6 Countries That Are Cheaper Than Florida To Retire To

With its sunny weather and no state income tax, Florida seems like an ideal place to retire. But the rising cost of living is pricing some retirees out. Fortunately, attractive alternatives exist overseas that are gentler on fixed incomes. By opting to retire abroad, you can make your retirement savings last without sacrificing amenities and adventure.

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GOBankingRates talked to experts to find out the six countries that are cheaper than Florida to retire to.

See 15 other affordable international places to retire.

Portugal

Craving beachy vibes on a budget? Look to gorgeous Portugal. According to Nomad List, the cost of living in the stunning Azores islands for an expat runs just $1,413 a month. Compare that to the $2,203 monthly median rent in Fort Lauderdale, per Payscale. Portugal promises seaside splendor without draining your wallet.

Additionally, finance and real estate expert Dennis Shirshikov said, “Healthcare in Portugal is both high-quality and affordable.” So retirees can soak up the Mediterranean coastal lifestyle in the Algarve while paying far less than in South Florida.

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Mexico

According to real estate agent Adam Chahl’s research, “Housing costs in Mexican locales can be up to 50% cheaper than in Florida, and the overall cost of living follows suit.”

He’s not wrong. Nomad List shares that you can get by as an expat in gorgeous La Paz, Mexico, for $1,482 a month, whereas rent alone in Miami will set you back $2,019 a month, according to Payscale.

Moreover, popular retirement spots like Lake Chapala put retirees in close proximity to the U.S. for convenient visits. As Chahl added, “The close proximity to the U.S. makes it convenient for family visits.”

See: Here’s How Much the Average Retiree in Europe Has in Savings

Costa Rica

“Costa Rica is known for its beautiful landscapes, rich biodiversity and friendly locals,” said Chahl, adding that housing, groceries, dining out and outdoor entertainment are much cheaper than in Florida.

Key Biscayne’s steep $6,000 monthly median rent, according to Payscale, prices out many retirees. But they can immerse themselves amid Costa Rica’s stunning landscapes and wildlife for nearly half the cost.

Nomad List reveals that the total cost of living in the picturesque town of Liberia runs expats just $1,165 a month. Retirees get more bang for their buck in Costa Rica.

Uruguay

Uruguay appeals to retirees with its “high-quality healthcare and affordable living options,” said Chahl. Known for its “relatively stable political environment,” the coastal country provides cultural richness and natural beauty — and it’s all yours for a steal compared to Florida.

According to Nomad List, $1,668 is the expat cost of living in bustling Montevideo for a month. Compare that to Orlando, where median rent alone is $1,520 a month, according to Payscale.

Thailand

According to Jonathan Faccone, founder of Halo Homebuyer, expats are drawn to Thailand’s “affordable and convenient lifestyle.” From bustling Bangkok to tropical beaches, Thailand stretches retirement budgets further with its low cost of living and amenities.

Compared to Tampa, where Payscale says the median rent is $1,326 a month, Nomad List says the total cost of living for an expat for a month in Bangkok is just $1,058 a month.

Panama

With its proximity to North America, sunny climate and developed infrastructure, Panama caters well to retirees without the high Florida price tag.

According to Payscale, Madeira Beach in Florida has a median rent of $2,129 a month; but, if you head to Panama City, Nomad List says your entire cost of living is $2,105 a month. Plus, there’s a hundred gorgeous little towns to choose from — places such as Coronado Beach and Boquete provide vibrant communities amid natural beauty.

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