We’ve analyzed some of the most popular countries, from the cost of living to culture, to bring you this list of the cheapest countries you can move to when it’s time to retire.
Here’s our list of the 7 cheapest countries to retire to:
Ecuador is one of the most ecologically diverse places in the world, maintained by the protected status of its 11 national parks, which help to limit oil exploitation and protect the ecosystem.
Ecuador already hosts a well-connected and welcoming community of expats, which means you can easily find people to help you join local dinner clubs or sign up to art classes and try your hand at competing with the most expensive paintings ever created. For those looking at retirement planning for a biodiverse environment with a more temperate climate, Ecuador deserves a place on the list of locations worth considering.
One of the key attractions for France as a place to retire to is its excellent social security benefits, with universal healthcare coverage available for all residents at an exceptionally low cost.
Overall cost of living is accessible, meaning you’ll have plenty of your retirement income left over after your monthly expenses to enjoy France’s many fine restaurants and entertainment venues. Living expenses vary depending on where you choose to settle in France, with a lower cost of living expected in more rural regions compared to living the high life in urban areas.
Also known as “the Switzerland of South America,” Costa Rica is one of the safest countries in the region, with affordable healthcare and other social security benefits to help keep your running costs low. For those who don’t see retirement as an opportunity for putting up their feet, and would rather get out and about, there’s everything from jungle hikes to canopy tours and volcano expeditions to keep you on the move.
As one of the cheapest countries to live in, healthcare costs are considerably lower than in the US. In contrast, other social security benefits and low-income tax rates ensure the cost of living is even lower. This adds up to an affordable cost of living of around $!500 to $2000 per month to cover the costs of a couple living in Mexico. This large, geographically diverse country features a range of climates to suit various preferences, meaning you can holiday within Mexico depending on the season to find the temperature which suits you best.
Panama often conjures up images of a tax haven for some of the richest people in the world, but despite the financial institutions which dominate Panama City, it’s also a place of tropical beauty and lush beaches. You don’t have to be a millionaire yourself to live a good life among Panama’s super-rich; a couple can get by in Panama City with a cost of living under $3000 per month.
Portugal’s capital city, Lisbon, is one of the most affordable capitals in Europe while still offering the restaurants, nightlife, and modern facilities you’d expect to find in other major cities. Professional healthcare comes at competitive prices, while accommodation can start from under $500 per month for a three-bedroom home. This is a country that brings historic towns, maritime history, and a timeless geographical beauty together with great value cost of living and friendly locals.
Colombia is the second most biodiverse country in the world; you can explore stunning mountain ranges and tropical rainforests or find sandy beaches scattered up and down the coastline. As well as being one of the most ecologically diverse places you can retire to, Colombia also features a strong infrastructure, including efficient public transportation, decent healthcare facilities, and affordable utilities.