7 budget-friendly places to retire abroad and live comfortably on as little as $1,000/month (2024)

FAQs

7 budget-friendly places to retire abroad and live comfortably on as little as $1,000/month? ›

Malaysia is considered one of the safest countries to retire in 2024 and one of the most affordable to live in! At less than $600 per month (including rent), retirees can enjoy every sweet luxury that Malaysia has to offer at a fraction of the cost that they're used to in the United States or Europe.

Malaysia is considered one of the safest countries to retire in 2024 and one of the most affordable to live in! At less than $600 per month (including rent), retirees can enjoy every sweet luxury that Malaysia has to offer at a fraction of the cost that they're used to in the United States or Europe.

Popular expat retiree destinations include Costa Rica, Portugal and Panama. If you're willing to go further, though, Chiang Mai is an excellent choice. It is a bustling, vibrant city with some of the best food in the world and an apartment will cost between $150 and $500 per month, depending on your needs.

According to various studies, including International Living, Portugal is ranked as the best country for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, quality healthcare system, and affordable cost of living are all big draws for American retirees.

A couple coming from North America can probably survive on US$1,000 per month (assuming you have your own home). However, US$1,500 would be more reasonable. Compared to the USA, the cost of living in Belize is at least 50% cheaper according to testimonials from my ex-pats friends and clients who have moved to Belize.

According to the Missouri Economic Research and Information Center, the lowest overall costs of living were found in Mississippi, Oklahoma, Kansas, Alabama, and West Virginia: Cheapest states to retire.

Panama is one of the most affordable places to retire abroad. U.S. News and World Report highlighted Panama as a country that offers retirees from the U.S. the chance to explore a new country while still being just a short flight away.

The cheapest countries in the world are Pakistan, Egypt, and Bhutan. To live comfortably in one of these states, a person needs under $400 per month. These countries, however, are unconventional choices for expats and digital nomads because of their low levels of safety and quality of life.

Where do the happiest retirees live? ›

Norway is also known for its low crime rate and political stability, providing a safe and secure environment for retirees to enjoy their golden years. The country offers a strong social safety net, education, and infrastructure, which are all important factors for a comfortable retirement.

Hawaii — Hawaii is first on the list because, while it is not exactly the cheapest place to live, it offers other advantages for retired, single females. Hawaii has an elderly population of 16.1%.

Cuenca, Ecuador

With monthly living expenses ranging from $800 to $1,200, Cuenca stands out for its affordability without sacrificing quality of life. The city is applauded for its healthcare system, accessible and staffed by English-speaking professionals, ensuring peace of mind for expatriates.

Portugal fell behind Costa Rica for the top spot, and ranked above Spain, Greece and France, the other European destinations that made the top ten. Could You retire to Portugal??? The annual survey was conducted by International Living.

Querétaro, a historic city in Central Mexico, and Isla Mujeres and Cozumel, islands off the coast of Cancun and Riviera Maya, all offer housing for as low as $500 a month, access to excellent healthcare, and an abundance of recreational activities.

One option for seniors is to downsize to a smaller home, apartment, or condo. This can help reduce housing expenses such as rent, mortgage payments, property taxes, insurance, and maintenance costs. Seniors can also consider sharing a living space with family members, friends, or roommates to further reduce costs.

One of the cheapest warm places to retire in the world is Mexico. San Miguel de Allende, in particular, is a favorite amongst retirees owing to its established expat community, rich cultural scene, and affordable healthcare.

Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

Panama is one of the most affordable places to retire abroad. U.S. News and World Report highlighted Panama as a country that offers retirees from the U.S. the chance to explore a new country while still being just a short flight away.