The dream of retiring to a life of sunshine, delicious food, and cultural immersion has become a popular aspiration, with plenty of countries that are perfect to retire to around the world. But for many, the allure of those exotic destinations can feel out of reach, especially when it comes to the countries that are great to retire to for millionaires. The good news is, creating a fulfilling retirement abroad doesn’t require a seven-figure bank account. Several countries around the world offer a low cost of living, making it possible to stretch your retirement savings further and experience the joys of a new culture, all without breaking the bank. Here’s a look at 7 cheap countries to retire, along with estimated monthly expenses and key factors to consider.
7. Malaysia
Southeast Asia beckons with its vibrant cultures, stunning natural beauty, and delicious cuisine. Malaysia stands out as a haven for retirees seeking an affordable and enriching experience. This rapidly developing nation offers modern amenities at attractive prices, without sacrificing its cultural charm. Retirees in Malaysia can immerse themselves in a rich tapestry of Malay, Chinese, and Indian influences, while enjoying pristine beaches, lush rainforests, and delicious Southeast Asian flavors. Beyond affordability, Malaysia boasts a top-notch healthcare system and a growing population comfortable with English, easing communication for retirees.
- Monthly Cost of Living (for a couple): US$1,800 – US$2,500
- Rent (1-bedroom apartment): US$300 – US$500
- Why Retire Here: Affordability, modern amenities, diverse culture, stunning scenery, excellent healthcare
6. Portugal
For those seeking a taste of Europe without breaking the bank, Portugal offers an idyllic escape. This beautiful country boasts a lower cost of living compared to other Western European destinations, allowing retirees to enjoy a charming European lifestyle. Portugal’s stunning coastline, rich history, and friendly locals create a welcoming atmosphere. Beyond its affordability, Portugal is renowned for its excellent healthcare system, providing peace of mind for retirees.
- Monthly Cost of Living (for a couple): US$2,000 – US$2,500
- Rent (1-bedroom apartment): US$500 – US$800
- Why Retire Here: European charm, affordable living, beautiful coastline, rich history, excellent healthcare
5. Czech Republic
The Czech Republic offers a unique proposition for budget-minded retirees seeking a European adventure. This hidden gem boasts a captivating blend of affordability, stunning medieval architecture, and a rich cultural heritage. History buffs will find themselves enthralled by the country’s well-preserved castles and charming towns. Beyond historical treasures, the Czech Republic is famous for its delicious beers, friendly people, and excellent healthcare system, ensuring a comfortable and fulfilling retirement.
- Monthly Cost of Living (for a couple): US$1,500 – US$2,000
- Rent (1-bedroom apartment): US$300 – US$500
- Why Retire Here: Affordability, stunning medieval architecture, rich cultural heritage, delicious beers, friendly people, excellent healthcare system
4. Peru
For retirees with a thirst for adventure and a love for diverse landscapes, Peru beckons. This captivating South American nation boasts a wealth of historical wonders, breathtaking natural beauty, and a vibrant culture. From the majestic peaks of the Andes Mountains to the lush Amazon rainforest, Peru offers endless opportunities for exploration. History buffs will be enthralled by the ancient Inca ruins of Machu Picchu, a UNESCO World Heritage Site. Foodies will relish the country’s unique and delicious cuisine, influenced by its rich indigenous heritage. Beyond its natural and cultural wonders, Peru offers a low cost of living, making it possible for retirees to live comfortably on a fixed income. Affordable groceries, readily available public transportation, and a relatively inexpensive healthcare system all contribute to Peru’s appeal for budget-conscious retirees.
- Monthly Cost of Living (for a couple): US$1,600 – US$2,200
- Rent (1-bedroom apartment): US$200 – US$400
- Why Retire Here: Diverse landscapes, rich history (Machu Picchu!), delicious cuisine, affordable living, friendly locals
3. Colombia
Colombia has emerged as a popular choice for retirees seeking a vibrant and affordable lifestyle in South America. This beautiful country boasts stunning scenery, from the Caribbean coastline to the Andean mountains, and a rich cultural heritage. Colombia has undergone a significant transformation in recent years, offering a safe and welcoming environment for retirees. Beyond its affordability, Colombia is known for its friendly people, delicious cuisine, and excellent coffee. The healthcare system is also improving, providing retirees with peace of mind.
- Monthly Cost of Living (for a couple): US$1,700 – US$2,300
- Rent (1-bedroom apartment): US$300 – US$500
- Why Retire Here: Affordable living, beautiful scenery, friendly people, delicious cuisine, excellent coffee, improving healthcare system
2. Thailand
Thailand, known as the “Land of Smiles,” offers a warm welcome and an incredibly affordable lifestyle for retirees. This Southeast Asian paradise boasts stunning beaches, delicious food, and a rich cultural heritage. Retirees in Thailand can enjoy a relaxed pace of life with affordable housing, delicious street food, and readily available transportation. Beyond affordability, Thailand is known for its beautiful temples, vibrant festivals, and friendly locals. The country also boasts a good healthcare system, making it an attractive option for retirees seeking a budget-friendly and enriching retirement experience.
- Monthly Cost of Living (for a couple): US$1,500 – US$2,000
- Rent (1-bedroom apartment): US$250 – US$400
- Why Retire Here: Affordable living, beautiful beaches, delicious food, rich culture, relaxed pace of life, good healthcare system
1. Uruguay
Nestled between Argentina and Brazil, Uruguay offers a unique blend of European influence and South American charm. This peaceful country boasts a reputation for political stability, a high quality of life, and a strong social safety net. Retirees seeking a tranquil and affordable lifestyle will find much to love in Uruguay. The rolling countryside, charming coastal towns, and relaxed pace of life create a serene atmosphere.
Beyond affordability, Uruguay offers several advantages for retirees:
- Monthly Cost of Living (for a couple): US$1,800 – US$2,400
- Rent (1-bedroom apartment): US$400 – US$600
- Why Retire Here: Affordable living, peaceful atmosphere, beautiful scenery, safety and stability, high quality of life, cultural attractions
