Relocating overseas for retirement is no longer a far-fetched dream. With remote work, better global connectivity, and more countries welcoming foreign retirees with dedicated visa programs, retiring abroad is a practical and increasingly popular option.
Whether driven by a need for lower living costs, better weather, quality healthcare, or a desire to explore new cultures, retirees are weighing their options beyond borders. According to InterNations’ Expat Insider 2024 Personal Finance Index, the global landscape for expats has shifted notably. Here’s a comprehensive look at the most affordable — and the priciest — destinations for retirees.
Most Affordable Countries for Retirement
1. Vietnam: Budget-Friendly and Culturally Rich
Vietnam continues to rank as the most affordable country for expats in 2024. For the fourth consecutive year, it leads the InterNations Personal Finance Index. An overwhelming 86% of expats rate the cost of living positively. Everyday expenses such as housing, groceries, and utilities remain exceptionally low.
Not only is it cheap, but some expats in Vietnam earn significantly more than the global average — nearly 20% report earning $150,000+ annually. Private healthcare facilities are generally good in major cities like Ho Chi Minh City and Hanoi, although rural areas may lack modern medical infrastructure. Additionally, Vietnam boasts low crime rates and a warm, welcoming population.
2. Colombia: Rising in Popularity and Affordability
Colombia climbed to second place in 2024, up from seventh the previous year. This South American gem has become a magnet for retirees and digital nomads due to its favorable financial conditions. About 85% of expats rate the cost of living positively, and 91% report having enough disposable income to live comfortably.
Only 11% of expats expressed dissatisfaction with their financial status. However, safety concerns remain—Colombia ranks 46th out of 53 in terms of safety and security. While some urban areas struggle with crime, cities like Medellín have seen major improvements in recent years.
3. Indonesia: Low Costs and High Hospitality
Indonesia may have its shortcomings in healthcare and public transport, but it remains a financially attractive option for expats. A typical restaurant meal costs about $1.91, and renting a one-bedroom apartment outside of city centers costs around $178 per month. Utilities are also very affordable, with monthly costs averaging $68.
Culturally, Indonesia is warm and welcoming. Local communities often embrace foreigners, making it a socially fulfilling destination for retirement. With remote work growing in popularity, many expats also use Indonesia as a base while earning in stronger foreign currencies.
4. Panama: Easy Living and Expat Perks
Panama is a long-time favorite for North American retirees, thanks to its retiree-friendly policies and robust expat community. According to InterNations, 88% of expats in Panama find their disposable income adequate for a comfortable lifestyle, and 74% are happy with their financial situation.
Panama offers a Pensionado visa program, which provides various discounts and benefits for retirees. The housing market is affordable and stable, with 62% of expats rating it favorably. Finding a place to live is easier in Panama than in any other country surveyed.
5. Philippines: Affordability and Friendliness
Though ranked low in quality of life, the Philippines makes up for it with affordability and hospitable locals. Rent is incredibly cheap — you can get a one-bedroom apartment outside the city center for as little as $174 per month. Food and transportation are also budget-friendly.
While infrastructure and healthcare services may vary across the archipelago, larger cities like Manila and Cebu offer better medical facilities. The expat community is vibrant, and many retirees are drawn by the English-speaking environment.
6. India: Economical with Cultural Depth
India’s low cost of living is appealing for retirees on a tight budget. A basic meal at a restaurant costs just $2.99, while renting a one-bedroom apartment outside city limits typically costs $265. More than two-thirds of expats say they are satisfied with their financial situation.
Despite the affordability, India ranks low for quality of life. Issues such as pollution, traffic congestion, and inadequate infrastructure in certain areas are real challenges. However, for those seeking a culturally rich, low-cost retirement, India remains a viable choice.
7. Mexico: Proximity and Cost Savings
Mexico remains a top destination for retirees from the U.S. and Canada. Its close proximity, vibrant culture, and affordable living make it highly attractive. About 71% of expats report satisfaction with their financial condition, and 62% rate the cost of living positively.
That said, crime is a concern in many regions. However, areas like Yucatán and San Miguel de Allende are considered safer and have established expat communities. Mexico also offers good healthcare options, especially in urban centers.
8. Thailand: Expat Haven with Tropical Appeal
Thailand hosts a large and growing expat population, estimated to be over five million. The country is known for its tropical beauty, excellent cuisine, and low cost of living. However, salaries are relatively low, pushing most retirees to rely on savings or remote income.
Popular locations like Chiang Mai and Hua Hin offer affordable housing and modern amenities. Healthcare is excellent in private hospitals, especially in Bangkok.
9. Brazil: Affordable and Friendly
Brazil is known for its festive spirit and hospitality. About 80% of expats report satisfaction with their financial situation. Although average wages are low, the cost of living is even lower, making it easy to live well on a modest income.
However, Brazil has one of the highest crime rates among countries surveyed, so safety measures are crucial. Cities like Florianópolis are considered safer alternatives.
10. China: Low Living Costs with Urban Benefits
Although China poses cultural and linguistic challenges, it offers affordable living in cities like Shanghai and Chengdu. Rents and groceries are significantly cheaper than in Western cities. Shanghai’s rent, for example, is 65% less than London’s.
The Chinese government has recently eased regulations to attract foreign workers and retirees. While healthcare and infrastructure are advanced in major cities, expats may need to purchase international health insurance for full coverage.
Countries Offering Balance: Not Cheap, Not Too Costly
11. Spain: Mediterranean Living on a Budget
Spain’s allure lies in its cultural richness, good healthcare, and moderate costs. Around 46% of expats rate the cost of living positively, and many enjoy a relaxed pace of life. However, jobs are scarce, and pay is generally low.
Working remotely is a popular choice among expats living in Spain. Cities like Valencia and Alicante are particularly attractive for retirees.
12. South Africa: High Risk, Low Costs
Cape Town, South Africa’s crown jewel, is 60–68% cheaper than cities like London or New York. However, South Africa scores lowest in safety among all countries in the InterNations index.
Affordable housing and beautiful landscapes draw retirees, but safety concerns demand careful planning and strong personal security practices.
13. Austria: High Wages, High Quality
Austria combines quality of life with financial comfort. Over 82% of expats say they have enough disposable income. Salaries are among the highest in Europe, although taxes are steep.
Vienna, the capital, frequently tops global liveability rankings. Social integration, however, can be challenging for newcomers.
14. Japan: Welcoming Digital Nomads
Japan has introduced a Digital Nomad Visa allowing remote workers to stay for up to six months. Although the cost of living is moderate, wages are competitive.
Cultural adaptation and language barriers remain issues, but expats often cite safety, cleanliness, and infrastructure as major positives.
15. Italy: Affordable, but Jobs are Scarce
Italy’s living costs are manageable, and expats rate it well in terms of affordability. However, local job opportunities and wages are poor. Remote workers and those with retirement income fare much better.
Southern Italian regions offer cheaper housing and lower living expenses than cities like Milan or Rome.
The Most Expensive Countries to Retire
16. Switzerland: High Prices, Higher Wages
Switzerland ranks at the top of global cost of living indices, but it balances this with extremely high wages. About 58% of expats report earning over $100,000.
While living here is expensive — especially housing and healthcare — over 76% say their disposable income is sufficient for a comfortable life.
17. United Arab Emirates: Costs Climbing Fast
The UAE has seen a spike in costs, particularly in housing. Dubai’s rent surged by 21% in 2023. Although the region offers tax-free salaries and luxury amenities, high costs have become a barrier.
18. Germany: Rising Costs and Bureaucracy
Germany provides job stability and a strong economy, but many expats are unhappy with the cost of living. Housing, in particular, is a sore point. Nearly 45% of expats express dissatisfaction.
19. Australia: Improvements, but Still Pricey
Australia’s wages are starting to outpace inflation, but costs remain high. Surveyed expats cite housing and groceries as top concerns. However, healthcare and job opportunities remain strong.
20. United States: Opportunity at a High Price
The U.S. ranks 13th on Numbeo’s cost-of-living list. Housing, healthcare, and transportation costs are especially high. Only 31% of expats report satisfaction with their living costs.
21. New Zealand: Financial Pressure Mounts
New Zealand remains expensive, particularly in housing. Many expats and citizens alike are leaving due to the high cost of living. Still, it scores well for work-life balance and natural beauty.
22. Singapore: Clean, Safe, but Expensive
Singapore is consistently ranked among the most expensive cities globally. Rent prices have soared post-COVID. Around 75% of expats rate its cost of living negatively.
23. United Kingdom: Cost-of-Living Crisis
The UK is battling high utility costs, expensive rent, and inflation. About 43% of expats report inadequate disposable income. Even locals are struggling to keep up with rising expenses.
24. France: Middle of the Road
France’s cost of living is comparable to smaller U.S. cities. About 29% of expats are unhappy with their finances, but many find healthcare and public services to be good value.
25. Canada: Affordability Crisis
Canada ranks last in affordability. Expensive housing and lagging wages have prompted many newcomers to consider relocating again. Two in five recent arrivals are considering leaving due to high costs.
Final Thoughts: Planning for the Future
Retirement abroad can offer better weather, exciting culture, and more financial freedom — but it requires detailed planning. Countries like Vietnam, Colombia, and Indonesia shine for budget-conscious retirees. Meanwhile, places like Switzerland and Canada provide top-tier services but at a premium.
Before making a decision, consider:
- Local healthcare systems
- Housing costs
- Visa and residency options
- Cultural compatibility
- Safety and infrastructure
Use reliable resources such as Numbeo, Mercer, and government expat portals to guide your decision. Retirement should be your golden years — make sure they’re as comfortable as possible.
