Perhaps you want to live somewhere close to the U.S., or maybe you want to go far away and try a completely different culture.
The good thing is that there are plenty of locations that only require $500,000 in savings to make your retiree's life work.
Check out these enchanting countries where you can potentially retire early and enjoy the most of your post-work years.
Editor's Note: With each country, you should research the political and social climate when making your decision.
If you’re over 50, take advantage of massive travel discounts and trip-planning resources
Over 50 and love traveling? Join AARP today — because if you’re not a member, you could be missing out on huge travel perks. When you start your membership today, you can get discounts on hotels and resorts, airfare, cruises, car rentals, and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
An AARP membership not only unlocks discounts that could save you hundreds on your next trip, but you’ll also have access to deals on vacation packages, guided tours, and exclusive content to help plan your next getaway.
Important: Start your membership by creating an account here and filling in all of the information (do not skip this step!). Doing so will allow you to take up to 25% off your AARP membership, making it just $15 the first year with auto-renewal.
Australia
/images/2022/03/16/sydney_skyline_taken_from_taronga_zoo.jpg)
Australia maybe half a world away, but that shouldn't stop you from enjoying life Down Under.
The country offers beaches and culture as well as affordable living, depending on where you choose to settle down. Though visa requirements are a bit complicated for foreigners looking to retire in Australia, it could be worth the trouble if you want to live in an English-speaking country with a culture all its own.
Use one of the top travel credit cards to book a vacation and see for yourself what this wonderful country has to offer.
Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.
Portugal
/images/2023/01/02/lisbon_portugal_skyline_with_sao_jorge_castle.jpg)
Located on the west coast of Europe, Portugal offers a comfortable climate and an affordable cost of living. You also may want to check the country's tax laws, which may be favorable to retirees depending on your circumstances.
Be aware that the official language of Portugal is Portuguese, so you may have to learn another language in order to get around the country on a daily basis.
Spain
/images/2023/01/02/park_guell_in_barcelona_spain.jpg)
Nearby Spain is known for its good food, rich history, and unique art. Travel around to major cities like Madrid and Barcelona to see plenty of things that make Spain special for residents and retirees.
A residence visa allows non-European Union citizens to live in Spain, but you cannot work. Spain has a high-quality public health care system, but foreigners likely have to pay for private insurance.
Earn a $250 travel bonus with this incredible card
There's a credit card that's making waves with its amazing bonus and benefits. The Bank of America® Travel Rewards credit card has no annual fee and you can earn 25,000 bonus points after spending $1,000 in purchases in the first 90 days of account opening.
You can earn additional points just by using this card for your everyday purchases — unlimited 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center and 1.5 points per $1 spent on all purchases. The 25,000 bonus points can be redeemed for a $250 statement credit toward travel or dining purchases.
If you want to travel and dine out more, the Travel Rewards card can help you get where you want to go.
The best part? There's no annual fee.
Belize
/images/2023/01/02/tobacco_caye_with_palm_trees_and_bungalows_in_the_belize_barrier_reef.jpg)
Want an option that's close to the U.S.?
Try Belize. The country has affordable housing and a lower cost of living than other areas. Plus, its official language is English, which means you won't have to learn a new language to live in the country.
You may be required to get a retirement visa, which will take some time and a little money, but it could be worth it if you plan to live there for a while.
Peru
/images/2023/01/02/panoramic_view_of_lima_from_miraflores.jpg)
Peru has a lush landscape and affordable housing, which makes this South American country an ideal location for retirement. The capital of Lima may be a great stop with its beautiful architecture and culture.
Retiring in Peru may be easier than in other countries when it comes to visas and immigration, but check the details to become a citizen.
Trending Stories
Malaysia
/images/2023/01/02/kuala_lumpur_malaysia.jpg)
If you want something a little farther from the U.S., check out the Asian nation of Malaysia. The country is home to warm, sandy beaches and lush tropical rainforests, so you're bound to find something that interests you.
The country also has a low cost of living and most residents speak English as an unofficial second language, making it easy to navigate the country.
Costa Rica
/images/2023/02/03/arenal_volcano_costa_rica.jpg)
Costa Rica offers incredibly varied settings, from mountains to rainforests and beach towns to bigger cities. Unsurprisingly, it boasts a thriving expat population.
Retirees in the Central American country have access to active communities, outdoor adventure, and a world-renowned public health care system (with the option to purchase private insurance).
Costa Rican retirement visas require renewal every two years but a relatively low guaranteed income, allowing for a wide range of lifestyles.
Chile
/images/2023/01/02/providencia_and_las_condes_districts_with_costanera_center_skyscraper.jpg)
Chile is a modern country with plenty of nature around for you to enjoy as well. It's a great destination if you like exploring the outdoors or enjoying hitting the slopes in the winter. The Andes Mountains have plenty of ski resorts for you to indulge your skiing passion.
When it comes to getting a visa, Chile's rules may be easier compared with some other countries. You can apply for a retirement visa, which is good for one year, and even allows you to work.
Morocco
/images/2023/01/02/blue_city_of_chefchaouen_in_the_rif_mountains_morocco.jpg)
The African nation of Morocco sits on the Atlantic Ocean and the Mediterranean Sea, giving you plenty of access to warm water and a unique culture.
Enjoy different foods and a stable climate in an area with a low cost of living. Moroccan residency status requires frequent renewals, so you'll want to review the system and factor it into your decision.
Get a protection plan on all your appliances
Did you know if your air conditioner stops working, your homeowner’s insurance won’t cover it? Same with plumbing, electrical issues, appliances, and more.
Whether or not you’re a new homeowner, a home warranty from Choice Home Warranty could pick up the slack where insurance falls short and protect you against surprise expenses. If a covered system in your home breaks, you can call their hotline 24/7 to get it repaired.
For a limited time, you can get your first month free with a Single Payment home warranty plan.
Bottom line
/images/2022/12/08/senior_couple_hugged_each_other_at_the_beach_in_the_morning.jpg)
There are plenty of ways seniors waste money, including retiring in a high-cost-of-living area.
But you can get the excitement of living outside the U.S. without a huge price tag depending on where you want to spend your post-work life.
You may want to vacation in various countries to get a feel for the one where you'd be most at home. Be sure to visit the countries you are considering, then study the requirements for retiring there.
Easy-to-Earn Unlimited Rewards
Benefits
Card Details
- $0 annual fee
- Simple, flat-rate rewards
- Flexible redemption options
- Up to 75% Bank of America Preferred Rewards® bonus potential
- Apply Now
- 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
- Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
- Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center.
- Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
- Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.24% - 28.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%. Balance transfers may not be used to pay any account provided by Bank of America.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases. You could earn 3.75-5.25 points for every $1 you spend on travel purchases made through the Bank of America Travel Center.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
/images/2024/12/16/bofa-travel.png)
on Bank of America’s secure website
Read Card ReviewIntro Offer
Earn 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases
Annual Fee
$0
Why we like it
The Bank of America® Travel Rewards credit card is great for individuals who enjoy earning rewards and traveling.
Cardholders will enjoy the flexibility to redeem points with no blackout dates and receive a statement credit to pay for travel and dining purchases.
Earn 3 points per $1 spent on travel purchases booked through the Bank of America Travel Center and 1.5 points per $1 spent on all purchases.
- Apply Now
Subscribe Today
Unlock the Best Banking Deals and Bonuses
From high-yield savings accounts to cashback checking and sign-up bonuses, we bring you the best banking offers to grow your money smarter.