8 of the Cheapest Countries to Retire Around the World

Retirement plans are as unique as the individuals who are looking forward to the day when work, at least as they know it, comes to an end. For some, retirement can mean a career change to a long wished for profession or more time to devote to a hobby or passion. For many retirees, whether for adventure, change of scenery, or reduction in living expenses, moving to another country is a goal.

It's well-known that moving outside the U.S. can help reduce living costs — particularly if the retiree is leaving a large city. Just as at home, though, costs vary depending on location, lifestyle, and personal needs. However, if the goal is to reduce expenses, most retirees can accomplish that and live quite well in a variety of countries.

From Latin America to Asia and Europe, retirees are finding homes and plenty of expat communities where living is more affordable. Weather, location, health care access, language, visa qualifications, and income requirements are among the many considerations that go into deciding on a retirement home. Financial advisors, experienced travelers, and expat retirees can help with advice, and the Social Security Administration, Internal Revenue Service, and State Department also have important information to offer.
Data from Numbeo, updated as of June 2022, is used here for cost of living comparisons.

These are some of the countries that offer retirees an opportunity to enjoy a comfortable lifestyle and lower cost of living.

Mexico number one on the list, and Thailand didn't make it at all...


8 of the Cheapest Countries to Retire Around the World

61 days and a wake up until retirement and one final mortgage payment. After that my costs to live in my 2 bedroom, 1100 square foot condo overlooking the inlet are … $400 a month maintenance fee, $175 a month property tax, $125 a month internet, $100 a month yearly average for electricity and $50 a month for renters insurance. If I was staying and bought a car I’d buy a brand new one and put enough down to have a $325 a month payment. And then my car insurance would be/is roughly $50 a month. My health care expenses would be zero as I’m a military retiree and have TRICARE. And since I can use the commissary on base for shopping let’s say $1000 a month all in for food, cleaning stuff, toiletries. Less than $2500 a month. And that’s here in the state of Washington.

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Originally Posted by Storekeeper

61 days and a wake up until retirement and one final mortgage payment. After that my costs to live in my 2 bedroom, 1100 square foot condo overlooking the inlet are … $400 a month maintenance fee, $175 a month property tax, $125 a month internet, $100 a month yearly average for electricity and $50 a month for renters insurance. If I was staying and bought a car I’d buy a brand new one and put enough down to have a $325 a month payment. And then my car insurance would be/is roughly $50 a month. My health care expenses would be zero as I’m a military retiree and have TRICARE. And since I can use the commissary on base for shopping let’s say $1000 a month all in for food, cleaning stuff, toiletries. Less than $2500 a month. And that’s here in the state of Washington.

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Why renters insurance if you own and live there ?

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Originally Posted by Fondles

Why renters insurance if you own and live there ?

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Internal contents.

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Originally Posted by Storekeeper

Internal contents.

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Ohhh so just normal contents insurance.

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Originally Posted by Fondles

Ohhh so just normal contents insurance.

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Yes, the maintenance fee covers the insurance for the structure.

It's a big decision to retire and move abroad. Many things one needs to research and consider and you have to be honest with yourself. It all sounds good on paper.

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Originally Posted by Stumpy

It's a big decision to retire and move abroad. Many things one needs to research and consider and you have to be honest with yourself. It all sounds good on paper.

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Inflation is probably making it a necessity for more and more ppl. Even if it isn't their cup of tea. But yeah, i agree

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Originally Posted by Backspin

Inflation is probably making it a necessity for more and more ppl. Even if it isn't their cup of tea. But yeah, i agree

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Pity you will always be struggling in Surrey.

Costa Rica is one of my favourite countries anywhere.

I started a travel thread on it a while ago but gave up because it's just such a hassle to upload pictures.

It isn't necessarily "cheap" though.

Colombia is a good shout too; it isn't as dangerous as people say it is, and Medellin is a wonderful city.

But you still have to have your wits about you and there are certain parts of certain cities that are no go areas- especially after dark.

^I’ve some “retired” American friends who have had a place in Costa Rica for years. The absolutely love it and have recently become naturalized Costa Ricans.

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Originally Posted by misskit

^I’ve some “retired” American friends who have had a place in Costa Rica for years. The absolutely love it and have recently become naturalized Costa Ricans.

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It reminded me very much of SE Asia. Relatively safe too, which isn't always the case in that part of the world, and the wildlife (if you're into that) is outstanding.

A no brainer when you consider its proximity to the States.

Totally off putting when you consider its proximity to the States.

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Totally off putting when you consider its proximity to the States.

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much like thailands proximity to china then.

@misskit - I've watched some vlogs abt Costa Rica and most vloggers say that compared to other Lat-Am countries, it's more pricey and has become too gringo-ized.

I've also watched some vlogs on Ecuador & Colombia - I think the cost of living are similar for both places.

However, in Colombia, that's where I learned/ read the expression "no dar papaya" (or similar). Meaning, don't expose your sweet/ expensive stuff like phones, watches, etc.

The blogger Nomadic Matt and vlogger Alina McLeod (a young, pretty Canadian) had some dicey experiences in Colombia. If I was to travel solo, I'd be very wary in Colombia.

Disclaimer - I've never been to Central or South America, but am curious about the region.

^Costa Rica has probably been more grino-ized a far longer time than other Latin American countries with the exception of Panama. The country has a high standard of living and education so no doubt more expensive than surrounding countries.

The only way I would spend time in Colombia is if I were with Colombian friends. Ecuador doesn’t seem as daunting.

^ I lived there for 3 and a half years and never had a single problem. I travelled all over the country, often on public transport, and loved the place.

In general, any problems tend to be encountered when doing the things you wouldn't do at home: walking through parks on your own late at night pissed up; going to the worst areas of the city where even most Colombians wouldn't dream of going; drug deals, prostitutes etc.

^I'd imagine it's safer than your home town Moss Side, Gunchester:)

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Originally Posted by Reg Dingle

^I'd imagine it's safer than your home town Moss Side, Gunchester:)

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You don't half fancy yourself these days since you sold your soul for a southern post code, Mrs Bouquet. :)

I bet the neighbours think you're casing the joint when you take the poodle for a walk on your little pink unicorn bike.

:)

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Originally Posted by hallelujah

Mrs Bouquet

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It's Bukkake:)

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Originally Posted by Storekeeper

61 days and a wake up until retirement and one final mortgage payment. After that my costs to live in my 2 bedroom, 1100 square foot condo overlooking the inlet are … $400 a month maintenance fee, $175 a month property tax, $125 a month internet, $100 a month yearly average for electricity and $50 a month for renters insurance. If I was staying and bought a car I’d buy a brand new one and put enough down to have a $325 a month payment. And then my car insurance would be/is roughly $50 a month. My health care expenses would be zero as I’m a military retiree and have TRICARE. And since I can use the commissary on base for shopping let’s say $1000 a month all in for food, cleaning stuff, toiletries. Less than $2500 a month. And that’s here in the state of Washington.

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Stay there, get active in some things you like. Then realize you can travel to your hearts content. Asia including Thailand for the Mrs. Then buy a used RV that's nice. Do the USA. Checking out all the other places you have in the back of your head. Take 2 or 3 months and 7 or 8,000 miles. Like the RV keep it. Dont like it sell it for 90% of what you paid for it.

You are in a great position.

My daughter would volunteer in Central America. Help set up units (train doctors and nurses) for premature births. They would keep the volunteers in one building and escort them the hospital each day.

I told her that was noble of her to give up her time and knowledge, but to stop. I did give her a good reason and she understood.

She told me after about a month after setting these units up they would shut them down. Not enough money to keep them up and running.

Costa Rica Travel Advisory

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Originally Posted by hallelujah

It reminded me very much of SE Asia. Relatively safe too, which isn't always the case in that part of the world, and the wildlife (if you're into that) is outstanding.

A no brainer when you consider its proximity to the States.

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The problem I find with S/c America is that the quality of everything whether its the computers at a internet cafe, motorbikes or bicycles, used phones, cloths at the market, are just of far lower quality and quantity because its not the mfg base of the world like SE Asia is.

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Originally Posted by aging one

Stay there, get active in some things you like. Then realize you can travel to your hearts content. Asia including Thailand for the Mrs. Then buy a used RV that's nice. Do the USA. Checking out all the other places you have in the back of your head. Take 2 or 3 months and 7 or 8,000 miles. Like the RV keep it. Dont like it sell it for 90% of what you paid for it.

You are in a great position.

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I read this and immediately started thinking of the lyrics to Stairway to Heaven. Had to listen to it on YouTube. Daggum song has been in my head all friggin’ day … :dogrocks::rock_dj:

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Originally Posted by aging one

Dont like it sell it for 90% of what you paid for it.

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Yesteryear maybe.

Now some are realising places to pull into for the night are filled with less than desirable, permanent residents....

As fuel prices surge, RV drivers take shorter trips, get vehicles delivered

Contributor
Doyinsola Oladipo Reuters


Published
Jun 16, 2022 2:14PM EDT

As fuel prices surge, RV drivers take shorter trips, get vehicles delivered | Nasdaq

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Originally Posted by S Landreth

My daughter would volunteer in Central America. Help set up units (train doctors and nurses) for premature births. They would keep the volunteers in one building and escort them the hospital each day.

I told her that was noble of her to give up her time and knowledge, but to stop. I did give her a good reason and she understood.

She told me after about a month after setting these units up they would shut them down. Not enough money to keep them up and running.

Costa Rica Travel Advisory

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She sounds like Dr. Paul Farmer as detailed In the biography Mountains Beyond Mountains

^Barbie (young, thin, blond and blue)? :)

A nickname given to her while spending different times in Central America by some of the medical professionals.

She enjoys her work and helping others but not nearly as accomplished as
Dr. Paul Farmer. Dr. Farmer was an extraordinary individual.

a mate of mine just spent 2 years managing a project to build a hospital in rural Ghana (i think it was)
soon as it was finisihed and he left they decided to mothball it
guess theyed sucked all the graft out of it they could
no cash to actually open the place
bloody big job as well

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Originally Posted by S Landreth

^Barbie (young, thin, blond and blue)? :)

A nickname given to her while spending different times in Central America by some of the medical professionals.

She enjoys her work and helping others but not nearly as accomplished as
Dr. Paul Farmer. Dr. Farmer was an extraordinary individual.

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I dunno mate. Volunteering her time in Central America to help support medicine sounds pretty noble to me. My sister and her partner flew to the Solomon islands after the big Tsunami to help nurse. It's not something I would do myself, but I'm impressed with those that do.