Even though we save for so many years to prepare for a comfortable retirement, many of us are confronted with a daunting challenge when this phase of our lives approach as we simply did not manage to save enough. However, considering that social security is by no means able to provide the option of retiring well and in addition to this the vast majority of Americans aged between 55 and 64 have only managed to save around $100,000 for retirement, you are not alone with these concerns.
Amazing Places
While you may be wondering what your realistic options are, you could consider the possibility of moving abroad to enjoy your twilight years in another country that would be more capable of providing you with the well-deserved relaxation you are after. We have analyzed the top 20 places where you will be able to retire comfortably with $150,000 or less. Read on to discover in-depth insight into the daily living costs in these 20 places.
#20 Croatia
Croatia is a group of well over 1,000 enchanting islands, which means a retirement here will allow an incredible journey filled with exploration. The region is perfect for a relaxed lifestyle.
However, you will need to be ready for the cold winters and regular heavy winds. The natives here speak English, which means you won’t have much trouble getting around while you are settling in, although, the villages inland will require some knowledge of the Croatian language. The group of islands is home to numerous ex-pats and is often referred to as “the new Tuscany.”
Croatia
You will have the option to rent or purchase a property if you are enticed by the idea of enjoying this breathtakingly beautiful spot for retirement as a $150,000 retirement is enough to purchase a one-bedroom apartment on the coast of either Pula or Rovinj for around $70,000. On the other hand, a rental would cost you around $300 each month.
You will be required to register and invest a small amount into the state’s health care system to gain residency, although, considering you will only have to pay around $400 per annum, this will prove as a great benefit for retirement.
You will then be able to apply for temporary residence, which is needed to visit even for a short period. You can apply from the permit to stay for longer than 90 days by paying a visit to the Ministry of Interior office or a local police station. You will be required to provide the following:
● proof that you have sufficient funds for living expenses
● proof of property ownership
Your temporary residence will need to renewed every five years and you will be able to apply for permanent residency after five years.
#19 Bolivia
Bolivia is quite a popular spot for retirement and mostly because the land is incredibly beautiful. However, the South American country also boasts alluringly affordable living costs, which makes it perfect for retiring with limited funds. You may want to brush up on your Spanish as the natives here are not all inclined to understand English.
As the region is popular for retirement, you will likely be able to settle down and find there are several helpful ex-pats to help you adjust. A town such as La Paz, Torija, and Santa Cruz are great options that will cost you around $1,000 per month to live quite comfortably.
Bolivia
The only downfall may be that the country is not equipped with suitable public health care, which means that you would likely be best off purchasing health insurance as private health care would be best.
If you are considering the option of retiring here, you should perhaps contemplate the benefits of visiting for a short period first, simply to determine whether or not the region is right for you. Once you have settled on the retirement location, you can apply for a “specific purpose visa” which will allow you residence in the country. You will be required to submit a letter that states that you are planning to move permanently with proof of your financial situation and a police record check as well.
#18 Belize
This country is an incredibly popular retirement choice as it is charmingly affordable. The jaw-dropping scenery offers amazing beaches and enchanting nature that will prove a great option for your well-deserved resting phase. While English is the first and most spoken language here, Spanish is the second.
Renting in the region will cost you around $700 per month and as the crime rate is significantly high in areas such as Belize City and isolated areas, it would be best to pick your destination with care.
Belize
Belize is also not a great place to take advantage of public health care as you will not be able to find treatment for serious health problems. However, you do have the option of visiting Costa Rica, Mexico, or Nicaragua if the need arises.
To gain residence here you will need to visit for at least 50 weeks at a time before you will be able to apply for residency, which will cost you only $1,000. You will also have to provide proof that you will manage to transfer about $24,000 each year into a Belize bank account. It would be best if these funds came from a combination of Social Security, IRA, and a pension plan.
#17 Vietnam
Vietnam is a great option for an affordable retirement and what’s more, the stunning region will have you surrounded by breath-taking French colonial architecture, incredible nature, and some of the most divine local cuisine. The beach towns and the city life here are both affordable options to settle down without breaking the bank and the pleasant weather suggests it would be a most relaxing choice too.
You may need to spend some time learning basic Vietnamese to communicate with the locals, although, this could prove an exciting new skill to achieve. English has become a commonly used language, which means that you won’t have too much of a hard time if you aren’t willing to learn a new language.
Vietnam
The country does provide decent basic health care for residence and you can travel to surrounding areas should you need more serious treatments or surgeries.
To gain residence here you will need to apply for a one-year multiple-entry visa as the region does not have any kind of retirement visa. The downfall with this option is that you will have to leave the country every 90 days before returning.
#16 Ecuador
Ecuador is a budding tourist destination and also a fantastic option for retirement as the vast majority of the retired community here are actually from the United States. The country has dedicated a lot of effort into maintaining its natural areas, which is simply great for enchanting visitors and prospective residents. You will be able to find plenty of towns that are rich with historical antique and busy cities. The best part is that most areas here offer pleasantly affordable rental prices that range from about $340 to $460 per month for a one-bedroom apartment.
Ecuador
You may be decided after a short visit to suss out the surroundings and get a feel of the local vibe. If the region captures your heart, you will be able to acquire residency after visiting the Ecuadorean consulate in the United States to apply for the pension residency visa. During the process, you will need to prove that you are receiving a minimum of $800 per month from a government certified pension plan and you will also be required to purchase health insurance.
#15 Ireland
Ireland may be well-known for its exquisite castles, although, the land is also packed with affordable accommodation. The locals are pleasant and friendly which will make living here an absolute pleasure too. In addition to this, you will also be able to visit the United Kingdom and Europe as neighboring countries.
You may want to avoid the pricey locations such as Dublin as areas such as County Mayo and Roscommon are far more affordable. Purchasing a home in these pocket-friendly areas will cost you less than $100,000.
Ireland
The health care in Ireland is more than decent and you will be able to take advantage of modern, well-equipped hospitals should the need arise. However, you may need to purchase health insurance if you are not a citizen of the European Union.
As there is no retirement visa for this destination you will need a “D” class visa that will gain your residency in the region for three months. Thereafter, you will be able to apply to be considered a “person of independent means.” During this process, you will be required to provide proof of financial stability and an annual income of roughly $58,000. This is relevant to one person only, which means that couples retiring together will each need to prove such financial stability.
#14 Chile
Chile is known for its friendly welcoming locals and enchanting beachfront while the incredible mountain views offer amazing scenery. Furthermore, the pleasant weather makes it a most appropriate retirement destination. The country is also known for pleasingly low crime rates as well.
Retiring here will cost you around $1,000 each month which will pay for your accommodation and general necessities. If you can add a couple hundred to the amount, you will also be able to enjoy eating out a few days each month.
Chile
You can visit the country with the use of a regular visa and once you have arrived you will then be able to change over to a retirement visa or an income visa. This will allow you residency for one full year. However, after visiting the country for a total of 180 days you will be able to apply for permanent residency if you so wish.
Chile is a great choice for retirement on a tight budget as there are no minimum income requirements to acquire residency.
#13 Uruguay
It may come as quite a surprise that Uruguay has made it onto this list as it is one of the most opted for tourist destinations in South America, although, the affordable living costs suggest it is a top option for retirement. The region boasts Old World charm and a democratic government while modern amenities and infrastructure are available. You will experience weather similar to that of the United States and the charming white sandy beaches mean you will have the most relaxing retirement too.
Should you opt for the second-largest city in Uruguay as your destination, you will be able to live exceptionally comfortable for as little as $800 per month. This budget will cover your accommodation, food, and clothing.
Uruguay
The Uruguay mutualistic health care plan will cost you an extra $100 per month and this will buy you access to both clinics and private health care.
If you have a monthly income of about $1,500 per month, you will be approved for a Rentinista visa which will provide you with the duty-free import of personal things. However, the region does offer a variety of visa options so you will be able to choose the one that is most appropriate for your financial situation. Gaining residency here is also significantly effortless, although, the same does not apply for citizenship.
#12 France
Rather than considering the cities in France, a tight budget will allow you to enjoy a small town in the region such as Pau. Here, you will be able to live comfortably in a one-bedroom apartment for around $500 per month and eating out won’t cost you too much either at roughly $46 for an evening of fine dining.
France
On the other hand, the Mediterranean university town located in Montpellier is another great choice that offers rentals for one-bedroom places ranging from $500 to about $750 per month.
Even though you will need to purchase a health insurance plan, the country is well-equipped to provide optimal health care.
If you have been lured in by this attractive region, you can apply for a long-term visa at United States location of the French constitute and you will be required to provide financial documentation such as pension statements and investment reports. You will also need to prove that you do have health insurance which covers French travel. Your visa can be renewed each year and the renewal process will require updated financial documentation.
#11 Thailand
You will need an income of roughly $24,000 to live in Thailand, which means the popular tourist destination is perfect for retirement. You will also be able to live virtually anywhere in the region with this income from Chiang Mai to the island of Koh Samui. Monthly living costs can be estimated at $1,000 per month for a comfortable lifestyle.
Thailand
Most areas here are modern and boast of high-quality health care. The mild climate is also quite enjoyable and law enforcement ensures a safe stay.
If you have decided to retire here you will need to apply for a one-year retirement visa and you will need to provide proof of annual income as well as a savings of 800,000 Thai baht at least. You will also have to visit the Thai immigration authorities regularly every 90 days during your stay.
#10 Italy
Italy is well-known for its amazing culture, mouthwatering cuisine, and pleasant weather. But it is a bit less well-known for its general affordability. You can purchase a property here for around $32,000 and if you prefer the option of a monthly rental, you can expect to pay around $600 each month.
Italy
However, the beaches of the Puglia are even more affordable and you will be able to enjoy fresh seafood as often as you want.
Italy does not provide any specific visa for retirement. Therefore, you will need to apply for an elective residency visa. As with most visa applications, you will need proof of income and assets.
In addition to this, you will also need proof that you have health insurance as well as a rental agreement. Once you are an Italian resident, you will be able to purchase health coverage under the local health care system for roughly $400. The price is not too steep, considering Italy’s health care system is ranked second in the world.
#9 Peru
A retirement in Peru will cost you about $1,500 per month and you will enjoy a comfortable and charming stay for the low amount. Apartment rental is roughly $225 monthly and an evening of fine dining will cost you about $12 at most.
Peru
As with most countries, you will need health insurance to access private and public health care and you will likely experience altitude sickness after arriving.
The retirement visa, known as the Renista, can be renewed. You will need a monthly income of $1,000 to qualify and an additional $500 per each dependant.
#8 Slovenia
Retirement is Slovenia will provide ample outdoor experiences as the beautiful region boasts incredible scenery. The country is also pleasingly affordable for retirement.
Renting a one-bedroom apartment in the capital city will cost you about $550 monthly. Food prices are also incredibly low.
Slovenia
The state health insurance is required and the small payment will provide you with full health care coverage which means you will have peace of mind regarding your health.
You will need to apply for a one-year temporary residence permit if you decide to retire here while you are in your country of residence. You will need to renew your permit every five years and prove a monthly income of $1,000.
#7 Spain
You should avoid pricey locations such as Barcelona as Valencia and other small towns will be far more affordable. In smaller towns, you will be able to rent an apartment for about $630 per month and the warm waters and sunny weather suggest the country is ideal for a relaxing retirement. You will also be able to venture off to Europe should you so wish.
Spain
Even though the country offers affordable living costs, you will need to prove that you earn a monthly income of about $2,500 when applying for a retirement visa. You will also need to provide documentation that your health insurance is suitable to use in Spain.
#6 Portugal
Portugal borders Spain and while the weather is quite similar, the sunny region is also an incredibly affordable choice for retirement. The decadent local cuisine and the enchanting beaches will ensure you can spend the bulk of your time in complete relaxation while the historically rich country is also known for the friendly locals.
Portugal
Monthly rentals are pocket-friendly, although, you should consider purchasing health insurance to gain access to private health care.
When applying for a residency permit here you will need to have a valid passport, which applies to visit any country. Along with a valid passport, you will also need proof of your monthly income and your health insurance documentation.
#5 Malaysia
Retiring in Malaysia is exceptionally affordable as a one-bedroom apartment will cost you roughly $500 per month. The pleasant weather and incredible food may be able to lure you into the decision of relocating here. However, you may want to avoid costly areas such as Sabah.
Malaysia
Islands are often a better choice for affordability and Penang is unbelievably affordable as a small apartment would cost about $290 per month.
High-quality health care and public clinics are easily accessible here too, which means you won’t be spending a small fortune of health care.
You can apply for a ten-year visa to relocate here for your retirement and you should be able to prove a monthly income of about $2,400 per month.
#4 Malta
Even though Malta is a budding tourist destination for several reasons, the cost of living is kept to a pleasant low. The climate and Mediterranean locals make for a most enjoyable retirement.
Malta
Living here will not cost much as a one-bedroom apartment cost roughly $450 monthly. You will be able to access some of the best medical care. Another benefit to staying here is that English is an official language.
You will need to apply for a one-year visa, which can be renewed to eventual acquire permanent residency.
#3 Panama
Panama is home to some of the most affordable and charming locals. While a one-bedroom apartment will cost $1,000 monthly, food is extremely affordable. What’s more, most people speak English and an evening of fine dining at a top restaurant will only cost you about $50 in total.
Panama
You will be able to apply for Panama’s retirement program, which just so happens to be one of the most alluring aspects of retiring in Panama. There is no particular income requirement either, which means you should not find it challenging to acquire a visa. The retirement program is also packed with great discounts and benefits that will help ensure you can get the most out of your retirement funds.
#2 Mexico
Mexico may be well-known for its incredibly thrilling nightlife, although, if tequila shots and late nights aren’t quite your forte on retirement, you would be pleased to know that the region is also a fantastic retirement destination. A small apartment here will only cost you about $200 and you will be able to find one of your favored American outlets here too.
Mexico
You will be able to use your American health insurance here even though you will be crossing the border. Alternatively, you will also be able to manage the affordable health care costs here if you do not have insurance.
It would be best to opt for a temporary visa that would allow you to travel between Mexico and the United States. However, you can also opt for permanent residency.
When applying for your visa you will need to prove an income of about $23,500 annually. Most of the same requirements are relevant when applying for a visa to travel to Mexico.
#1 Costa Rica
Costa Rica is by far the most affordable retirement destination in the world and as the country is safe, politically stable, and drenched in beautiful forests and gorgeous beaches, you may find it the most suitable decision to retire in Costa Rica. General living costs can be estimated at a total of $1,000 per month which will include comfortable accommodation near the beach, food, and other necessities.
Costa Rica
Costa Rica provides a Pensionado program for retired individuals to take advantage of and while you will need to prove that you have a monthly income of $1,000 at least, the retirement program ensures you various benefits and discounts. You will be required to purchase into the public health care system, although, you do also have the option of private health care by purchasing private health care insurance.
Costa Rice is a great place to retire, the next places are the editor choice. You have to consider them as well.
Scottsdale, Arizona
As you can see, this is a dry and arid place with plenty of desertous and mountainous adventuring to do for those with a penchant
Scottsdale Arizona
The scenery is Scottsdale is something you will surely never tire of and the small population will ensure you can get that peaceful retirement you have earned. The sunny weather takes over most of the year so you won’t have to deal with the cold and tons of snow.
Cape Coral, Florida
Cape Coral Florida
If you are hoping to be able to retire in a sunny region, Cape Coral would be your best bet on a tight budget as the affordability is incredibly low and the sunny warm weather means you will be able to spend your twilight years soaking up the charming rays of the sun.
The Woodlands, Texas
With its spectacular riverside entertainment venues, and a romantic opportunity to take a boat down a warm and dreamlike river journey, The Woodlands is the perfect opportunity for families and couples alike to enter a dreamlike world.
The Woodlands Texas
The Woodlands is gorgeous and the small population relevant here means you will be able to enjoy a relaxing retirement with less than $150,000. The charming housing is surprisingly affordable and the average rental price is about $1,300 per month. The area is also incredibly safe and the weather may just keep you here if you do consider a visit to check out the local vibe.
Torrance, California
This is the ideal place to head to if beaches and seafood are your cup of wine. You will love the almost always sunny skies and the equally warm people. The ocean air is incredible for those suffering from respiratory conditions.
Torrance California
If you prefer to head to the west coast for retirement, Torrance would be a perfect destination that offers some of the most incredible scenery. The location is situated close to Los Angeles and the charming city is perfectly suitable for a smaller retirement budget.
Augusta, Georgia
If safety and peace are your prime concerns, then Augusta is the ideal place to retire to. You will not regret this decision!
Augusta Georgia
Augusta is a charming southern city that boasts an alluringly low crime rate which means you can retire here with limited funds while knowing you are safe. In addition to this, the high standard of living means you will be able to stretch your budget quite far while enjoying your twilight years.
Metairie, Louisiana
This lakeside haven is the most beautiful during fall, as the large trees surrounding the lake turn red and brown in a gorgeous and breezy display.
Metairie Louisiana
The southern city of Metairie is perfect for those after a small-town feel and the location is simply great for a comfortable retirement on a smaller budget. While the cozy city is quite affordable, the charming nightlife found just a few miles out in New Orleans will ensure you never get bored.
Mesa, Arizona
Mesa is one of our more affordable but no less spectacular entries to this list. This is a cowboy wonderland where you can relive the epic and brave world of 19th century America.
Mesa Arizona
In Mesa, you will be able to retire for a monthly rental amount of under $900 and the quiet location is home to great weather all year round. This destination is perfect for those with a smaller monthly income.
Lakeland, Florida
As the name suggests, Lakeland is built around an enormous and wonderful lake.
Lakeland Florida
Lakeland is a great choice for Florida retirement as the area is centrally located and the weather is warm throughout the year. The family-friendly destination is perfect for those who are after a cozy retirement with a small-town vibe. Although you will still have access to larger cities. The healthcare provided here is also impressive and the cost of living is quite low.
Overland Park, Kansas
With its sprawling and idyllic suburbs, each filled with magnificent homes surrounded by huge lawns and greenery in general, Overland Park is a picturesque hidden gem. You are guaranteed a friendly and accommodating retirement here.
Overland Park Kansas
Overland Park is located in the heartlands of America and the small location is packed with fantastic healthcare options. The weather here is charmingly warm during the summers while winters can be a bit snowy.
Mobile, Alabama
Mobile is the perfect place for those looking for all the conveniences and services of a city, with the added luxury and beauty of the beach life.
Mobile Alabama
Mobile in Alabama is another fantastic destination with pleasant weather and low costs of living. Winters will consist of a bit of snow while the simmers are somewhat rainy. You will be able to find two impressive nursing homes here and some of the best hospitals in the country.
Evansville, Indiana
Evansville is famous as a retiree city due to its open and wide sidewalks, safe roads, and incredible healthcare services. It is a charmingly quaint place for any older person to live in.
Evansville Indiana
The median income here is about $35,000 which means that you will be able to retire comfortably on a tight budget. The mild weather and pleasantly warm summers are simply great and the healthcare is most impressive too.
Wichita Falls, Texas
Another highly accessible spot for elders is Wichita Falls, with its many splendid natural and manmade features.
Wichita Falls Texas
Wichita Falls is a beautiful destination to spend your retirement years and the affordable living costs and small population will be perfect for those with a yearly income of around $44,000. The small town is located close to Dallas which means it is suitable for retirees hoping for a relaxing stay with the option of access to big cities.
Tampa, Florida
If avoiding the possible scourge of natural disasters is a big concern for you, then Tampa is the perfect modern shelter.
Tampa Florida
The city of Tampa in Florida is another fantastic choice and the location will offer a retirement unlike no other as the protected ocean inlet will ensure you have access to the beach without risks of concerning hurricanes and other natural disasters. The low cost of living will ensure you can retire here with retirement finds of $150k.
Charleston, South Carolina
Charleston allows one to retire to a place where they can live comfortably and pleasurably on a reasonable budget. It is a historic city with plenty of cultural and recreational spots to enjoy.
Charleston South Carolina
If you are hoping to spend your retirement funds on enjoying the pleasures of relaxing on sandy beaches and enjoying fine cuisine, then Charleston is a great option. The affordable living costs will make a perfect retirement possible.
Springfield, Missouri
Springfield will allow you to retire safely and happily if your budget is not as spectacular as you would have liked it to be and are looking for the best place to land in regardless.
Springfield Missouri
In Springfield, you will be able to enjoy your twilight years as your accommodation will only cost around $700 per month while the perfect weather and charming scenery ensure you will be able to get all that well-deserved rest you have earned.
Cedar Rapids, Iowa
Cedar Rapids is another beautiful and peaceful city that is perfect for those who do not have that much in the way of budget to spare. You can be assured a caring government and healthcare service which are both geared towards accommodating older people.
Cedar Rapids Iowa
The city of Cedar Rapids is perfect for those who are hoping for a most peaceful and relaxing retirement and the small destination is quite affordable for retiring on a smaller budget.
Las Cruces, New Mexico
Just look at that magnificent mountain range that surrounds Las Cruces! Do not let the snow deceive you, however, this modest city has some very pleasant weather almost all year round. The people are incredibly down to earth, too.
Las Cruces New Mexico
Las Cruces is a relatively small city that boasts pleasingly low living costs. The city itself is extremely beautiful and the rich culture here will make it perfectly suitable for an exciting retirement.
Algarve, Portugal
We end our list with an incredible secret spot that is just as heavenly as it is undercowded.
Algarve
Algarve is perfectly suited for those who are after an exotic retirement that is packed with adventure. The location offers several golf courses and charming beaches for you to enjoy and healthcare is practically free, which is simply great. The living costs are also incredibly low and the locals mostly speak English which means you won’t have too much trouble adjusting.