16 Affordable Countries for Retirees to Stretch Their Dollars

Retirement provides a certain level of freedom and flexibility you don’t necessarily have when working. Once you’ve retired, you can move to a more affordable foreign country if living stateside becomes too expensive.

Once you decide to move abroad, where do you go? Once you learn about a country’s culture and cost of living, you’ll discover some fantastic places to live. If you’re considering making the big move, the countries on this list are an excellent place to start. These affordable countries for retirees offer a lower cost of living, excellent healthcare, and a high quality of life, making them ideal options for stretching your retirement savings.

For a comprehensive list of the best places to retire, International Living provides expert insights into top retirement destinations worldwide, covering everything from cost of living to expat communities.

Additionally, before making your move, it’s essential to compare living expenses in different countries. Numbeo’s Cost of Living Index allows you to check affordability, helping you plan your budget effectively.

1. Austria – One of the Most Affordable Countries for Retirees

Austria served as the backdrop for the classic movie The Sound of Music, but it’s also affordable for retirees. The monthly cost of living for a single person in the U.S. is $2433 versus $1743 in Austria.

If the low cost of living isn’t enough to entice you, then the country’s serenity may convince you to move there. Austria’s naturally open spaces are perfect for mindfulness, meditation, or a peaceful walk. 

2. Portugal

A single retiree can live nicely in Portugal with a $1,286 monthly cost of living, nearly half of what it costs to live in the U.S. Retirement funds can go very far there. Even if you don’t have the most significant financial portfolio, Portugal remains one of the most affordable countries for retirees looking to enjoy a high quality of life on a budget.

Portugal has several different regions, each with a gorgeously unique landscape. The hills of the Douro Valley overlook Douro Lake, and historical villages have ancient castles as part of their scenery. Whether you prefer a coastal retreat or a countryside escape, Portugal offers an affordable and picturesque place to retire.

3. Estonia

American dollars go a long way in Estonia, where the monthly cost of living of $1,204 is less than half of that in the U.S. That kind of savings in your golden years adds a layer of financial security, making Estonia one of the most affordable countries for retirees looking for a cost-effective yet enriching lifestyle.

The extra money can be saved for future purposes, but you can afford to spend some of it on fun pursuits like a film festival or the annual light festival. Nature lovers can visit a national park or swim in a bog lake, enjoying Estonia’s natural beauty without breaking the bank.

4. Malaysia

Would you like to spend your leisure time at one of Malaysia’s numerous beaches? Or do you prefer the energy and excitement of its cities? Either way, deciding to retire in Malaysia is an easy choice, especially since it’s an inexpensive place to live. 

A single person can live in Malaysia for less than a quarter of the cost of living in the US. For $582 a month, you can live in what many would consider an island paradise. Amazingly, the amount of a car payment in the U.S. would cover all of your living expenses. 

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5. Poland

With 16 distinct regions, each with its own story, Poland is a fascinating country to visit and live in. Several places are designated as United Nations Educational, Scientific, and Cultural Organization (UNESCO) sites, adding to its cultural richness.

Another major draw for retirees is Poland’s reasonable cost of living. For just $1,137 a month, an American can retire there with all expenses covered, making it one of the most affordable countries for retirees. The country’s beauty, rich history, and budget-friendly lifestyle make it an excellent choice for those looking to stretch their retirement savings while enjoying European charm.

6. Finland 

Finland is synonymous with cold, snowy weather, but the country is more than its gorgeous, snow-capped winters. It’s known as the happiest country in the world, and with good reason. You can see the Northern Lights and watch a special reindeer named Vesku year-round.

Environmentally conscious expats can pledge to uphold sustainable practices in protecting animals, land, air, and water in their travels around the country. At just $1,537 a month, retirees can enjoy an authentic Finnish experience, making Finland one of the most affordable countries for retirees who want to embrace nature, culture, and a high quality of life.

7. Thailand

Most people who’ve heard about Thailand have probably heard of Phuket and Bangkok, the capital. There are also cities like Nakhon Ratchasima, which is only a few hours from Bangkok, that reflect the history of Thailand with ruins of ancient temples.

Thailand’s many provinces offer numerous attractions for expats, including a friendly, welcoming culture, festivals, multiple beaches, and national parks. For only $790 a month, retirees can enjoy those experiences as much as they like, making Thailand one of the most affordable countries for retirees looking for a tropical paradise with a low cost of living.

8. North Macedonia 

Just north of Greece is North Macedonia. It’s not widely known as a popular retirement spot, but it’s a country that potential expats should consider when looking for a more affordable place to call home.

Living in North Macedonia appeals to all the senses: taste, touch, sound, scent, and sight. From the waters to the mountains to the cuisine, it’s easy to become fully immersed in the culture. With a monthly cost of just $671, retirees can live comfortably, making North Macedonia one of the most affordable countries for retirees seeking a budget-friendly European lifestyle.

9. Croatia

Professional basketball fans know Croatia as a rapidly emerging source of talent. But did you know it’s also a beautiful country and an excellent place to retire? If you love attending festivals and cultural events, you’ll love living in Croatia.

The country frequently hosts diverse festivals, from the Cheese Festival and the Fisherman’s Festivals to the Dubrovnik Summer Festival and the Dimensions Festival of electronic music. The cost of living is pretty nice, too. With a monthly budget of just $1,128, retirees can enjoy a vibrant lifestyle, making Croatia one of the most affordable countries for retirees seeking a mix of culture, history, and seaside charm.

10. Vietnam

Since 1986, the Vietnamese economy has steadily grown, and the culture has become more open and welcoming to people from other countries. Whether you move to the active Ho Chi Minh City or the beach areas of Da Nang, you will enjoy the vibrant lifestyle Vietnam has to offer.

While the economy continues to grow, the cost of living remains remarkably low, especially for expats. A single retiree can live in Vietnam for just $611 a month, covering rent, food, and transportation. With its affordability, warm climate, and rich culture, Vietnam stands out as one of the most affordable countries for retirees looking for a budget-friendly yet exciting place to call home.

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11. Slovenia

Bordered by Croatia and Italy, Slovenia may not be the first country that comes to mind for retirement, but it’s a hidden gem with stunning landscapes and plenty of outdoor space. Whether you enjoy kayaking, countryside picnics, or exploring caves, Slovenia offers a peaceful and active lifestyle.

For those who love shopping, Slovenia boasts charming local stores, souvenir and gift shops, modern and traditional artisan markets, and fresh food markets perfect for farm-to-table meals. With a monthly cost of just $1,299, retirees can enjoy a high quality of life, making Slovenia one of the most affordable countries for retirees seeking European charm on a budget.

12. Montenegro

The small Southeastern European country of Montenegro shares borders with Albania, Bosnia, Croatia, Kosovo, and Serbia. The name translates to “black mountain” because of the dark forestry that once covered the Alps mountain range.

Northern Montenegro boasts stunning mountain ranges, serene lakes, and breathtaking national parks, while the coastal regions offer pristine white-sand beaches like those in Ulcinj. With a cost of living at just $972 a month, retirees can enjoy all of this natural beauty, making Montenegro one of the most affordable countries for retirees seeking a balance between adventure and relaxation in Europe.

13. Czech Republic  

Music, chateaus and castles, and well-being excursions are some highlights of living in the Czech Republic. The unique cultural scene includes more than 1,000 years old architecture near buildings constructed in the contemporary era. 

If you’re looking for rest throughout the year, the country has both summer and winter spas that integrate the weather into the spa experience. There’s even a beer and wine spa for those who like to imbibe. With a $1,199 monthly cost of living, you can easily afford one or more spa treatments. 

14. Romania 

The former Eastern Bloc nation and birthplace of legendary women’s gymnast Nadia Comaneci has attractions in the mountains and the cities. If you like the mountains but don’t want to hike up them, you can take a drive on their scenic roadways like Trans-Bucegi, Transalpina, Trans-Semenic, and 

Once you’ve worked up an appetite from all that driving, you can sample some traditional Romanian food from restaurants like Hanul lui Manuc and Capsa. The monthly cost of living is $821, so dining out regularly is something you can plan to do. 

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15. Japan

One of the more surprising entries on this list is the country of Japan. While the perception is that it’s an extremely expensive country to live in, it’s pretty affordable, with a monthly cost of living of $1,097. If living in Japan is something you’ve dreamed of, you can make it come true. 

Japan has a robust nightlife in cities like the capital of Tokyo, Osaka, and the Roppongi district, but it also has a more serene side with its zen gardens and temples. Adventurous foodies can dine on authentic Japanese cuisine. 

16. Argentina 

Would you go if you had the chance to visit the South Pole? You can travel by ship to the frozen continent if you live in Argentina. As cool as that sounds, Argentina has many places to go and things to do. 

You can walk through the Salitral Encantado (Enchanted Salt Flat) in the La Pampa Providence or tour the famed Casa Rosada in Buenos Aires. This is available to single retirees for a mere $563 a month.