This article takes a look at the 17 safest places to retire abroad for less than $3,000 a month. If you wish to skip our detailed analysis on establishing a retirement living overseas, you may go to 5 Safest Places to Retire Abroad for Less Than $3,000 a Month.
The Demands and Requirements of a Retirement Abroad
Upwards of $10,000. That’s not the cost of a year at college or a year’s worth of rent. According to BuzzFeed Inc. (NASDAQ:BZFD) owned Huffpost, it’s the estimated cost of moving abroad. The BuzzFeed Inc. (NASDAQ:BZFD) backed publication details this figure to include the cost of overseas shipping, securing visas, setting up your documents and finances – such as your driver’s license and money wires from the US – housing, insurance, air travel, and a whole host of other things.
With a $10,000 – or larger – investment on the line, you might think that the number of Americans moving abroad is in the smaller pools. However, these one-time costs don’t seem to have deterred US citizens, presumably as they pale in contrast to the benefits of some of the best countries to relocate to. The Association of American Residents Overseas estimates that a minimum of 5.4 million Americans live beyond the States as of 2023. A good portion of them are retirees.
While a vacation abroad may seem magical, permanently moving to another country can certainly be daunting. So then why do so many American citizens – the Wall Street Journal, a division of News Corp (NASDAQ:NWS), reported that as many as 450,000 retirees received their social security benefits in foreign countries – retire abroad? With this News Corp (NASDAQ:NWS) number already presumed to have grown, the reasons are multi fold.
Generally speaking, retirees are keen on peaceful, safe living. In many cases, they’re also one for living life on a budget, often finding cheap things to do in retirement. While patriots may point out the many wonderful things that the US has to offer, making an argument over how safe it is easily falls short. In a safe countries survey conducted by U.S. News and World Report, the US missed the top 10 – and 20 and 30 – mark, coming in at number 46 out of a total of 87 countries. Instead, it was mainly the European continent that triumphed. Similarly, the US received a disappointing 131st position on the recent Global Peace Index, reported the Miami Herald.
Things are not much better on the financial side either. For retirees spending their days living on Social Security check to Social Security check, their monthly budget comes out to a mere $1,909 based on the Social Security Administration’s Social Security payout for 2024. With average rental numbers at $1,568 for one-bedroom apartments in the US according to Zillow Inc (NASDAQ:Z), this doesn’t leave much behind for utilities, groceries, healthcare, travel, and the like. Of course, Zillow Inc. (NASDAQ:Z) also lists cheaper rental options – such as average one-bedroom rent being $850 for Iowa City and $725 for West Virginia – these cheaper options often come with problems of their own and are not accessible to everyone.
As such, the thought process behind the retiree’s decision to spend their Golden Years abroad suddenly becomes clear.
To assist senior citizens in the move abroad, we have compiled the following list of the safest places to retire abroad for less than $3,000 a month.
Malgorzata Drewniak/Shutterstock.com
Methodology
To compile this list of the 17 safest places to retire abroad for less than $3,000 a month, we consulted several sources including our lists of 15 Cheapest and Safest Countries to Retire In and 25 Best Cities Where You Can Retire On $3,000 A Month, and Nomad Capitalist, U.S. News and World Report, Live and Invest Overseas, and Global Citizen Solutions. Once a list of countries was shortlisted using these sources, we then ranked them across multiple factors, namely, the Institute for Economics and Peace’s Global Peace Index, the Environmental Performance Index, their average cost of living, and their average monthly rent for a one-bedroom apartment. For the cost of living and rent, multiple sources were consulted, including expat opinions on forums such as Reddit and Quora. Whereas for the Global Peace Index, countries with a rank of below 80 were removed.
As the safety of a country is determined both by how peaceful it is and by how healthy its environment is, we have included the Environmental Performance Index to provide a holistic picture. For this index, a score of 100 depicts a perfect score. Each country was then awarded a cumulative score, with the highest-scoring country being awarded the number one rank. For countries that gained an equal score, their Global Peace Index ranking was used as a tie-breaker. Since we based research on a country basis due to many indices only being available at the country level, we then selected a specific city or town for each of our finalized 17 countries. The selection process for each city included consulting several sources, such as articles, public forums, and ranking lists, with the criteria of ‘safe’ and ‘affordable’ being used. The resulting list is presented in ascending order, with the highest-ranked place being presented last. It is important to remember that personal preference plays a big part. The best course of action is to visit the place you plan to move to, converse with locals, take advice from a financial consultant, and only then make your final decision.
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.
Here are the 17 safest places to retire abroad for less than $3,000 a month:
17. San Isidro de El General, Costa Rica
Insider Monkey Score: 45
Global Peace Index: 37
Environmental Performance Index: 55.3
Average Monthly Cost of Living with Rent: $1,967
Starting off our list of safest places to retire abroad for less than $3,000 a month is one of the safest and most affordable places to retire in, San Isidro de El General in Costa Rica. A geographical haven, the city is perfect for nature-loving retirees. San Isidro boasts the nearby Los Cusingos Neotropical Bird Sanctuary at just a twenty-minute drive from the city. Set in the mountains, the city is also just an hour away from the beach, providing retirees with a range of peaceful activities to spend their days.
16. Tirana, Albania
Insider Monkey Score: 46
Global Peace Index: 40
Environmental Performance Index: 50.3
Average Monthly Cost of Living with Rent: $1,014
Albania’s capital city, Tirana is most noticeable for its stunning architecture. Dating back to the Soviet and Ottoman eras, the architecture is colorful and captivating. With a pleasant climate and the center of culture and entertainment in the country, Tirana is a great pick for first-time visitors looking to retire in Albania.
15. Potenza, Italy
Insider Monkey Score: 48
Global Peace Index: 34
Environmental Performance Index: 97.8
Average Monthly Cost of Living with Rent: $2,024
A commune set in the Basilicata region, Potenza stands 819m above sea level, making it one of the highest provincial capitals in the country. Surrounded by the countryside, Potenza offers majestic views of the forest and mountainous landscape. With the cost of living well below $3,000 and a near-perfect Environmental Index, retirees can lead a comfortable and fulfilling life in this charming Italian city.
14. Grand Baie, Mauritius
Insider Monkey Score: 50
Global Peace Index: 23
Environmental Performance Index: 63.6
Average Monthly Cost of Living with Rent: $1,824
A village set in Northern Mauritius, Grand Baie is a natural treasure. White, sandy beaches and a natural harbor are just some of the wonders available to retirees. On the land, senior citizens can immerse themselves in Grand Baie’s many craft and fashion shops.
13. Taipei, Taiwan
Insider Monkey Score: 51
Global Peace Index: 33
Environmental Performance Index: 67.2
Average Monthly Cost of Living with Rent: $1,638
The capital of Taiwan, Taipei is among one of the safest places to retire abroad for less than $3,000 a month. Retirees can visit the National Palace Museum, the Taipei Zoo, or the Bangka Lungshan Temple. Of course, Taiwanese food is also an attractive point of the city, with beef noodle soup, dumplings, and hot pot being some of the dishes that expats can indulge in.
12. Da Lat, Vietnam
Insider Monkey Score: 54
Global Peace Index: 41
Environmental Performance Index: 50.9
Average Monthly Cost of Living with Rent: $712
With a cost of living as low as $712, Da Lat in Vietnam is one of the cheapest places to retire in Asia. hailed as the ‘City of Eternal Spring’, Da Lat is a hidden gem, perfect for US retirees who want a change of scenery from the busy city life. Located with a golf course and lake and accompanied by a host of nature offerings such as waterfalls, hills, and forests, Da Lat also attracts tourists.
11. Berlin, Germany
Insider Monkey Score: 57
Global Peace Index: 15
Environmental Performance Index: 98.6
Average Monthly Cost of Living with Rent: $2,244
Number eleven on our list of safest places to retire abroad for less than $3,000 a month is another European pick with Berlin in Germany. With a high Global Peace ranking and a high Environmental Index score, Berlin is a great pick for the safety and environmentally-concerned retiree. Senior citizens can also fill up on authentic German food in the capital, such as Currywurst and Schnitzel.
10. Barcelona, Spain
Insider Monkey Score: 58
Global Peace Index: 32
Environmental Performance Index: 94.8
Average Monthly Cost of Living with Rent: $1,557
Sunny Barcelona is next on our list. The cosmopolitan capital of the Catalonia region, Barcelona is most revered for its stunning architecture. Home to the La Sagrada Familia, the Casa Batllo, and the Cathedral of Barcelona, retirees can experience breathtaking sights like never before. Football enthusiasts can also visit the Spotify Camp Nou, the stadium of La Liga club Barcelona.
9. Burgas, Bulgaria
Insider Monkey Score: 59
Global Peace Index: 30
Environmental Performance Index: 58
Average Monthly Cost of Living with Rent: $1,095
A coastal city set on the Black Sea, Burgas is set in one of the cheapest and safest countries to retire in, Bulgaria. The city houses the Church of Saint Cyril and Methodius which is popular for its stained glass art. Other excursion activities include the Ethnographic Museum and the open-air Summer Theatre.
8. Poznan, Poland
Insider Monkey Score: 59
Global Peace Index: 29
Environmental Performance Index: 65.7
Average Monthly Cost of Living with Rent: $1,452
One of Poland’s oldest cities, Poznan is set on Western Poland’s Warta River. The Historical Museum of Poznan contains city exhibits whereas the Old Market Square is a popular spot to visit restaurants and bars. English is also widely spoken in Poland, so expats will easily be able to get by.
7. Kuala Lumpur, Malaysia
Insider Monkey Score: 59
Global Peace Index: 19
Environmental Performance Index: 48.2
Average Monthly Cost of Living with Rent: $847
With a Global Peace score of 19, Malaysia ranks in the top 20, and it also earns a spot in the best places to retire for $1,000 a month. Malaysia’s capital, Kuala Lumpur is an ideal pick for US retirees seeking a foreign retirement. The city offers a modern touch with authentic food and cultural sights. Retirees can visit the Sri Mahamariamman Hindu temple or the Jamek Mosque, and indulge in Nasi Lemak for dinner.
6. The Hague, Netherlands
Insider Monkey Score: 62
Global Peace Index: 16
Environmental Performance Index: 100
Average Monthly Cost of Living with Rent: $2,100
Set on the North Sea, The Hague boasts an impressive perfect Environmental Index score, making it an ideal city for the health-conscious retiree. Home to the UN’s International Court of Justice and the International Criminal Court, The Hague is known for its rich history. US retirees looking to live in the Netherlands will find it to be a more affordable alternative to the expensive Amsterdam.
Click to continue reading and see the 5 Safest Places to Retire Abroad for Less Than $3,000 a Month.
Suggested Articles:
- 15 Best Retirement Cities for Dog Lovers
- 15 Most Affordable California Cities for Retirees
- 20 Best Cities to Retire on $10,000 a Month Anywhere in the World
Disclosure: none. 17 Safest Places to Retire Abroad for Less Than $3,000 a Month is originally published on Insider Monkey.