7 Countries To Retire in That Are Like Mexico But Even Cheaper
Written by
Stacy Sare Cohen
Edited by
T. Woods
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Are you getting ready to retire in the U.S., but worried that you won’t be able to live the lifestyle you dreamed of due to inflation and the high cost of living? Consider moving abroad to Central or South America instead.
Latin America’s tropical climates, pristine beaches bordering turquoise waters, slower-paced lifestyle and — most of all — affordability, continue to draw American retirees to the region.
While the majority of expats used to relocate to Mexico, other destinations in the region offer retirees better healthcare, lower crime rates, more English speakersand a cheaper cost of living to enjoy your golden years comfortably.
“Throughout these regions, goods and services are priced much lower than in the United States, enabling residents to spend significantly less on a monthly basis,” said real estate investor Benjamin Njila Fields who owns real estate in and outside the U.S. “South and Central America are the regions people are moving to most from the United States.”
Field said the only trouble people will have is transferring their Medicare abroad.
“However, these destinations offer private health insurance policies that are much cheaper and care can be comparable,” said Fields. “You will be just fine with foreign health insurance and healthcare.”
To present the seven cheapest countries to retire in Latin America, we collected data from multiple sources. We looked at housing, household goods, utilities and other criteria that make up each country’s living expenses based on a moderate lifestyle. We excluded countries that have low life expectancy statistics.
These are the cheapest seven countries to retire in Latin America organized from highest to lowest.
7. Ecuador
Average Housing: $750 monthly
Life Expectancy: 77.90
Ecuador sits on the equator, hence the name, on the northwest corner of South America. The discovery of oil in Ecuador has been fueling progress and economic development in education and healthcare. Expats may enroll in the government IESS healthcare system for around $95 every month and singles pay $10 less. Retiring in this country is approximately three times cheaper (2.97) than retiring in America.
6. Peru
Average Housing: $672 monthly
Life Expectancy: 77.65
Peru is home to a diverse landscape, including the Andes mountains, the Amazon Rainforest, coastal plains, and of course, Machu Picchu. Outside of Lima rents cost about $700 and you can live for $1,500 to $2,000 per month. Rent in Peru averages 76.8% lower than in the U.S.
5. Brazil
Average Housing: $661 monthly
Life Expectancy: 76.38 years
It’s no secret that Rio de Janeiro, Brazil is one of the top tourist destinations in South America, especially during Carnival. In the country, you’ll find sun-drenched beaches, warm locals, rich culture and the Amazon rainforest. Brazil is 3.15 times less expensive to live in than America.
4. Nicaragua
Average Housing: $625 monthly
Life expectancy: 75.43 years
Nicaragua is 3.61 cheaper to live in than in America. However, it is one of Central America’s poorest countries, as many citizens live in poverty. The country has a high unemployment rate. A retired couple can live in the country starting at $1,500 a month which includes housing and expenses. If you decide not to rent, purchasing a house costs around $100,000 in Nicaragua.
3. Argentina
Average Housing: $576 monthly
Life Expectancy: 77.32 years
Argentina offers retirees a rich quality of life compared to other Latin American countries on the list. Argentina is rich in cultivated goods, resources, services and industry. Hospitality and the travel industry are major sources of revenue in Argentina. Rent is 81.8% lower than America.
2. Paraguay
Average Housing: $555 monthly
Life Expectancy: 74.70 years
Another Latin American country with a considerably high income and strong economy on our list is Paraguay. This country is a major exporter of beef, corn, soybeans and supplies hydro- powered energy to Brazil and Argentina. Retirees earning their income from the U.S. are exempt from paying income tax. Retirees can enjoy affordable healthcare and household goods as well as rich natural beauty and friendly locals.
1. Colombia
Average Housing: $548 monthly
Life Expectancy: 78.04 years
The cheapest country to live in Latin America is Colombia. The cost can depend on where in the country you live. Gentrified neighborhoods such as Medellin’s El Pueblito Boca Grande cost more. Renting a one-bedroom in Bogota averages $394.50. A two-bedroom home costs an average of $586.50. Total expenses in Columbia run between $1,000 to $2,000. A couple will pay around $32 a month for electricity (imagine that!)
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