In this article, we will take a look at the 5 best places to retire around the world. If you wish to check out our detailed analysis on retiring overseas and on a budget, go to 15 Best Places to Retire Around the World.
5. Portugal
Insider Monkey Score: 5
Retirees looking for a high quality of life at an affordable cost can choose Portugal. On average, single individuals can expect to live on $2,000 per month, while couples sharing rent and other expenses can comfortably live on $3,000. Offering a pleasant climate, rich culture, and stunning landscapes, the country is a dream come true for retirees. Its prime location on the Iberian Peninsula, coupled with an excellent transportation network, grants retirees with the perfect opportunity to embark on travel adventures to other European countries. Algarve, Lisbon, and Porto are popular places to retire within Portugal. Retiring here requires individuals to have a passport, proof of income, and also health insurance.
4. Spain
Insider Monkey Score: 5.1
The pleasant Mediterranean climate, rich cultural heritage, and high-quality healthcare system make Spain a popular retirement destination for individuals. No wonder individuals in the country live a longer life, thanks to the healthy food they eat and the relaxed lifestyle they enjoy. The country’s landscapes exhibit remarkable diversity, featuring stunning beaches and breathtaking mountain ranges. Retirees enjoy hiking, skiing, and all kinds of water sports here. According to Living Cost, the cost of living in the country for a single person is $1,246 only.
3. Colombia
Insider Monkey Score: 5.2
Colombia offers the best infrastructure, beauty, and world-class amenities, without the hefty price tag. The cost of living for a single person ranges between $950-$1,200 only, allowing retirees to comfortably cover their expenses while still having the opportunity to save for the future. The picturesque Caribbean beaches, stunning Andean mountains, and lush Amazon rainforests can only begin to describe Colombia’s outstanding beauty and charm, providing retirees with endless opportunities to enjoy it. Bucaramanga is an excellent option when considering Colombia, owing to it being cheaper than other cities.
2. Panama
Insider Monkey Score: 5.3
One of the best places to retire around the world is Panama. While an affordable cost of living is the primary driver for retirees towards this country, it is also revered for its tropical climate, well-developed healthcare system, and modern infrastructure. The biodiverse paradise is home to a plethora of lush forests, pristine beaches, and similar outdoor spaces, providing retirees with endless opportunities for recreation. Popular retirement destinations include Boquete, Coronado, and El Valle. The cost of living in Panama for a single person, on average, is $1,112. Similar to other expats, retirees may also find it hard to resist hiring a maid, costing as little as $250 a month. With more time at their disposal, retirees can explore Panama in its entirety.
1. Mexico
Insider Monkey Score: 5.4
Retirees who wish to stretch their retirement savings can opt for Mexico as their retirement destination. The cost of living in the country for singles is as low as $600, going anywhere up to $2,000, depending on lifestyle choices. Mexico also boasts a diverse climate, featuring warm coastal regions, mild climate of Central Highlands, and pleasant temperatures in places such as Guadalajara and San Miguel de Allende. Mexico is also home to picturesque beaches along the Caribbean and Pacific, stunning mountains, and charming colonial towns. In terms of healthcare, a mix of public and private options are available for retirees.
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