This article looks at the 20 cheapest places to retire abroad if you speak English. You may skip our detailed analysis on leaving the US and jump to 5 Cheapest Places to Retire Abroad if you Speak English.
On Leaving the United States
Many Americans don’t think they can comfortably retire here in the US, so they choose to retire overseas. Some popular destinations for retirees include the nearby countries of Canada and Mexico, Caribbean countries such as Dominica, and even Asian countries such as Malaysia and Thailand.
Spending one’s golden years in such expat communities abroad can be a wonderful way to spend retirement years. However, language can be a major barrier for seniors who choose to move to other countries. Join us as we explore some of the cheapest places to retire overseas where people widely speak English.
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The Federal Reserve is all set to raise interest rates, a move which could pose risks if things steer toward a recession. This is particularly true for those heading into their golden years soon.
CNBC says a recession or market drop could shrink retirement savings, or even change your planned retirement date. No wonder Americans, particularly those who are financially unprepared to retire, fear retirement more than they fear death.
A survey by LiveCareer reveals startling statistics on the same. According to the survey, 61% of working Americans are more afraid of retiring than they are of dying. Similarly, 64% of working individuals consider retiring even scarier than getting divorced.
However, it isn’t just money issues that are making prospective retirees fear this period of their lives. Other things are scaring retirees just as much, such as the lack of an identity after leaving work, or even health issues.
After all, spending an average of two decades into retirement is hard work. Working individuals can’t seem to make their ends meet right now, let alone save for the future.
According to a financial institution called CIBC, a middle-class lifestyle costs 30% more now than it did 20 years ago. A survey by Goldman Sachs highlights how a financial vortex of competing spending has been reducing employee retirement savings by as much as 37%.
Saving for college, taking care of family members, and even credit card debt are holding back Americans from saving the bare minimum. However, the awareness of saving for retirement is growing aptly, and the numbers prove this to be true.
Vanguard’s annual report, “How America Saves” has revealed how plan participants have saved at historic rates in 2023. Surveying nearly 5 million American workers, the report reveals how the average participant deferral rate matched the historic high of 7.4% in the year 2023. With employer contributions, the average participant’s total savings rate stayed at 11.7%. This is the same high level reached last year.
“Smart plan design features are removing barriers to saving. Growth of advice and financial wellness tools are encouraging investing behaviors that lead to retirement readiness for more Americans”.
-John James, Managing director and head of Vanguard Institutional Investor Group.
Retirees are saving more, but the total amount they have will affect the quality of their retirement life. Northwestern Mutual’s 2024 Planning & Progress Study notes that Americans will need almost $1.4 million to last sufficiently in their home country.
The problem about savings isn’t just limited to Americans. A State Street Corporation (NYSE:STT) report that rising prices are the single most important concern for individuals in every country surveyed. Most respondents said their biggest worries about retirement are inflation and the rising cost of living.
Health expenses, political climate, and even housing expenses have had individuals from all over the world worried about how they are going to tackle their retirement years. Language is certainly one problem they would like to avoid in this golden period of life.
State Street Corporation
State Street Corporation is a global financial services and bank holding company headquartered in Boston. It is the second-oldest continually operating United States bank. Recently, it appeared on our list of 20 Most Profitable Banks in the US in 2024.
This premier investment management and servicing company has $4.4 trillion in assets under management (AUM). The company has had consistent dividend growth and a yield of 3.49%.
Moreover, State Street has announced that it will be increasing its dividend from last year’s comparable payment on the 11th of October to $0.76. Doing so will increase the dividend yield to an attractive 3.8%, boosting shareholder returns.
While we acknowledge the potential of STT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than STT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
A senior couple walking hand-in-hand in a senior housing facility.
Methodology
To compile the list of cheapest places to retire abroad if you speak only English, we used our previous lists as well as scanned the internet for the cheapest English-speaking countries to retire. We then scored them based on their cost of living to generate a unique Insider Monkey score. Places were ranked in ascending order from the lowest to the highest scores.
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Here are the cheapest places to retire abroad if you speak English only:
20. Boquete, Panama
Insider Monkey Score: 2
Monthly Cost of Living: $1,560
Average Monthly Rent (1-bedroom): $750
Nestled amidst the mountains, retirees love Boquete for its mild climate and welcoming expat community. The best thing about this picturesque mountain town is that retirees can go by without learning any Spanish. It’s the only retirement destination in Panama where the majority of expats and locals speak English proficiently.
19. Valletta, Malta
Insider Monkey Score: 7
Monthly Cost of Living: $1,600
Average Monthly Rent (1-bedroom): $1,000
English is the joint official language in Malta. Most people in the country speak English. This makes it one of the cheapest places to retire if you only speak English. Beautiful architecture, rich history, and an excellent healthcare system make retiring in Valletta a delightful experience.
18. Punta Cana, Dominican Republic
Insider Monkey Score: 8
Monthly Cost of Living: $1,730
Average Monthly Rent (1-bedroom): $930
Even though Spanish is the official language of the Dominican Republic, English is widely spoken in almost all the big cities and tourist destinations. Modern amenities, quality healthcare, and affordable cost of living make Punta Cana an excellent retirement destination.
17. Paphos, Cyprus
Insider Monkey Score: 8
Monthly Cost of Living: $2,000
Average Monthly Rent (1-bedroom): $827
Another bustling city to retire abroad where English is widely spoken is Paphos, Cyprus. Retiring here is certainly cheaper than in countries such as the USA and UK. Retirees like Paphos for its easy language, low living costs, beautiful beaches, and relaxed coastal lifestyle.
16. Montego Bay, Jamaica
Insider Monkey Score 9
Monthly Cost of Living: $1,475
Average Monthly Rent (1-bedroom): $1,000
English is the official language in Jamaica, and Montego Bay is one popular expat retirement destination in the country. Stunning beaches, a warm climate, and a relaxed lifestyle draw in retirees from all over the world.
15. Ambergris Caye, Belize
Insider Monkey Score: 10
Monthly Cost of Living: $2,000
Average Monthly Rent (1-bedroom): $750
One of the best places to retire in Belize is Ambergris Caye. Since Belize has been a former British colony, English is its official language. People know Ambergris Caye for its beautiful beaches. It has great snorkeling and diving spots. The weather is warm all year.
14. Placencia, Belize
Insider Monkey Score: 16
Monthly Cost of Living: $1,300
Average Monthly Rent (1-bedroom): $800
Another spot on our list of cheapest places to retire abroad if you speak only English is taken by a Belize destination. Placencia is a wonderful place to retire owing to its beautiful beaches, coastal village atmosphere, and friendly community.
13. Charlestown, St. Kitts and Nevis
Insider Monkey Score: 16
Monthly Cost of Living: $1,200
Average Monthly Rent (1-bedroom): $850
English is the official language in St. Kitts and Nevis, and locals also speak Saint Kitts Creole. You can also find a form of Creole English, the local dialect, here. Retirees appreciate Charlestown for its lush landscapes, beautiful beaches, and colonial architecture.
12. San Miguel de Allende, Mexico
Insider Monkey Score: 16
Monthly Cost of Living: $1,580
Average Monthly Rent (1-bedroom): $650
One of the safest places to retire in Mexico is San Miguel de Allende. Locals in the city are multilingual, making locals easy to adjust to the area.
11. Castries, St. Lucia
Insider Monkey Score: 23
Monthly Cost of Living: $1,100
Average Monthly Rent (1-bedroom): $510
Castries, the capital of St. Lucia, is a popular retirement spot for people with limited savings. St. Lucians speak English officially, making it one of the cheapest places to retire abroad if you speak only English.
10. Cuenca, Ecuador
Insider Monkey Score: 24
Monthly Cost of Living: $1,000
Average Monthly Rent (1-bedroom): $500
Cuenca boasts quite a large English-speaking expat community, making it one of the cheapest places to retire abroad if you speak only English. Cuenca‘s rich colonial architecture, abundant natural beauty, and reasonable healthcare are some of the many reasons seniors are retiring there.
9. Kerala, India
Insider Monkey Score: 24
Monthly Cost of Living: $1,100
Average Monthly Rent (1-bedroom): $500
One of the cheapest Asian countries to retire in the world is India. The best thing about this affordable country is that English is one of its official languages. This makes it easy for expats to learn about their culture and surroundings. From stunning natural landscapes to rich cultural heritage evident in its food, festivals, and art, Kerala doesn’t fail to mesmerize those who choose to call it home.
8. Tagaytay, Philippines
Insider Monkey Score: 25
Monthly Cost of Living: $1,230
Average Monthly Rent (1-bedroom): $350
Tagaytay has beautiful scenery and a cool climate. This makes it one of the best places to retire in the Philippines. The rural vibe allows seniors to experience a breath of fresh air, all while staying close to Manila. People who don’t speak the local language need not worry because locals widely speak English in the area.
7. Georgetown, Guyana
Insider Monkey Score: 25
Monthly Cost of Living: $1,400
Average Monthly Rent (1-bedroom): $300
Guyana is the only South American country with English as its official language. Besides affordable living and an English-speaking community, Georgetown offers a warm tropical climate, cultural diversity, and a welcoming community.
6. Hua Hin, Thailand
Insider Monkey Score: 30
Monthly Cost of Living: $905
Average Monthly Rent (1-bedroom): $402
While Thai is the official language in Thailand, English is often considered as its unofficial second language. Brimming with international grocery stores, shopping malls, and theaters, Hua Hin is a modern city with a growing international community. It is blessed with beautiful beaches, granting it a serene atmosphere that enchants tourists and residents alike.
5. Cebu City, Philippines
Insider Monkey Score: 31
Monthly Cost of Living: $850
Average Monthly Rent (1-bedroom): $360
Since English is one of the official languages in the Philippines, retiring to the country is easy for those who know English. Home to a vibrant expat community, Cebu City, in particular, can be a vibrant choice for aspiring retirees. The cost of living for a single expat retiree in Cebu City is around $1,200, making it one of the cheapest places to retire abroad if you speak only English.
4. Johannesburg, South Africa
Insider Monkey Score: 34
Monthly Cost of Living: $1,082
Average Monthly Rent (1-bedroom): $337
Sporting a sizable expat community, Johannesburg is another smart choice for retirees who wish to get by speaking English only.
3. Davao City, Philippines
Insider Monkey Score: 36
Monthly Cost of Living: $805
Average Monthly Rent (1-bedroom): $265
Resting on the southern Philippine island of Mindanao, Davao City is an affordable retirement destination where retirees can move without learning a new language. Its well-developed infrastructure, high-quality healthcare, and affordable cost of living make it a well-rounded retirement destination.
2. Goa, India
Insider Monkey Score: 39
Monthly Cost of Living: $784
Average Monthly Rent (1-bedroom): $200
A popular retiremnet destination in India, Goa is home to scenic beaches, warm climates, and lush landscapes. Retirees especially love it for its vibrant culture, friendly locals, and welcoming environment. The expat community here has been growing over the years, making retirees feel right at home. Residents also speak and understand English, but knowing a few Konkani phrases will help.
1. Penang, Malaysia
Insider Monkey Score: 40
Monthly Cost of Living: $752
Average Monthly Rent (1-bedroom): $253
The small tropical island of Penang is one of the cheapest places to retire abroad if you speak only English. From the best street food at roadside vendors to modern healthcare facilities and national parks and beaches, retirees can live their lives to the fullest here in Penang. English is spoken widely here. There is a strong expat community, so newcomers will find it easier to adjust to life on the island.
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Disclosure: None. This article was originally published on Insider Monkey.