The cheapest countries where you can retire well - SmartAsset (2023)

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The cheapest countries where you can retire well - SmartAsset? ›

According to various studies, including International Living, Portugal is ranked as the best country for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, safety records, and affordable cost of living are all big draws for retirees.

According to various studies, including International Living, Portugal is ranked as the best country for US expats to retire to. Its friendly population, welcoming community of American expats, excellent weather, safety records, and affordable cost of living are all big draws for retirees.

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

Mexico. Just south of the United States of America border with warm weather, a wide variety of places to live, miles of coastline, and beautiful cities, Mexico, one of the cheapest countries to retire in, is a popular destination for retirees as well as vacationers.

US citizens can retire in Europe if they meet the eligibility criteria for retirement. Once the criteria are met, you need to apply for a long-stay visa to be allowed to stay in the country of your choice for a long-term period.

Cyprus is a beautiful and highly developed nation with a low cost of living and a comfortable tax system. But there are many more: check our Best countries to move from the USA list. Greece, Cyprus, Andorra, Portugal, the Caribbean and Malta are among the most favourable places for US expats.

Nearly 450,000 people received their benefits outside the U.S. at the end of 2021, up from 307,000 in 2008, according to the Social Security Administration, which says nearly half are U.S. citizens. Many countries have visas designed for retirees.

What country can you live on $1500 a month? ›

If you're single, it's even cheaper. Take Cambodia, where you can live comfortably for just $1,150 a month. The most expensive place on the list — which spanned from Southeast Asia to Europe to Latin America — came in at just $1,500 a month for a single person.

In many places throughout the world, goods and services cost much less than they do in the United States, which allows you to reduce your monthly expenses. Currency advantages can further enhance savings if you move to a country where the U.S. dollar is strong against the local currency.

South Africa

Possibly the cheapest English-speaking country to live in is South Africa. Not only can you get by without having to go to language school, but most South African cities also have a high standard of living, similar to Western cities, which will make the transition much easier.

There are several places in the world where you can live affordably. Still, when it comes to the safest and cheapest places to live in, you can pick a few countries – the Czech Republic, Bulgaria, Albania, Portugal, Costa Rica, Panama, Mexico, Thailand, Malaysia, and Vietnam.

If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.

Panama: A Home Away from Home

You can retire comfortably on $1,300 per month, and it's one of the best countries for quality of life. What's more, English is widely spoken, and you can use your US money anywhere across the country. The country also offers first-rate hospitals, and many of its doctors are US trained.

If you earned Social Security benefits, you can visit or live in most foreign countries and still receive payments. Look up the country on the SSA Payments Abroad Screening Tool to be sure you can receive your payments.

Can you collect Social Security if you live in Europe? ›

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Firstly, the Global Peace Index 2021 ranks Portugal as the fourth-safest country to live in, while Italy is ranked at thirty-two. Of course, this doesn't mean Italy is completely unsafe, but an environment where you don't have to worry about your safety is an added benefit for older people.

Which are the easiest countries to immigrate to from the US? Portugal, Malta and Spain are some of the easiest countries to relocate to from the United States. American citizens can either gain permanent residency or apply for citizenships via each country's Citizenship by Invest programs.

Portugal has a warm climate and a much lower cost of living than the US, which makes it one of the easiest countries to immigrate to from the US. Portugal is well known for its beautiful beaches, rich culture and history, and vibrant cities.

In 2021, Taiwan ranked as the friendliest and most welcoming country for expats in the world. Not only are its people friendly and welcoming, but the language is said to be easy to learn—although a huge percentage of locals also speak English.

Annuity. An annuity is by definition a way to supplement your retirement income. To "annuitize" an investment means to convert it from a pool of capital to an income stream that lasts for your lifetime. If you die prematurely, the insurance company keeps the remainder of the payments.

The maximum Social Security benefit in 2023 is $3,627 at full retirement age. It's $4,555 per month if retiring at age 70 and $2,572 if retiring at age 62.

Edinburg, Texas. Edinburg made the No. 1 spot as the best city to retire on a monthly budget of $2,500 or less by offering the most budget-friendly expenditures compared to the rest of the U.S. and the top livability score among these 13 cities.

How retiring abroad affects your 401(k) or IRA taxes. Distributions from your 401(k) and pensions are still taxed as income, albeit they're treated as unearned income—meaning you won't be able to claim them under the Foreign Earned Income Exclusion.

Can I receive my US pension overseas? ›

If you are a U.S. citizen and qualify for Social Security retirement, family, survivor or disability benefits, you can receive your payments while living in most other countries. Get instant access to members-only products and hundreds of discounts, a free second membership, and a subscription to AARP The Magazine.

“The cost of living in Cambodia is so low that my bills only total around $1,200 a month, without having to budget,” says Brett Dvoretz, who lives in Sihanoukville.

In its report, Niche also ranked the cheapest places to live in the U.S. At the top of the list this year is Brownsville, Texas. Brownsville has been steadily rising in Niche's Lowest Cost of Living ranking over the past few years, placing number six in 2021, number three in 2022 and finally, number one in 2023.

Living on Social Security alone is not only possible, but many retirees already accomplish that very feat every year. While the lifestyle associated with Social Security income isn't exactly luxurious, it doesn't have to equal rice and beans for the rest of your life, either.

A new study identifies a rugged group of states — Wyoming, Utah, Montana and Idaho — as the most affordable destinations for American retirees.

Countries Natixis ranked as secure retirement locations are mostly concentrated in Europe but also include New Zealand and Australia. The top three countries in the rankings are Norway, Switzerland and Iceland, all of which have life expectancies of 83 years, compared to 77 in the U.S. and the world average of 72.

Average Cost to Retire in Costa Rica

According to March 2022 data from Numbeo, the average cost of living in Costa Rica, minus rent, totals around $600 per month or $7,200 a year for an individual retiree. So if you and your spouse want to retire together, you can easily do so for about $1,200 a month pre-rent.

And though Belize's cost of living is comparably lower than that of the U.S., its costs vary per area. However, you may very well be able to survive with a monthly budget between $1,200 and $1,500. But housing and food will play a significant role in your monthly bill.

What Is The National Average For Retirement Savings? The national average for retirement savings varies depending on age, but according to the Economic Policy Institute, the median retirement savings for all working age households in the US is around $95,776.

Where is the safest English speaking country to live? ›

Singapore. Singapore is a country where you can find political stability as well as safety, as there is a low crime rate there. You can also find people from various nationalities already living there. They include people from China, Malaysia, and India.

Where is the cheapest place to retire in Europe? Some of the cheapest places to retire in Europe are the best places to retire in Europe on a budget. These include Malta, Spain, Portugal, Turkey and Greece.

When evaluated by 2022 GPI, the top three safest countries in North America are Canada, Costa Rica, and Panama.

Frisco, Texas

Frisco, Texas, part of the Dallas–Fort Worth metroplex has been ranked the number 1 safest city to live in the U.S. It boasts the fourth-lowest violent crime rate and the sixth-lowest property crime rate.

Ecuador. If you're looking for a country where you can retire outside the US comfortably with $800 per month and experience one of the most ecologically diverse places in the world, then Ecuador might be for you. The go-to city for US retirees in Ecuador is Cuenca, which also happens to be a UNESCO World Heritage site.

It's humble Canada that takes the No. 1 spot on the list of the foreign countries where the most retired workers are collecting Social Security checks. That's followed by Japan, Mexico, Germany and the U.K., according to government...

The United Arab Emirates claim the top spot for the happiest place to retire. The study reveals that the United Arab Emirates is the happiest place to retire with an overall score of 7.76. It comes as no surprise that with the average yearly temperature being 27 degrees and 3,508 hours of sunshine, they came out on top ...

Is USA good for retirement? ›

Retirement in the U.S. offers a predictable and familiar lifestyle, and you'll be close to your friends and family. But it can be expensive and lead to a boring routine. Retiring abroad can bring new and exciting experiences, a change of scenery, and a lower cost of living.

Maine topped The Motley Fool's list of best U.S. states to retire, with high marks for quality of life, safety, and health care cost and quality. The state has the highest percentage of residents over age 65, so retirees can find like-minded neighbors who enjoy the outdoors, natural beauty, and reliable health care.

The U.K. recently closed its retirement visa program, meaning retirees don't have a straightforward way to get into the country. Fortunately, the U.K.'s other visa avenues are still open. So, retired couples can apply for work, ancestry or family visas. These visas have varying costs and requirements.

Switzerland: Although many European countries offer a better quality of life than the U.S., Switzerland takes the cake. It's globally ranked for its safety, infrastructure and natural beauty. All of this, of course, comes at a cost: Switzerland is one of the world's most expensive countries to live in.

“In addition to inflation, housing prices and increasing costs of living in Florida, retirees are also leaving for other reasons,” says Dutch Mendenhall, Founder of RAD Diversified REIT. “Higher auto and home insurance along with a 7% sales tax on already high-inflation goods can put a strain on retirement income.”

Lancaster, Pennsylvania, ranks as the best place to retire in the U.S. thanks to a high quality of life, a reasonable cost of living and proximity to health care options. READ: The Best Beach Towns to Retire in the U.S.

These states round out the top five healthiest: Vermont, Minnesota, Connecticut and Colorado. Mississippi places 50th on the list and is joined by Louisiana, Kentucky, West Virginia and Oklahoma as the least healthy states for seniors.

Fortunately, there are some states that don't charge taxes on retirement income of any kind: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.

Pennsylvania and Florida towns took top spots for places to retire, according to U.S. News & World Report. The yearly list of Best Places to Retire in the U.S. named Lancaster, Pennsylvania as the No. 1 place to retire for 2023.

Can I collect US Social Security in England? ›

Normally, people who are not U.S. citizens may receive U.S. Social Security benefits while outside the U.S. only if they meet certain requirements. Under the agreement, however, you may receive benefits as long as you reside in the United Kingdom regardless of your nationality.

You can claim and receive a UK State Pension while living overseas. But Pension Credit stops when you move overseas permanently. This is a means-tested benefit, which can top up your weekly income. Your State Pension can be paid to a UK bank or building society account, or to an overseas account in the local currency.

“A U.K. pension may affect your U.S. benefit. If you qualify for Social Security benefits from both the United States and the United Kingdom and did not need the agreement to qualify for either benefit, the amount of your U.S. benefit may be reduced.