10 best countries to live on just a social security check
10 best countries to live on just a social security check

10 best countries to live on just a social security check

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The average social security benefit in 2022 is $ 1,657 a month or just under $ 20,000 a year, according to AARP. If you plan to live on just yours Social Security check as a retiree in the usa, it will be extremely difficult with only that amount at your disposal. According to International Living, the average retired household in the United States spends about $ 50,000 a year.

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But if you’re willing to spread your pension swings and settle in another country, you can make your government check go much further – and even live quite comfortably if you can budget $ 24,000 a year.

GOBankingRates referred to data collected by International Living for its 2022 Global Retirement Index to find countries where you can live cheaply. To reap cost-saving benefits like low-cost health care for a grocery bill that is much less compared to what you pay in the United States, here are the 10 best countries to live on just a social security check.

DavorLovincic / Getty Images

DavorLovincic / Getty Images

1. Panama

Panama, located in Central America, borders Colombia to the southeast and Costa Rica to the northwest. It is considered a tropical destination with warm, humid weather at sea level and slightly cooler weather in the mountains.

It is also southwest of the hurricane belt, which means you do not have to struggle with violent storms.

Panama offers a wonderful value for retired foreigners. Local fruits and vegetables are plentiful and incredibly affordable, and household items are about 50% cheaper than what you would pay for the same items in the US

According to International Living, a couple can live in Panama for between $ 1,224 to $ 2,935 a month. It includes rent or mortgage on a $ 500 to $ 1,500 one-bedroom apartment and electricity costs of $ 30 to $ 150 per month.

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alexeys / Getty Images / iStockphoto

alexeys / Getty Images / iStockphoto

Costa Rica

Costa Rica is also located in Central America. The country borders Nicaragua to the north and Panama to the southeast, with the Caribbean Sea to the northeast and the Pacific Ocean to the southwest. The weather in Costa Rica depends on where you live, but it varies from hot and humid to hot and dry, with some areas getting cooler at night.

According to International Living, some retired couples can live well in the country for $ 2,000 a month, while others require $ 2,500 to $ 3,000. Part of the reason the cost of living here is so affordable is because of the universal health care system. For a low monthly fee based on income, residents can get all of their health services, such as doctor visits, prescriptions and surgeries, at no extra cost.

Creative-Family / Getty Images / iStockphoto

Creative-Family / Getty Images / iStockphoto

Mexico

The climate in Mexico depends on the area where you live, but it varies from dry to tropical. The cost of living in Mexico is one of the main reasons why retirees are moving there, and according to International Living, the way to save money is to shop like the locals do.

Although you can find branded products that you may be used to using in the United States, you will save a lot of money by choosing products that do not have the well-known brand names. Seasonal ingredients are also around $ 1 for 2.2 pounds, and a pound or 2.2 pounds of avocado is around $ 1.25 – the price of a single avocado in some areas of the United States

A couple can expect to live in Mexico for about $ 1,890 a month, according to International Living. Rent on a furnished two-bedroom home is around $ 750.

SeanPavonePhoto / Getty Images / iStockphoto

SeanPavonePhoto / Getty Images / iStockphoto

Portugal

Portugal is located in southwestern Europe on the Iberian Peninsula. Its climate is warm with wet winters and dry summers. The cost of living for a couple living in most suburbs of the country – such as the city of Estoril, close to Lisbon – is $ 2,207, according to International Living.

This price includes $ 690 rent for a two bedroom furnished apartment, a $ 69 internet package that includes cell phones and TVs and a $ 46 electricity bill. However, a couple can live in some of the country’s smaller inner cities from about $ 1,700 a month.

Hispanolistic / Getty Images

Hispanolistic / Getty Images

5. Colombia

Colombia, known for its rich, high-quality coffee production, is located in northwestern South America with coastlines along the Caribbean and Pacific Oceans. Its climate varies depending on location and includes the four types of regions: warm and tropical, mild, dry and dry or hot and humid.

According to International Living, Colombia has low cost of living but offers a level of facilities and infrastructure that you would expect in a country with much higher cost of living. The cost of living will vary depending on where you live in the country. However, it is possible to find a lifestyle that you enjoy that also fits your budget.

A couple can expect to pay between $ 1,030 and $ 2,720 a month, which includes $ 325 to $ 1,300 rent for two-bedroom, two-bathroom accommodations and a $ 250 to $ 400 grocery bill that excludes alcohol and imported goods.

Alejo Miranda / Shutterstock.com

Alejo Miranda / Shutterstock.com

6. Ecuador

Ecuador is located on the northwestern outskirts of South America and borders the Pacific Ocean. Like other countries on this list, the climate depends on the area in which you live, including the mountains, the plains of the Pacific coast and eastern rainforests.

The cost of living in Ecuador is very affordable; a couple can retire there for $ 18,000 a year and live really well, according to International Living. And for a few thousand dollars more annually, you can stay in the country’s Spanish colonial capital Quito, home to some of the country’s most exclusive addresses, and enjoy a luxury two-bedroom apartment, maid, health care and ample entertainment and dine out for around $ 1,800 if the month.

liseykina / Shutterstock.com

liseykina / Shutterstock.com

7. Malta

If you would rather live in Europe than in South or Central America, Malta is a small archipelago located in the Mediterranean Sea in southern Europe. The climate in Malta is relatively mild, with dry heat in July and August with high temperatures in the 90s and temperatures plunging into the mid 50s at times during the winter months. The rest of the year, average daytime temperatures are between 70 and 80 degrees Fahrenheit.

Rent for a one-bedroom averages $ 750 to $ 800 per month, and groceries can be around $ 500 per month if you buy from organic or health food stores, according to International Living. The average monthly cost of living for a couple in this area of ​​Europe is around $ 2,331.

Marc Bruxelle / Getty Images

Marc Bruxelle / Getty Images

8. France

Most parts of France have cool winters and mild summers; However, the Mediterranean is known for its mild winters and hot summers. Where you choose to live in France determines the cost of living.

For example, it is much more expensive to live in Paris than other areas in France. According to International Living, an example of a monthly budget for two people living in the quieter areas of France, such as Charentes or Auvergne, is $ 2,083 to $ 2,483, which includes $ 800 to $ 1,200 for rent, $ 48 for electricity and $ 600 for groceries, incl. . wine.

Maylat / Shutterstock.com

Maylat / Shutterstock.com

9. Spain

Spain is one of the warmest, sunniest countries in Europe, but the climate will vary depending on the region. If you choose to live in the north, you will experience milder summers and wet winters, where the opposite happens in the southern part of the country.

The cost of living in Spain is the lowest in Western Europe, according to International Living. In a medium-sized city like Alicante, a sample budget for a couple is around $ 2,400 a month, which includes three hours of cleaning per week, a grocery bill of $ 335 and rent for a furnished one- or two-bedroom apartment at $ 744.

Also included is a complete health plan plus dentist for a couple, which costs $ 276 a month. However, it is possible to live on a cheaper monthly budget if necessary.

LuckyViks / Getty Images / iStockphoto

LuckyViks / Getty Images / iStockphoto

10. Uruguay

Uruguay is located on the southeast coast of South America. The country has four seasons, but because it is located in the southern hemisphere, January and February are considered the summer season, and July and August are considered the winter season. However, you will not see any ice or snow.

The cost of living in Uruguay will vary depending on where you live and your lifestyle. According to International Living, a sample budget for two people renting a two-bedroom apartment in Cordon – a revitalized area of ​​the capital Montevideo – is $ 2,500 a month. The budget includes $ 650 for rent, $ 800 for home and food, a $ 160 electricity bill and $ 400 for entertainment.

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