You Don’t Have to Be a Millionaire to Retire in These 12 Luxury Places Abroad

Retiring abroad can be a dream come true, especially in places where your savings stretch further without compromising on quality of life. For this study, GOBankingRates selected measures of affordability, luxury, as well as quality of life and safety. GOBankingRates began by analyzing 131 countries’ overall cost of living index score for each country, local purchasing power, which measures the local buying power of typical incomes, groceries cost of living index score, healthcare quality index score and crime index score.

Estimates for each country were then created by averaging these rent figures, combined with ChatGPT to calculate this data and data on retirement luxury. All data used for these five factors was sourced from Numbeo and calculated by ChatGPT. Here are 12 destinations abroad where you can retire in luxury without needing a millionaire’s budget.

• Cost-of-living index: 62.9
• Average rent: $785
• Notable for its excellent healthcare and safety, Germany offers a rich cultural experience.
• Most luxurious: Hamburg, Munich

• Cost-of-living index: 78.6
• Average rent: $933
• Known for its high quality of life and healthcare, Denmark is perfect for retirees seeking peace and tranquility.
• Most luxurious: Frederiksberg, Copenhagen

• Cost-of-living index: 54.8
• Average rent: $518
• Estonia combines affordable living with high safety and healthcare standards.
• Most luxurious: Tallinn, Tartu

• Cost-of-living index: 50.6
• Average rent: $715
• With its sunny climate and rich history, Spain is ideal for a relaxed and culturally rich retirement.
• Most luxurious: Barcelona, Madrid

• Cost-of-living index: 67.5
• Average rent: $772
• Finland offers a serene environment with high safety and excellent healthcare.
• Most luxurious: Hanko, Helsinki

• Cost-of-living index: 39.2
• Average rent: $368
• Hungary is known for its affordable living and rich cultural heritage.
• Most luxurious: Esztergom, Budapest

• Cost-of-living index: 38.6
• Average rent: $536
• Poland offers an affordable European lifestyle with a strong emphasis on safety and healthcare.
• Most luxurious: Kraków, Olsztyn

• Cost-of-living index: 37.4
• Average rent: $311
• Romania stands out for its low cost of living and peaceful environment.
• Most luxurious: Iasi, Targu Mures

• Cost-of-living index: 66
• Average rent: $721
• Austria is perfect for retirees seeking a blend of culture, safety, and healthcare quality.
• Most luxurious: Salzburg, Vienna

• Cost-of-living index: 46.7
• Average rent: $406
• With its beautiful coastlines and historical cities, Croatia offers a luxury lifestyle at an affordable cost.
• Most luxurious: Rovinj, Dubrovnik

• Cost-of-living index: 35
• Average rent: $305
• Malaysia is known for its tropical climate, diverse culture, and affordable healthcare.
• Most luxurious: Penang, Malacca

• Cost-of-living index: 64.6
• Average rent: $604
• Japan offers a unique blend of traditional and modern lifestyles, with high standards of safety and healthcare.
• Most luxurious: Tokyo, Kyoto

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.