Want to Spend Retirement Comfortably on a Budget? Here are Affordable Alternatives to the US

Check out these places to spend retirement without worrying about expenses

The rising cost of living across the US has also affected the savings of working professionals as well as their retirement plans. Concerned about how much they'll have to spend from their retirement funds later in the US, an increasing number of Americans are exploring more affordable options abroad. With states like Florida demanding as much as $58,396 annually for retirees, the prospect of stretching retirement savings seems increasingly daunting. In response, International Living has curated a list of five budget-friendly retirement destinations where couples can live comfortably for just $1,500 a month.

1. Chiang Mai, Thailand

Chiang Mai is a city, steeped in history and surrounded by walls and a moat, is also home to countless Buddhist temples. With a population of 127,000, Chiang Mai thrives as a vibrant melting pot where Thai, Chinese, Indians, and expats harmoniously coexist. With monthly living costs averaging $300 for individuals and $1,000 for couples, the place offers a budget-friendly lifestyle. While you can get an Americano coffee for $2, a three-course meal for two costs around $10. 

2. Querétaro, Mexico

Once a hidden gem, Querétaro is now a favored destination for North Americans and Europeans seeking a vibrant yet affordable lifestyle. With a metropolitan population exceeding 1 million, the city's central historic center enchants with its plaza-lined streets and baroque-style buildings, bustling with entertainment and cultural activities. Despite its status as a major city, Querétaro offers a surprisingly low cost of living, with rents starting from $500 per month for a one-bedroom apartment. Expats also live comfortably on $1,500 or less per month, enjoying diverse shopping options, and dining experiences without breaking the bank.

3. Armenia, Colombia

With a population of over 300,000, this vibrant city in Colombia has warm weather throughout the year, and has locally sourced produce in abundance. Renting a one-bedroom apartment in Armenia typically costs between $400 and $550 per month, while food expenses average around $200 for a single person. Residents can also enjoy a cup of coffee for less than $1 while exploring the city's numerous coffee-related activities and events.

4. Penang, Malaysia

Located off the coast of Malaysia, Penang emerges as a captivating blend of history, pristine beaches, and a rich cultural tapestry. Its capital, George Town, boasts meticulously preserved colonial-era buildings, lending the bustling streets a nostalgic charm. The island's diverse population of 1.6 million, comprising Malays, Chinese, Indians, and expatriates, fosters a vibrant cultural exchange. With a monthly rent of $380 for a three-bedroom condominium and living costs averaging $500 for individuals and $1,000 for couples, the island promises a comfortable lifestyle at a fraction of the cost.

5. Kuching, Malaysia

Founded in 1839 by Sir James Brooke, the city boasts a captivating mix of colonial architecture and modern skyscrapers, set against the backdrop of bustling streets adorned with food stalls and juice vendors. Dubbed the "Land Beneath the Wind," Kuching's tranquil setting along the Sarawak River offers a haven for café enthusiasts and history buffs alike. Living costs are modest, with a three-bedroom house by the river available for $700 per month and monthly expenses averaging $500 for a couple.