10 Countries Where You Can Retire Comfortably on Social Security
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There are many countries in the world where you can retire comfortably on Social Security. The cost of living is extremely high in the United States, especially in large metropolitan areas. There are many countries in Central and South America, Europe, and Southeast Asia where the cost of living is low, healthcare is adequate to world-class, and your retirement savings could last decades. Here are 10 such countries to consider.
1. Philippines
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The Philippines is an archipelago of 7,700 located in Southeast Asia. The country is known for its beautiful landscapes and hospitable locals. The U.S. dollar is very strong against the local currency, the peso, so you can retire comfortably on Social Security here. English is widely spoken here and healthcare is moderate in the large cities.
2. Belize
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You can retire comfortably on Social Security in Belize because the cost of living is very low and English is spoken there. You can use American dollars in Belize. The health care is world-class and affordable but be prepared for long lines. Belize is known for its exotic beaches, jungles, and picturesque villages. Belize is bordered by Guatemala to the west, Mexico to the north, and the Caribbean Sea to the east.
3. Uruguay
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You can retire comfortably on Social Security in Uruguay. It’s a small and politically stable South American country that most Americans don’t know about. Uruguay is bordered by Brazil to the north, Argentina to the west, and the South Atlantic to the east. The country is known for its world-class beef, low crime rate, exotic beaches, and quality healthcare.
4. Malaysia
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Malaysia is a country in Southeast Asia that is comprised of two noncontiguous regions, West and East Malaysia. The cost of living is very low here. Malaysia is a former European colony so English is spoken here. The healthcare is adequate in the large city centers. Malaysia is known for its melting pot of cultures, landscapes, cuisine, and historical and modern architecture.
5. Panama
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Panama is a Central American isthmus or a land bridge connecting Central and South America. Panama is bordered by Costa Rica to the west, Colombia to the east, the Caribbean Sea to the north, and the Pacific to the south. The country has great healthcare, exotic wildlife, and an expatriate town called Boquete where people speak English. You can retire comfortably on Social Security in Panama because the country also uses the U.S. dollar.
6. Barbados
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Barbados is a Caribbean paradise that is world-known for its white sand beaches, award-winning rum, and snorkeling and diving activities. Barbados is situated about 1,600 miles to the southeast of Florida and about 600 miles north of Guyana. Healthcare is relatively modern and very affordable. You can retire comfortably on Social Security in Barbados.
7. Portugal
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Portugal is bordered by Spain to its north and east and the North Atlantic to its west. You can retire comfortably on Social Security in Portugal; it’s the only Western European country with the lowest cost of living standards. Portugal has beautiful, moderate weather and a modernized, affordable universal health care system. Retirees can live here while exploring the more expensive European mainland.
8. Costa Rica
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Costa Rica is bordered by Nicaragua to the north, Panama to the south, the Caribbean Sea to the east, and the Pacific to the west. Costa Rica is considered one of the safest countries in Central America. Costa Rica arguably has the best and most affordable healthcare in Latin America. The country is known for its beaches, outdoor adventures, and national parks.
9. Thailand
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You can retire comfortably on Social Security in Thailand and not worry about healthcare. While it is a developing country, Thailand is a medical tourism hub and has one of the best and most affordable healthcare in the world. Laos borders it to the northeast, Myanmar to the west, and Vietnam to the southeast, so Thailand can be your home base for greater exploration. The dollar is very strong against the local currency, so the cost of lying is always low.
10. Mexico
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There has been a small exodus of Americans moving to Mexico recently for the low cost of living, so you can retire comfortably on Social Security here. It’s relatively safe compared to news reports. English is spoken in cities, and the healthcare is satisfactory to moderate. You’ll be close to the U.S. while benefiting from the local culture, cuisine, and activities.
Retire Comfortably on Social Security Abroad
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The typical Social Security recipient receives $1,900 monthly, or about $22,800 annually, depending on their circumstances. So, one or two retirees keeping to a budget and watching their expenses could retire comfortably on Social Security in any of the countries on this list. However, don’t make choices on a whim. Consider taking a short trip to a country to gauge your comfort first.
Also, consider that the standard of living, weather, culture, language, and social systems will be drastically different and take time to get used to. Think about your options and consult with a retirement expert before making such decisions.
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Allen Francis is a full-time writer, prolific comic book investor and author of The Casual’s Guide: Why You Should Get Into Comic Book Investing. Allen holds a BA degree from Marymount Manhattan College. Before becoming a writer Allen was an academic advisor, librarian, and college adjunct for many years. Allen is an advocate of best personal financial practices including saving and investing in your own small business.
