5 Best Places to Retire in the World on Social Security

2. Madrid, Spain

Insider Monkey Score: 36

Incredible food, vibrant art culture, and a high quality of life make Madrid, Spain, a top choice to consider for retirees. While the city may be more expensive than others in Spain, retirees can still afford to live here on their social security paychecks. The average cost of living varies between $1200-$3200, and retirees get to enjoy the excellent climate and affordable housing. Healthcare is publicly funded and available to all.