10 Countries Frugal Retirees Are Moving to in 2024

Retiring and entering your golden years should be a time of rest, relaxation and enjoyment — not financial stress. For those looking for a change, it’s possible to leave the U.S. and live in a new country for far less money per month. Forbes recently outlined 10 affordable destinations abroad where you can afford to retire on a budget:

1. Costa Rica

Why: Ranked at the top of the list, the country’s new 180-day tourist visa makes part-time living there more accessible. Costa Rica’s reputation for safety, political stability, a continued commitment to environmental sustainability and a friendly society also make it a top choice for expats.
Where: Some suggested cities to settle down include Atenas, Grecia and San Ramón which are all located in the Central Valley, as well as Puerto Viejo de Talamanca and Tamarindo.
Cost: Expect to spend around $2,000 a month if you’re a couple and around $1,600 a month if you’re single.

Why: Portugal’s existing Golden Visa program allows retirees to spend extended periods living in the country. You can expect an affordable and charming European lifestyle.
Where: Some suggested cities and areas to settle down include Lagos, Vilamoura, Tavira, Caminha on the northern border with Spain and the island of Madeira.
Cost: Expect to spend around $2,200 a month if you’re a couple and around $1,700 a month if you’re single.

Why: Expats are drawn to Mexico’s blend of diverse climates, tropical beaches and historic cities.
Where: Some suggested areas and cities to settle down include Mexico’s colonial heartlands, the central highlands, the Riviera Maya region including Playa del Carmen and Los Cabos, as well as Campeche, Merida and Querétaro.
Cost: Expect to spend around $1,500 to $2,000 a month if you’re a couple and around $800 to $1,200 a month if you’re single.

Why: Panama offers a high quality of life and a plethora of residency options. Additionally, existing visa schemes make it easy for retirees to spend extended periods in the country. The country even uses the U.S. Dollar as their national currency.
Where: Some suggested cities to settle down include Panama City, Coronado and Boquete.
Cost: Expect to spend around $2,000 a month if you’re a couple and around $1,200 a month if you’re single.

Why: Spain boasts a top-notch healthcare system, beautiful landscapes, and one of the lowest costs of living in Europe.
Where: Some suggested areas and cities to settle down include Madrid, Costa Blanca, the Pyrenees region, the southern coast, Marabella and Denia.
Cost: Expect to spend around $2,000 a month if you’re a couple and around $1,500 to $2,000 a month if you’re single.

Why: Ecuador’s beautiful mountains, rainforests, and breathtaking beaches make it a burgeoning destination for expats. You’ll find a low cost of living, a comfortable climate and rich cultural and geographic diversity.
Where: Some suggested areas and cities to settle down include Cuenca, Salinas, Olón, Quito, Vilcabamba, the Andean highlands and the coastal area near Manta.
Cost: Expect to spend around $2,000 a month if you’re a couple and around $1,000 a month if you’re single.

Why: Greece offers a low cost of living, a warm climate and high-quality, affordable healthcare. Greece’s Golden Visa program offers residency with a modest real estate investment and housing can cost up to 75% less than in the U.S.
Where: Some suggested areas and cities to settle down include Athens as well as the islands of Crete and Corfu.
Cost: Expect to spend around 50% less on life’s everyday expenses compared to the U.S., whether you’re a couple or single.

Why: Malaysia offers beautiful landscapes, friendly locals and overall budget-friendly living that attracts many expats.
Where: Some suggested areas and cities to settle down include Kuala Lumpur, Penang, the island of Langkawi and the Cameron Highlands.
Cost: Expect to spend around $2,000 a month if you’re a couple and around $1,000 a month if you’re single.

Why: France offers sophisticated European living, including alpine skiing, vineyard-rich regions and the world-renowned fashion capital of Paris.
Where: Some suggested areas and cities to settle down include Toulon, Sarlat-la-Canéda in the Dordogne region and the Breton village of Huelgoat in Brittany.
Cost: Whether you’re a couple or single, the cost of housing in France is far less than in the U.S. For example, a 2-bedroom apartment in Toulon can be rented for about €800 (or $847) a month. You’ll also find much more affordable healthcare as well.

Why: Colombia’s affordability, natural beauty and the friendly and accepting Columbian people draw expats from far and wide.
Where: Some suggested areas and cities to settle down include Taganga, Bogotá and Medellin, as well as smaller cities like Manizales and Pereira.
Cost: Expect to spend around $1,000 to 2,000 a month.

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