Retirement plans are as unique as the individuals who are looking forward to the day when work, at least as they know it, comes to an end. For some, retirement can mean a career change to a long wished for profession or more time to devote to a hobby or passion. For many retirees, whether for adventure, change of scenery, or reduction in living expenses, moving to another country is a goal.
It's well-known that moving outside the U.S. can help reduce living costs — particularly if the retiree is leaving a large city. Just as at home, though, costs vary depending on location, lifestyle, and personal needs. However, if the goal is to reduce expenses, most retirees can accomplish that and live quite well in a variety of countries.
From Latin America to Asia and Europe, retirees are finding homes and plenty of expat communities where living is more affordable. Weather, location, health care access, language, visa qualifications, and income requirements are among the many considerations that go into deciding on a retirement home. Financial advisors, experienced travelers, and expat retirees can help with advice, and the Social Security Administration, Internal Revenue Service, and State Department also have important information to offer. Data from Numbeo, updated as of June 2022, is used here for cost of living comparisons.
These are some of the countries that offer retirees an opportunity to enjoy a comfortable lifestyle and lower cost of living.