Retirement Retired Life

8 Countries Where Retirees Can Live Large and Save Big

Forget the high cost of domestic retirement — consider moving abroad.

Landscape of two pagoda on the top of Inthanon mountain
Updated Sept. 7, 2025
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On one hand, you think of retirement as a time of relaxation and pursuing your favorite hobbies. On the other hand, you're not sure you will have enough savings to last through your golden years. Rampant inflation, rising costs, and longer life expectancies only exacerbate your fears.

A recent survey confirmed that inflation, taxes, and Social Security are retirees' greatest concerns. For many Americans, this uncertainty about retirement forces them to relinquish their dreams and plan a modest existence on a fixed income.

But what if your retirement funds could go farther? What if you could live without compromise by spending less and doing more? By retiring outside the USA in select countries, you may not have to make any compromises.

Here are eight countries where you can retire, live large, and still save a bunch of money.

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Mexico

diegograndi/Adobe mexico city cathedral in mexico city

Sharing a border with the U.S., Mexico is an obvious choice for Americans interested in retiring in a foreign country. With its diverse range of climates and lifestyles, there's something for everyone south of the border.

Most importantly, the cost of living is considerably lower than in the U.S. Prescription drug prices and other health care needs are known to be more affordable, but that's just the tip of the iceberg. American expatriates report living comfortably in Mexico for around $1,500 per month.

Panama

SL-Photography/Adobe panoramic skyline of Panama City

Located in Central America, Panama offers retirees a stable economy and a favorable climate. The Pensionado visa program offers substantial discounts on a variety of services, including healthcare.

Panama City is a major metropolitan area with all the modern amenities. Living there can cost as much as in your average Western European city. However, if you settle in one of the smaller towns in rural areas, a couple can live the good life for $2,000 per month or less.

Costa Rica

Duarte/Adobe lush jungle in costa rica

Known for its biodiversity, Costa Rica offers retirees several different ways to commune with nature. While not the cheapest country in Central America, its health care system is highly regarded and relatively affordable.

The cost of living can be lower in areas outside of the main tourist hubs. Many retired expat couples report total expenses of only $2,000 per month.

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Portugal

TTstudio/Adobe lisbon portugal skyline

With its sunny climate and beautiful beaches, Portugal has become a preferred destination for American retirees.

The cost of living is significantly lower than in many other Western European countries, with reports of married couples living outside of major metropolitan areas like Lisbon and Porto on only $2,500 per month. Portugal also has a universal health care system, which covers both citizens and legal residents.

Malaysia

Andrzej Płotnikow/Adobe batu cave in malaysia

From stunning beaches to modern cities, the Southeast Asian country Malaysia has it all. Plus, the Malaysia My Second Home (MM2H) program makes it easy for Americans to reside there long-term, if you're willing to invest in real estate.

To give you an idea of the low cost of living, a condo in a modern complex with a pool, gym, and gated security might only cost you $900 per month. The country also has a well-developed health care system with affordable private options.

Ecuador

alanfalcony/Adobe city of cuenca ecuador

When it comes to scenery, few countries can compete with Ecuador. From the Amazon rainforest to the Andes Mountains and the Galapagos Islands, the country has more than its fair share of beautiful sights.

The cost of living is equally attractive. With monthly premiums of $80 or less per month for a couple for the national health care system, Americans can truly stretch their retirement savings here.

Colombia

jkraft5/Adobe bogota and andes mountains full of greenery in front of tall buildings and houses

Did you know that almost 80% of the flowers in the U.S. come from Colombia? If living in an affordable home that smells like a florist shop with beautiful scenery all around appeals to you, give this country a try.

Cities like Medellín and Bogotá offer a modern lifestyle at a fraction of the cost of comparable cities in North America or Europe. The health care system is well-regarded, and most Americans will be surprised by the savings on prescriptions and medical services.

Thailand

sahachat/Adobe bangkok Thailand at night

It's easy to imagine short-term rentals of beachfront property in America going for $500 a day. In Thailand, however, it's possible to rent a furnished townhouse within minutes of the beach for less than $500 per month.

That's an example of the low cost of living in Thailand, especially in the northern regions. In the larger cities, you can find high-quality health care for prices much lower than what you would typically pay in the U.S.

Bottom line

ABCDstock/Adobe Commercial airplane flying above dramatic clouds during sunset

If it seems like living in the U.S. gets more and more expensive, you're not alone. A whopping 90% of Americans are concerned about the spiking cost of living. As you plan for your retirement years, it's only natural to worry that you won't have enough to see you through the rest of your life comfortably. However, it's a big world, and these eight countries are just a few of the places you can find affordability.

But if you were to move outside the U.S., can you still claim your retirement benefits? Fortunately, that's typically not a problem. The Social Security Administration (SSA) sends payments internationally. Just fill out the SSA's Payments Abroad Screening Tool to start the process.

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