What Are Some of the Cheaper Countries to Retire In?

Couple in retirement

We all look forward to retirement. Freedom from our 9 to 5 desk jobs, the ability to travel when you want, where you want, and having more time to spend with friends and family are some of the things we look forward to most.

But sometimes our retirement plans don’t pan out the way we’d like. You may find that your hard work and savings haven’t gotten you very far in the US. As prices for basic needs like food rise, you might find yourself struggling to figure out how your retirement savings will keep you afloat.

So what’s a soon-to-be retiree to do? Well, one thing you can consider is looking at countries outside of the US where you can retire. Moving to a country with a lower cost of living will help you enjoy your post-retirement years happily and cheaply. Let’s take a look at some of the best and cheapest countries where you can retire.


There are a lot of things that make Spain a great place for retirees to live in. For one thing, the cost of living is much lower than in a lot of places in the US. Plus, because of its warm climate, food will be more accessible and cheaper. In Spain, you’ll find cheaper rent, and you very likely won’t need a car to get around. This will reduce your living costs considerably—plus you’ll get to stay fit and active!

Spain is also a beautiful country, so you’ll get to do lots of sightseeing when you retire there. It has very high living standards, so don’t worry about sacrificing the luxuries you enjoy in the US. You’ll probably get to enjoy them for cheaper when you live in Spain.

Mediterranean Alley in Spain

Costa Rica

Thick rainforest, mountain views, and warm and sunny beaches are just a few scenes you can expect if you retire in Costa Rice. This country offers you beauty and adventure, and all for a very low cost.

Costa Rica Latin American River

Meals in local restaurants will likely only set you back about $4.00 or $5.00. Medical care is also far cheaper than in the US. So if you get sick or hurt while you’re enjoying some of Costa Rica’s beautiful hiking trails, then don’t worry. Their incredibly affordable and excellent healthcare system has you covered.


Panama has spent a lot of time and effort attracting itself to retirees, and for good reason. Everything about this country seems suited to a life of ease and relaxation.

Panama offers a Pensionado Visa if you have a pension. This visa will offer you various discounts, like 15% off hospital bills, 10% off medical prescriptions, and 25% discounts on utility bills.

Plus, there are plenty of things to do in Panama. Hiking, cycling, visiting historic sites and museums, and having a beach day are all things you can do in this beautiful country. And, if the idea of being far from your family in the US worries you, remember that Panama is very close t the US. It will only take you a 3-hour plane ride to reach Miami.

Czech Republic

If you’re less interested in beaches and rainforests, and more interested in historic sites and European history, then you might want to consider retiring in the Czech Republic. The costs of living here are much lower than they are in the rest of Europe.

The Czech Republic is also an incredibly safe country. Currently, it ranks number 8 on the Global Peace Index. Plus, there will be plenty for you do to there. The Czech Republic is home to dozens of historical sites, including the Prague Castle, the St. Vitus Cathedral, the Old Jewish Cemetery in Prague, and Loket Castle.

Prague Castle


Portugal currently holds the rank of third most peaceful countries. Don’t expect much turmoil if you choose to retire there, but do expect the latter half of your life to be peaceful and spent in a beautiful country.

No matter where you move to in Portugal, you’ll find beauty, comfort, and a low cost of living. Residents of Portugal can expect their monthly costs to be about a third of what they would be spending in the US. Plus, there are plenty of historical sites, hiking and cycling opportunities, and a moderate climate. Locals are welcoming, and you’ll find yourself quickly at home in Portugal.

Retirement signifies freedom from the daily grind of your desk job. It means more free time and a life of relaxation. While most people retire in the US, it might be worth looking into retiring in another country if you’re looking to retire as soon as possible and live on a lower budget. Countries like Panama, Costa Rica, the Czech Republic, and Portugal all offer amazing living opportunities for retirees. Retire sooner and live a quality life by retiring to one of these incredible and beautiful countries.