Lifestyle Retirement

Top 13 Cheapest Countries to Retire (Best for Seniors)

best countries to retire

Whether just starting out in the workforce or are approaching retirement, many of us dream of retiring away to an exotic world. Of course, many choose to stay in the United States upon retiring, but others move to an entirely new area. Escaping away to a new country is a great way to enjoy retirement life and experience something new.

Early Retirement Health Insurance Options

When you begin planning for retirement, safety and money are among the top concerns. Each of the 13 countries to retire on our list is affordable and is great for stretching your retirement fund. Using this list, you can narrow down your search even further and find the best budget-friendly spot to retire.

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Where is the Cheapest Place to Retire in the World?

Our comprehensive list of amazing retirement locations helps you find countries that offer safe, but very affordable living. You will want to do your own deeper research on the specific country you are considering, but this should help you get your list started.

Bolivia, Country to Retire
View of the colonial town of Sucre in Bolivia

Bolivia

This may not be a country you automatically think of when it comes to your retirement, but it is a great option for those who want to save money and live a nice life.

  • This amazing country is located in South America and has good weather, interesting geographical features, and a low cost of living.
  • The country is known for its salt flats.
  • The country is full of rich history and a unique way of life many love.
  • Healthcare is not as amazing as in other countries. However, health insurance is available, and the low cost of living makes affording private clinics possible for most.
  • Knowing Spanish can be very beneficial when living here.

This is truly one of the most beautiful and affordable countries to retire on our list. You can live comfortably in Bolivia for around $1,000 a month.

Costa Rica for Retirement
Beautiful white sandy beach in Costa Rica.

Costa Rica

You are sure to fall in love with Costa Rica’s amazing climate, low cost of living, and affordable healthcare options. They have a great government that has been making peaceful and strong moves for years. Early on, they abolished their army to help enhance the country’s education and healthcare systems.

Retire in Costa Rica? (Yes, You Can Afford Retirement)

In addition, some great benefits are:

  • They are known for their immense safety and neutrality. This leads to a slower way of life.
  • The country is very progressive, LBGT rights friendly, and very judgment-free! If you do not fit the “norm” you are sure to still fit in here.
  • The healthcare system that is offered in Costa Rica is very unique. Residents of the country can pay a small percentage of their income to be on a socialized medicine program. This can also be blended with a private policy for optimum coverage.

To live comfortably in the country, you will need to make around $2,000 a month. Of course, if your retirement budget can handle it, a little more money can always give you a more luxurious life. However, there are several housing options and you can find things that fit your budget in a location you love.

Czech Republic, Place to Retire
Vltava River and Charle bridge with red foliage, Prague, Czech Republic

Czech Republic

This is a very welcoming and historically beautiful retirement location. If you want to find a retirement country that has not only affordable living but also the best views, this is it.

  • The country is known for its amazing castles, medieval towns, unique architecture, and other wonderful sights.
  • The Czech Republic has a very low cost of living. More and more individuals are retiring here each year due to this affordability.
  • The increase in retirees has led the country to increase its amenities. A recent wave of new businesses has made living here even more luxurious.
  • The capital of Prague is more affordable to live in than many other capital cities.
  • Some apartment buildings are not offered to foreigners, but often working with a real estate agent can help with this. There are several housing options beyond apartment living.
  • The healthcare system here is very inexpensive.
  • U.S. retirees can apply for permanent residence in only five years of living in the country.
Ecuador-for-Retirement
Activity in the Plaza Grande in the colonial center of Quito, Ecuador

Ecuador

If you want options, Ecuador is a great choice with its vastly differing climates throughout. In fact, you can pretty much choose if you want year-round warm weather or prefer more temperate options like the Andes. In addition to this weather, some other great benefits are:

  • They have large cities and they have small villages, ensuring there is truly something for everyone.
  • You can get beautiful beach views with a lowered risk of hurricanes and tropical storms than other tropical areas. The weather is also not as hot as other options, as Ecuador is not as close to the equator.
  • Different areas offer differing costs of living. Allowing you to choose an area that fits your budget.
  • Produce and other foods are super affordable. You can find cheap public transportation options and tons of free activities in the country.

You can live easily on around $1,800 a month, with a little extra cash giving you a more lux home. Even in the more expensive areas of the country, homes with great views come in at $150,000 or less!

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