5 Countries Where You Can Retire on $200k

It’s becoming more and more common for people to reach retirement age and not have enough in savings to get them through their golden years, even when you add Social Security benefits into the mix. Financial experts recommend having at least 25 times your average annual spending saved up for retirement, meaning if you and your partner have average expenses of $50k per year (which is by no means outrageous), then you want to have at least $1.25 million to retire comfortably.

Many people have a savings goal of $1 million for retirement and aren’t hitting it, and it turns out that might not even be enough to get through your retirement years in the United States. But there are several countries with much lower cost of living that are eager to attract expat retirees. Here are 5 countries where you can retire on just $200k in savings and enjoy 30 years of comfortable retirement.

Cheapest countries to retire in

1. Belize, annual cost of living approximately $18k

Belize is a tropical paradise where you can retire dirt cheap, with average living expenses for a couple of just $18,000 per year, including rent. You can get a modest, furnished rental home for just $400 per month and any income earned outside the country is tax-free.

2. Ecuador, annual cost of living approximately $18k

Ecuador might not be the first thing that comes to mind when you think of retirement, but they have a fantastic healthcare system and lots of government benefits for retirees, including expats.

3. Thailand, annual cost of living approximately $21k

Thailand is a beautiful, exotic travel destination and a good option for retirement. You just need to have a monthly income of around $1900 or savings of at least $23,000.

4. Costa Rica, annual cost of living approximately $23k

Costa Rica is great for tourism and great for retirees, too! Great healthcare, friendly people, and rental prices around $500 per month.

5. Spain, annual cost of living approximately $27k

If you can’t muster the courage to move to Central America or Asia, Spain is a cheap place to retire in a somewhat more familiar European culture. Rent prices are about 50% of US prices.