In this article, we will take a look at the 20 cheapest English-speaking countries to retire. If you wish to skip our detailed analysis on a cheap retirement and becoming bilingual, you can go to 5 Cheapest English-Speaking Countries to Retire.
A Cheap Retirement
According to Social Security Administration, today’s 65-year-old can expect to live for another 20 years. While the news regarding longevity is pleasant, it does come at a substantial price for retirees. Rising inflation, surging dollar, and social security solvency concerns have pushed 47 million Americans into a financial risk. National Council on Aging notes that retirees cannot manage the resources that will help them weather financial shocks awaiting them due to longer life expectancies. These shocks include health issues, long-term care, or loss of income due to divorce or widowhood.
Moreover, with more and more adults hoping to “age in place,” in-home long-term support and service may not be affordable for retirees for more than two years. Long-term care is expensive, and many potential retirees are moving away from the States in hopes of a more affordable retirement. Some countries with low cost of living and high quality of life that retirees can choose from include Malaysia, Portugal, and Spain. Places in the Caribbean and Central America also offer good options, such as Costa Rica, Panama, and more. Moving on, some of the cheapest countries to live in Asia include the Philippines, Vietnam, and Cambodia. Some other affordable countries for retirement include Thailand, Dominican Republic, and South Africa.
Becoming Bilingual
Retirees are increasingly in search of the perfect retirement destination. Many are checking out the best-kept secret places, yet others are exploring lists such as the best places to retire worldwide. When exploring new destinations for retirement, retirees often come across destinations where English isn’t the official language or may not be widely spoken. While many retirees get by learning the basic language of the new country they have retired to, others may need to be more comfortable or proficient in the new language. These language barriers may be problematic when running daily errands, and overall daily life.
Language barriers can also pose significant difficulties in healthcare. A study published in Health Equity highlights that for elderly Mexican Americans living in neighborhoods with low English-speaking proficiency, language isolation can result in poor health outcomes, higher mortality rates, and also care access issues. The study further reveals that those living in linguistically isolated neighborhoods tend to have mortality rates up to 1.25 times higher than those who don’t.
In these cases, online courses such as those offered by Duolingo, Inc. (NASDAQ:DUOL) can be useful in helping potential retirees learn the new language. Duolingo, Inc. (NASDAQ:DUOL) is a language learning platform that provides individuals free and premium language courses. Through the Duolingo, Inc. (NASDAQ:DUOL) mobile application, retirees can quickly learn to converse in the language of their new retirement destination.
For those who believe they will be better off retiring to an English-speaking country, there are plenty of the best countries to retire overseas where English is spoken. Examples include the Isle of Man, Vanuatu, Barbados, and more. Many retirees live on fixed incomes, so cheap English-speaking retirement destinations seem much more appealing.
Methodology
In order to compile the list of the cheapest English-speaking countries to retire to, we listed out cheap, English-speaking countries sourced from US News & World Report, Retirepedia, and Travel with the Crew. Next, we used cost of living to assess the cheapest English-speaking countries to retire to from the list. The monthly cost of living for a single individual is discussed for each country, sourced from International Living, Living Cost.org, amongst others.
Places were then ranked in a descending order from the highest to the lowest costs of living. It is important to note here that many places have been included in our list, even when their official language isn’t English. This is because many countries, despite not having English as their official language, have locals and expats widely speaking the language in them.
Without further ado, here are the cheapest English-speaking countries to retire:
20. Thailand
Cost of Living: $2,000
Among the cheapest English-speaking countries on our list, Thailand ranks at number 20, with a cost of living of $2,000 per month. While English is not the official language, it is common in tourist and expat-heavy areas, as well as major cities. These places commonly have signage, menu, and staff who can speak and understand English.
19. Spain
Cost of Living: $1,970
A single expat retiree living in a mid-sized city in Spain can expect to retire in a one-room apartment for $1,970. Boasting a diverse climate, the country is regarded as a hub of history and culture, revered for its relaxed lifestyle and slow pace of life. English is a second language in the country, and more than 11 million residents speak English in Spain.
18. Costa Rica
Cost of Living: $1,800
Retirees get lured to Costa Rica to live the “Pura Vida” lifestyle of relaxation and enjoyment. The country boasts a warm climate, well-developed healthcare, and stunning beaches, rainforests, and mountains. In Costa Rica, a single person can expect to comfortably retire on $1,600 – $2,000 monthly. While Spanish is the official language here, many locals speak English, especially in expat communities and tourist destinations. Expat-heavy regions will make it seem like English is their first language, but remember to say your greetings in Spanish anyway.
17. Portugal
Cost of Living: $1,610
According to International Citizens Group, expat retirees can live comfortably in Portugal at a monthly budget of around $1,450-$1,770. English is widely spoken throughout the country, especially in bigger cities and also the Algarve. Many retirees have flocked to Portugal over the years, living well speaking English only.
16. Antigua and Barbuda
Cost of Living: $1,551
One of the cheapest English-speaking countries to retire to is Antigua and Barbuda. This Caribbean country’s official language is English. It boasts a cost of living that is cheaper than most English-speaking countries in Europe and North America at $1,551. In addition to language ease, the country offers several tax benefits and incentives for retirees, making it easier to stretch their retirement savings. The country is also known for its pleasant climate, stunning natural beauty, and tailored retirement programs.
15. Cyprus
Cost of Living: $1,410
One of the best English-speaking countries in Europe is Cyprus. A single individual can expect to spend $1,410 monthly on living costs. The cost of living in Cyprus, on average, is 36% lower than in the United States. While Greek and Turkish are the official languages in the country, English is also widely spoken. Cypriots are fluent in English, with 76% of the population being able to speak it. Road signs, menus, and public advertisements are all in Greek and English as well.
14. Dominica
Cost of Living: $1,355
Dominica is widely regarded as a cheap English-speaking country, far more affordable than its many Western counterparts. The “Nature Isle of the Caribbean” has much to offer retirees, such as stunning landscapes, tax benefits, and several retirement incentives. English is the official language in the country, which is universally spoken as well as understood. A single person can expect to retire comfortably at $1,355 while enjoying a stable currency, low crime rate, and island-hopping ease.
13. Malta
Cost of Living: $1,340
Global Citizens Solution says living in Malta is 29% cheaper than in the USA. English is the second official language in the country, with around 88% of the population speaking the language. Valletta and Gozo, in particular, have a large percentage of the population speaking English. Healthcare, rent, and coffee are cheaper here than in the US.
12. Vietnam
Cost of Living: $1,300
One of the most inexpensive countries to retire is Vietnam. Retirees can expect to live in the country at a budget of $1,300 per month, on average, to live here for a comfortable lifestyle. This exotic tourist destination does not have English as its official language. However, more than 50% of the population possess some English language skills, enough to allow expat retirees to get by. It is one of the top countries for expats to live in.
11. Panama
Cost of Living: $1,112
Panama, one of the best places to retire in Central America, is also one of the cheapest English-speaking countries retirees can choose to spend their golden years. While the official language in the country is Spanish, most locals can also speak English, especially in areas where there is a higher concentration of expats. On average, retirees can expect to comfortably live on $1,112 per month.
10. St. Kitts and Nevis
Cost of Living: $1,100
St. Kitts and Nevis is a beautiful retirement destination offering a laid-back, Caribbean lifestyle. English is the country’s official language, so expat retirees won’t have a problem communicating or integrating into the community. Through the Citizenship by Investment Program, retirees can gain citizenship in the country, further availing tax benefits and incentives that they offer. On average, the cost of living is $1,100.
9. St. Lucia
Cost of living: $1,019
St. Lucia is one of the best islands to retire in the Caribbean. It is cheaper than most Western countries and costs $1,019 on average to live comfortably here. English is the official language in the island country and is widely spoken throughout the region. While healthcare services can be improved, it is a safe and affordable country to retire to.
8. Malaysia
Cost of living: $1,008
One of the cheapest English-speaking countries to retire to is Malaysia. Expat retirees can comfortably live on $1,008 on average, with enough to save. Malay is the official language in Malaysia. However, English is also widely spoken and understood in the country. Malaysia is highly revered for medical tourism and offers retirees affordable yet excellent medical services. Compared to the US, expats can save up to 80% in medical bills, making it one of the best places to retire overseas for affordable and efficient healthcare. Tropical climate, cultural diversity, and well-developed infrastructure are also a plus.
7. Belize
Cost of living: $1,000
The official language of Belize is English. Since it is a popular tourist and retirement destination, many people speak the language. Besides English, nearly half of the population is also fluent in Spanish and Kriol. Belize boasts a low cost of living as compared to other countries, with expat retirees comfortably living on $1,000 per month. The country is revered for its beaches, coral reefs, rainforests, and other stunning landscapes.
6. Grenada
Cost of Living: $1,000
Grenada, the island nation in the far south of the Caribbean Sea, uses English as its official language. Other languages spoken are Grenadian Creole English and Grenadian Creole French. The country basks in a warm tropical climate, featuring stunning beaches and lush landscapes. It is generally safe for retirees, and cost of living is affordable at $1,000. Healthcare is an aspect that can be improved.
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Disclosure: none. 20 Cheapest English-Speaking Countries to Retire is originally published on Insider Monkey.