A warm sunny beach with an endless expanse of tranquil waters paints the picture of the ideal location where most people envision spending out their golden years. For lots of folks, it also means moving overseas to a tropical locale. However, several other factors also determine the country anyone chooses as their retirement retreat.
The cost of living, cultural accessibility, quality of life, and safety top the list of considerations when scouring for a destination to call home in your twilight years. Global perceptions also guide such decisions, which brings us to this list of the top-ranking affordable places to retire.
Czech Republic - The Most Beautiful Architecture & Arts Culture
Medieval towns, frosty beers, and beautiful architecture describe what the Czech Republic has to offer. The landlocked nation also boasts of high quality of life with access to world-class healthcare, a diverse food scene, and endless opportunities to soak in the rich arts culture.
Prague is a retiree's haven, but residential buildings touted as "foreigner-friendly" typically come at a high cost compared to what you'd pay in other European capitals. The country's position smack in the middle of Europe contributes to its enjoyable continental climate, with cold winter days fading away as quickly as they come by.
Bolivia - Teeming With Unique Geographical Features
Nestled in South America, the landlocked nation of Bolivia has served as a tourist attraction for years. It all stems from the hilly landscape, quaint colonial towns, salt flats, and lovely weather. Private clinics provide better care in this nation, and you can always turn to your health insurance to cover the costs.
With a monthly budget of roughly $1K, an expat can enjoy a comfortable life in Bolivia. Foreign retirees are particularly drawn to the sovereign state's administrative divisions of Tarija, Santa Cruz, and La Paz. It doesn't hurt to polish up your Spanish skills before settling in the county.
Belize - Bask In Its Caribbean Charm
The blend of affordability and Caribbean vibes have seen Belize grow in popularity amongst the international retiree community. The English-speaking nation is welcoming to visitors, with Spanish serving as the second widely used language. Ambergris Caye island and the Placencia peninsula are some of the alluring destinations, but they are also among the most expensive Belize areas.
According to Numbeo, a database that collates cost of living data, monthly rents can go as low as $700 in some desirable locations. You'll want to steer clear of isolated regions like Belize City and the border towns, though. These regions are known to have a significantly higher crime rate.
Vietnam - A Culturally-Rich Southeast Asian Retreat
Retirees flock to Vietnam because the southeast Asia country is culturally rich. The nation located on the Indochinese Peninsula's eastern edge has a population of about 96 million inhabitants. It also offers endless natural pursuits, intriguing French colonial architecture, and fantastic street food.
The vibrant and modern cities of Da Nang and Nha Trang, a beach town, are both affordable areas. A monthly budget of $1K is enough to cover living costs in these places. English is commonly used in most tourist centers and Vietnam cities, but some grasp of Vietnamese is necessary to get by in the smaller rural towns.
Ecuador - Enjoy Sprawling Expanses Of Pristine Surroundings
Retiring with affordability in mind doesn't necessarily mean adopting a modest lifestyle, and Ecuador allows you to live well with little money. You get more than you bargained for with pristine natural surroundings, low-cost living, and striking historic towns. Quito, the capital city, is mid-priced, with the monthly rent for one-bedroom apartments averaging $440. Cuenca is also equally alluring, and monthly rent for a one-bedroom unit averages $350.
Ecuadorians are the country's real treasure, as you can experience a diverse range of lifestyles through the people. Some reside in isolated cattle ranches, others live in colonial cities, while a majority also occupy coastal fishing villages.
Ireland - The Best Traditional Country Living Experience
Ireland is the perfect option for boomers who are looking for a home away from home with access to travel options in Europe and the U.K. The Emerald Isle provides a traditional country living experience steeped in lore and heritage. Housing prices in Dublin, the Irish capital, hit an all-time high in recent years. Still, there are plenty of affordable places to take up shelter.
Communities like Ballymore, Mohill, and Edgeworthstown have homes selling for about $100K. Medical facilities in the country are generally well-equipped and offer state-of-the-art care. But unless you are a European Union citizen, you'll need a medical policy to handle your healthcare costs.
Chile - A Modern & Efficient Oasis
Chile is one of the stable countries in South America with an endless list of treasures to offer, including an abundance of wildlife, sparkling lakes, and mountain peaks. Expanses of deserts govern the north, while quaint fishing villages and chains of islands give the southern part of the country character.
Chile leads in terms of offering the highest standard of living in Latin America, and a $1K budget is enough for expats to enjoy a comfortable lifestyle in the country. European and North American retirees will feel right at home in Chile partly because of the honest culture and the favorable seasons.
Uruguay - An Affluent South American Country
Uruguay ranks high on the list of prosperous South American countries, governed by democracy and with modern infrastructure. The nation also boasts of a temperate climate with four seasons and white sandy beaches. Compared to other Latin American countries, Uruguay has a higher cost of living.
But as opposed to the U.S., the cost of housing, clothing, and food is significantly cheaper in Uruguay. Salto is Uruguay's second-largest city, and a monthly budget of $800 can allow you to live comfortably. Mutualista refers to Uruguay's medical policy accessible at a monthly fee of less than $100.
France - Offers The Allure Of Urban Living
France doesn't top the list of affordable places boomers consider, but several cities within the nation are affordable. Bordering Spain is the French city of Pau, known to experience summers and mild winters. A one-bedroom unit's monthly cost in this city averages $531, and $53 gets you a decent dinner for two.
Montpellier is a Mediterranean town, and it's equally reasonably priced. A one-bedroom unit in this town averages $500 to $700. Other French cities that attract retirees include Lyon, Bordeaux, and Sarlat-la-Canéda. France ranks in the top ten on the list of countries with the best public healthcare systems globally.
Thailand - A Captivating Tropical Retreat
Thailand is still one of the most captivating tropical havens retirees prefer because of the blend of its affordability and beauty. A monthly budget of $1.5K to $2K can cover your living costs. Chiang Mai host the largest population of expats in Thailand thanks to the modern amenities it offers against the backdrop of winding country roads and scenic mountains.
The island of Koh Samui offers the most economical cost of living, and even the bustling Thai capital, Bangkok, is affordable. The country has a stable political climate, and there's an active presence of law enforcement in the major tourist centers and the big cities.
Italy - The Best Regional Cuisine In Southern & Western Europe
It's easy to fall in love with Italy's regional cultures, fantastic climate, and the delectable cuisines the country offers. Best still, it's affordable to retire in the country, and towns like Basilicata located in the country's southern region are popular with expats. The southern town provides a modest living experience and buying a house costs anywhere from $32K.
Matera is a delightful historical town where you can rent a one-bedroom apartment at a monthly cost of $625. The Puglia area is where you'll enjoy fresh seafood, sunny beaches, and an even lower cost of living.
Peru - An Adventure-Seeker's Home Away From Home
Peru, revered for its ancient cultures, beautiful beaches, and unique landscapes, is popular with adventure seekers. International Living estimates that a couple can live comfortably on a monthly budget of $1.5K in the country. Cusco and Arequipa are some of the popular expat destinations in the region, and a one-bedroom apartment goes for an average of $200.
Food is also affordable in these areas, and a three-course meal for two costs anywhere between $10 to $12. Public healthcare is accessible to retirees at pocket-friendly prices. The primary concern most newcomers have to deal with is overcoming altitude sickness in Peru's elevated regions.
Slovenia - A Hidden Gem With Numerous Caves & Castles To Explore
Slovenia is one of the hidden gems in Eastern Europe that has quickly gained a reputation as an affordable destination for retirees. The country is known for its caves, castles, and livable climate that supports outdoor pursuits. Slovenia shares a border with Hungary, Austria, and Croatia, giving more opportunities to explore diverse regions.
Ljubljana, the capital city, is a mid-priced region and one-bedroom apartments go for a monthly rent of $600 in the area. Numbeo also says that the country's staple foods are reasonably priced, and all residents pay to access the country's compulsory medical cover. It also never hurts to have a supplementary private medical policy.
Spain - Access To A Relaxed Lifestyle
Retirees who set out to settle abroad have long considered Spain a worthwhile option. What you get is a welcoming culture, a relaxed lifestyle, and excellent cuisine. The nation has a high standard of living, a quality education system, and exceptional healthcare services. Retirees can live off a monthly budget of $2K to $2.2K in the country.
Housing costs vary significantly depending on the location. Major cities like Barcelona prove costlier, with apartment costs comparable to what you'd pay in America. Smaller towns like Valencia are more pocket-friendly, with the monthly rent of one-bedroom apartments averaging $630.
Portugal - Enjoy The Best Of Both Worlds
The best of both worlds converge in Portugal; it's affordable for the average boomer, and the country offers an endless list of stunning destinations to explore. The cost of living in Portugal is significantly lower compared to its neighbor Spain. However, renting in one of the country's smaller towns is your best bet.
The sun shines almost throughout the year, making the conditions suitable for enjoying outdoor exploits like visiting the country's historic castles. If you want to live near the beach, The Algarve has notable retirement towns like Lagos and Faro. It's best to have comprehensive private healthcare insurance in this politically stable nation.
Malaysia - The MM2H Multi-Visa Program
The My Malaysian 2nd Home (MM2H) program grants multi-entry visas into the country, making the tropical nation quite appealing to retirees. English is its business language, and navigation is also easier with the road signs displayed in English. Living in Kuala Lumpur is much affordable compared to any American city.
The monthly rent paid on a one-bedroom apartment is about $600. The colorful city of Penang provides an affordable island lifestyle with the cost of a one-bedroom averaging $225 per month. Healthcare services in Malaysia are offered on a two-tier system, with private clinics offering the best care.
Malta - An Abundance Of Sun, Sea, & Breathtaking Architecture
The abundance of sun, sea, breathtaking architecture, and history are some of the aspects that make Malta appealing to retirees. The country enjoys an average of 265 sun-soaked days to explore picturesque towns. Retirees can access a multi-entry visa provided they lease or own real estate in the country.
As a member of the European Union, Malta also offers access to other European destinations. The island of Gozo is located to the north, and rents start at $500 in the region. Malta has an exceptional healthcare system, and the country is also one of the popular destinations for medical tourism.
Panama - A Business-Friendly Environment
Panama easily falls in the top ten ranks of retiree-friendly countries based on the friendly locals, tropical beaches, and favorable business environment. An interesting phenomenon is that retirees live alongside locals because they don't feel out of place in the Central American country.
Newcomers are often pleasantly surprised by the standard of healthcare in the country. The medical services are inexpensive and easily comparable with what you'd access in prestigious U.S. facilities. Panama's retiree program, aptly dubbed Pensionado, accords boomers 10 to 50% off travel, medical, and entertainment costs. The Panamanian cities of El Valle, Bocas, and Boquete are popular with retirees.
Mexico - Southern Neighbor of America
Mexico's Yucatan peninsula is considered the safest area for retirees. That's where you'll find white sandy beaches, numerous architectural wonders in the historical Chichén Itzá region, and wildlife. The town is also home to several familiar boutiques and big-box retailers, including Walmart, Starbucks, and Petco.
The Yucatan town of Merida has plenty of suitable accommodation options, and the monthly rent for a one-bedroom apartment averages $250. Mazatlán, San Miguel De Allende, Puerto Vallarta, and Playa Del Carmen are other top choices for retirees. The proximity to the U.S. allows retirees to maintain their medical policies with occasional out-of-pocket costs.
Costa Rica - None But Pure Living
Costa Rica has a laid-back vibe aptly referred to as Pura Vida, which translates to pure life. The gorgeous ocean views, sunny disposition, and overall happy attitude make it a dream vacation destination. Many have fallen in love with the nation's incredible biodiversity and chosen the Central American country as their second home.
Permanent residents and citizens can access universal healthcare in the country, and the quality of care provided is similar to what you would access in larger countries. The Pacific coastline draws in American expats along with southern towns like Uvita, Dominical, and Ojochal.
Austria - One Of The World's Most Livable Places
Austria falls on the more expensive side of options for retirees, but its capital Vienna places in the top three most livable countries on the planet. The Salzburg Summer Festival and Oktoberfest are just some of the festivities Austria has to offer. The nation is also known for its architecture, museums, and fine art.
The German-speaking country has several historical sites dedicated to famous composers like Ludwig van Beethoven and Wolfgang Amadeus Mozart. The average cost of a one-bedroom rented apartment in Austria is $1K, but the price drops significantly in other towns. A private medical cover in Austria costs about $240 monthly, and a typical doctor's visit costs $70.
Greece - Experience Timeless Traditions
Greece delivers an ideal sunny location with a thriving local culture and delectable cuisine. There's the option of settling in a scenic town on Santorini or a metropolis like Greece. However, if you're looking for a more affordable option, Corfu offers the solution.
The Greek island of Corfu has two-bedroom apartments for rent at an estimated $475, and purchasing an old fixer-upper can set you back by about $17K. Generally, a monthly budget of $1.5K allows you to live comfortably in Greece. The country offers access to quality healthcare services, and medical costs are cheaper than in America.
Indonesia - A Gateway To Warm Hospitality
Indonesia fuses traditional culture and modern living with up-and-coming neighborhoods like Canggu attracting international retirees. It's possible to rent a two-bedroom villa decked out with attractive amenities like a pool for $700 within the Balinese village. The coastal town of Sanur offers a laidback lifestyle with great restaurants and stretches of beach to explore.
Indonesia is known as a surfing nation, and Uluwatu is where surfers feel right at home. Seminyak, Sanur, and Legian are other popular choices for boomers. The private healthcare facilities dispense quality medical services, and an international medical policy goes a long way to access these services.
Colombia - The World's Second Most Biodiverse Country
Colombia went through a transformation from its dark history of violence, for it's now thriving as a vibrant and welcoming place for retirees. The nation ranks second as the world's most biodiverse country, making it suitable for boomers looking for tropical beach life.
The cost of living in Colombia depends entirely on lifestyle choices and the city you inhabit. A monthly budget of $2K is more than enough to live comfortably in most Colombian cities. Some of the popular options include the cities of Medellín, Pereira, Bucaramanga, Santa Marta, and Cartagena.
Philippines - Endless Opportunities For Adventure
International travelers enjoy the experience Southeast Asia provides with exotic cultures and spectacular beaches. The Philippines offers it all as well as endless opportunities for adventure and a high standard of living. Nestled in the Pacific Ocean, the country comprises over 7,000 islands, with geographical features ranging from tropical rainforests, mountain ranges, beaches, and volcanoes.
It's affordable to live in the Philippines, and a monthly budget of $800 to $1.2K can cover all your expenses. Internationally accredited medical facilities are accessible in Manila, and even if you're covering your healthcare costs out of pockets, it's significantly cheaper than in the U.S.
Nicaragua - Favorable Investment Opportunities
Nicaragua offers an escape for retirees looking to resettle in a nation driven by favorable taxation policies and great business opportunities in the housing sector. The cities of Managua, Leon, and Granada are the popular options for foreigners looking to settle in the country.
The average cost of a one-bedroom apartment in Nicaragua is $233, a whopping 75% less than what you'd pay in the U.S. While the process can be tedious, foreigners can purchase properties with full ownership in the buyer's name. Private medical systems serve expats better, and the cost is lower compared to the U.S.
Honduras - An Abundance Of Mountainous Towns
Tegucigalpa is one of Central America's largest cities, and the beautiful Honduras oasis has welcomed droves of retirees in recent years. The country is occupied by the Roatan island and plenty of mountain towns. The average monthly rent for a one-bedroom apartment in Roatan is $250. Purchasing a house in Honduras costs an estimated $93.79 per square foot.
The public healthcare system in Honduras isn't robust, but retirees can opt for the private medical systems. San Pedro Sula, another popular choice for foreigners, and Tegucigalpa have several 24-hour medical centers.
Tunisia - A North African Gem
Incense, traditional souks, sun, and modernism describe what Tunisia is all about. While the North African nation has long been popular with tourists, it's only gained attention as a potential retiree destination in recent years. Traces of British, Italian, and French influences are evident in the nation combined with traditional Arabic ideas and iconography.
The country experiences a Mediterranean climate with warm and dry summers and mild winters. Tunisia is an Arabic-speaking nation, but English and French are widely spoken in the major cities. Medical tourism is common in the country, but expats relocating to Tunisia will find that having private medical insurance would serve them better.
Nepal - Warm & Friendly People
Nepal has stolen the hearts of many with its friendly people, tolerant society, and low cost of living. The capital city Kathmandu attracts foreigners, and that's where you'll access quality healthcare services. It's possible to live off less than $1K monthly in the capital.
Nepal experiences a warm climate for most of the year, with just about two short months of cold weather. Nepal has a higher cost of living than other retiree hotspots like Thailand, the Philippines, Panama, and Mexico. It's still significantly cheaper than the U.S. or other European countries, though.
Bulgaria - The Best Option For Quiet Living
The price tag that comes with living in Europe is often high, but if you have your eyes set on Bulgaria, you can pay a fraction of the cost for most necessities. The small European nation borders the Black Sea, Serbia, Greece, Macedonia, and Turkey.
Bulgaria's economy has improved in the past decade, and overall, the country is appealing to foreigners looking for a quiet location to spend their golden years. Sofia, the capital city, is one of the most inexpensive in the European Union, and the monthly rent on a 900-square-foot apartment averages $550.
Albania - An Affordable Southeastern Europe Nation
Albania might not top the list of most retirees, but several have found the perfect second home in the Southeastern European nation. Along the Adriatic Sea, to the south of Croatia and north of Greece, Albania offers magnificent beaches. The cost of living is equally attractive, with the cost of living nearly a quarter of the amount in Italy.
The average monthly rent for a one-bedroom in Albania's capital city Tirana is $318, and the outskirts offer more affordable options. Buying a condo in the capital can cost anywhere from $35K to $45K. Best still, Americans are granted a year-long stay in the country without a resident permit.
Argentina - The World's Eighth-Largest Nation
The allure of Argentina rests in its breathtaking natural landscapes and low cost of living. It's the world's eighth-largest nation with bustling cities, snow-capped mountains, mouth-watering cuisines, and chic beach resorts. Argentina is also amongst the least restrictive countries when it comes to allowing foreigners to purchase homes.
A single person can live off of a monthly budget of $1.2K to $1.5K while the price goes up to $2K to $2.5K for a couple. It depends on the location and lifestyle, and the cost of living in up-scale areas can shoot up to $4K per month for a couple.
Serbia - A Welcoming Balkan Nation
Serbia is yet another Balkan nation that isn't a popular retiree destination, yet its charms have attracted quite a number of boomers. It also serves as a launching pad for the roving retiree to explore other Balkan nations. Belgrade is the nation's capital city with the option of settling in Old Belgrade or New Belgrade.
Old Belgrade is where you'll find the best sights and attractions, while New Belgrade is the biggest municipality. Other options deep in the heart of the Balkan nation include Niš, Novi Sad, and Kragujevac. However, you'll need a good grasp of the Serbian language to get by in the country.
Sri Lanka - My Dream Home Visa Program
Sri Lanka is another Asian country that attracts both tourists and retirees thanks to its steady climate and beautiful sceneries. It's a multicultural country that gives expats the opportunity to immerse themselves in different cultures. Its My Dream Home Visa Program grants boomers over 55 a 2-year visa.
English is widely understood and spoken in the country. The Sri Lankan community is welcoming, and they share several Western underpinnings like their legal system. The nation's disparate locations that attract retirees include Galle, Colombo, and Kandy. Colombo offers access to the best medical facilities.
Bosnia and Herzegovina - The Friendliest Local Population
Bosnians have a reputation for being some of the most down-to-earth and friendliest people you'll encounter on the planet. It's no wonder they are part of the reason why boomers decide to settle in the lovely mountainous region. Some areas in the country still display remnants of the '90s Yugoslav wars.
Despite the past instabilities, Bosnians are a happy and optimistic lot who have a deeply rooted sense of national pride. The nation's capital, Sarajevo, offers plenty to do and see. Much like other Balkan countries, the cost of living in Bosnia is low, and a standard studio goes for about $240.
Georgia - No Restrictions On Home Ownership
Georgia rests at the intersection of Western Asia and Eastern Europe. The nation shares borders with Azerbaijan to the southeast, the Black Sea to the west, Russia to the east, and Armenia and Turkey to the south.
The nation's easy taxation system, low crime rates, and low cost of living are luring a population of retirees. Tbilisi, its largest city, is the country's capital, and the rent on a one-bedroom apartment in the area averages $300. Purchasing a home is easy for foreigners, too, with no taxation or ownership restrictions encountered.
Latvia - A Leading Option For Retirees In The Baltics
Latvia is a Baltic country that shares its southeastern border with Belarus, the northern border with Estonia, the southern border with Lithuania, and the eastern border with Russia. It's a developed nation and member of the European Union. The country experiences a temperate climate.
Riga is Latvia's largest city, serving as its capital city, and the population of Balts inhabiting the area speaks the Latvian language. It might not be the most popular destination for retirees, but it works for boomers looking for peaceful and quiet living in their golden years.
North Macedonia - The Most Relaxed Balkan Country
Purchasing a home is one of the easiest ways to gain residency in Macedonia. Another alternative to be a resident is opening a business and employing at least ten Macedonians while investing €300k or over $350. The southeast European nation has primarily attracted boomers from Germany, the UK, and Belgium.
Expect to pay a monthly rent of about $120 to $240 for a one-bedroom apartment or lower costs for the same unit in the smaller towns. Expats can access public healthcare within the country, but a typical physician's visit costs anywhere between $12 to $24. Overall, you can live comfortably on a monthly budget of $700 to $800 in North Macedonia's capital Skopje.
Lithuania - Less Congested Nation
Lithuania is a Baltic state neighboring Denmark to the east, Sweden to the southeast, Poland to the south, Latvia to the north, and Belarus to the south and east. The country has faced the problem of gradual population decline since the '90s owing to income inequality. Hence, they've lured retirees looking for a less congested nation to settle in their final years.
The bigger cities, including the capital Vilnius, attract both tourists and retirees. The attractive features of the Baltic nation include its spa towns like Birštonas and Druskininkai. Registered long-term residents can access the state-funded healthcare services for free.
Hungary - Two Towns Converge
The Hungarian capital of Budapest is composed of two towns divided by the Danube river. Buda is the elegant side that houses chic homes, parks, and the spectacular Buda Castle. Pest is the lively side, offering eateries, museums, and vibrant nightlife.
Budapest is costlier than other European towns, but a monthly budget of $1.5K is enough for a retiree to enjoy a comfortable lifestyle in the city. A two-bedroom apartment in the capital costs an estimated $900 while groceries cost $300 and trips to a medical center average $60 per visit.