Retiring abroad (2024)

FAQs

What is the cheapest and safest country to retire? ›

Often, retiring abroad can offer U.S. expats lower tax rates, lower housing prices, and lower health care costs. In 2020, the most U.S. expats moved to Mexico, followed by Canada, and then the U.K.

The winner is Argentina, where seniors can apply for citizenship only after two years of residency. “Argentina's Pensionado visa offers one of the easiest routes for retirees to gain citizenship in this country.

Retiring abroad on $1,000 per month doesn't mean sacrificing quality of life. Many countries offer excellent health care, infrastructure and amenities at a fraction of the cost compared to the U.S. The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam.

Popular expat retiree destinations include Costa Rica, Portugal and Panama. If you're willing to go further, though, Chiang Mai is an excellent choice. It is a bustling, vibrant city with some of the best food in the world and an apartment will cost between $150 and $500 per month, depending on your needs.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.

Most U.S. citizens can get Social Security benefits while visiting or living outside the U.S. Find out if you qualify, how to apply, and who to contact to get help.

If you leave the U.S., we will stop your benefits the month after the sixth calendar month in a row that you are outside the country. You can make visits to the United States for specific periods of time, depending on how long you've been outside, to continue receiving your benefits.

Where can I retire on $800 a month? ›

Cuenca, Ecuador

Ecuador's retirement visa, requiring proof of stable income, makes settling in Cuenca an attractive option. With monthly living expenses ranging from $800 to $1,200, Cuenca stands out for its affordability without sacrificing quality of life.

A couple coming from North America can probably survive on US$1,000 per month (assuming you have your own home). However, US$1,500 would be more reasonable. Compared to the USA, the cost of living in Belize is at least 50% cheaper according to testimonials from my ex-pats friends and clients who have moved to Belize.

“A U.S. citizen planning to retire abroad is still subject to U.S. federal income tax, and sometimes state tax, on their worldwide income and should consult with an expert who knows the specific foreign country's tax law and how it applies to U.S. citizens living in that country,” said Ed Borgstrom, a Certified Public ...

Portugal fell behind Costa Rica for the top spot, and ranked above Spain, Greece and France, the other European destinations that made the top ten.

You are NEVER too old to move abroad.

Because whatever stage of life you're in, single or with a family, we strongly believe, that you should never let your age put your off fulfilling that dream of moving to another country.

Top locations to consider in Vietnam include Da Nang, Phu Quoc, Ho Chi Minh City, Hanoi, Hoi an, and Nha Trang. Wherever you decide to live in Vietnam, your cost of living can be around $600 to $800 per month. But depending on your rent and lifestyle, it could go up to around $1,100, $1,200, or even $1,300 per month.

Querétaro, a historic city in Central Mexico, and Isla Mujeres and Cozumel, islands off the coast of Cancun and Riviera Maya, all offer housing for as low as $500 a month, access to excellent healthcare, and an abundance of recreational activities.