When it comes to retiring in the United States and Canada, seniors’ pensions aren’t going as far as they used to due to the cost-of-living crisis. This is a direct result of terrible government policy which has produced the dynamic duo of inflation and mass immigration, leaving more and more people chasing the same basket of goods.
If you are already receiving your pension, your biggest concern is probably going to be how to lower your cost of living to stretch your pension as far as possible.
The best way to do that without hopping in a time machine and traveling back a couple of decades? Move to another country with a lower-cost of living. Think it can’t be done? Au contraire, mon frère!
In this week’s article, I’ve put together a list of 10 countries you can retire in for US$2,000 (or less!) per month. The bonus? These countries all have great weather and high-quality healthcare, helping you to make the most of your golden years.
Ready to take back control of your future? Let’s get started!
Portugal
- Visa name: D7 Visa/Portugal Retirement Visa/Passive Income Visa
- Required income amount: US$893/month (€820) for a single person, US$1,339/month (€1,230) for a couple
- Qualifying sources of income: Pensions, transferable equity, real estate, intellectual property, or financial investments
- Qualifying age: none
- Average cost of living (without rent): US$720/month for a single person, US$1,270/month for a couple
- Average rent: US$786-US$1,017/month for a 1-bedroom apartment
- Why we love this option:
- Flexibility in qualifying sources of income
- Not restricted to typical retirement age
- Gain access to both beautiful Portugal and the Schengen Zone
- European lifestyle at a lower cost
Nicaragua
- Visa name: Pensionado Visa/Retirement Visa
- Required income amount: US$600/month for a single person or US$750/month for a couple
- Qualifying sources of income: Guaranteed pension programs and retirement funds
- Qualifying age: 45
- Average cost of living (without rent): US$553/month for a single person, US$1,037/month for a couple
- Average rent: US$222-US$323/month for a 1-bedroom apartment
- Why we love this option:
- Extremely low income qualification amount
- Extremely low cost of living
- Very affordable real estate options
- Adventurous lifestyle
- Download our free Nicaragua Handbook for more information!
Panama
- Visa name: Pensionado Visa
- Required income amount: US$1000/month per person
- Qualifying sources of income: Guaranteed pension programs and retirement funds
- Qualifying age: 60 for men, 55 for women, although technically you can qualify as long as you are receiving a pension
- Average cost of living (without rent): US$779/month for a single person, US$1,402/month for a couple
- Average rent: US$535-US$810/month for a 1-bedroom apartment
- Why we love this option:
- Panama’s pensionado program offers retirees amazing discounts of 10-50% off energy bills, healthcare, transportation, entertainment, and much more!
- Strong banking sector
- Territorial tax system
- Uses USD so no need for currency exchange
Argentina
- Visa name: Retirement Visa
- Required income amount: US$950/month per person
- Qualifying sources of income: Guaranteed pension programs and retirement funds
- Qualifying age: 65 for men, 60 for women
- Average cost of living (without rent): US$448/month for a single person, US$797/month for a couple
- Average rent: US$203-US$288/month for a 1-bedroom apartment
- Why we love this option:
- Diverse geography and climate provide many options for retirees
- Vibrant culture
- World-renowned food scene
- Friendly people
Belize
- Visa name: Belize Retirement Visa/Qualified Retirement Program (QRP)
- Required income amount: US$2,000/month per person and per couple (spouse is considered a dependent) or US$24,000 annually
- Qualifying sources of income: Guaranteed pension programs and retirement funds, financial investments, inheritance, personal savings, etc.
- Qualifying age: 45
- Average cost of living (without rent): US$697/month for a single person, US$1,234/month for a couple
- Average rent: US$249-US$374/month for a 1-bedroom apartment
- Why we love this option:
- Eco-adventures galore including world-class scuba diving and snorkeling
- Flexibility in qualifying sources of income and low age requirement
- Tax exemption for all income derived outside of Belize under the QRP
- Official language is English, making communication easy
- Check out our Belize Handbook to learn more!
Ecuador
- Visa name: Ecuador Jubilado Visa/Ecuador Retirement Visa
- Required income amount: US$1,425/month per person and $1,675/month per couple
- Qualifying sources of income: Guaranteed pension programs and retirement funds, real estate income
- Qualifying age: 65
- Average cost of living (without rent): US$536/month for a single person, US$956/month for a couple
- Average rent: US$267-US$352/month for a 1-bedroom apartment
- Why we love it:
- Large, well-established expat community
- Amazing landscape including the Amazon rainforest and the Andes mountains
- Uses USD so no need for currency exchange
- Consistent warm temperatures mean no need for A/C or heat
Columbia
- Visa name: Columbian Pension Visa
- Required income amount: US$1,000/month per person and per couple (spouse is considered a dependent)
- Qualifying sources of income: Guaranteed pension programs and retirement funds
- Qualifying age: None, you can qualify as long as you have enough qualifying pension income
- Average cost of living (without rent): US$511/month for a single person, US$889/month for a couple
- Average rent: US$281-US$354/month for a 1-bedroom apartment
- Why we love it:
- Second-most bio-diverse country in the world featuring mountains, beaches, and rainforest
- Low-cost real estate
- Consistent year-round climate, whether you choose a warm, tropical location or one with more spring-like temperatures
- Columbian culture highly reveres elders, making it a great destination for retirees
Costa Rica
- Visa name: Pensionado Visa
- Required income amount: US$1,000/month per person and per couple (spouse is considered a dependent)
- Qualifying sources of income: Guaranteed pension programs and retirement funds
- Qualifying age: None, you can qualify as long as you have enough qualifying pension income
- Average cost of living (without rent): US$862/month for a single person, US$1,568/month for a couple
- Average rent: US$469-US$639/month for a 1-bedroom apartment
- Why we love it:
- Laid back “pura-vida” lifestyle
- Highest living standards in Central America
- Politically stable
- Very easy access from the United States and Canada
Thailand
- Visa name: Thailand Retirement Visa
- Required income amount: US$1,811/month (65,000 THB) per person and per couple (spouse is considered a dependent) OR a security deposit of approx. US$22,290 (800,000 THB) in a Thai bank account OR a combination of security deposit and income
- Qualifying sources of income: All types
- Qualifying age: 50
- Average cost of living (without rent): US$565/month for a single person, US$1,005/month for a couple
- Average rent: US$239-US$473/month for a 1-bedroom apartment
- Why we love it:
- Some of the friendliest people in the world
- Amazing food
- Incredible cultural experiences
- Vibrant expat community
The Philippines
- Visa name: Special Residence Retiree’s Visa (SRRV)
- Required income amount: If you are 50+ and receiving a pension the income requirement is US$800/month per person or $1,000 per couple, PLUS a bank deposit of US$10,000. If you are 50+ without a pension the requirement is a bank deposit of US$20,000. For people ages 35-49, the requirement is a bank deposit of US$50,000.
- Qualifying sources of income: Guaranteed pension programs and retirement funds, bank deposits
- Qualifying age: 35
- Average cost of living (without rent): US$563/month for a single person, US$974/month for a couple
- Average rent: US$179-US$327/month for a 1-bedroom apartment
- Why we love it:
- Boasts some of the cleanest air in Southeast Asia (outside of Manila)
- English is widely spoken
- Abundant biodiversity featuring opportunities for hiking, diving, sunbathing and enjoying nature
- Ability to work, study, and invest as an SRRV Visa holder
Yes, you CAN retire on $2,000 per month!
And there you have it! Contrary to what the naysayers say, you absolutely CAN retire on US$2,000 per month. All of the countries on this list allow you to both qualify for your retirement visa with an income of US$2,000 or less, while also enjoying a cost of living that typically also falls below US$2,000. (All cost of living figures were sourced from Numbeo – it’s a great site to check out when researching!)
Add to that the high-quality healthcare, beautiful geography, and warm climates of each of these countries and you have yourself a winning combination!
You do not need to resign yourself to living in poverty in your home country. There are so many other options available out there, as seen above, that will allow you to live out your retirement in comfort and with dignity. I invite you to look more into the countries I’ve mentioned and start making a short-list of places you want to visit, so you can start enjoying your golden years and look forward to the new adventures to come.
Looking for some help to make your offshore retirement dreams a reality? Make sure you subscribe to Escape Artist Insiders magazine for expert insight, advice, and inspiration. This magazine has been instrumental in helping my family build our Plan B and continues to inspire us with each monthly issue. Subscribe today!
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