5 Underrated and Affordable Places To Retire Abroad

What does your dream retirement look like? Are you taking sunset strolls on a beach in the Mediterranean or enjoying cultural and culinary experiences in Asia? Unlocking your dream retirement doesn’t have to come at the expense of your wallet. 

In fact, there are dozens of affordable and underrated retirement places abroad. In this article, we’ll cover five affordable retirement places abroad, helping you turn your retirement dreams into reality. 

Uruguay’s subtropical climate results in year-round sun, allowing you to fully leverage outdoor activities, like lying on the beach along the Atlantic Ocean or the River Plate. On average, rent in Uruguay is almost 69% lower than in the United States. For a one-bedroom apartment in the city, expect to pay under $575 per month. Venturing outside of the city results in even lower rent prices, at $427 per month, according to Numbeo.

These low prices are also seen in the food industry in Uruguay. A three-course meal at a mid-range restaurant for two people is under $50. With the low rent prices and affordable food, the average cost of living in Uruguay is about 25% lower than in the United States!

“Uruguay, often overshadowed by its larger neighbors, Argentina and Brazil, is a true gem for retirees seeking a peaceful and affordable lifestyle,” said Josh Qian, the COO and co-founder of Best Online Cabinets. “This South American country offers a high standard of living, excellent healthcare, and a strong economy.”

Are you looking for a relaxing retirement? Maybe you finally had enough of city life or want to explore a new country without being bombarded with tourism. If so, consider Malta. People in Malta prioritize relaxation, with residents taking full advantage of the nearly 300 days of sunshine during the year. 

Malta makes our list because the average cost of living is 24% lower than in the United States. Rent is slightly higher, with an average price of $1,022 for a one-bedroom apartment in the city and $849 outside the city. Would you rather purchase a home? The average 20-year fixed rate in Malta is around 4.75%, which is much lower than the current rates in the United States. 

“Retirees in Malta can enjoy world-class healthcare, a stable economy, and a thriving expat community,” Qian said. “The cost of living is significantly lower than in Western Europe, with affordable housing, utilities, and a wide range of leisure activities. Malta’s unique history is equally enticing, with ancient archaeological sites, majestic fortified cities, and a distinct local culture that blends Mediterranean, Arabic, and European influences.”

Cyprus is home to beautiful beaches, exciting nightlife, decadent cuisine and abundant culture. In addition, it is one of the safest places in Europe, with low levels of crime. The cost of living in Cyprus is 22% lower than in the United States. Affordable transportation, utilities and food help lower the cost of living. 

Rent is also 40% lower than in the United States. Expect to pay around $1,048 for a one-bedroom apartment in the city. For further cost savings, you can move outside the city and secure a one-bedroom apartment for around $815 per month. If you are looking for an all-in-one retirement destination, consider Cyprus.

Cambodia is full of culture and activities, like visiting the Bayon Temple or walking along the coast of the Vung Tao Beach. Yet, Cambodia is an underappreciated retirement destination despite the cost of living being 48% less than in the United States. This applies to groceries, transportation, healthcare and going out to eat. 

If you are considering retiring in Cambodia, you can take full advantage of rent prices being 78% lower than in the United States. A one-bedroom apartment in the city costs under $387 per month. Settling down outside of the city results in an average rent price of $236. If you want more space, a three-bedroom apartment outside the city costs under $482 per month. 

“Cambodia is experiencing rapid development, but its charm and authenticity remain intact,” Qain added. “The cost of living is remarkably low, and the friendly locals make it a welcoming place for retirees.”

The Philippines is one of the most underrated retirement destinations. It is known for its natural beauty, welcoming people and beautiful beaches and islands. The average cost of living is 56% lower than in the United States. A three-course meal at a mid-range restaurant for two people is under $21. You can also hop on a local transportation system for a mere 26 cents.

Rent is also 84% lower than in the United States. A one-bedroom apartment is under $300 in the city. If you want a larger apartment, consider securing a three-bedroom apartment for only $631 per month! Staying just outside of the city can help you save even more money, with a one-bedroom apartment around $165 per month and a three-bedroom apartment averaging $352 per month.