This article takes a look at the 12 best places to retire in Bali. If you wish to skip our detailed analysis, you may go to 5 Best Places to Retire in Bali.
Navigating Retirement Realities: Trends, Challenges, and the Allure of Bali
According to a PwC analysis, a quarter of US adults have no retirement savings at all. Moreover, only 36% feel that their retirement savings plan is on track for them to lead a comfortable retirement. Those who haven’t retired have been the most pessimistic since 2012, a trend that aligns with findings from prominent firms like BlackRock, Inc. (NYSE:BLK). This is because for six in 10 retired adults, almost 59%- Social Security benefits is the only means of income in their so called golden years. Considering the average Social Security check is a mere $1,907 per month as per January 2024, seniors have limited choices as to how much and where to spend on.
However, this pessimism hasn’t been all bad. According to findings from Bank of America Corporation (NYSE:BAC), Americans have been prioritizing saving for retirement in 2023 despite the challenging economic environment. The Bank of America Corporation (NYSE:BAC)’s full year participant research found that 401(k) account balances rose 15% to an average of $86,280 in 2023. Higher contributions and favorable markets both were accountable for this rise. Bank of America Corporation (NYSE:BAC) Retirement and Personal Wealth Solutions, along with its Bank of America Institute, track the behavior of their plan participants. As of December 31, 2023, there were more than 4 million plan participants. Findings from their study highlights that among the group, an estimated 18% of plan participants boosted their contributions in Q4, 2023. This demonstrated an increase of more than 9% from the previous quarter, a sign that Americans are now saving more than they have been previously. Health saving account balances also recorded an uptick, according to the Bank.
Since many retirees find their savings or Social Security check inadequate to lead a comfortable lifestyle here in the USA, many choose to flock to some of the most affordable retirement destinations in the world. Some hit the jackpot and capitalize on places to retire on $1,000 a month. Surprising, yet doable. Others wish to find the best balance between beauty and affordability. One such country that has recently rounded up on our list of countries to retire on just Social Security in 2024 is Indonesia. Home to more than 350,000 expatriates, retiring to Indonesia means seniors can get to enjoy an affordable cost of living, friendly locals, and beautiful landscapes.
Indonesia also happens to be one of the best expat retirement countries in the world. It is easy to retire to and settle in the country through the Retirement KITAS visa. The Retirement visa KITAS is a temporary visa granted to seniors for 1 year (Retirement ITAS) or 5 years (Golden Visa). You can be 55 years to be eligible for the 1-year Retirement KITAS, and 60 years only apply for the 5 year one. One a senior has been granted a retirement visa to Indonesia, the next question on their mind is where do most expats live? One answer to this question is a no-brainer. That’s right, many seniors who retire to Indonesia choose to retire in the breathtaking Bali. For those wondering how much money you need to retire, retirees can live comfortably on an estimated $1,300 to $2,000 per month.
This Indonesian paradise has long captivated the imagination of retirees seeking a tranquil yet stimulating environment to spend their golden years. With its welcoming locals, affordable cost of living, and diverse expatriate community, Bali emerges as a compelling destination for those looking to retire in an exotic setting.
Methodology
To compile the list of best places to retire in Bali, we consulted several sources such as Own Property Abroad, Bali Insight Living, Bali Coconut Living, Our Year in Bali, amongst others. and used a consensus approach to choose the list of best places. Next, each place was ranked based on their cost of living and range of amenities offered. Scores were summed up and places were ranked in an ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
With that said, let’s check out all the best places to retire in Bali:
12. Uluwatu
Insider Monkey Score: 7
Cost of Living: $1,927
Nestled on the south-western tip of the Bukit Peninsula of Bali, Uluwatu is an ideal retirement destination for the adventure lovers. Seniors love this off-the-beaten path destination for its tranquility and peace. Home to world-class surf breaks and the most mesmerizing beaches, retiring early to this beautiful haven means more time to enjoy the a simple, affordable, yet heavenly lifestyle. The locals are known to be extremely friendly, the cost of living is affordable as compared to the US, and residents get to enjoy a relaxed pace of life. Seniors can also access quality healthcare services at Unicare Uluwatu Medical Clinic, a trusted option for travelers and expats.
11. Canggu
Insider Monkey Score: 7
Cost of Living: $1,996
This burgeoning coastal village has emerged to be one of the best places to retire in Bali. Located on the South coast, Canguu is revered for its world-class surf breaks, terraced rice paddies, and laid-back lifestyle. Retiring here offers a unique blend of embracing the Balinese way of life while enjoying modern comforts. This piece of heaven is located in close proximity to the more popular Ubud and Seminyak, offering access to big-city amenities without compromising on its tranquil vibe. There are lively cafes, bars, clubs, and eateries to cater to all sorts of audiences. The younger expat population is particularly driven towards Canggu, so this is the place to be in case you decide to retire early and have more fun in life.
10. Nusa Dua
Insider Monkey Score: 8
Cost of Living: $2,000
Known as the epitome of pure luxury, Nusa Dua is located 40 km from Denpasar. Home to deluxe spas, world-class golf courses, and international luxury hotels, Nusa Dua is a retiree’s chance to make a home in a place that doubles as a tourist destination. There are upscale shopping centers, gourmet dining options, and posh retirement communities that seniors can choose to retire in. Indulge in spa treatments, engage in water sports, or simply relax on the pristine beaches when you retire here.
9. Ubud
Insider Monkey Score: 8
Cost of Living: $1,889
Ubud is quite a familiar name for even those who don’t know much about Bali. One reason why it is one of the best places to retire in Bali is that it stands to be its cultural heart. Once you retire, things like culture and traditions start meaning more to you than they previously did. Ubud stands to do just that, offering retirees the chance to enjoy traditional dances, art galleries, and even craft markets. Since it is situated in the mountains, retirees get to enjoy a weather that resonates eternal summer. Ubud offers an eclectic array of dining options, from cozy cafes to upscale restaurants, catering to diverse tastes. The town boasts excellent infrastructure, ensuring easy access to modern amenities such as healthcare facilities and supermarkets. Many retirees don’t know that Ubud is known as the arts center of Bali, brimming with culture, arts museums, and artisans. There is a popular culinary scene here as well, featuring world-class restaurants at comparatively affordable prices.
8. Kuta
Insider Monkey Score: 9
Cost of Living: $1,513
Next on our list of best places to retire in Bali is Kuta. This beach and resort area on the South of the island of Bali boasts some of the best beaches around. Kuta is undoubtedly one of the best places to enjoy mesmerizing sunsets as well, a past time that can quickly become a favorite for seniors. This beach area is for the fun-loving, social retirees who will appreciate its bustling streets and vibrant nightlife. Brimming with art shops, massage parlors, clubs, bars, and restaurants, retiring here will feel like an everyday vacation. Undoubtedly, Kuta is also known to be a famous tourist destination. It is loved for its relaxed atmosphere, perfect surf breaks, and long beaches. Two popular hospitals in close proximity to Kuta are BIMC and Siloam Hospital.
7. Seminyak
Insider Monkey Score: 13
Cost of Living: $1,168
Brimming with luxury hotels, spas, and shopping and eateries, Seminyak is another touristy-retirement destination to consider. Living in this beach area offers retirees a chance to savor leisure and convenience at its best. Characterized by pristine beaches and mesmerizing sunsets, Seminyak is the ideal place for retirees who appreciate the hustle and bustle bought by tourists and residents alike. Seniors can live here like they’re on a vacation, enjoying the many restaurants and clubs across the region. There is a famous supermarket called Bintang here where all necessities are conveniently available.
6. Tabanan
Insider Monkey Score: 14
Cost of Living: $1,500
Tabanan is one of the regencies (kabupaten) in Bali, known to be a hidden gem for retirees. Home to beautiful yet secluded beaches, fascinating temples, and stunning natural scenery, retiring to this chunk of heaven can prove to be a good decision for retirees. Overall, the pace of life is slow here, ideal for seniors who wish to relax and connect with nature. With its charm, authenticity, and natural beauty, Tabanan Regency can be one of the best places to retire in Bali. An individual retiree can manage to live here comfortably on $1,500 a month.
Click here to see the 5 Best Places to Retire in Bali.
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Disclosure: None. 12 Best Places to Retire in Bali is originally published on Insider Monkey.