18 Affordable Places to Retire Outside the US for $2,000 a Month
This article takes a look at 18 affordable places to retire outside the US for $2,000 a month. If you wish to skip our detailed analysis on navigating the retirement period as a US citizen, you may go to 5 Affordable Places to Retire Outside the US for $2,000 a Month.
The Retirement Journey: Trends and Tribulations
According to the United States Census Bureau, more than one in five Americans will be over the age of 65 by 2030. With over 20% of a country’s population in the senior citizen category, the obvious question arises - what does retirement in America look like? For many, retirement is a time of financial difficulty. The National Council on Aging estimates that over 17 million American senior citizens are economically insecure - that’s about 1 in 3 older adults. For these 17 million older adults, incomes fall below 200% of the federal poverty level. The National Council on Aging also sheds demographic light on who comprises the 17 million. Here, it comes as no surprise that older women have a greater chance of living in poverty as they are behind on income due to wage discrimination and time spent on unpaid childcare and domestic labor.
One might assume that retirement planning is an American norm. After all, thriving companies within the financial sector are wholly committed to aiding retirees in navigating the complexities of retirement planning. These include The PNC Financial Services Group, Inc. (NYSE:PNC), The Charles Schwab Corporation (NYSE:SCHW), and BlackRock, Inc. (NYSE:BLK), among others. Despite the services offered by these companies, the Survey of Consumer Finances reports that about half of all Americans are devoid of any retirement savings. The reasons for this are multifold.
For one, not all adults have the financial means needed to seek retirement planning services from such companies. Second, not all adults have income left over to contribute to retirement plans. And of course, a third reason is a lack of retirement planning awareness - not everyone knows how or what to prepare for retirement. Nevertheless, the importance of planning for retirement should not be underestimated. A study by Lusardi and Mitchell affirms this notion, stating how planning is strongly related to financial literacy. This financial literacy is in turn, an important determinant of household net worth at retirement. Regardless of what the studies say, Bankrate's research shows that about 25% of American workers aren’t sure of the amount they would need for a comfortable retirement. It can be challenging for individuals to save for an amount when they're uncertain about the specific figure they need to aim for. For younger adults, this goes a step further. A recent TIAA Institute survey reports that about 21% of Americans between the ages of 22 and 34 say that retirement is either not part of their plan or completely out of reach.
What happens then when these individuals retire? Many are left to survive solely on Social Security checks, often finding it difficult to get by. Since Social Security payouts are not on the generous side - 2024’s payout is a mere $1,909 per month - many retirees venture to find the most affordable places to retire in the U.S. Others still, turn to a foreign retirement, seeking the adventure that comes with overseas living - and enjoying the complimentary ease it lends to the pocket. While some retirees opt for luxurious overseas retirements, others search for the cheapest and safest country to retire in.
To facilitate present and future retirees in contemplating an affordable overseas retirement move, we have compiled the following list of 18 affordable places to retire outside the US for $2,000 a month.
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Methodology
To compile this list of 18 affordable places to retire outside the US for $2,000 a month, we consulted our articles on affordable overseas retirement such as Retiring Abroad: Top 20 Places Boomers Prefer to Retire Outside the US, 18 Best Expat Retirement Countries in The World, 25 Most Affordable Places to Retire in the World, 15 Best Places to Retire Around the World, 15 Best Places to Retire If You Have No Savings, 15 Cheapest and Safest Countries to Retire In, and 20 Best Places to Retire in The World for U.S. Citizens. Additionally, we explored new countries and places to retire to, using a consensus approach from external sources.
Once shortlisted, we ranked countries on average monthly cost of living, average monthly one-bedroom rent, and quality of life. For cost of living and rent, multiple sources were consulted, including input from expat retirees. For quality of life rank, we referred to U.S. News & World Report’s international quality of life rankings, removing places below 50. An Insider Monkey score was assigned to each place on these factors - rent and cost of living were given double weightage - with the highest-scoring places making our list of 18 affordable places to retire outside the US for $2,000 a month. For countries that gained an equal score, their cost of living was used as a tie-breaker. Since we based research on a country basis, we selected ‘affordable’ and ‘good quality of life’ cities or towns for each of our 18 countries by consulting articles, public forums, and ranking lists. Our list is in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are 18 affordable places to retire outside the US for $2,000 a month:
18. Murska Sobota, Slovenia
Insider Monkey Score: 24
Quality of Life Rank: 49
Average Monthly Cost of Living: $833
Average One-bedroom Rental: $733
Our first pick for affordable places to retire outside the US for $2,000 a month is the town of Murska Sobota in Slovenia. The perfect spot for senior citizens who crave a European retirement, Murska Sobota offers residents a host of indoor and outdoor activities. Retirees can busy themselves with a trip to the Murska Sobota Castle, the Pavilion EXPANO, or the Elvis American Bar.
17. Palermo, Italy
Insider Monkey Score: 28
Quality of Life Rank: 20
Average Monthly Cost of Living: $965
Average One-bedroom Rental: $863
Another European pick, Italy is one of the best expat retirement countries due to its affordable living options, rich culture, and delicious food. Our pick for Italy is the city of Palermo. Known best for its beach coastline, art history, and food options, the city is ideal for retirees who are looking to escape the hustle and bustle of fast-paced American cities.
16. Aguascalientes, Mexico
Insider Monkey Score: 29
Quality of Life Rank: 41
Average Monthly Cost of Living: $1,052
Average One-bedroom Rental: $478
As a whole, Mexico is one of the cheapest countries for retirement, and Aguascalientes is one of the cheapest spots in the country. Set in Central Mexico, the city boasts a rich culture that can be found in the Spanish architecture and the city’s art scene. Residents can visit the Altaria Mall, the Templo de San Antonio de Padua, and the Jardín de San Marcos.
15. Brno, Czech Republic
Insider Monkey Score: 29
Quality of Life Rank: 29
Average Monthly Cost of Living: $967
Average One-bedroom Rental: $768
Next up on our list of affordable places to retire outside the US for $2,000 a month is Brno in the Czech Republic. With a population of almost 380,000 according to the Czech Statistical Office, Brno offers all the amenities associated with city living without the high costs. The city is known for its stunning architecture with some of the most prominent fixtures being the Villa Tugendhat and the ?pilberk Castle.
14. Haapsalu, Estonia
Insider Monkey Score: 30
Quality of Life Rank: 45
Average Monthly Cost of Living: $901
Average One-bedroom Rental: $566
Haapsalu in Estonia is our next pick, and it’s one of the cities where you can retire on $1,500 a month. Set on Estonia’s West Coast, Haapsalu being a seaside resort town is an attractive point for nature-loving retirees. A small town, Haapsalu offers a laid-back and peaceful lifestyle with friendly locals.
13. Tamarindo, Costa Rica
Insider Monkey Score: 31
Quality of Life Rank: 50
Average Monthly Cost of Living: $890
Average One-bedroom Rental: $475
A gem of nature, Tamarindo is a coastal Costa Rica town. Retirees can spend their days relaxing on the beach - and maybe spotting some leatherback turtles - or visiting the Las Baulas National Marine Park. Nature aside, residents can also immerse in the nightlife and indulge in the many restaurants that Tamarindo has to offer - including the La Oveja Surf House.
12. Baiona, Spain
Insider Monkey Score: 31
Quality of Life Rank: 18
Average Monthly Cost of Living: $829
Average One-bedroom Rental: $927
Set in the community of Galicia, Baiona is a small coastal town. A historic place, Baiona is cemented in history as being the first European place to learn about the discovery of America. Retirees can enjoy a low cost of living combined with a plethora of nature-filled activities that will occupy their days.
11. Zakopane, Poland
Insider Monkey Score: 33
Quality of Life Rank: 22
Average Monthly Cost of Living: $1,073
Average One-bedroom Rental: $632
Set in the South of Poland and sheltered by the Tatras Mountains is the town of Zakopane. With direct access to the great outdoors, Zakopane is a great choice for the physically active retiree. Residents can partake in winter sports, mountain climbing, and hiking. For a break indoors, retirees can visit the Muzeum Oscypka and the Herz-Jesu-Kapelle which is a chapel.
10. Fukuoka, Japan
Insider Monkey Score: 38
Quality of Life Rank: 14
Average Monthly Cost of Living: $1,042
Average One-bedroom Rental: $605
Taking a break from Europe, our next Asian pick for affordable places to retire outside the US for $2,000 a month is one of the largest Japanese cities: Fukuoka. The city has a lot to do - enough to keep any retiree content and active - and is best known for its malls, beaches, and temples. Residents can visit the Marine World Aquarium, the Uminonakamichi Seaside Park, and the Tochoji Temple.
9. Flores, Indonesia
Insider Monkey Score: 41
Quality of Life Rank: 38
Average Monthly Cost of Living: $832
Average One-bedroom Rental: $289
An island in Indonesia, Flores is best known for the Kelimutu National Park. The park features the 5,377-foot-tall Kelimutu volcano and its tri-colored volcanic crater lakes. Flores is also adjacent to the Komodo National Park which hosts a variety of wildlife including turtles, manta rays, and of course, Komodo dragons. With a tropical climate, Flores is the perfect destination for retirees looking to escape the cold and spend their Golden Years intermingled with nature’s best offerings.
8. Da Nang, Vietnam
Insider Monkey Score: 41
Quality of Life Rank: 36
Average Monthly Cost of Living: $770
Average One-bedroom Rental: $473
Another Asian addition to our list of affordable places to retire outside the US for $2,000 a month comes in the form of Vietnam’s Da Nang city. A lively destination, Da Nang is perfect for senior citizens who are looking to lead a fulfilling retirement without bearing high costs. Residents can visit Asia Park, the Da Nang Museum of Cham Sculpture, and the expansive Han Market where they can shop to their heart’s content.
7. Patras, Greece
Insider Monkey Score: 44
Quality of Life Rank: 28
Average Monthly Cost of Living: $737
Average One-bedroom Rental: $523
Our next destination is set at the edge of Mount Panachaikon and is one of the largest cities in Greece. Patras is best known for its beach resorts and for being the host city of Greece’s best Carnival. The cherry on top is the city’s ideal location which makes road trips possible to other Greek cities such as Olympia, Delphi, Mesolongi, and Nafpaktos - perfect for the adventurous retiree.
6. Plovdiv, Bulgaria
Insider Monkey Score: 44
Quality of Life Rank: 42
Average Monthly Cost of Living: $593
Average One-bedroom Rental: $327
Our next pick makes its way onto places to retire for $1,000 a month. Plovdiv in Bulgaria is among the most affordable places on our list and is set on the Maritsa River. An ancient city, Plovdiv is teeming with rich history and culture that is waiting to be explored by residents and visitors alike. Senior citizens can visit the?? Regional Archaeological Museum to catch up on the city’s history and catch a performance at the Ancient Theatre of Philippopolis which dates back to the Roman era.
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Disclosure: none. 18 Affordable Places to Retire Outside the US for $2,000 a Month is originally published on Insider Monkey.