Published On: December 1st, 2023Categories: MSN, Retirees

The 10 Cheapest Retirement Cities for Frugal Boomers

The 10 Cheapest Retirement Cities for Frugal Boomers

It’s getting tougher and tougher to retire in the United States. Between the high cost of healthcare and overall inflation, seniors are poorer than ever before.

The good news is that there are plenty of bargains to be had abroad. Consider these spots in paradise where you can live for as little as $623/month.

Durrës, Albania

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Estimated monthly expenses: $992

You can easily move to Albania, where Americans can spend their first year visa-free. Albania is ranked in the top 50% of countries for safety and healthcare.

Burgas, Bulgaria

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Estimated monthly expenses: $623

You can get a retirement visa in Bulgaria if you have about $800/month in retirement income. Bulgaria is ranked in the top 50% of countries for safety and healthcare.

Nicoya, Costa Rica

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Estimated monthly expenses: $1,347

Nicoya is a small inland town in Costa Rica and also the name of the peninsula it’s on, where you can find dozens of beautiful beaches. It’s in the famed blue zone, where people live the longest.

You can get a retirement visa in Costa Rica if you have $1,000/month in retirement income. Costa Rica is ranked in the top 50% of countries for safety and healthcare.

Lombok, Indonesia

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Estimated monthly expenses: $1,363

Lombok is the name of a city in Indonesia and the island it’s on. The island is a peaceful alternative to nearby Bali. You can get a retirement visa in Indonesia if you have about $1,500/month in retirement income.

Penang, Malaysia

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Estimated monthly expenses: $741

You can get a retirement visa in Malaysia if you have about $85,000 in retirement savings and retirement income of $2,300/month. Malaysia is ranked in the top 50% of countries for safety and healthcare.

Grand Baie, Mauritius

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Estimated monthly expenses: $1,322

You can get a retirement visa in Mauritius if you have $1,500/month in retirement income. Mauritius is ranked in the top 25% of countries for safety and healthcare.

Coronado, Panama

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Estimated monthly expenses: $1,727

You can get a retirement visa in Panama if you have $1,000/month in retirement income or deposit $100,000 into a local investment account. Panama is ranked in the top 50% of countries for safety and healthcare. Retirees on pensionado visas get discounts across the country, and the local currency is the U.S. dollar.

Tavira, Portugal

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Estimated monthly expenses: $1,573

You can get a D7 visa in Portugal if you have about $800/month in retirement income. Portugal is ranked in the top 25% of countries for safety and healthcare.

Koper, Slovenia

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Estimated monthly expenses: $1,979

You can get a retirement visa in Slovenia if you have about $1,000/month in retirement income. Slovenia is ranked in the top 10% of countries for safety and healthcare.

Málaga, Spain

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Estimated monthly expenses: $1,810

You can get a non-lucrative visa in Spain if you have about $2,500/month in retirement income. Spain is ranked in the top 25% of countries for safety and healthcare.

Pattaya City, Thailand

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Estimated monthly expenses: $871

You can get a retirement visa in Thailand if you have about $22,000 in savings or $1,800/month in retirement income.

10 Countries Where You Can Retire With $2,000/Month (One Will Make You Say Ooh La La!)

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Are you looking forward to retirement? Do you imagine peaceful days spent socializing with family and friends, pursuing hobbies, and catching up on things you put off during a long career with limited time off?

While we all long for those days, you may look at your bank account and bills and wonder if they’ll ever come. If retiring in the U.S. feels unattainable, there are options for moving abroad that may be within your budget.

10 Countries Where You Can Retire With $2,000/Month

10 Countries Where You Can Retire With Just $150,000 in Savings

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The median amount that Gen Xers have saved for retirement is $40,000, with as few as seven years left before reaching the retirement age of 65. The good news is that with a little hard work, you can still find a comfortable retirement abroad.

In these countries, you can fully retire with $150,000 in savings, or even less if you collect social security payments.

➤ 10 Countries Where You Can Retire With Just $150,000 in Savings

Best Places to Retire in the World: 15 Countries for American Retirees

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While US citizens have traditionally lagged behind other countries in moving abroad, the trend seems to be shifting. As they reach retirement age, Americans seek to stretch their monthly pension and social security. They want to find affordable countries with high quality medical care that won’t bankrupt them. Retirees want to embrace local culture or find retirement destinations that aren’t so politically divided.

Best Places to Retire in the World: 15 Countries for American Retirees

Jen Barnett Expatsi
Co-founder at Expatsi | Website | + posts

Jen is the co-founder of Expatsi, a company that helps Americans move abroad. She created the Expatsi Test, an assessment that recommends countries for aspiring emigrants based on lifestyle data. Jen has an MBA from Emory University with concentrations in marketing and innovation. She's written for BusinessWeek, Health, Cooking Light, and Southern Living. Prior to Expatsi, she created Freshfully and Bottle & Bone—two businesses in the local food space—and spoke at TEDx on being brave. She's moving to Mexico in 2024, along with her husband and co-founder Brett, pitbull mix Squiggy, and three rotten cats. How can she help you move abroad?

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Banner Affiliates Expatsi 10Disc 2400x320 1 jpg
Banner Affiliates Expatsi 10Disc 1080x1080 1 jpg
Jen Barnett Expatsi
Co-founder at Expatsi | Website | + posts

Jen is the co-founder of Expatsi, a company that helps Americans move abroad. She created the Expatsi Test, an assessment that recommends countries for aspiring emigrants based on lifestyle data. Jen has an MBA from Emory University with concentrations in marketing and innovation. She's written for BusinessWeek, Health, Cooking Light, and Southern Living. Prior to Expatsi, she created Freshfully and Bottle & Bone—two businesses in the local food space—and spoke at TEDx on being brave. She's moving to Mexico in 2024, along with her husband and co-founder Brett, pitbull mix Squiggy, and three rotten cats. How can she help you move abroad?