Retiring in the U.S. can be expensive. In Florida, often the favorite state of the nation’s retirees, settling down to enjoy your golden years can cost as much as $58,396 a year.
That’s one reason why many Americans choose to leave the States and retire abroad. Nearly 450,000 people received their Social Security checks outside the U.S. at the end of 2021, up from 307,000 in 2008, according to a 2023 report from the Wall Street Journal.
But not all international retirement destinations are created equal, especially if you’re on a budget. Last month, International Living released its list of the 13 destinations where a couple can retire for as little as $1,500 a month.
International Living used the following seven categories to determine the best locations out of over 200 countries in the world:
HousingVisas and benefitsCost of livingAffinity ratingHealth careDevelopment and governanceClimate
In addition to taking those factors into consideration, International Living also looked at the availability of high-speed internet, networking opportunities and English-speaking locals or service providers in each country.
While the cities and towns are spread across the globe, some countries are especially affordable for retirees. Mexico had the most cities on the list, and five destinations were in Southeast Asia.
Top affordable retirement destinations in the Americas
Querétaro, Mexico is one of the three cities in the country that was listed in International Living’s report.
Sergio Mendoza Hochmann | Moment | Getty Images
Querétaro, MexicoIsla Mujeres, MexicoCozumel, MexicoArmenia, ColombiaArenal, Costa Rica
Querétaro, Mexico, was one of the three South American cities included on International Living’s list.
It is located in north-central Mexico, just over two hours from Mexico City. The local airport also offers direct flights to several hubs in the U.S., including Dallas/Ft. Worth, Houston and Chicago.
Querétaro offers a mild climate and various warehouse store shopping options, such as Costco and Sam’s Club.
The estimated monthly costs for a single person in Querétaro are $744.50 before rent, according to Numbeo.
In Querétaro, the average rent for a one-bedroom apartment is 10,571.43 MXN or about $633. The average rent for the same apartment size in retirement hotspot Florida is $1,236, according to Zillow.
Top affordable retirement destinations in Asia
Chiang Mai, Thailand is one of the cities in Asia that was listed in International Living’s report.
Phutthiseth Thongtae | Moment | Getty Images
Penang, MalaysiaChiang Mai, ThailandPhnom Penh, CambodiaKuching, MalaysiaHoi An, Vietnam
Chiang Mai, Thailand, is one of the five Southeast Asian cities listed in the International Living survey.
It is the largest city in northern Thailand, home to hundreds of Buddhist temples. It is an hour’s flight from Bangkok, the country’s capital.
Not including rent, a single person’s estimated monthly costs are $515.50, according to Numbeo. Additionally, the average rent for a one-bedroom apartment in the city center is 14,100.00฿ or about $395 per month.
Chiang Mai is home to Doi Inthanon, the highest peak in Thailand. It is known as one of the best places for birdwatching, and the park on the peak is home to over 300 species, according to Hotels.com.
Top affordable retirement destinations in Europe
Granada, Spain is one of two cities in the country that made the International Living list.
Amit Basu Photography | Moment | Getty Images
Alicante, SpainGranada, SpainBergerac, France
Granada, Spain, is located at the foot of the Sierra Nevada mountains in Andalusia and is a city full of Spanish and Moorish history.
The city is also home to the University of Granada, which has an estimated 47,000 undergraduate students spread over several campuses around the city.
It offers retirees the opportunity to embrace the more relaxed Spanish lifestyle while still being connected to the more youthful culture of living in a “college town.”
A single person’s estimated monthly costs are $771.30 before rent in Granada, Numbeo states.
Renting a one-bedroom apartment in the city center costs an average of 583.33€ a month, or around $637. That’s still about $677 less than the average rent price for an apartment in Harrisburg, Pennsylvania, one of the best places to retire in the U.S., according to U.S. News and World Report.
Conversions from euros to USD were done using the OANDA conversion rate of 1 euro to 1.09 USD on March 15, 2024. All amounts are rounded to the nearest dollar.
Conversions from Thai Baht to USD were done using the OANDA conversion rate of 1 Thai Baht to 0.02 USD on March 15, 2024. All amounts are rounded to the nearest dollar.
Conversions from Mexican Peso to USD were done using the OANDA conversion rate of 1 Mexican Peso to 0.05 USD on March 15, 2024. All amounts are rounded to the nearest dollar.
Want to make extra money outside of your day job? Sign up for CNBC’s new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CNBC – https://www.cnbc.com/2024/03/17/international-living-budget-friendly-places-live-abroad.html