For workers considering retirement, budget is a key criterion. The issue is that the cost of living in the United States is high, and it’s getting higher. This puts a strain on many retirees’ budgets, sometimes forcing them to postpone their golden years until they’re more financially secure.
There’s an easy solution, however, if you’d like to retire sooner and are willing to look beyond U.S. borders. A move abroad can provide a higher quality of life for much less than you’re currently spending.
There are appealing, vibrant destinations around the world that offer solid infrastructure, excellent medical care and engaging cultural environments for low monthly costs of living. In some cases, you can enhance everyday savings because of the U.S. dollar’s advantage against the local currency.
Listed alphabetically, consider these low-cost, high-value havens where you can live well on a monthly budget of $1,000.
— Argentina
— Colombia
— Northern Cyprus
— The Philippines
— Spain
— Vietnam
Argentina
Argentina is the second-biggest country in South America and is famous for its national soccer team, steak, tango and wine. If you’re willing to look past its economic woes, Argentina can offer an incredible quality of life at an exceptionally low cost.
The capital, Buenos Aires, is a well-appointed city that offers a lifestyle reminiscent of the Old World. The country’s southern reaches are famous for Patagonia, a region of jagged mountain peaks, glaciers and fjords that attract hikers and winter sports enthusiasts. Inland, you’ll find the Pampas, an area of flatlands known for Gaucho cowboy culture.
One of the best areas for retirees looking to live well on $1,000 per month is Mendoza. This is where wine country converges with the mountains and the views are spectacular. It’s known for its production of Malbec wines, although it’s also a great base for hiking, cycling, horseback riding and other excursions in nature. Mendoza is both a city and a province in west-central Argentina. In the city, you can rent a two-bedroom property for as little as $400 per month.
[Read: How to Buy Property Overseas for Retirement]
Colombia
If you’re looking for a beautiful, culturally vibrant country where every dollar stretches twice or even three times as far as back home, Colombia could be perfect for you. Thanks to the strength of the U.S. dollar against the Colombian peso, even a modest retirement budget can afford you a high-quality lifestyle.
Colombia is a big country with a lot of geographic diversity, including its snowcapped Sierra Nevada Mountains, white-sand Caribbean beaches and verdant Amazon rainforest.
It offers a variety of lifestyle opportunities. Metropolitan environments, like Medellín and Bogotá, offer high-level infrastructure and excellent medical facilities. There are Caribbean beach towns like Santa Marta and Taganga, which are favored by locals. There are also pastoral regions like the Eje Cafetero — the coffee zone — where you can easily enjoy a simple, peaceful lifestyle in a traditional village for $1,000 monthly.
Northern Cyprus
Northern Cyprus is a territory on the island of Cyprus in the middle of the Mediterranean Sea. It’s an off-the-radar choice for the average U.S. retiree, but it has much to offer.
Northern Cyprus is bathed in sunshine and enjoys hot, sunny weather year-round. It’s known for its golden-sand beaches and traditional mountain villages. It’s rich in history and has a strong local culture that produces amazingly healthy, delicious and affordable cuisine. Northern Cyprus is also very safe, and although it’s already home to many European expats, more North Americans are being drawn here.
Northern Cyprus offers the quintessential Mediterranean lifestyle for a fraction of the normal cost. Rent for a one- or two-bedroom apartment in a complex that has a pool can cost as little as $500 per month. A meal can cost less than $10 and a fresh and aromatic coffee can cost as little as 50 cents. About $1,000 budget should afford the average person a comfortable, well-rounded lifestyle in Northern Cyprus.
[5 Ways to Finance a Home Purchase Overseas]
The Philippines
The Philippines is a Southeast Asian nation and one of the world’s most affordable places to live well on a modest budget. It comprises over 7,500 islands, including charming cities and towns, postcard-worthy beaches and crystal-clear ocean waters. This is one of the world’s premier water sports destinations — a place where you can surf, boat or view otherworldly marine species while scuba diving or snorkeling.
You’ll find sizable expat populations across the Philippines’ many islands, but especially in places like Dumaguete, Tagaytay and Cebu. That includes a fair number of U.S. veterans entitled to the same benefits from the Department of Veterans Affairs as those living stateside.
The Philippines is a great choice for retirement for a handful of practical reasons: English is an official language alongside Filipino, making the transition to your new lifestyle easier; it offers a retirement visa that’s easy to qualify for; and it’s a low-cost environment. This applies to everything from food prices to real estate costs.
[READ: The Best Places to Retire Overseas Where English Is Spoken]
Spain
Spain is a shining example of how Europe can be more affordable than North Americans would think, particularly right now, as the U.S. dollar is strong against the euro. To live well in Spain on a budget of $1,000 per month, seek out small towns, humble villages and lesser-known regions.
The Costa de la Luz is an excellent area for those who want to live in Spain on the cheap. Found on Spain’s southwest coast, it’s little-known to non-locals, which has helped keep prices low. Costa de la Luz translates to Coast of Light, and this land of dazzling light offers uninterrupted stretches of coastline peppered by whitewashed beach towns.
If you find the right apartment, rent can be as low as $600 monthly. Drinks, meals and other forms of entertainment are also very affordable. Here, wine is cheaper than water. You can get a quality bottle from the grocery store for $1.
Vietnam
Vietnam is one of Southeast Asia’s most affordable countries — a region famous for its affordability. It’s a surprisingly big country, with a long coastline along the South China Sea and a sprawling land area stretching over 1,000 miles from north to south. It’s a land of densely forested hills, mountains, tropical forests and rivers.
The country’s two major population zones are Hanoi, in the north, and Ho Chi Minh City, in the south. Together, they are home to about 18% of Vietnam’s total population of 100 million people. These are the places to go for an exciting lifestyle with a cosmopolitan buzz.
For the best of beach living, Da Nang is a well-appointed coastal city with solid infrastructure. For cooler weather and a quieter lifestyle, Da Lat is a resort town in the highlands influenced by the French.
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The Cheapest Places to Retire Abroad on $1K Per Month originally appeared on usnews.com
Update 02/12/25: This story was published at an earlier date and has been updated with new information.
