The Cost of Retirement Overseas: Affordable Destinations for American Retirees
Retirement in the United States can be financially burdensome, with some popular states like Florida costing retirees up to $58,396 annually. Due to these high costs, an increasing number of Americans are opting to retire abroad. In fact, by the end of 2021, nearly 450,000 individuals were receiving their Social Security benefits outside the U.S., a significant jump from 2008, as reported by the Wall Street Journal.
Not all international retirement destinations are equal, especially for budget-conscious retirees. International Living recently published a list of 13 destinations where couples can comfortably retire for as little as $1,500 per month. To compile this list, International Living evaluated over 200 countries based on seven key categories, including housing, visas and benefits, cost of living, affinity rating, healthcare, development and governance, and climate. Additionally, the availability of high-speed internet, networking opportunities, and English-speaking locals or service providers were taken into account.
While the highlighted cities and towns span across the globe, certain countries stand out for their affordability. Mexico boasted the most cities on the list, with five destinations in Southeast Asia also making the cut.
Affordable Retirement Destinations in the Americas
- Querétaro, Mexico
- Isla Mujeres, Mexico
– Cozumel, Mexico
– Armenia, Colombia
– Arenal, Costa Rica
Querétaro, Mexico, located in north-central region just a short distance from Mexico City, is one of the standout cities on International Living’s list. With a mild climate and convenient access to U.S. hubs like Dallas/Ft. Worth, Houston, and Chicago, Querétaro offers a comfortable lifestyle. The estimated monthly costs for a single person in Querétaro are $744.50 before rent. By comparison, the average rent for a one-bedroom apartment in Querétaro is approximately $633, significantly lower than the $1,236 average rent in Florida, according to Zillow.
Affordable Retirement Destinations in Asia
– Penang, Malaysia
– Chiang Mai, Thailand
– Phnom Penh, Cambodia
– Kuching, Malaysia
– Hoi An, Vietnam
Chiang Mai, Thailand, is among the featured cities in Asia on International Living’s list. With its affordability and quality of life, Chiang Mai attracts many retirees looking to stretch their savings. The cost of living in Chiang Mai is significantly lower than in major U.S. cities, making it an appealing option for those seeking a comfortable retirement lifestyle.