Cheapest Places to Retire in the World

Est. Monthly Budget Requirement: $1,200-$1,500*
Annual High/Low Temperature Extremes (F): 90°/14°

Encompassed by greenery and in view of the Kamnik Alps, Ljubljana is arguably the heart and soul of Slovenia. It’s home to some of the most incredible art exhibits of the 20th century, and for less than $1,500, it can also be the home for someone’s retirement.

Ljubljana, Slovenia ©Matej Kastelic/Shutterstock.com

Due to its proximity to gorgeous ski resorts and spa-like hot springs, Ljubljana is an excellent choice for winter-loving pensioners who don’t mind living a life of little to no worries. Arguably the safest city in Eastern Europe, the only thing you’ll need to keep an eye out for in Ljubljana is the FedEx delivery person dropping off a taste of home.

Est. Monthly Budget Requirement: $1,750-$2,000*
Annual High/Low Temperature Extremes (F): 86.3°/41.4°

A few hundred miles up the road from Lisbon, perched on the eastern shores of the North Atlantic, is Portugal’s second-biggest city, Porto. With its excellent fishing and rich culture, this coastal community is an excellent place to spend one’s twilight years — and it’ll only cost about $2,000 a month all up.

Porto, Portugal ©Shchipkova Elena/Shutterstock.com

Instead of Willy Wonka’s golden ticket, the Portuguese government has implemented a “Golden Visa” that makes it easier for retirees from elsewhere in the world to relocate themselves to Portugal. Everyone deserves to enjoy their retirement years. Why not enjoy yours with the beautiful sunsets and smooth ports of Porto, Portugal?

Est. Monthly Budget Requirement: $1,500-$1,750*
Annual High/Low Temperature Extremes (F): 93°/67°

To qualify for an Indonesian retirement visa, one would have to show proof of an existing pension and sign a document stating that they won’t work while in the country. Once in the country, however, they are free to enjoy the incredible food and breathtaking cultural displays for which Jakarta is known. 

Jakarta, Indonesia ©ardito kurniawan/Shutterstock.com

Coffee enthusiasts who have chosen to enjoy their well-earned permanent vacations in Indonesia’s capital will be happy to know that any time they need a taste of home, they can always grab a cup of Joe from one of the Java Island Starbucks location.

Est. Monthly Budget Requirement: $1,200-$1,500*
Annual High/Low Temperature Extremes (F): 104°/0°

More than 100 art galleries decorate the streets of this riverside town, and dozens upon dozens of spires pierce the sky above from the roofs around Prague’s historic core. Over the past few decades, the Czech capital has become more than just a cheap place for backpackers to explore. It has evolved into one of the top-rated retirement cities in Europe.

Prague, Czech Republic ©Tonda Tran/Shutterstock.com

While members of the EU are able to retire in Prague with very few questions asked, Americans, Canadians, and anyone else who’s not from a member nation of the European Union will need to go through the process of getting a long-term visa approved on an annual basis.

Est. Monthly Budget Requirement: $1,100-$1,300*
Annual High/Low Temperature Extremes (F): 92°/41°

If you’re looking for a place to retire that is reminiscent of the dreamlike images on the postcards that you used to imagine visiting one day, Marbella on the southern coast of Spain is probably the place for which you’ve been looking. On the current Spanish retirement visa, non-EU pensioners are able to spend up to 90 days at a time in Spain. And all at a relatively fair price.

Marbella, Spain ©monysasu/Shutterstock.com

With a budget of just over $1,000 a month, it’s cheaper to retire in this Spanish paradise than most places in America. If you’re looking for a holiday from retirement, inter-European flights to pretty much any European location will only cost around $50 via Ryanair.

Est. Monthly Budget Requirement: $1,750-$2,000*
Annual High/Low Temperature Extremes (F): 93° / 26°

A holiday hotspot and favorite getaway for Americans who migrate south for the winter, Myrtle Beach has become one of the best places to retire in America because of its low cost of living and one of the lowest prices for fuel in the country. Aside from the comparatively low housing prices, South Carolinians are also privy to lower property taxes that make it even more affordable to live in Myrtle Beach.

Myrtle Beach, South Carolina, USA ©Arina P Habich/Shutterstock.com

The coastal city has close to 60 miles of beaches, and several jaw-dropping golf courses to explore that will help retirement feel like the best decade and a half vacation one could have.

Est. Monthly Budget Requirement: $1,000-$1,200*
Annual High/Low Temperature Extremes (F): 95° / 30°

Split, Croatia, is chockfull of historical sites and wondrous views of the Adriatic Sea. Its rich history and Game of Thrones architecture, when combined with the low cost of living, makes for an unforgettable retirement spot.

Split, Croatia ©xbrchx/Shutterstock.com

In order for non-EU citizens to retire in Croatia, they’ll have to apply for a de-facto retirement visa. In other words, if you purchase real estate, or are able to pay for one year’s worth of rent, healthcare, and a variety of other fees, then you’ll be allowed to stay. Considering how difficult it is to gain residency in almost any other country, those seem like quite reasonable stipulations.

Est. Monthly Budget Requirement: $1,000-$1,500*
Annual High/Low Temperature Extremes (F): 89.6° / 25.4°

It’s not very often that people choose to retire in a place that has a cold climate, especially when there’s the option to go somewhere warm instead. However, if the weather isn’t an issue then Bucharest is a fantastic place to spend one’s pension years.

Bucharest, Romania ©Glen Berlin/Shutterstock.com

Members of the European Union are welcome to make the move to Bucharest whenever they decide to retire. If you are one of the lucky non-EU citizens who end up being approved for Romanian residency, for just $1,000 a month, you’ll be able to afford an apartment, food, and a leisure activity once a week or so — like a trip 4-hours north to the Transylvania.

Est. Monthly Budget Requirement: $1,800-$2,000*
Annual High/Low Temperature Extremes (F): 92° / 28°

Located less than 150 miles inland from where the South American Continent meets the Pacific Ocean, Santiago has been the cultural, political, and financial capital of Chile since shortly after its founding in the middle of the 1500s. At almost $2,000 a month, Santiago isn’t the cheapest place to retire in the South Western hemisphere, but it does have its perks.

Santiago, Chile ©Fotos593/Shutterstock.com

Being one of the safest and most stable countries in South America, there’s no reason why retirees shouldn’t feel comfortable exploring the markets and local shops. If a North American experience is what you’re after while retiring south of the equator, rest assured, the Chilean capital does have a Walmart or two for all of your superstore needs.

Est. Monthly Budget Requirement: $1,200-$1,500*
Annual High/Low Temperature Extremes (F): 85° / 1°

Looking out from the centuries-old towers of Tallinn Old Town and into the Gulf of Finland below would not be the worst way to spend one’s retirement. If the medieval architecture and unforgettable views are too overwhelming, the main city of Tallinn has a much more modern feel.

Tallin, Estonia ©Curioso.Photography/Shutterstock.com

The cleanliness and overall sense of safety that one feels while in the Estonian capital are just a few of the reasons why this coastal city has become such a wonderful place to live. Then again, the low cost of living and great healthcare doesn’t hurt either. 

Est. Monthly Budget Requirement: $2,000*
Annual High/Low Temperature Extremes (F): 94° / 17°

Marble City, or Knoxville as most people know it, is below the national average when it comes to pretty much every aspect of life. Rent is lower. Groceries don’t cost as much. Taxes are lower. Even healthcare is more affordable. 

Kilbirnie, Scotland ©Trabantos/Shutterstock.com

It might not be as large or as well-known as Memphis or Nashville, but Knoxville, Tennessee, has a personality all of its own that has been catching the interest of retirees nationwide. It might be because of all the national parks or, perhaps, it’s the plethora of civil war museums. Either way, there’s always somewhere interesting to take the family when they come for a visit.

Est. Monthly Budget Requirement: $1,000-$1200*
Annual High/Low Temperature Extremes (F): 93° / 10°

Resting in the shadows of the Vitosha mountain in western Bulgaria, the artistic city of Sofia has been hosting some of the world’s biggest operas and ballets for more than a century. The city is full of life, love, and laughter at every turn, and at just $40 a day, it isn’t just a beautiful place to retire; it’s also one of the most cost-efficient. 

Sofia, Bulgaria ©Boyan Georgiev Georgiev/Shutterstock.com

A one-bedroom flat in a quiet Sofia neighborhood will only run you $500-$600 a month. As long as McDonald’s isn’t on the menu every evening, and you’re able to refrain from catching every show that comes to town; you can probably manage to get by on under $15,000 a year.

Est. Monthly Budget Requirement: $1,000-$1,200*
Annual High/Low Temperature Extremes (F): 109° / 60°

On the northwest coast of Oman, the country’s capital city, Muscat, has been welcoming ex-pats for decades. In fact, it’s possibly the most ex-pat-friendly city in the Gulf region. Due to the low cost of living, delicious cuisine, and year-round 60°+ weather, it’s also a wonderful place to lay one’s head at night.

Muscat, Oman ©EQRoy/Shutterstock.com

One of the perks of retiring in a place like Muscat is that there are plenty of local markets at which one can do most (if not all) of their shopping. Mind you, most of the clothes that you find won’t be anything like what would be found at American Eagle Outfitters, but it will be much more suitable for the Gulf heat.

Est. Monthly Budget Requirement: $1,500-$1,700*
Annual High/Low Temperature Extremes (F): 74° / 19°

Retiring in Lithuania isn’t very popular amongst those who aren’t from there, but it’s not due to the Baltic state’s cost of living. It’s because the majority of people simply don’t know very much about the place. If they did, then they would know that it only costs around $1,500 a month to live in the country’s capital city, Vilnius.

Vilnius, Lithuania ©MoLarjung/Shutterstock.com

Vilnius is not just a reasonably priced city in which to live; it’s incredibly safe as well. The city’s crime rate is amongst the lowest in eastern Europe, and the city itself was listed as one of fDi’s “most forward-thinking cities with the greatest potential in the world.