How much money do you need to “retire”? What are the locations where your money lasts the longest? It’s a popular topic, and in the SuperAging world of longevity, it gains in importance and interest every year. We’ve written about it — in the context of the USA being the location — here and here.
Of course, there can be a problem right off the bat: the word “retirement.” Increasingly, SuperAgers are not retiring “on schedule” at 65, and more people are working well into their 80s or beyond. What’s more, many can live and work anywhere. So there’s still an interest in relocating — and you can count on us to keep providing you with important information, even if many of the sources and articles we refer to continue to use the word “retirement” in the headline.
Like this excellent article from CNBC that lists “seven of the most affordable places to retire abroad.”
The article notes: “The cost of retirement in the U.S. varies from state to state, but can cost as much as $73,140 a year in a place like New York. It’s one of the reasons many Americans consider retiring abroad where they can live on a lower income without sacrificing their quality of life.
“In November 2023, the average monthly Social Security check was $1,710.78, according to the Social Security Administration. In 2022, about 48% of retirees reported spending less than $2,000 a month.
“With that kind of budget, retiring aboard could allow your money to go further, according to U.S. News and World Report.”
Here’s the list of affordable alternatives, where you can live comfortably for as little as $1,000 a month: Malaysia, Mexico, Panama, Philippines, Portugal, Thailand, Vietnam.
Malaysia:
Malaysia offers beautiful scenery, dynamic local culture and low cost of living. In fact, the monthly cost of living is half that of the USA. Other benefits? There’s modern infrastructure as well as excellent healthcare. Retiring in Malaysia requires a “Malaysia My Second Home” (MM2H) Visa, which can be obtained by meeting specific financial criteria. Get more information about relocating to Malaysia here.
Mexico:
Mexico’s warm climate, beautiful beaches, and affordable cost of living make it a popular destination for American retirees. Proximity to the US, affordable healthcare, and a strong expat community contribute to its appeal. US citizens can stay in Mexico for up to 180 days per year without a visa, and there are various retirement residency options available. Get more information about relocating to Mexico here.
Panama:
Panama is a favorite for expats because you only pay taxes on income from Panamanian sources. You need a monthly pension of at least $1,000, and a clean criminal record. Cost of living is more than a third lower than the USA. Get more information about relocating to Panama here.
Philippines:
Known for its stunning natural beauty and friendly locals, the Philippines offers a very affordable retirement option for US expats. The cost of living is less than half that of the USA. American retirees can acquire a Special Resident Retirement Visa (SRRV) to enjoy various benefits, including tax privileges and hassle-free travel. Get more information about relocating to the Philippines here.
Portugal:
Portugal is one of the most affordable European countries because of its low cost of living. On average, it’s almost 30% lower than the USA. You need a special residence visa, which requires a valid passport, proof of income, health insurance and criminal background check. Get more information about relocating to Portugal here.
Thailand:
Thailand’s unique blend of rich culture, beautiful landscapes, and affordable living costs has made it a popular retirement destination. Cost of living is more than a third lower than the USA. The warm climate, delicious cuisine, and modern amenities contribute to its appeal. The Thai government offers a Retirement Visa for US expats, which requires proof of financial stability. Get more information about relocating to Thailand here.
Vietnam:
Vietnam, with its rich history, stunning landscapes, and low cost of living, is another enticing option for US retirees.The cost of living is more than 60% lower than the USA. The country offers a unique cultural experience, delicious cuisine, and affordable healthcare. US expats can obtain a retirement visa by fulfilling the necessary financial requirements. Get more information about relocating to Vietnam here.
We intend to follow up with more detailed profiles of these and other destinations. Even if you don’t make a move right away — or at all — it’s fun to explore your options and imagine yourself in some of these locations. They also represent good vacation candidates if you want to test the waters. The process of discovery can be invigorating in itself!