7 Best Countries To Retire on $500K in Savings

Retirement, for many Americans, may require relocating to another country. Key findings from a September 2023 GOBankingRates survey indicate that 94% of overall respondents have $500,000 or less saved for retirement. Nearly half of Americans, at 48%, said they think $500k or less in retirement savings will be enough money.

And if it’s not enough? The good news is there are many countries where retirees would be able to comfortably retire with $500,000. Utilizing data from two GOBankingRates’ studies on the best European cities to retire on $2,500 or less a month and a study on the most affordable places to retire abroad, we were able to determine a shortlist of countries where this amount of money can go the distance.

In alphabetical order, these seven countries are ideal for retiring on $500,000 in savings.

• Cost-of-living index: 38.3
• Purchasing power index: 68.4
• Grocery cost index: 38.2
• Healthcare quality index: 58.0

Bulgaria landed in 12th place in our ranking of the most affordable places to retire abroad. The average rent for a one-bedroom apartment, per August 2024 data, is a reasonable $400.

• Cost-of-living index: 45.5
• Purchasing power index: 75.0
• Grocery cost index: 43.5
• Healthcare quality index: 65.0

Several Croatian cities were mentioned with our data on the 10 best European cities to retire in if you have a budget of $2,500 a month. The monthly cost of living in Split is $833 without rent and $1,820 with rent for one person. Retirees with slightly less money could also explore Zagreb, where the monthly cost of living is $798 without rent and $1,673 with rent.

• Cost-of-living index: 46.6
• Purchasing power index: 84.0
• Grocery cost index: 44.4
• Healthcare quality index: 75.6

Rent for the average one-bedroom in the Czech Republic costs $758. Retirees able to swing this cost and still want to remain true to their budgets may head to Brno. Their cost of living per month with rent included is roughly double at $1,720.

• Cost-of-living index: 30.0
• Purchasing power index: 79.9
• Grocery cost index: 36.3
• Healthcare quality index: 70.2

If you’re interested in retiring in Southeast Asia, Malaysia is one of the cheapest best bets worth your consideration. The country ranked third among the most affordable places to retire abroad with an average one-bedroom rent cost of $312.

• Cost-of-living index: 45.1
• Purchasing power index: 56.9
• Grocery cost index: 43.8
• Healthcare quality index: 72.5

Portugal, which often makes headlines for being an inexpensive retirement location, has the most expensive average one-bedroom rent cost thus far on this list, at $924 a month. That said, if rent is not a factor, it’s worth exploring making a move to Porto. The cost of living for one person is $740 a month without rent.

• Cost-of-living index: 47.3
• Purchasing power index: 92.1
• Grocery cost index: 46.0
• Healthcare quality index: 77.7

Where can you live in Spain that allows you to enjoy the culture without racking up the cost? Solo retirees may look into Valencia. The cost of living without rent is $749 while it bounces up to $2,033 with rent.

• Cost-of-living index: 28.7
• Purchasing power index: 40.5
• Grocery cost index: 33.9
• Healthcare quality index: 61.4

What if you have even less than $500,000 in savings? Consider Vietnam, where the average one-bedroom rent costs $298 a month.