Dreaming of an ideal spot where you can stretch your Social Security payments? Check out this list of the best places to retire abroad in style.
6 Places You Can Retire Abroad for $1,000 a Month
Published on Mar. 10, 2025
Between rising inflation and the uncertain political climate at home, many Americans may be wondering if the grass is greener—or the eggs are cheaper—in a foreign country, especially when it comes to retirement. A recent AARP study found that more than half of older adults in the United States worry they won’t have enough money to last through their retirement, so it makes sense that they are looking at ways to stretch their income. Well, moving abroad just might be the solution, considering it can cost $1,000 per month or less to retire abroad in some places, compared to the $4,400 per month average price tag of retirement in the United States.
If that makes you consider becoming an expat in your golden years but you aren’t sure where to look, you’re in the right place. U.S. News & World Report recently compiled a list of the six cheapest and all-around best places to retire abroad. Read on for the details—and potentially a big life change.
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What criteria was considered?
To determine the top six cheapest countries for retirement, U.S. News & World Report teamed up with Kathleen Peddicord, author of How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad, and looked at several key factors: infrastructure, cost of medical care, and monthly costs of living (food and rent expenses). They also took the exchange rate into account, since relocating to a country with a weaker currency than the U.S. dollar can increase your everyday savings. From there, they pinpointed “low-cost, high-value havens” around the globe where you can live well on a monthly budget of $1,000.
Where are the best places to retire abroad for under $1,000 a month?
Money aside, everyone’s idea of what makes a place ideal for retirement is going to be different. Yes, things like affordable health care and livability are incredibly important, but beyond that, you’ll want to choose a place that meshes with your interests. For example, are you a foodie? The outdoorsy type? Or a culture buff? Or maybe you want to make sure you’re surrounded by mostly English speakers. The options below are varied enough to suit every future retiree.
Argentina
Best for: Outdoor enthusiasts
Despite its recent rash of inflation, Argentina is still one of the cheapest countries to retire in—especially the city of Mendoza, where you can rent a two-bedroom apartment for as little as $400 a month. Residents of the west-central Argentinian town near the mountains love spending time in nature, whether it’s hiking, cycling, horseback riding or simply sitting outside and taking in the beautiful vistas with a glass of the area’s popular Malbec wine.
From the big-city nightlife and culture of Buenos Aires (similar to big cities like Madrid or Paris) to the rural gaucho cowboy lifestyle in small mountain towns nestled in the Andes mountains, there is no shortage of things to experience and do in this South American country. And snowbirds, rejoice! While there are four seasons, winters are generally mild.
Colombia
Best for: Health care
Colombia is a lot closer than some of the more far-flung destinations on this list—a little more than five hours from New York to Cartagena and a little under three from Miami—making it easier for you to visit the States and for friends and family to visit you. It’s also a lot safer than you might think. So what’s on the agenda for your work-free days? Learning to salsa, checking out the colorful colonial architecture and street murals (in cities including Cartagena, Bogotá and MedellÃn), heading to some of the most beautiful beaches in the world, and touring the Amazon rainforest.
But what may really make you fall in love with this Central American country is its incredibly affordable health-care system. Health care will run you just $50 to $100 per month (and no, we’re not missing a zero in either of those figures), with co-pays ranging from $1 to $11. Plus, the process for both this and living here is surprisingly easy: If you can show just $995 a month in Social Security or pension payments, you can get a Qualified Retired Person (QRP) visa.
Northern Cyprus
Best for: Sunny weather
Who needs Florida? Northern Cyprus, a territory on the island of Cyprus southeast of Greece, offers sandy beaches and hot, sunny weather year-round at a fraction of the cost. The average meal is just $10, and you can add a cup of their famous Turkish coffee for just 50 cents. The average two-bedroom apartment (with a pool!) runs as little as $500 per month.
With incredible history, archaeological sites, the aforementioned beaches and mountain villages, there’s no shortage of cultural opportunities. Better still? Crime rates are low, and the Turkish cuisine (think: kebabs, rice and vegetables) is healthy and delicious.
The Philippines
Best for: English-only speakers
Often noted as one of the world’s most affordable places to live, the Philippines in Southeast Asia offers a high quality of life at a low cost, as well as a bonus for American expats: English is an official language of the country, along with Filipino.
With more than 7,500 islands, this is one of the best places to retire abroad for beach lovers and water-sports enthusiasts alike. After a morning of swimming or sunbathing, you can get a full meal at lunch for about $5. The average rent for a studio apartment in a rural area is $270 per month, while the price of eggs ($2.50 per dozen, if you can believe it!) may be reason enough to pack your bags today.
Spain
Best for: Senior discounts
With stunning architecture, gorgeous beaches and delectable food, Spain is one of those bucket-list destinations that people can’t get enough of. It’s also literally a golden place to spend your golden years, with around 3,000 hours of sunshine annually, a number that’s on par with Florida. Beyond that, you’ll feel like you have a golden ticket here because as a retiree, you’ll have access to special deals, including free museum admission and discounted or free transportation.
While you’ll pay more for housing in big cities like Madrid and Barcelona, you can save a bundle by heading just a little bit outside these hot spots. In fact, in the quieter areas, you can score a one-bedroom apartment for as little as $600 per month. Kick back with Spanish locals or fellow Americans—there are more than 50,000 U.S. expats here, according to recent stats—and enjoy some excellent table wine, which you can score for as little as $1 a bottle.
Vietnam
Best for: Foodies
One of the most affordable countries in southeast Asia, Vietnam is also known for its beautiful scenery, efficient transportation options and delicious food. From traditional dishes like pho, spring rolls and banh-mi sandwiches to fresh produce and seafood, tourists and residents alike tout the high quality of Vietnamese cuisine—which costs as little as $5 for a full meal (including a couple of draft beers to wash it down).
Even in the countries’ most expensive cities, Ho Chi Minh City and Hanoi, two people can enjoy a comfortable, middle-class lifestyle for less than $1,300 per month—complete with a housekeeper for as little as $2 to $3 per hour, because who wants to spend their retirement cleaning?
What do you need to consider before retiring in a foreign country?
Moving abroad for retirement is a big decision, so it’s important to take into account multiple factors when considering if you want to move and where the best place might be. Here are the questions you need to ask yourself:
How far away is your family, including your grandchildren?
“[While] the monthly living expenses may be cheaper, travel expenses will increase to visit friends and family,” says Mary Clement Evans, author of Emotionally Invested: Outsmart Your Anxiety for Fearless Retirement Planning and president of Evans Wealth Strategies. Can you afford to visit as often as you like? What would you do if a grandchild fell ill and your child needed your help? Where would you stay while helping? Would you need to rent a place? Make sure your budget takes these possibilities into account.
How good is the health care?
Of course, as we age, health-care needs only grow. So it’s important to research the quality of that care, as well as the cost, in a foreign country—particularly if you have or develop serious health issues or if the need for long-term care, like assisted living, should arise.
Are you good at making friends?
Studies show that the quality of your social connections and relationships is a large contributing factor to longevity and better health. In other words, “it’s not all about money,” say Evans. “It can be very lonely to move to a place where you don’t know anyone. How will you build those relationships? Will they be as rewarding as the ones that you’re leaving?”
Do you understand the economic environment of the country that you’re moving to?
It may be good now—but what’s the forecast for the future of that economy? “Many low-cost countries can easily fall into a severe economic situation that may affect your access to goods and services,” says Evans. Do ample research and make sure the economy of the country you’re moving to is stable for the foreseeable future.
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At Reader’s Digest, we’re committed to producing high-quality content by writers with expertise and experience in their field in consultation with relevant, qualified experts. We rely on reputable primary sources, including government and professional organizations and academic institutions as well as our writers’ personal experiences where appropriate. For this piece on the best places to retire abroad, Colleen Oakley tapped her experience as a longtime journalist who often covers finance, culture and lifestyle. We verify all facts and data, back them with credible sourcing and revisit them over time to ensure they remain accurate and up to date. Read more about our team, our contributors and our editorial policies.
Sources:
- U.S. News & World Report: “The Cheapest Places to Retire Abroad on $1K Per Month”
- AARP: “New AARP Survey: 1 in 5 Americans Ages 50+ Have No Retirement Savings and Over Half Worry They Will Not Have Enough to Last in Retirement”
- U.S. Bureau of Labor Statistics
- U.S. News & World Report: “Cyprus”
- Expatistan: “Cost of living in Philippines”
- International Living: “Cost of Living in Vietnam”
- Mary Clement Evans, founder and president of Evans Wealth Strategies and author of Emotionally Invested: Outsmart Your Anxiety for Fearless Retirement Planning; email interview, March 6, 2025
