Top Countries Where You Can Retire on $150K
In 2020, the average monthly Social Security benefit received by American retirees is, as is today, only $1,503 or just $18,036 within a year. More often than not, this figure is not enough to sustain a decent living, especially as elderly individuals have to spend more than $13,000 in out-of-pocket costs for healthcare each year, and wellness still eludes them.
In this scenario, however, retiring in a foreign country may be the answer where one does not have to spend a fortune on healthcare, housing or even day to day expenses like in the US. Here, we rank the cheapest and safest countries for retirees, where even $150,000 or less in retirement savings can still guarantee a comfortable living. Such recommendations comprise considerations of local cost of living, visa program changes and recent influxes of political changes.
Top 20 Destinations Where You Can Good Life After Retiring on 150K
- Czech Republic
Along with historical castles, medieval towns, beautiful architecture, and local Czech beer, the Czech Republic is best known for its fairy-tale sceneries. Affordable living standard coupled with rising numbers of the expat population is making the country more appealing to retirees. Rental expenses in Prague are quite low when compared to other European capitals, although most foreigners do not have access to the rent-controlled places, so they tend to pay higher rents. It’s also possible to rent apartments from real estate agents, whose fees are generally one-month rent. The facilities are great but very cheap. Retired citizens will need to have health coverage, which can be either state offered or privately purchased from health insurance companies in the Czech Republic that are approved by the Czech National Bank.
Retirement in the Czech Republic for American retiree: Do prices vary when moving to another Republic? No retirement visa is in existence. However, for seniors, it is possible to apply for a long-term visa for a maximum duration of up to one year. For such visas applicants are required to declare their intention to work act, take self-employment or seek to undertake a language course. A year of retirement gives one the right to make her first application for the one-year residency permit. Five years of ordinary residence entitle one to apply for indefinite leave to remain within the United Kingdom.
- Bolivia
Thanks to the agreeable climate and low lifestyle expenses, Bolivia has been loved by expats for ages. For its expatsbyk, enjoy unique features including mountains, salt flats, and colonial hamlets. Because the public sector health services are still not fully developed, it is preferable to seek medical treatment at private clinics, since these are often covered by insurance. Tarija is one of those cities where retirement can be very comfortable at levels of around $1000 income per month, just like Santa Cruz and La paz which also attract expats. Integration while struggling has inversely limited proficiency in the language.
How to Retire to Bolivia: A “specific purpose visa” is required which includes financing documents, proof of funds, and police clearance. It might be a good idea for retirees to first see if the country is suitable for them on a tourist visa before deciding to move there on a permanent basis.
- Belize
Belize has also become a very desirable place for retired individuals primarily because of its warm climate, breathtaking coastlines and natural parks. The language of the country is English, facilitating the American people’s accommodation. While Placencia Peninsula and Ambergris Caye are some of the hottest areas and hence rental rates are high here, one can still get rental apartments at rates as low as 700 dollars. However, older persons should not settle within crime-prone neighborhoods like Belize City. There is poor health care infrastructure within the country course, but there are other, cheaper, and more useful options in foreign countries like Mexico and Costa Rica.
Ways of Retiring in Belize: After living in Belize for 50 weeks, retirees can gain residency if they can show that they can wire at least $24,000 every year into a local bank account. The application itself is supposed to cost 1,000 money, and the income is supposed to be gotten from social security, pension plan or retirement accounts only.
- Vietnam
In Vietnam, rich culture, colonial design and inexpensive living come together which entice more North American retirees to this country. Nha Trang and Da Nang cities are feasible for expatriates as living costs can be …,$1,000 a month. Both have expanding expatriate populations and facilities for Americans who have retired from work. Even if English is widely spoken in other countries, including big cities, most people would still find knowledge of the Vietnamese language handy in the rural parts.
How to Retire to Vietnam: It is not surprising to learn that Vietnam is devoid of an official long term retirement visa. The U.S. citizens however can apply for a multiple-entry visa for a period of one year which is renewable after a certain period. However, the retirees are required to leave the country every three months in relation to the visa regulations.
- Ecuador
In recent years, Ecuador has also been at the top of the most preferred countries by Americans who wish to become expats. It is still one of the best countries to retire because of its many cities, different types of climatic conditions and low living costs. In Quito, the cost of renting the one fueling an apartment in the city center goes for about $440 while Cuenca is much cheaper at $360.
How to Retire to Ecuador: The retirees also should request for pensioner residency visa on which basis there should be $800 and above. To be already granted, retirees will also need to acquire public or private health coverage once they gain citizenship in Mauritius.
- Ireland
Retiring in Ireland comes with various beautiful experiences such as the friendly people, picturesque sceneries and ease of moving around European nations. Though houses in the capital city of Dublin are very expensive, other places away from the city are very cheap for example, Mohill or Edgeworthstown. The people of Irish are fortunate to have good health services but for those retirees from other countries except EU countries will have to be having their own health insurance policy.
How to Retire to Ireland: The state of Ireland lacks a provision for an age an eventuality visa. A “D” visa allowing a three month stay in the country can be introduced to retired persons. They have to follow this with residency as a “person of independent means” with approximately €50,000 income per person plus some savings.
- Chile
Often described as a peaceful country with spectacular sights, Chile makes retirement easy and budget-friendly for foreigners. Cost of living is much lower than that of the US,.I mean basic monthly expenditure sits around $1000.
How to Retire to Chile: Any foreign citizen reaching the retiring age will require a tourist visa, which is not the right approach, which is intended for a cultural exchange for a specific period of time. There is no official requirement in income still most law firms recommend $1,000 per person will be adequate for the first 1-2 years.
- Uruguay
Uruguay is one of the Latin America countries with a functional democracy, a developed economy as well as high living standards. While costlier than other ones within the region, it is nonetheless less expensive than the US. In cities like Salto for example basic living expenses can total to about $800 in a month.
How to Retire to Uruguay: Retirees can apply for either a rentista visa, requiring proof of $1,500 in monthly income, or a foreign retiree visa, which allows import of personal effects free of duty. However, it is difficult to obtain the citizenship.
- France
France isn’t the first suspicious in looking for destinations when searching for a cheap place to retire- but its several smaller towns are known to be quite cheap affordable housing wise.
The city of Pau located on the border with Spain is not only home to cold winters and warm summers; a one bedroom apartment situated at the city center will be going for $531 monthly. The cost of dinner for two people is about fifty-three dollars, as indexed in numbeo.
A rather pleasant city by the Mediterranean sea and Pulsating with students Montpellier also records very commendable pricing. The rental price for a one bedroom flat will range from $500 to $700. Both Pau and Montpellier have great health care and hospitals.
How do I go about retiring to France
There is no retiree visa in France, that your regular retiree who has limited funds will not be able to travel to France to retire as International Living says.
The embassy will be willing to ensure that you are able to pay for your trip and that you have an international medical insurance policy valid in France. Social Security statements, bank accounts details and accounts investment all sorts of these things help to be presented in one’s financially backing head.
The long-stay visa will usually be renewed each year and you will be required to provide any additional information which will cover your finances at the time of renewal.
- Thailand
Because Thailand is a tropical country, you’re positive that your retirement checks will go a long way. Anywhere in the country can be lived in comfortably at $1,500 to $2,000 a month including rent.
Thailand’s second largest city of Chiang Mai is cheap and supports many modern facilities like fitness centers, shopping complexes and cheap good quality health care. Another beautiful and sun soaked island paradise, Koh Samui is also cheap to live on.
Even the capital and busiest city of Bangkok has an affordable cost of living and is well’s some of the best private hospitals in Thailand. The political situation in Thailand is quite calm and there is a strong presence of police, especially in large urban and tourist areas.
How to retire to Thailand
Thailand has a retirement visa for which its holders are submitted to an extension on an annual basis from one year to another.
Expat retirees are expected to have retirement funds not less than 800,000 Thai baht which translates to $24,000 in annual income inclusive of savings. You’ll also have to go to the Thai immigration office every 90 days and inform them where you stay.
Want to save more for your retirement? Discover what additional savings on a monthly basis are needed for you to achieve that goal.
- Italy
For you who are among the many who have come to appreciate the travel reasons of Italy’s varied regions, great food, and great weather will be glad to know that it is not expensive to retire in this country.
If one were to go to the southern community of Basilicata, you can expect to get a simple house in one of the smaller villages for around $32000. In the picturesque historical town of Matera rent for a one bedroom apartment is about $625 per month.
In the eastern Puglia region, popular for both sunbathing and seafood, the living expenses are even cheaper.
How to retire to Italy
As already mentioned, there is no retirement visa for Italy so the alternative will be to seek an elective residency visa.
You would have to produce evidence of for example your pension, a 401k or other liquid annual returns or yearly income from for instance earned income. Currently, the minimum is somewhere in the region of $35,000 for one person and around $40,000 to $70,000 for a couple.
Plus, you would also have to submit a copy of the rental agreement and medical insurance. Once you qualify as a resident of Italy, you will be able to obtain national health insurance that is ranked second out of nearly 200 countries in the World Health Organization report. Depending on the region where a one lives, the cost might vary, but one can easily pay less than $400 a year.
- Peru
For those in search of thrills, Peru has the beautiful Machu Picchu, warm beaches and intriguing ancient peoples waiting to be explored. The cost of living will be the major reason for most retirees: A couple can eat, rent, travel on coach class and spend quite happily on $1,500 a month, International Living states.
Near popular exile centres such as Arequipa and Cusco one rents a one bedroom apartment for about $200 a month, and nice three course dinner for two costs between $10 and $12.
Healthcare is public in Peru, hence not expensive as such, but most expatriates do not only undertake this form of healthcare they prefer purchasing insurance and using private healthcare providers. The major health risk with new arrivals in Peru countries is extreme atmospheric pressure known as altitude sickness.
Retiring to Peru
They offer a very renewable retirement visa which takes the form of a rentista visa which lasts for as long as one wishes.
For that, you would have to show that you have a permanent monthly income of $1,000 plus $500 for every dependent to qualify.
For those who hold the rentista visa, there is no tax liability as with the other Peruvian visas — which is pretty good.
- Slovenia
Slovenia has been twelve out of ten as the best place to retire in eastern Europe due to the low cost of living. It has rather nice historical towns and a pleasant weather suitable for living year-round and several other activities one would love to do.
To rent a 1bhk flat in the modern capital city Ljubljana would cost around $600 per month as per numbeto and even basic food products are not very expensive.
Every citizen is required to pay for compulsory state health insurance which offers very good health services. However, Expats and residents combine this with private, hip local renown health insurance for enhancement.
How to retire to Slovenia
Slovenia doesn’t have a retirement visa for non-EU citizens, which means that one must begin looking for a retirement plan with a one year temporary residence permit well before traveling out of the US.
It is renewable on a yearly basis. After five years on this visa, one will probably apply for permanent residency in Slovenia.
In order to be granted the first stage of the temporary residency permit, you’d have to prove that you have at an income at least, as per the basic minimal income in Slovenia, which is currently around 1,000 dollars a month.
- Spain
Spain has long been known as a warm and sunny, retirement joy for many Europeans and with no second thoughts, it is still one of the most loved cities in the continent for expats.
Renting in Spain is extremely beneficial because the cost of food is low, the scenery is beautiful, and almost all year long does not have winter.
Keep in mind, the difference in the cost of living in the capital and other provinces of Spain is enormous. For example, in the tourist centers, such as Barcelona, rental prices are almost the same as those in America. One bedroom apartment in a senior cities as Valencia goes for approximately $630 a month.
What is the procedure for moving to Spain in retirement?
In case of application for the retirement visa to Spain, one of the key elements that one should ensure to proof of the income requirement where by one is supposed to earn $ 2,500 per month or $30,000 in a year.
Besides, you would also have to provide evidence that you have an insurance coverage which will be valid in Spain.
It could take a number of visits to receive your foreign visitor number (the NIE, required for anything from creating a bank account to getting internet in your place) nonetheless, after that bureaucratic nonsense, it is all smooth sailing.
- Portugal
More and more travelers have been falling in love with Portugal. The statistics suggest that more people have also decided to settle down in Portugal.
The country has cheaper living expenses than in Spain over the borders, sun for more than 300 days of the year, and all the historic castles and the seafood you can desire. Plus, it is all fairly stable politically.
If you live in a small town, then that is how you will be able to secure cheap accommodation for your retirement. As primarily foreigners and non-nationals, the Portuguese health system has become a bit underwhelming so private health care is preferred.
Retiring in Portugal
In order to obtain a residence permit for retirees, one has first to obtain an appointment at a US based Portuguese consulate and provide current visa, economic means and medical insurance and be cleared of criminal charges.
All of this would allow you the resident applicant to apply for permanent residency status immediately after arriving in Portuguese territory.
For the temporary and permanent resident applicant no specification as to the amount of income needed is provided, however, the applicant is expected to have enough income to carry him through waiting period in the region of his choice in Portugal.
- Malaysia
Malaysia remains a favourite among retirees because there is good weather, there is food and entertainment, and English speaking services are plenty. One just needs to prepare for the monsoon rains during the winter months in Malaysia.
Life in Kuala Lumpur is cheaper than most U.S. cities; a one bedroom apartment goes for less than$600 a month. In case you are interested in the island lifestyle, you can rent an average one-bedroom in price of colorful Penang where a one-bedroom will cost you just $225 a month.
Malaysia has an upper and lower medically recognized two-tiered international health care systems, and the best of the two is located in private clinics.
Do you need to make additional contributions from the outside for your retirement? It is appropriate for the owner how much mid-range shall be appropriate savings for them each month.
How to retire to Malaysia
The country has now issued a ten-year visa that is renewable to 50-year-olds who can show that they earn a minimum of $2,495 a month or have close to $87,300 in liquid assets, as per International Living.
Since Malaysia is pretty safe, tourists are often targeted for petty theft in tourist zones and empty homes might face the risk of burglaries.
The State Department also tells Americans not to travel to the eastern part of the region, especially in Sabah, because of kidnapping people and demanding money to free them.
- Malta
Malta is a temperate and cultured country where the cost of living is comparatively lower than other Mediterranean places in the EU. The island is historical and scenic as well.
Adding to the benefits for North American retirees, English is made one of the official languages in Malta. The health care system of the nation is one of the five best in the world: WHO.
On the Gozo, the northern island of the country, the usual rent stays below $500 a month and there is a whole beach to work around. The ferry ride to the bigger main island of Malta lasts a mere twenty minutes.
How to retire to Malta
Thus, Malta’s residency permit programs where one can obtain permanent residence, does not betray the statics about Malta being the peace loving nation indelibly.
For non-EU residents, country has few types of visas available including, one year pension visa valid indefinitely for elderly applicants willing to retire in Malta and one year self employment visa or business visa for self employed individuals residing in Malta on a business visa.
- Panama
Administered for its high standard of living, free taxation policy and well organized healthcare, Panama remains a retirement favorite and an investment haven for many.
Opting to reside in this place envelopes one in all that can be envisaged within a retirement’s utmost sunny-filled, culture embracing, and nature loving years. Spanish is the first language, but English is commonplace in large cities.
Surprisingly, the capital city of Panama – Panama City – is inexpensive. A one-bedroom apartment in downtown areas cost below $1000 rent monthly, for example, the internet will be about $52 a month and a two people’s dinner in a mid-range restaurant is approximately $50, says Numbeo.
How to retire to Panama
The most attractive option for relocating to Panama is called the visa pensionado which is Panama’s retirement program. You’d need to show proof of nonemployed income of $1,000 monthly and from an acceptable U.S. source for the rest of your life.
If you’ll be bringing home any amount between $750 but less than $1,000, then you will be able to purchase property in Panama for at least $100,000 and the lifelong monthly pension requirement shall be pegged at $750.
This visa comes along with many benefits, as it qualifies you for many discounts in areas like medical care, travel, utility bills, loans amongst others. The visa does not have any age limit or upper limit requirement.
- Mexico
Mexico, and more specifically the Yucatan peninsula, is the other, and one of the best, places to retire. The Yucatan being the most friendly retiree country is bordered by white sand beaches, magnificent wildlife and the famous wonder of the Mayans in the form of the Chichen itza complex.
Plus, you’ll see plenty of familiar businesses, including Starbucks, Petco and Walmart, inside the city.
In the city of Merida Yucatan one can rent a furnished one bedroom apartment in the in the centre of the city for about 250 a month.
Since Mexico is quite handy for the US, many retirees still have their medical insurance from the original country and spend cash for any sudden medical attention.
Tips on retiring in Mexico
It is better that candidates for residency first apply for what is called the temporary resident permit which allows them to come in and go out of Mexico for a period of up to four years. Once that is needed you would have to submit an application for the permanent resident visa.
Temporary resident applicants are application requirement, they must demonstrate that over the last 6 months of the recent they earned a sum of about $1,550 monthly (from pensions, investments etc.) or that they have worked with savings of around $25,880 for the last 1 year.
In order to have the receiving members of the household undergone some examination and screening procedures such as proofs of permanent residence the head of the member should have earned monthly incomes of not less than $2388 USD for the past six months or other assets amounting to $103,500 USD for the previous year as reported by Internationual Living.
Update your knowledge regarding any of Mexico’s immigration policy changes that will take effect after the latest elections in that country.
- Costa Rica
Our best pick for the most budget friendly countries for retirement is Costa Rica, which is well-known for the pura vida lifestyle, security and stability and excellent travel opportunities.
The southern pacific region in Costa Rica is very attractive to North American expatriates.
They offer a sunny beach lifestyle and superb natural diversity. Southern areas like Dominical – Ojochal – Uvita have a lot to offer, including fast food joints, grocery stores, and clinics.
Moving in Costa Rica with retirement
If you want to be able to apply and maintain your pensionado residency status, that means you need to show proof of earning at least $1,000 each month from one of the approved income sources like Social Security or a state pension scheme.
IRAs and 401(k) plans are not included. In addition, you would be required to contribute a percentage of your salary to the national insurance health system. Most expats choose a higher standard of medical care at an additional ter.
Tull is a safe place to live with a relatively stable economy due to an abundance of tourism activity. It is also quite safe as long as there is some sound judgment exercised on the part of the visitors. Well, if you have never future traveled to Costa Rica, then isn’t it time to do so?