When retirement rolls around, many people dream of finding a new home that offers comfort, safety, beauty, and affordability all in one package. Living well on a retirement budget doesn’t mean sacrificing the things you love or penny-pinching. One solution is to simply choose a place where your money stretches further.
Around the world, there are cities and towns where retirees can enjoy excellent quality of life, low cost of living, accessible healthcare, and vibrant communities without draining their nest egg.
Whether you’re envisioning palm trees by the sea, a charming colonial town, or a laid-back countryside retreat, these destinations prove you don’t have to spend a fortune to enjoy your golden years.
Chiang Mai, Thailand
Nestled in the mountains of northern Thailand, Chiang Mai offers an ideal combination of affordability and modern convenience. Many retirees choose it for its low cost of living—monthly expenses for a single person can be surprisingly modest while still enjoying high-quality amenities.
The city is known for its friendly locals, thriving expat community, and access to both traditional markets and modern shopping malls.
Healthcare in Thailand is excellent and affordable, with Chiang Mai boasting some of the country’s best private hospitals.
Add in a mild climate, easy visa options for retirees, and a calendar full of cultural festivals, and it’s no wonder this city is a top pick for budget-conscious retirees looking to live abroad.
Granada, Nicaragua
If you’ve ever dreamed of retiring in a colorful colonial town filled with historic charm, Granada is hard to beat. Located on the shores of Lake Nicaragua, this city offers beautiful Spanish architecture, cobblestone streets, and a relaxed pace of life.
Retirees can rent or buy property for a fraction of what they would pay in the United States, and daily expenses like dining out, fresh produce, and household help are remarkably low.
Healthcare options are solid, and the city is close enough to Managua for more specialized medical care when needed. With its warm climate and friendly atmosphere, Granada offers retirees a fulfilling lifestyle without the financial stress.
Penang, Malaysia
For retirees who want a vibrant city with a tropical island feel, Penang is a standout choice. Known as the “Pearl of the Orient,” Penang blends modern infrastructure with historic charm.
The cost of living is affordable, with inexpensive yet delicious street food, reasonable housing, and reliable public transportation.
Penang also boasts a world-class healthcare system and is home to several internationally accredited hospitals, making it appealing for those who want to retire abroad with access to quality medical care.
The Malaysia My Second Home (MM2H) program provides an accessible long-term visa option for retirees who want to settle down without worrying about frequent renewals.
Cuenca, Ecuador
Perched high in the Andes, Cuenca is a UNESCO World Heritage city celebrated for its colonial architecture, walkable streets, and thriving arts scene.
It’s also one of the most affordable cities in Latin America for retirees, offering low rent, inexpensive fresh produce, and an excellent public healthcare system. The city has a large English-speaking expat community, making the transition easier for newcomers.
Thanks to Ecuador’s retiree visa program, those with a steady pension can secure residency with minimal hassle. The year-round spring-like climate means no need for heating or air conditioning, adding even more savings to a retirement budget.
Lisbon, Portugal
While Lisbon is not the cheapest city on this list, it offers incredible value compared to other European capitals.
Portugal’s cost of living is still lower than much of Western Europe, and retirees benefit from excellent public transportation, a mild climate, and a rich cultural scene.
The city’s healthcare system ranks highly, and English is widely spoken, making it an attractive choice for retirees seeking a mix of European charm and modern convenience.
Portugal also offers a Non-Habitual Residency (NHR) tax regime, which can provide significant tax benefits to foreign retirees for their first 10 years of residency.
Medellín, Colombia
Once infamous for crime, Medellín has transformed into one of South America’s most livable cities.
Known as the “City of Eternal Spring” for its perfect year-round climate, Medellín offers retirees a vibrant cultural scene, efficient public transportation, and a cost of living that’s significantly lower than in the U.S. or Europe.
Healthcare in Colombia is high-quality and affordable, with the country’s system ranked among the top in Latin America.
Housing options range from modern high-rise apartments with mountain views to charming houses in quieter neighborhoods, all at prices that leave room in the budget for travel and leisure.
Valletta, Malta
If you dream of retiring somewhere steeped in history with sunny Mediterranean weather, Valletta may be the place. Malta offers a low-tax environment for many foreign retirees and has one of the best climates in the world, with over 300 days of sunshine a year.
While not as cheap as some destinations in Southeast Asia or Latin America, Malta offers excellent value when you factor in its high safety ratings, English-speaking population, and easy access to Europe.
Its compact size means everything from healthcare to beaches is within easy reach.
Da Nang, Vietnam
Located along Vietnam’s central coast, Da Nang offers retirees beautiful beaches, a growing expat community, and modern infrastructure at a fraction of the cost of more famous beach cities. Housing is affordable, fresh seafood is abundant, and the cost of daily living is among the lowest in Asia.
Healthcare facilities have improved significantly, and larger cities like Hanoi or Ho Chi Minh City are just a short flight away for specialized treatment.
Many retirees find Da Nang’s mix of city convenience and beachside relaxation to be the perfect formula for an affordable, enjoyable retirement.
San Miguel de Allende, Mexico
A UNESCO World Heritage city, San Miguel de Allende combines artistic flair, colonial charm, and a welcoming community of locals and expats.
While more expensive than some smaller Mexican towns, it remains far more affordable than comparable U.S. cities.
The healthcare system is strong, housing options range from historic homes to modern condos, and the cultural calendar is filled year-round with festivals, concerts, and exhibitions. The city’s walkability and mild climate make it easy for retirees to stay active and engaged.
Corfu, Greece
For those who envision retiring on a picturesque Mediterranean island without paying Santorini prices, Corfu is an appealing option.
The cost of living is lower than many other parts of Greece, with affordable fresh produce, seafood, and local wines. Housing is reasonably priced, especially in villages outside the main tourist zones.
Corfu offers a slower pace of life, stunning beaches, and a strong sense of community, making it an ideal place to stretch a retirement budget while enjoying a scenic lifestyle.