Social Security Cuts Are on the Table: 5 Best Places To Retire Abroad for Less Than $3,000 a Month

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Social Security recipients had plenty of bad news to digest in 2023, from an overpayment scandal that got the attention of Congress to a government employees union calling Social Security an “agency in crisis.” Flying a little further below the radar was a report by the nonprofit Committee for a Responsible Federal Budget estimating that some retirees could face a Social Security cut of more than $17,000 a year due to an upcoming funding shortfall.

There’s still time to correct all that, of course. But for now, the prospect of lower Social Security benefits has many retirees and near-retirees thinking about how they can cut their own expenses. One option is to move someplace cheaper — including overseas.

Here are five of the best places to retire abroad in 2024, according to International Living’s latest Annual Global Retirement Index. Countries are listed in ascending order based on factors such as affordability, healthcare access, climate, culture, things to do and expat experience, and you can live in any of them for under $3,000 a month.

5. Spain

If you venture away from the pricey cities of Madrid and Barcelona, you can live a comfortable lifestyle in Spain for $2,000 to $3,000 a month while enjoying the country’s world-renowned culture, cuisine and scenery. Regions such as Valencia and Andalucia are among the most affordable.

4. Panama

Expats have been flocking to this Central American country for its abundant sunshine, welcoming vibe and low living costs. One expat told International Living that they were able to buy a 1,130-square foot apartment for only $155,000. A two-bedroom apartment can be had for less than $170,000.

3. Mexico

Mexico is a land of great diversity in terms of geography, culture, food and history, which is why tourists and expats come here in droves. You can also find plenty of affordable areas — even in hotspots like the Riviera Maya, where you can purchase a brand-new condo in the low $200,000’s. That price moves even lower if you move farther away from the beach.  

2. Portugal

Portugal’s popularity as an affordable retirement destination used to be something of a secret, but that secret is now out all over the world. Expats are attracted to its temperate climate, charming towns and stunning scenery as well as its low prices. Healthcare is both high-quality and affordable here, and couples can live comfortably on $30,000 or less in many regions of the country.

1. Costa Rica

Costa Rica is another country known for the quality and affordability of its healthcare, which is available for a fraction of what Americans pay. You can find affordable housing not too far from Costa Rica’s world-famous beaches, which draw tourists from around the globe.

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