Global Retirement Guide: The Cheapest Country to Retire in 2024

Why Look Beyond America for Retirement?

Many retirees assume the United States is their only option, but that assumption could cost them dearly. According to recent affordability research, numerous international destinations offer significantly lower living expenses while maintaining excellent quality of life standards. For those seeking the cheapest country to retire in, exploring these 15 nations could stretch retirement savings considerably further than stateside options.

Methodology: How These Countries Were Ranked

The analysis evaluated nations across six key affordability and lifestyle indicators, each benchmarked against New York City costs:

Affordability Metrics:

• Cost-of-living index (weighted 2.0): Local goods, services, restaurants, groceries, transportation, utilities
• Purchasing power index (weighted 1.0): Relative buying strength of local salaries
• Grocery cost index (weighted 1.0): Food expense baselines
• Average rent (weighted 2.0): Typical one-bedroom apartment costs

Quality-of-Life Metrics:

• Healthcare quality index (weighted 1.0): System standards, professional qualifications, equipment, costs
• Safety index (weighted 1.0): Crime statistics on 0-100 scale
• Peacefulness index (weighted 3.0): Overall peace levels per Global Peace Index

Only countries scoring “medium” or higher on peacefulness and with complete data availability made the final ranking.

Top 15 Budget-Friendly Retirement Destinations

Southeast Asia & Pacific Leaders

#1 Japan stands as the cheapest country to retire in globally when balancing all factors. With a cost-of-living index of 46.1, average rent at $497, and exceptional healthcare (79.7 index), Japan combines affordability with infrastructure reliability. Safety scores 77.3, and peacefulness ranks 1.53.

#2 Malaysia offers the lowest raw cost-of-living index at just 30, with average rent a mere $312—the lowest among top destinations. Healthcare quality reaches 70.2, though safety concerns lower the index to 50.6. Peacefulness ranks 1.43.

#4 Taiwan balances exceptional value with premium services. Cost-of-living sits at 45.2, with affordable rent ($399) and outstanding healthcare (86.4 index). Safety scores an impressive 82.8, with peacefulness at 1.82.

Eastern Europe: The Hidden Bargain Zone

#5 Czech Republic delivers European stability at bargain prices. Cost-of-living index: 46.6, average rent: $758, healthcare: 75.6, safety: 73.2, peacefulness: 1.46.

#12 Bulgaria ranks among Europe’s most budget-conscious choices. Lowest cost-of-living index at 38.3, minimal rent ($400), but healthcare quality moderate at 58. Safety: 63.4, peacefulness: 1.63.

#13 Lithuania offers Baltic value with cost-of-living at 47.1, rent at $600, healthcare at 74.9, safety at 67.5, and peacefulness at 1.67.

#14 Finland provides Nordic benefits without Nordic prices. Despite higher costs (63.2 index, $792 rent), healthcare excellence (77.5) and safety (73.8) justify the premium. Peacefulness: 1.47.

#15 Hungary rounds the list as Europe’s most affordable option. Cost-of-living: 41.7, rent: $463, healthcare: 54.0, safety: 66.7, peacefulness: 1.50.

Mediterranean & Southern European Choices

#7 Croatia offers Adriatic charm affordably. Cost-of-living: 45.5, rent: $583, healthcare: 65, safety: 74.4, peacefulness: 1.50.

#8 Slovenia combines Central European efficiency with Mediterranean proximity. Cost-of-living: 49.9, rent: $712, healthcare: 66.3, safety: 76.4, peacefulness: 1.40.

#11 Portugal appeals to lifestyle seekers. Cost-of-living: 45.1, rent: $924 (higher), healthcare: 72.5, safety: 68.8, peacefulness: 1.37.

Middle East & Gulf States

#3 Oman surprises with dual advantages: reasonable costs (42.4 index) and strong purchasing power (139.8 index). Rent averages $464, healthcare reaches 65.1, safety scores 81.8, peacefulness: 1.76.

#6 Kuwait offers similar purchasing power (161.8 index) with lower living costs (42.1 index). Rent: $768, healthcare: 57.9, safety: 67.2, peacefulness: 1.62.

#9 Qatar delivers Gulf-state advantages. Cost-of-living: 51.3, rent: $1,268 (premium), but purchasing power reaches 161.1. Healthcare: 73.4, safety: 84, peacefulness: 1.66.

Eastern Europe’s Tech Hub

#10 Estonia represents emerging Europe’s cutting edge. Cost-of-living: 52.0, rent: $572, healthcare: 75.9, safety: 76.4, peacefulness: 1.62.

Key Takeaways for Budget-Conscious Retirees

The cheapest country to retire in depends on personal priorities. Malaysia offers rock-bottom baseline costs, while Japan balances economy with unmatched safety and healthcare. Eastern European nations provide optimal cost-to-quality ratios, while Gulf states offer surprising value despite perception otherwise.

For retirees consulting financial advisors about international relocation, this data demonstrates that moving abroad needn’t sacrifice quality of life. These 15 nations prove that retirement on a budget remains entirely feasible when you’re willing to explore beyond domestic borders.

Research sourced from Numbeo cost-of-living data and 2024 Global Peace Index. Analysis completed August 20, 2024. All rankings reflect equal weighting across affordability and quality-of-life indicators among nations meeting minimum peacefulness thresholds.