10 Countries Where You Can Retire on Just Social Security
The average Social Security benefit in 2024 is $1,903, or $3,806 for two people. If you’re planning to live on just your Social Security check as a retiree in the U.S., it will be extremely difficult with only that amount of money at your disposal. According to International Living, the average retiree household in the U.S. spends about $50,000 per year.
Check Out: I Retired at 65: Here’s My Monthly Budget
Try This: One Smart Way To Grow Your Retirement Savings in 2024
However, if you’re willing to spread your retirement wings and settle down in another country, you can make your government check go much further — and even live quite comfortably if you can budget $24,000 per year.
To find the 10 best countries to live on just a Social Security check, GOBankingRates used the source International Living – Best Places to Retire for the list of countries. For each country on the list, the monthly cost of living was sourced across various factors sourced from Numbeo – Cost of Living Indexes.
Using this data, the monthly cost of living can be calculated for two people with and without rental costs. The scores were combined for a final score and sorted to show the best countries to live on just a Social Security check.
Here are the 10 best countries to live on just a Social Security check. Also see the 10 best international cities to live on Social Security.
Panama
Monthly cost of living for single person (including rent): $1,736
Monthly cost of living for couple (including rent): $2,481
Panama, which is located in Central America, borders Colombia to the southeast and Costa Rica to the northwest. It’s considered a tropical destination, with warm, humid weather at sea level and a bit cooler weather in the mountains.
It’s also southwest of the hurricane belt, which means you won’t have to contend with violent storms.
Panama offers a wonderful value for retired expatriates. Local fruits and vegetables are abundant and amazingly affordable, and household items are about 50% cheaper than what you would pay for the same items in the U.S.
Be Aware: 7 Things You’ll Regret Downsizing in Retirement
Learn More: 8 Things You Must Buy at Aldi While on a Retirement Budget
Sponsored: $20k or more in credit card debt? Lower the amount you owe in just 3 simple steps.
Costa Rica
Monthly cost of living for single person (including rent): $1,541
Monthly cost of living for couple (including rent): $2,348
Costa Rica is bordered by Nicaragua to the north and Panama to the southeast, with the Caribbean Sea to the northeast and the Pacific Ocean to the southwest. The weather in Costa Rica depends on where you live, but it varies from hot and humid to hot and dry, with some areas becoming cooler at night.
According to International Living, some retired couples can live well in the country on $2,000 per month, while others require $2,500 to $3,000. Part of the reason the cost of living here is so affordable is because of the universal healthcare system. For a low monthly fee based on income, residents can get all their healthcare, such as doctor visits, prescriptions and surgeries, for no additional costs.
Good To Know: 9 Things Frugal Retirees Never Waste Money On
Italy
Monthly cost of living for single person (including rent): $1,761
Monthly cost of living for couple (including rent): $2,645
Italy is home to numerous historical sites and tourist attractions and is known around the world for delicious cuisine and outstanding wine. But if you go outside the popular destinations, such as Rome, Venice and Milan, you will find that your Social Security check gets you a high quality of life for very little cost.
You can walk or pick up a monthly public transportation pass for $37. A three-course meal for 2 people at a mid-range restaurant in Italy comes to about $64 on average.
Thailand
Monthly cost of living for single person (including rent): $1,124
Monthly cost of living for couple (including rent): $1,683
The natural wonders and vibrant cities of this Asian country make it a destination for vacationers, tourists, lovebirds and retirees looking to live on a fixed income in an exotic location.
One person can live in Thailand for $559, not including rent, which International Living says is 74% lower than in the United States. The cost of living is about half that in America, meaning you’ll have more of your Social Security to spend on food, fun,and everything that this amazing country has to offer.
Greece
Monthly cost of living for single person (including rent): $1,369
Monthly cost of living for couple (including rent): $2,168
Filled with history and some of the most sought-after destinations in the world, Greece is also drawing more and more U.S. retirees who are seeking homes that won’t break the bank. While the Greek economy has not been in great shape for a while now, that doesn’t mean it’s not a good spot to set up your golden years when you have a limited budget.
The cost of living on average is 31% lower than that of the United States. Basic utilities — electricity, heating, cooling, water and garbage — for a 915 square foot apartment comes out to an average $218, according to International Living’s data. Rent is significantly lower, too, with a one-bedroom apartment in one of Greece’s major cities averaging $443 per month. That’s 74% less than what the average American would pay for rent on a similar unit in a big metro area.
For You: Cutting Expenses in Retirement: 9 Things To Downsize (That Aren’t Your Home)
Mexico
Monthly cost of living for single person (including rent): $1,284
Monthly cost of living for couple (including rent): $1,909
The climate in Mexico is dependent on where you reside, but it varies from arid to tropical. The cost of living in Mexico is one of the main reasons retirees move there. According to International Living, the way to save money is to shop as the locals do.
While you can find brand-name goods that you might be accustomed to using in the U.S., you’ll save a lot of money by opting for goods that don’t have those familiar brand names. Also, in-season produce is about $1 for a kilogram (2.2 pounds), and a kilo of avocados is about $1.25 — the cost of a single avocado in some areas of the U.S.
A couple can expect to live in Mexico for about $1,909 per month, according to International Living. Rent on a furnished two-bedroom home there is about $750.
Colombia
Monthly cost of living for single person (including rent): $860
Monthly cost of living for couple (including rent): $1,326
Colombia — which is known for its rich, high-quality coffee production — is located in northwestern South America with coastlines along the Caribbean Sea and the Pacific Ocean.
According to International Living, Colombia has a low cost of living but offers a level of amenities and infrastructure that you would expect in a country with a much higher cost of living. The cost of living will vary depending on where you live within the country. However, it is possible to find a lifestyle that you enjoy that also fits your budget.
A couple can expect to pay between $1,030 and $2,720 per month, which includes $325 to $1,300 rent for two-bedroom, two-bathroom accommodations and a $250 to $400 grocery bill, which excludes alcohol and imported goods.
Read Next: How a Trump Win in 2024 Could Impact Your Retirement Savings
Portugal
Monthly cost of living for single person (including rent): $1,658
Monthly cost of living for couple (including rent): $2,318
Portugal is located in southwestern Europe on the Iberian peninsula. Its climate is warm with wet winters and dry summers. The cost for a couple to live in most suburban areas — such as Estoril, close to Lisbon — is $2,207, according to International Living.
That cost includes $690 rent for a two-bedroom furnished apartment, a $69 internet package that includes cell phones and TV and a $46 electric bill. However, a couple can live in some of the country’s smaller interior cities starting at about $1,700 per month.
Ecuador
Monthly cost of living for single person (including rent): $953
Monthly cost of living for couple (including rent): $1,476
Ecuador is located in the northwestern edge of South America and is bordered by the Pacific Ocean. Like other countries on this list, the climate depends on the area in which you reside, including the mountains, Pacific coastal plains and eastern rainforests.
Ecuador is very affordable; a couple can retire there on $18,000 per year and live very well, according to International Living. For about $1,800 a month, you can live in the country’s Spanish colonial capital of Quito, which is home to some of the country’s most exclusive addresses, and enjoy a two-bedroom luxury apartment, maid services, healthcare and plentiful entertainment and dining out.
Spain
Monthly cost of living for single person (including rent): $1,663
Monthly cost of living for couple (including rent): $2,382
Spain is one of the warmest, sunniest countries in Europe, but the climate will vary depending on the region. If you choose to live in the north, you’ll experience milder summers and wet winters, with the opposite occurring in the southern part of the country.
The cost of living in Spain is the lowest in Western Europe, according to International Living. In a mid-sized city like Alicante, a sample budget for a couple is around $2,400 per month, which includes three hours of maid service per week, a $335 grocery bill and rent for a furnished one- or two-bedroom apartment of $744.
Also included is a complete healthcare plan plus dental for a couple, which runs $276 per month. However, it’s possible to live on a cheaper monthly budget if needed.
Cynthia Measom contributed to the reporting for this article.
Methodology: To find the 10 best countries to live on just a Social Security check, GOBankingRates used the source InternationalLiving – Best Places to Retire for the list of countries. For each country on the list, the monthly cost of living was sourced across various factors sourced from Numbeo – Cost of Living Indexes. Using this data, the monthly cost of living can be calculated for two people with and without rental costs. The monthly Social Security benefits were sourced from the Social Security Administration’s 2023 Statistical Supplement. For each country on the list, the quality of life index was sourced from Numbeo – Quality of Life Indexes. The monthly cost of living expenditures were scored and weighted at 0.75, the monthly rental cost was scored and weighted at 0.75, and the quality of life was scored and weighted at 1.5. The scores were combined for a final score and sorted to show the best countries to live on just a Social Security check. All data was collected on and is up to date as of Sept. 19, 2023.
More From GOBankingRates
I Was Retired, but Wasted Big Money On These 3 Things and Had To Go Back To Work
7 Things to Do With Your Savings in 2024 to Grow Your Wealth
4 Reasons You Should Be Getting Your Paycheck Early, According to An Expert
This article originally appeared on GOBankingRates.com: 10 Countries Where You Can Retire on Just Social Security
