Longing for a comfortable retirement – but worried you just won't be able to afford it? Relocating to a country with a cheaper cost of living can enable you to stretch your retirement nest egg that bit further, allowing you to enjoy the high life instead of simply scraping by at home. But the options can feel overwhelming, with many of the world's cheaper locations also home to high levels of crime and poor infrastructure.
With this in mind, we've narrowed it down to 10 low-cost countries that are considered safe by global standards and boast great weather, quality healthcare, excellent food, and more. We've ranked them by their average monthly living cost per person. This figure doesn't include renting or buying property or utility costs, but we've included these figures too so you can get an idea of how much you're likely to spend. Read on to discover the nations that tick all the retirement boxes ranked from least to most expensive.
All dollar amounts in US dollars, with all figures accurate as of October 2024. The right to retire in certain countries will depend on your circumstances and can be subject to change.
First up is Greece. The welcoming Mediterranean nation has much to offer senior expats, from its seemingly endless summers to fascinating archaeological sites and heart-healthy food.
On that note, healthcare is top-notch and, for non-EU expats or retirees from countries without a reciprocal medical care agreement, private insurance and optional paid public coverage rates are reasonable.
Numbeo has crunched the numbers and estimates that Greece's monthly cost of living for one person, excluding rent or mortgage payments, is $880 (£676). This is 26.3% cheaper than the average monthly cost of living for Australia, as well as significantly less than the comparative figures for nations such as the US, UK, and Germany.
Public transport is particularly cheap, with Numbeo listing the price of a monthly travel pass at around $33 (£25). Senior citizens in Athens can also enjoy discounted travel rates.
Rental prices in Greece are remarkably affordable. The average cost of a one-bedroom apartment located outside of a city centre is just $442 (£339) per month, which is peanuts compared to the cost of renting in most major nations.
For those looking to buy, the typical price per square foot (0.1sqm) for a home outside a city centre is around $219 (£168), which is typically cheaper than America, the UK, and Australia.
The cost of utilities is one of the few drawbacks of Greek life, as energy prices can be steep. Numbeo claims the average monthly cost of electricity, water, heating, cooling, and rubbish collection is around $228 (£175).
La pura vida ("the pure life") is abundant in Costa Rica and expat retirees can expect to be thoroughly spoilt in the country, which boasts jaw-dropping natural beauty, welcoming people, and warm temperatures all-year round, even through the rainy season.
Costa Rica is the only Latin American country on our list thanks to its comparatively low crime rates. In fact, it's widely regarded as the safest nation in the region.
According to Numbeo, typical per-person monthly living costs are around $871 (£669) in Costa Rica.
Although groceries cost slightly more here than in Greece, dishes in restaurants are still super affordable, with a meal at an inexpensive establishment costing less than $10 (£8). That means expats can dine out to their hearts' – and stomachs' – content. Taxis are cheap, as are other modes of transportation.
Most importantly, Costa Rica's health system is ranked the best in Latin America, yet it's still surprisingly affordable for foreign-born residents. According to InterNations, most expats pay a monthly maximum of $100 (£76), with payments generally decreasing as they age.
When it comes to accommodation in Costa Rica, a one-bedroom apartment away from a city centre costs $533 (£409) per month to rent on average. Buying is probably a better option, given that the price per square foot is typically just $131 (£101) for a similar property.
As for utilities, the average monthly bill for electricity, heating, cooling, water, and rubbish collection for a 915 square-foot (85sqm) apartment comes in at just $80 (£61).
Now one of Europe's premier sunshine destinations, Croatia has been winning over expat retirees in their droves. And no wonder: the country's clement climate, breathtaking azure coastline, historic cities, and lively restaurant scene are hard to resist.
Bolstering its budget-friendly reputation, the Balkan nation has comparatively low bank balance and monthly income requirements for expats who are applying for relevant retirement visas.
As calculated by Numbeo, the average cost of living per month (minus rent or mortgage payments) for one person is $785 (£603) in Croatia.
Prices are low across the board, particularly when it comes to transportation, groceries, and dining out. For instance, a meal for one in a cheap restaurant will cost you little more than $10 (£8). And expats should have plenty of spare money for dinners out considering the affordability of the nation's housing...
On average, it costs just $513 (£394) per month to rent a one-bedroom apartment away from a city centre, with the comparative price for buyers typically $268 (£206) per square foot.
Utilities aren't all that cheap compared to some other countries in our round-up, coming in at around $168 (£129) a month. However, this will definitely seem inexpensive if you're from the US, UK, or Australia, where energy bills are positively sky-high by comparison.
Sunny Spain has been enticing foreign retirees for decades and boasts a sizeable older expat community.
Renowned for its wonderful weather, vibrant culture, and exemplary healthcare system, the Iberian nation also has low crime rates, with violent offences few and far between.
Adding further to its appeal, Spain is one of the world's most senior-friendly countries. Foreign retirees can even qualify for heavily subsided holidays courtesy of the Spanish government.
Numbeo pegs Spain's average monthly cost of living for one person, excluding rent or mortgage payments, at $776 (£596).
Groceries are moderately priced, as is eating out; a mid-range three-course meal for two will probably cost you less than $60 (£46).
And it doesn't end there. Everything from private health insurance and public transport to gym membership and cinema tickets will seem easy on the wallet compared to prices in the UK, US, Canada and elsewhere.
Monthly rent for a one-bedroom apartment outside a city centre will typically set you back $787 (£604). Potential buyers will be delighted to learn the average price per square foot for a home outside of the centre of town is around $219 (£168).
In terms of utilities, Spain hasn't seen the sort of astronomical price hikes that have stung householders in countries such as the UK and Germany. Average monthly bills for a 915 square-foot (85sqm) apartment work out at $146 (£112), around three times less than you'd pay in those Northern European nations.
Portugal has been lauded by International Living as one of the world's most attractive cheap retirement destinations. The Southern European country has low crime rates, a warm climate, stunning coastline, illustrious cultural heritage, delicious food, and a number of other major benefits.
For example, Portugal's healthcare system, the Serviço Nacional de Saúde (SNS), has been ranked the 12th best in the world by the World Health Organization (WHO) and is fully accessible to expat residents.
Average monthly living costs in Portugal, excluding rent or mortgage payments, work out at $728 (£559) per person.
As well as necessities such as groceries and transportation, luxuries including restaurant meals, gym membership, and cinema tickets are very affordable, typically costing less than they do in neighbouring Spain.
Renting can be a bit more expensive than it is in Spain. That said, it's still affordable: a one-bedroom property located outside of the centre of town typically costs $797 (£612) per month to rent. If you plan to buy your own property, you can expect to pay around $240 (£184) per square foot for an apartment away from the city.
Public transport and petrol prices are also slightly more expensive in Portugal than in Spain. Thankfully, these differences are offset by the lower cost of utilities, which average out at $124 (£95) per month for a standard apartment.
Another Balkan nation in our round-up, Montenegro has been dubbed by Live & Invest Overseas as "the newest European retirement haven".
Foreign retirees have been flocking to the country for its Mediterranean climate, picture-perfect coastline, and mountains dotted with characterful villages and budget ski resorts. Its low crime rates, minimal taxation, and affordable living costs are the cherry on top.
The monthly cost of living for one person (minus housing) is only $676 (£519).
You can enjoy a meal in an inexpensive restaurant for under $10 (£8), and food and drink prices are generally on the low side.
Public transport and taxi fares are also very affordable, as is entertainment, with a cinema ticket costing just over $5 (£4), less than half the price you would pay in the US or UK.
The typical rent for a one-bedroom apartment away from a city centre is $510 (£392) per month, while sale prices for properties outside city centres average $181 (£139) per square foot.
Housing is more expensive compared to neighbouring Croatia, but this is balanced out by generally lower living costs – most notably utilities, which are 27% cheaper in Montenegro. Monthly bills for a 915 square-foot (85sqm) apartment in the country are $122 (£94) on average.
Thailand, which is often fittingly referred to as the "Land of Smiles", has emerged as a magnet for expat retirees, particularly those who are keen to live lavishly on a shoestring budget.
The country is something of a paradise for seniors, boasting fantastic cuisine, friendly people, low crime rates, an outstanding healthcare system, and a tropical climate with breathtaking beaches. What's more, older people are highly valued in Thai society, which can't be said for many Western countries.
Numbeo estimates that the monthly cost of living for one person, barring rent or mortgage payments, is $609 (£468).
Dining out in Thailand is astonishingly cheap, with the cost of an inexpensive restaurant meal typically under $3 (£2). Transportation is reasonable, while gym membership and cinema tickets are also moderately priced.
Retirees from expensive Western countries can save a fortune on housing in Thailand: the average monthly rental cost for a one-bedroom apartment outside of a city centre is a mere $257 (£197).
Buying is trickier since foreigners are banned from directly purchasing land in their own name, although it is possible to buy an apartment or other leasehold property. Hopeful house hunters can expect to pay $198 (£152) per square foot for apartments away from the city centre.
Expat seniors save big on energy bills, too. The cost of utilities works out at just $78 (£60) a month for the typical flat.
Türkiye boasts abundant retirement appeal. The nation's many attractions include its wealth of heritage sites, beautiful beaches, and hospitable people, while the climate in its coastal regions is warm in summer and mild during the winter.
Türkiye is also one of the world's leading medical tourism destinations, with healthcare generally good in the country. Crime rates are low compared to the global average.
Disregarding rent or mortgage payments, you'll need just $599 (£460) a month to cover your living costs in Türkiye.
Public transport, leisure activities, and dining out are all highly affordable in Türkiye, with a three-course mid-range meal for two costing just $35 (£27).
Renting a one-bedroom apartment away from a city centre costs only $401 (£308) a month, while buying the same sort of property will set you back around $107 (£82) per square foot.
And you won't have to stress over utility bills, either: the average monthly cost of electricity, heating, cooling, water, and rubbish collection for the typical property comes in at a staggeringly cheap $59 (£45).
Morocco is fast-becoming a leading destination for expat retirees. Particularly popular with French seniors, the North African nation is ranked the fifth-best retirement location by French magazine Retraite Sans Frontières (Retirement Without Borders).
The magazine gushes over the country's Mediterranean climate, rich cultural and architectural heritage, favourable taxation regime, and extremely affordable cost of living. The nation's low crime rates and decent healthcare are additional draws.
Monthly living costs excluding housing in Morocco are the second most affordable in our round-up, at $485 (£372) per person. That's roughly half of what it costs to live in the UK, US, or Canada.
Restaurant meals are very reasonably priced and groceries are cheaper than in any of the other countries in this round-up. Expect to pay just over $25 (£19) for a mid-range three-course meal for two, while milk, meat, and bread are all a fraction of what they cost elsewhere.
The cost of a one-bedroom apartment outside a city centre averages $196 (£151) per month. This is the most affordable in our round-up, as is the cost of buying property in general – an equivalent property could be purchased for just $79 (£61) per square foot.
Further cementing Morocco's status as a retirement destination where money goes exceptionally far is the cost of utilities. The lowest in our round-up, monthly bills for a 915 square-foot (85sqm) apartment come in at an incredible $39 (£30) on average, which is about five times less than what the typical American pays and eight times less than what their British counterparts spend.
Expat seniors are increasingly choosing Vietnam to spend their golden years, with the country offering even lower living costs than its Southeast Asian neighbour, Thailand.
The nation's tropical climate, beautiful coastline, and delectable cuisine (which is usually based around only the freshest ingredients) are among Vietnam's top selling points. That's all combined with its high healthcare standards, low crime rates, and, best of all, the warmth of its residents.
Of course, Vietnam's mega-low cost of living is the deciding factor for many older expats. Excluding housing, the monthly cost of living typically stands at just $470 (£361) per person.
Vietnam is the cheapest country out of our 10 picks overall, and dining out costs are also the lowest: an inexpensive meal averages a shade over $2 (£1.50). It also has the most affordable transportation and leisure activities, with a cinema ticket costing a little over $4 (£3) on average.
Rental costs are astoundingly cheap: a one-bedroom apartment away from a city centre typically costs only $236 (£181) per month. Vietnam recently allowed foreigners to buy property with a maximum of a 50-year lease, and a home located outside of the city centre is priced at around $144 (£111) per square foot. Utilities typically cost around $67 (£51) per month for a 915 square-foot (85sqm) apartment.
Vietnam also has the cheapest mobile and internet bills in our round-up. A monthly mobile plan with 50 GB+ data costs a mere $6 (£4.60) on average, while the typical monthly charge for a 60 Mbps broadband contract with unlimited data is under $10 (£8).
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