7 Best Cheapest Place, Moving to lower cost countries does not mean that you have to compromise on your quality of life. Many international locations cater to expat retirees looking for an enjoyable lifestyle and the chance to discover new places and cultures.
Before you go, you’ll need to determine how much you can afford to spend. Factor travel costs, such as flights back to the U.S. to visit family, into your overall budget. There are also taxes and visas to consider, which can vary from one country to another.
Table of Contents
7 best cheapest place to retire abroad in just $1000 per month are listed below
- Malaysia
- Mexico
- Panama
- Philippines
- Portugal
- Thailand
- Vietnam
1. Malaysia
In Malaysia you’ll find lower cost of living for accommodation, food and transportation in this country.
“Malaysia has rick culture, wonderful food and beautiful scenery” said George Lagonakis, a travel blogger at WorldTripVibe, in an email.
Boating and Fishing are most famous on Penang Island In the mountains, you can also hike trails or go bird-watching.
2. Mexico
Mexico is famous for its warm climate, beautiful beaches and color displays. Mexico may be a retiree’s paradise. “Places like Puerto Vallarta and Merida offer a lower cost of living while still providing access to modern amenities and a welcoming expat community,” said Peter Hamdy, founder of Auckland & Beyond Tours, in an email.
3. Panama
Just a short flight from the U.S., Panama offers the chance to explore a new country and still visit home regularly. “Panama has much lower living expenditures than the U.S., especially for housing,” Lagonakis said.
Panama offers a favorable tax environment, as it only taxes locally sourced income. The country has a warm, inviting culture and regularly holds festivals and folkloric events. Retirees could also take advantage of Panama’s unique location and travel to nearby Caribbean or South American destinations.
4. Philippines
If you’re looking for a warm place where you can easily get by speaking English, the Philippines may be a good choice. This country has gained popularity among the retiree community in recent years, according to Sharon Maxwell, chief editor of SmartSEA Travel, who is originally from the Philippines. You might settle in the capital of Manila, which has everything from hospitals to shopping and entertainment. Or you could choose Cebu, an island province popular with expats.
Living in the Philippines, “your $1,000 could go far,” Maxwell said in an email. “It can cover the housing cost, health care and leisure activities. English is spoken widely (and) it’s sunny 90% of the year.”
5. Portugal
The warm climate, friendly locals and entertainment options draw many retirees to Portugal. Living here could be a gateway to explore other parts of the region as well. “Portugal has a slower pace of life and lower cost of living than many other European countries,” Lagonakis said.
6. Thailand
Approximately 3 to 4 million foreigners live in Thailand, many of whom are retirees. They are drawn to the country’s natural beauty and affordable prices. “The cost of living is relatively low, which means retirement savings can go a long way,” Hamdy said. “From delicious street food to affordable health care, Thailand offers a great quality of life at a fraction of the cost compared to many Western countries.”
7. Vietnam
If you’re considering Vietnam for retirement, “beautiful scenery, nice people and a rich culture define the country,” Lagonakis said. You’ll pay less for housing, groceries, transportation and health care.
You might enjoy the chance to learn about the country’s culture, people and history. With its warm sands and collection of cafes and restaurants, the beach city of Da Nang is a popular choice for retirees.’
Another top choice for retirees is Nha Trang, a coastal resort city in the south known for its beautiful ocean views, diving sites and offshore islands.
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