Retiring in the United States can be expensive. In Florida, often the nation’s favorite state for retirees, settling down and enjoying your golden years can cost up to $58,396 a year.
This is one reason why many Americans choose to leave the United States and retire abroad. According to a 2023 report by the Wall Street Journal, nearly 450,000 people received their Social Security checks outside the United States at the end of 2021, up from 307,000 in 2008.
But not all international retirement destinations are created equal, especially if you’re on a budget. Last month, International Living released its list of 13 destinations where a couple can retire for just $1,500 a month.
International Living used the following seven categories to determine the top rankings among more than 200 countries around the world:
- Housing
- Visas and benefits
- Cost of living
- Affinity evaluation
- Health care
- Development and governance
- Climate
In addition to taking these factors into consideration, International Living also looked at the availability of high-speed Internet, networking opportunities, and English-speaking residents or service providers in each country.
Although cities and towns are scattered throughout the world, some countries are particularly convenient for retirees. Mexico had the most cities on the list, and five destinations were in Southeast Asia.
The Best Affordable Retirement Destinations in the Americas
Querétaro, Mexico, is one of three cities in the country listed in the International Living report.
Sergio Mendoza Hochmann | Moment | Getty Images
- Querétaro, Mexico
- Isla Mujeres, Mexico
- Cozumel, Mexico
- Armenia, Colombia
- Arenal, Costa Rica
Querétaro, Mexico, was one of three South American cities included on International Living’s list.
It is located in north-central Mexico, just over two hours from Mexico City. The local airport also offers direct flights to several hubs in the United States, including Dallas/Ft. Worth it, Houston and Chicago.
Querétaro offers a mild climate and various department store shopping options, such as Costco and Sam’s Club.
According to Numbeo, the estimated monthly cost for a single person in Querétaro is $744.50 before rent.
In Querétaro, the average rent for a one-bedroom apartment is MXN10,571.43 or about $633. According to Zillow, the average rent for the same size apartment in the Florida hotspot is $1,236.
Best Affordable Retirement Destinations in Asia
Chiang Mai, Thailand, is one of the Asian cities listed in the International Living report.
Phutthiseth Thongtae | Moment | Getty Images
- Penang, Malaysia
- Chiang Mai, Thailand
- Phnom Penh, Cambodia
- Kuching, Malaysia
- Hoi An, Vietnam
Chiang Mai, Thailand, is one of five Southeast Asian cities listed in the International Living survey.
It is the largest city in northern Thailand and is home to hundreds of Buddhist temples. It’s an hour’s flight from Bangkok, the country’s capital.
Excluding rent, a single person’s estimated monthly costs are $515.50, according to Numbeo. Additionally, the average rent for a one-bedroom apartment in the city center is ฿14,100.00 or approximately $395 per month.
Chiang Mai is home to Doi Inthanon, Thailand’s highest peak. It’s known as one of the best places for birdwatching, and according to Hotels.com, the summit park is home to over 300 species.
The best affordable retirement destinations in Europe
Granada, Spain, is one of two cities in the country included in the International Living List.
Photography by Amit Basu | Moment | Getty Images
- Alicante, Spain
- Granada, Spain
- Bergerac, France
Granada, Spain is located in the foothills of the Sierra Nevada mountains in Andalusia and is a city rich in Spanish and Moorish history.
The city is also home to the University of Granada, which has around 47,000 university students spread across several campuses in the city.
It offers retirees the opportunity to embrace the more relaxed Spanish lifestyle while remaining connected to the younger culture of living in a “college town”.
The estimated monthly costs of a single person are $771.30 before rent in Granada, Numbeo State.
Renting a one-bedroom apartment in the city center costs on average €583.33 per month, or about $637. That’s still about $677 less than the average rental price for an apartment in Harrisburg, Pennsylvania, one of the best places to retire in the United States, according to US News and World Report.
Euro to USD conversions were made using the OANDA conversion rate of 1 Euro to 1.09 USD on March 15, 2024. All amounts are rounded to the nearest dollar.
Thai Baht to USD conversions were made using the OANDA conversion rate of 1 Thai Baht to 0.02 USD on March 15, 2024. All amounts are rounded to the nearest dollar.
Mexican peso to USD conversions were made using the OANDA conversion rate of 1 Mexican peso to 0.05 USD on March 15, 2024. All amounts are rounded to the nearest dollar.
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