Affordable Places To Retire Abroad Without Sacrificing Quality Of Life

Retiring abroad has many benefits, including cultural enrichment and taking advantage of a better — and often healthier — quality of life. And in some cases, spending your golden years overseas comes at a much lower price.

According to the Social Security Administration, in November 2023, the average monthly Social Security check was USD 1,710.78 (INR 1,41,765), and the previous year, about 48 percent of retirees reported spending under USD 2,000 (INR 1,65,732)  a month. While you could live on a similar budget in certain parts of the country (like Cleveland, for example), if you are looking to stretch your monthly retirement budget and get more bang for your buck, you might want to consider retiring in countries like Mexico, Panama, Portugal, and Thailand, according to US News & World Report.

Affordable places to retire at

The website polled travel and budget experts on the most affordable places to retire in the world on USD 1,000 (INR 82,866) and seven countries in total came out on top, including the abovementioned four.

“Moving to a lower-cost country does not mean you need to compromise on quality of life. The level of medical care, infrastructure, and other important lifestyle factors can be as high as, or even superior to, US equivalents,” the website stated.

Portugal, for example, was recently ranked best for healthcare thanks to its affordable health services that, even for non-residents, come at a fraction. The country has a rich maritime history, and its small villages and towns are chockfull of beautiful castles and monuments. Portugal is also one of the sunniest countries in Europe, and its scenic Algarve region is a picture-perfect stretch of the Atlantic coastline with many beaches and resorts.

If you’re not willing to travel as far, then Mexico and Panama both offer an immersive cultural experience. US News & World Report notes that Panama, in particular, is tax-friendly and has lower housing costs.

Mexico is a popular expat and retirement destination, and while certain areas like the Riviera Maya or Cabo San Lucas could be pricy, towns like Aguascalientes in central Mexico allow seniors to live comfortably for under USD 1,000 (INR 82,866)  a month. Additionally, both countries are ideally located to allow their residents to explore other spots in the Caribbean and South America.

And if you have the white sand beaches and lush jungles of Southeast Asia on your mind, US News & World Report recommends moving to Malaysia, the Phillippines, Thailand, or Vietnam. The website highlights the Philippines and Thailand as countries with large expat populations where you can get by if you only speak English.

You can read the full report at usnews.com.

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All currency conversions were done at the time of writing

(Feature Image Credit: Mariah Tyler ©)

This story first appeared on travelandleisure.com

Related: 10 Pocket Friendly Places To Retire In Canada

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