgaria.
Considered the 13th most populous country in the world, the Philippines is the 29th largest economy. Though considered a developing country, the Philippines is safe, which is why it has made this list of the best affordable countries for a comfortable retirement.
With a generally low cost of living, a couple could see themselves living a comfortable life in the Philippines on as low as $1,400 a month. This can even include having some help around the house. Entertainment and leisure simply do not cost as much as in certain western countries. A $100,000 can go a long way when you consider the cost of living in the Philippines.
If you love the idea of island hopping or nature trekking, then the Philippines has you covered. From beautiful beaches to scenic landscapes, the country has much to offer you. You could find yourself on an underground river tour in Puerto Princesa, or checking out the rich history of the land within its many historical sights.
16) Sri Lanka
This beautiful island nation located in the Indian Ocean is one that caters to ex-pats from around the world. Situated in a warm climate, if you prefer a cooler climate, you could choose to live towards the central region of the country where the climate is cooler.
The country is safe and has come to a peaceful state of existence since the ending of the civil war. With many beachfront properties at affordable prices, Sri Lanka is a haven for people who are looking to retire in a warmer climate. The average cost of living for a couple in Sri Lanka can be stated at roughly $1200, however can be as low as $800. You could see yourself comfortably retiring on such a budget in Sri Lanka.
From the rich biodiversity of nature to historical sights and beaches, there is plenty to experience in this small island nation. The culture is rich and the country offers modern luxuries at affordable prices, which makes it ideal for retirees from around the world.
Retire Where You Want To
When it comes to your retirement, you have to make sure that your savings carry you. This is why it is important to have a good idea of the costs involved. You should always plan out your retirement to ensure you have sufficient funds and find a place to retire which works well for you.
For some, the dream of retiring abroad is one they have worked up to. While others have found it a necessity to consider retirement overseas in a more affordable country. Whichever be the case, we hope this list of the cheapest countries for a comfortable retirement has provided you with a good grasp of what is available for you.
When you retire overseas, you have the chance to dive into a whole new culture and experience everything your new home has to offer you. This could be an exciting endeavour for many, something they would truly treasure.
Hence we hope you found this article useful, and that reading it word to word has enriched your life in some way. We hope you have a better idea of what your options are and can bravely take the steps towards choosing the right retirement plan for you.