In this article, we take a look at the 5 cheapest countries for retirement. If you want to check out more countries, go directly to the 15 Cheapest Countries for Retirement.
5. South Africa
Cost of Living Index: 37.8
Boasting a purchasing power 26.9% higher than the United States, South Africa is one of the cheapest countries to retire to. The rent is 87.5% cheaper, groceries 71% cheaper, and local goods and services 65.8% cheaper. Other factors that make South Africa a promising retirement option are an English-speaking expat community, favorable exchange rates, and a mild climate. There is no specific age for retiring to the country. Overseas pension schemes are not taxed by the government either. However, retirees must oversee health insurance programs before retiring to the country.
4. Romania
Cost of Living Index: 37.4
Romania is a popular option for retirees to spend their golden years due to its low cost of living, high quality of life, and visa-obtaining ease. The cost of living is 46.9% lower than in the USA, with an average cost of living hovering around $700. Its spectacular wildlife and scenic beauty are major added benefits for retired expats. Healthcare is largely dominated by the public sector, with hospitals equipped with professional staff.
3. Malaysia
Cost of Living Index: 35.0
Malaysia has so much more to offer retired expats than just a cheap cost of living. Its retirement visa option – Malaysia My Second Home – is considered one of the best in the world. Featuring an automatically renewable 10-year multiple entry visa for expats, the visa entry requirements are easy too. Utilities for two people cost under $50 on average, and couples can enjoy a fairly luxurious lifestyle for $2500. Moreover, the 2019 International Living Annual Global Retirement Index ranks Malaysia first in the Best-Expat-Healthcare-in-the-World category, a plus for retirees looking to move here.
2. Morocco
Cost of Living Index: 29.3
You can enjoy the remarkably diverse landscape of Morocco for as little as $800 a month. This country boasts a cost of living 1.67 times lower than the world average. Basic utilities such as heating, cooling, water, and electricity in an average apartment cost under $40. On average, the cost of living is 59% lower than that in the United States. The Institute for Economics and Peace (IEP) reports the country ranks 80th out of 163 in the 2022 Positive Peace Index. People who wish to retire also get a chance to enjoy an active expat community, political and economic stability, low crime rates, and adequate healthcare.
1. Turkiye
Cost of Living Index: 28.1
With the cost of living 53.6% cheaper than the U.S., Turkiye bags first place in our list of the cheapest countries to retire. Retirees can enjoy sunny weather, a comfortable Mediterranean lifestyle, and coastal oceans in the sun at a minimum of $1000 per month. Moreover, the country doesn’t tax expats on their worldwide income. This means retired expats can have more value for their money. Prospering economy, excellent healthcare, and cheap cost of living make this country a top choice for retirees.
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