NYC was recently named one of the best places in the US to retire, though a separate study found that New Yorkers need more than $1 million to retire comfortably. So, with that being said, maybe NYC actually isn’t the best place to retire after all.
These international cities, on the other hand, are some of the cheapest places to retire, and you can live comfortably on just $1,000 per month! Imagine that?!
The U.S. News and World Report spoke with travel and budget experts that have lived in/visited over 50 different countries, tracking living costs worldwide, to find the cheapest places to retire abroad. The also took into consideration travel costs like flights, taxes, and visas.
What they found is that moving to a lower-cost country does not equate to compromising on quality of life.
In fact, many things abroad can be considered superior to how they are here in New York, such as infrastructure and other important lifestyle factors. On the other hand, those looking to retire abroad simply can just enjoy a more lowkey lifestyle and the chance to explore new places and cultures.
According to the report, the cheapest places to retire abroad are as follows (in alphabetical order):
- Malaysia
- Mexico
- Panama
- Philippines
- Portugal
- Thailand
- Vietnam
“Malaysia has a rich culture, wonderful food and beautiful scenery,” said George Lagonakis, a travel blogger at WorldTripVibe. Here, you’ll find lower costs of living for accommodation, food, and transportation. Plus the country presents locals opportunities for boating fishing, and swimming on the islands and beaches and also hiking and bird watching in the mountains.
Moreover, Mexico offers a warm climate, beautiful beaches, and colorful displays, Panama has lower living expenditures than the US, according to Lagonakis, and as for the Philippines, “Your $1,000 could go far. It can cover the housing cost, health care and leisure activities. English is spoken widely (and) it’s sunny 90% of the year,” according to Sharon Maxwell, chief editor of SmartSEA Travel.
At the end of the day you’ll, of course, have to say goodbye to NYC bagels, pizza, and baconeggncheeses. But, on the flip side, you’d likely have a much easier time affording rent!
And, if you’re not in the business of retiring abroad anytime soon, at least this list can serve as some travel inspo!
The full study can be found here.