Cheapest Places to Retire Abroad: While getting old and retiring is not necessarily something people look forward to, it’s a reality of life, and something that should not only be planned for, but embraced. Far from being a swan song to one’s life, retirement can afford them to chance to their live their lives like they were perhaps unable to when they were young, and saddled with the burdens of family and career.
Of course to do so takes careful planning based on one’s savings, and part of that planning should include considering some of the cheapest places to retire abroad. While it might be daunting to make a move to a new country, especially at an advanced age, it is difficult for all but the wealthiest of people to maintain a high standard of living after work if they continue to live in a country with high expenses. Doing so leaves retirees with less disposable income, and less opportunity to take advantage of their increased free time.
Here we have gathered a collection of ten of the cheapest places to retire abroad for current or future retirees to consider. If however you’re conflicted between finding the cheapest place and finding the best place, we recommend you go through our previous feature story on The 5 Best Places to Retire Abroad so you can see some of the other retirement possibilities.
Now then, let’s begin our countdown of the cheapest places to retire abroad.
10. Argentina
Argentina is one of the cheapest places to retire abroad. The capital, Buenos Aires has some European vibes in its arts and culture, while the cheap peso stretches your money much further than the Euro. Though the cost of living is low, it’s getting expensive in some places in Argentina. The more you head inland for destinations like Córdoba or Salta, far from the capital city, the cheaper it becomes.
9. Belize
Belize is located on the north-eastern coast of Central America, surrounded by Mexico and Guatemala alongside the Caribbean Sea. Surprisingly, English is the official language, and you will find several hotels and restaurants which accept the US dollar. Since 1999, an incentive program for retired persons has been run by the government, but several hundred dollars in application fees and other fees are required to gain entry (it’s worth it).
8. Costa Rica
Costa Rica is the most stable and peaceful country in Central America, renowned for having no army, a steady government, stable economy, tranquil beaches, and for its eco-tourism. Though this place is a little more expensive, many emigrants from all over the world retire here every year. Here, the retirement income and real estate profits are exempted from tax, thus making it one of the cheapest places to retire abroad.
7. France
Though Paris is extremely expensive to live in, France includes many other small and far cheaper places like Languedoc-Roussillon, Montpelier, Nîmes, Perpigna and so on. The atmosphere, cultures, museums, cuisines, security, and health care are all excellent in France, so much so that it was ranked number one in a 2010 International Quality of Life Index.
6. Italy
While also not as cheap as some of our other listed locations, Italy is still one of the cheapest places to retire abroad. Small towns like Lucca and Abruzzo are great places to retire, and are popular retirement spots for British, German and French retirees. The places are full of charming and beautiful weather, spectacular shops, restaurants, and hotels, with great food and culture abounding.
5. Ecuador
Ecuador, and in particular a major city in the country named Cuenca, is a desired place for many people to retire. Some places are super cheap in this country, so that it was rated a Top Retirement Haven by International Living. Most of the places like the capital, Quito, Cuenca, and Guayaquil have numerous western conveniences, including Internet connections, cell phone towers, great hotels and restaurants, along with beautiful and charming beaches and natural environments.
4. Mexico
Mexico provides numerous benefits for retired people. Here, the cost of living is cheap, health care is available and inexpensive, and the retirement income is tax free for all. Though northern Mexico near the US border is well-known for drug-related violence, there are many other towns away from the border which are fully safe, including Puerto Vallarta, Lake Chapala, Cabo San Lucas and the World Heritage site San Miguel de Allende.
3. Nicaragua
Nicaragua is the Central American country bordering Costa Rica to the south and Honduras to the north. Since its independence in 1821, Nicaragua has experienced a long period of political turmoil, dictatorship and fiscal difficulties. In recent years however, it has succeeded in economic growth and political stability. This place is very cheap to live and considered as one of the cheapest places to retire. Also, the huge biological diversity, warm tropical climate, and active volcanoes make Nicaragua a popular tourist destination, along with retirement destination.
2. Uruguay
Uruguay is home to pristine white-sand beaches and very charming weather. This country, bordering Brazil and Argentina, is a little smaller than the state of Washington. The capital Montevideo attracts the most retirees due to its theaters, opera houses, and jazz festivals, along with a low cost living. The city was rated as the best in the South America Quality of Living city rankings in 2009.
1. Panama
Panama, home of the famous canal between the oceans, attracts many American expatriate retirees for its cheaper living costs, and great natural beauty. The county government runs a Pension program for foreign retirees, whom are guaranteed pension or social security income of at least $500. It is an economically and politically stable country, which also allows US dollar payments. Boquete, a small town on the Caldera River in the green mountain highlands, is the most popular retirement place in the country, which is our most recommended cheap place to retire.
