There may be affiliate links in this post. Read my disclosure policy to learn more.

Most 9 to 5ers look forward to the reward of retirement. Lazing around and enjoying the free time and vacation they put off while working.

However, finding the right place to retire can be a daunting task, especially when considering the cost of living. Fortunately, there are many affordable places to retire that speak English, making it easier for retirees to settle down and enjoy their golden years.

While the United States remains one of the most expensive places to retire. According to NetCredit “Fourteen years of retirement in the U.S. would cost $601,489.63 according to NetCredit’s metric, coming out to $40,917.66 per year or $2,841.50 per month.”

In fact, the US was the 14th most expensive country in which to retire, and 125 countries were less expensive. Even Canada was distinctly cheaper.

So if you want to make the most of your hard-earned money, the United States might not be the place to retire, but if you want to retire near good medical care, plenty to do, and a place that speaks English, this list might appeal to you.

Top Cheapest Places to Retire that Speak English

Retiring overseas can be an excellent option for those looking for adventure, a lower cost of living, or a tropical paradise. For those who want to retire abroad but still want to speak English, there are several affordable options available. Here are the top cheapest places to retire that speak English:

Belize

Belize is a small country located in Central America, offering retirees a Caribbean lifestyle at a low cost of living. The official language is English, and the country is known for its natural beauty and warm weather. The cost of living is relatively low, and retirees can live comfortably on a modest budget. The country also offers excellent residency programs for foreigners.

Mexico

Mexico is a popular destination for retirees from the United States due to its location and low cost of living. The country is known for its warm weather, beautiful beaches, and vibrant culture. Retirees can live comfortably on a modest budget, and the cost of living is significantly lower than in the United States. Mexico also offers excellent healthcare options and a relaxed lifestyle.

Panama

Panama is a popular destination for retirees due to its low cost of living, warm weather, and excellent infrastructure. The official language is Spanish, but many locals speak English, making it easy for retirees to communicate. The country offers several residency options for retirees, and the government offers tax incentives for retirees who move to Panama.

Malaysia

Malaysia is a Southeast Asian country known for its tropical climate, natural beauty, and diverse culture. The official language is Malay, but many locals speak English, making it easy for retirees to communicate. The cost of living is relatively low, and retirees can live comfortably on a modest budget. Malaysia also offers excellent healthcare options and a high quality of life.

Portugal

Portugal is a Western European country known for its warm weather, beautiful beaches, and historic cities. The official language is Portuguese, but many locals speak English, making it easy for retirees to communicate. The cost of living is relatively low, and retirees can live comfortably on a modest budget. Portugal also offers excellent healthcare options and a relaxed lifestyle.

Spain

Spain is a popular destination for retirees due to its warm weather, beautiful beaches, and vibrant culture. The official language is Spanish, but many locals speak English, making it easy for retirees to communicate. The cost of living is relatively low, and retirees can live comfortably on a modest budget. Spain also offers excellent healthcare options and a relaxed lifestyle.

 

Belize

Belize is a small country in Central America, bordered by Mexico to the north and Guatemala to the west and south. Despite being a small country, Belize has a lot to offer, especially for retirees looking for a tropical paradise with a Caribbean lifestyle.

Price to Retire in Belize

Belize is one of the cheapest places to retire in the world, with a low cost of living and affordable healthcare. According to Investopedia, a frugal couple could live comfortably on $1,200 per month, while a more luxurious lifestyle could cost up to $3,000.

Natural Beauty

Belize is known for its natural beauty, tropical climate, pristine beaches, and crystal-clear waters. The country is also home to the world’s second-largest barrier reef, making it a popular destination for diving and snorkeling. In addition, Belize has a vast network of national parks and protected areas, offering opportunities for hiking, bird-watching, and other outdoor activities.

Infrastructure

Belize has a relatively good infrastructure, with modern roads, airports, and communication systems. The country’s main airport, Philip S. W. Goldson International Airport, is in Belize City and offers direct flights to major cities in the United States, Canada, and Europe. The country also has a reliable public transportation system, including buses and taxis.

Ambergris Caye and Mainland

Ambergris Caye is one of the most popular destinations for ex-pats in Belize, with a large ex-pat community and a wide range of accommodation options, from luxury resorts to affordable apartments. The island is known for its beautiful beaches, excellent fishing, and vibrant nightlife. The mainland of Belize also offers many opportunities for retirees, including picturesque villages, lush rainforests, and ancient Mayan ruins.

Language

English is the official language of Belize, making it an attractive destination for retirees who prefer to live in an English-speaking country. However, the country also has a rich cultural heritage, with a unique blend of Kriol, Spanish, and Mayan languages.

Healthcare

Belize has a growing medical tourism industry, with many retirees traveling to the country for affordable healthcare. The country has a network of public and private hospitals, clinics, and pharmacies, offering a wide range of medical services. In addition, the country has a low crime rate and a stable political climate, making it a safe and secure place to retire.

Residency and Visa

Belize offers several options for residency and visa, including the Qualified Retired Persons Program (QRP), which offers tax incentives and other benefits to retirees. To qualify for the QRP, retirees must be at least 45 years old and have a monthly income of at least $2,000. The country also offers a residency permit program for foreigners who wish to live and invest overseas.

Belize is a great destination for retirees looking for a tropical paradise with a Caribbean lifestyle, natural beauty, and affordable living expenses. With its English-speaking population, modern infrastructure, and growing medical tourism industry, Belize is an excellent choice for retirees who want to live an ex-pat life in a safe and secure environment.

The average cost to retire in Belize is around $1700 per month.

According to Belize Hub, the price can be even lower

When it comes to getting a sense of the overall costs of retiring in Belize, Investopedia estimates around $1,700 per month. This is higher than the monthly estimates for a frugal couple, who might only need $1,200 to live a comfortable life.

Mexico

Mexico has been a popular retirement destination for North Americans for many years, and the trend continues to grow. There are several reasons why Mexico attracts retirees from the United States and Canada.

Proximity and Accessibility

Mexico is geographically close to North America, making it easily accessible for retirees who want to maintain close ties with their home countries. Many major cities in Mexico have direct flights to various cities in the United States and Canada, making travel convenient.  For the retirees who want to be close enough to see their grandkids often, Mexico is almost perfect.

Cost of Living

Mexico offers a lower cost of living compared to many developed countries. Retirees can often enjoy a comfortable lifestyle at a fraction of the cost. Housing, groceries, transportation, and healthcare are considerably more affordable in Mexico.

Estimated costs to retire in Mexico are $2,500 per month. 

Climate

Mexico’s diverse climate appeals to retirees who seek warm weather and sunny skies. Coastal regions, such as the Yucatan Peninsula, offer beautiful beaches and a tropical climate, while higher altitude areas, such as the Lake Chapala region, provide milder temperatures.

Healthcare

Mexico has a well-established healthcare system, and many retirees find the quality of care to be comparable to that in their home countries. Private healthcare in Mexico is more affordable than in North America, and many doctors and medical professionals have received their training in the United States or Europe.

Culture and Lifestyle

Mexico has a rich cultural heritage, with vibrant traditions, festivals, and cuisine. Retirees often appreciate the welcoming and friendly nature of the Mexican people, as well as the opportunity to immerse themselves in a new culture.

Expatriate Communities

Mexico has a large expatriate community, particularly in popular retirement destinations such as Puerto Vallarta, San Miguel de Allende, and Playa del Carmen. These communities provide a sense of camaraderie and support, making it easier for retirees to adjust to their new life in Mexico.

Retirement Programs

Mexico offers retirement programs, such as the Temporary Resident Visa, which allows retirees to live in Mexico for an extended period. This visa can provide certain benefits and access to services.

 

Overall, Mexico’s appeal as a retirement destination stems from its proximity, affordability, pleasant climate, quality healthcare, rich culture, and welcoming communities. However, it’s important for retirees to research and understand the requirements, legalities, and cultural aspects before making the decision to retire in Mexico.

 

Panama

Panama is a popular destination for retirees seeking a tropical paradise with a low cost of living.

One of the main advantages of retiring in Panama is that English is widely spoken, especially in Panama City. This makes it easy for ex-pats to communicate with locals and navigate daily life. Additionally, the country offers a variety of residency programs and visas that make it easy for foreigners to live and invest overseas.

Panama’s Pacific coast is known for its natural beauty and offers a variety of activities for retirees, including sailing, diving, and fishing. The country’s Caribbean coast also offers a laid-back Caribbean lifestyle, with a variety of ex-pat communities and residency programs available.

Low Cost of Living

Panama offers a lower living cost than many North American and European countries. Housing, groceries, transportation, and entertainment are generally more affordable, allowing retirees to stretch their retirement income further.

The average price to retire in Panama is between $1,500 and $3,000 per month.

Retirement Programs

Panama has a great retirement program called the Pensionado Visa, which provides discounts on a wide range of services, including healthcare, transportation, restaurants, and entertainment. The Pensionado Visa is available to retirees with a minimum monthly pension of $1,000. It is considered to be the best retirement program in the world.

Beautiful Beaches and Natural Beauty

Panama boasts stunning beaches on its Pacific and Caribbean coasts, making it a haven for beach-loving retirees. The country is also known for its lush rainforests, picturesque mountains, and diverse wildlife, offering outdoor activities and eco-tourism opportunities.

Retirement Communities and Expat Groups

Panama has a thriving expat community, particularly in popular retirement destinations such as Panama City, Boquete, Coronado, and Bocas del Toro. These communities offer a sense of camaraderie and support, making it easier for retirees to integrate into their new life and form social connections.

Excellent Healthcare System

Panama has a well-regarded healthcare system, with modern medical facilities and highly trained doctors. The country has become a popular destination for medical tourism, attracting individuals from around the world seeking high-quality and affordable healthcare services.

Infrastructure and Accessibility

Panama has developed infrastructure, including modern airports, highways, and telecommunications systems. The country’s main airport, Tocumen International Airport, offers direct flights to major cities in the United States, Europe, and other parts of the world. The Panama Canal also plays a significant role in international trade and contributes to the country’s accessibility.

Stable Political Environment

Panama has a stable political climate and a long-standing democratic system. This stability provides retirees with a sense of security and peace of mind.

Panama’s unique combination of natural beauty, affordability, retirement programs, healthcare, and ex-pat communities make it an attractive destination for retirees seeking a tropical paradise with a comfortable lifestyle. It’s crucial for retirees to research and understand the requirements and legalities involved in retiring in Panama before making the decision.

 

Malaysia

Malaysia is a tropical paradise and one of the cheapest places to retire in Asia. It is also a medical tourism destination, with affordable healthcare and a high standard of medical facilities. The country is home to a large and thriving expat community, with over 40,000 English-speaking foreigners living in Malaysia.

Affordability

Malaysia offers a relatively low cost of living compared to many other countries, making it an attractive destination for retirees seeking affordable retirement options. Housing, transportation, food, and entertainment are generally more affordable, allowing retirees to save some cash.

The Average Price to retire in Malaysia is $2000 per month.

Tropical Climate and Natural Beauty

Malaysia’s tropical climate provides warm weather year-round, appealing to those who enjoy a sunny and pleasant environment. The country is known for its beautiful beaches, lush rainforests, and diverse wildlife, offering retirees opportunities for outdoor activities and exploration.

If you don’t like hot weather, Malaysia would be a bad choice for retirement.

Healthcare and Medical Tourism

Malaysia has a well-developed healthcare system with modern medical facilities and a high standard of care. The country has become a popular destination for medical tourism, attracting individuals from around the world seeking affordable and quality healthcare services. Many medical professionals in Malaysia are trained internationally, and English is widely spoken in medical institutions.

Expatriate Community

Malaysia has a large and diverse expatriate community, including retirees from various countries. The presence of an established ex-pat community provides retirees with opportunities to connect, form social networks, and engage in activities catered to their interests.

Most expats live in Penang or Kuala Lumpur.

English Proficiency

English is widely spoken in Malaysia, making it easier for English-speaking retirees to communicate and navigate their daily lives. This factor contributes to the ease of integration and helps retirees feel more comfortable in their new environment.

Infrastructure and Amenities

Malaysia has advanced infrastructure, including modern transportation systems, highways, and airports. The country has a wide range of amenities, including shopping malls, restaurants, and recreational facilities, ensuring retirees have access to a comfortable and convenient lifestyle.

Safety and Stability

Malaysia is known for its safety and political stability. The country has a relatively low crime rate, providing retirees a sense of security and peace of mind.

Cultural Diversity

Malaysia is a multicultural country with a rich cultural heritage. Retirees can enjoy diverse cuisines, festivals, and traditions, immersing themselves in a vibrant and unique cultural experience.

Overall, Malaysia’s affordability, tropical climate, quality healthcare, the ex-pat community, and infrastructure make it an attractive retirement destination in Asia. Retirees considering Malaysia should research and familiarize themselves with the country’s retirement programs, visa requirements, and cultural nuances to ensure a smooth transition into their retirement years.

 

Portugal

Portugal is indeed a popular destination for American retirees. Here are some reasons why Portugal is a great place for Americans to retire:

Climate

Portugal enjoys a mild and pleasant climate, with over 300 days of sunshine per year. The country’s southern region, the Algarve, is particularly renowned for its beautiful beaches and warm weather.

If Mexico, Belize, Malaysia and Panama seem to hot for you, Portugal is a great alternative.

Cost of Living

Portugal offers a relatively affordable cost of living compared to many other European countries. Housing, groceries, and entertainment are less than in the United States.

The average monthly cost to live in Portugal is $2,100-$3000.

Quality of Life

Portugal consistently ranks high in terms of quality of life. The country is known for its safety, political stability, and excellent healthcare system. It also offers a rich cultural heritage, stunning landscapes, and a relaxed lifestyle that retirees often find appealing.

Portugal ranks 12th in the world in terms of healthcare. This is a significant bonus to those in ill health.

Golden Visa Program

Portugal offers the Golden Visa program, which provides residency permits to individuals who invest in the country. This program can be an attractive option for Americans who are getting ready to retire and looking to establish a long-term residence in Portugal.

For more information on the Golden Visa Program click here.

Expatriate Communities

Portugal has some well-established expatriate communites, particularly in popular areas such as Lisbon, the Algarve, and Porto. These communities provide a sense of camaraderie and support, making it easier for retirees to adapt to their new life in Portugal and form social connections.

English Proficiency

Many Portuguese people speak English fluently, especially in urban areas and popular tourist destinations. This language proficiency makes it easier for American retirees to communicate and navigate daily life in Portugal.

Accessibility

Portugal has well-developed transportation infrastructure, including modern airports and highways, making traveling within and to other European destinations easy.  This is great for the retiree who loves to travel as itallows you to explore other parts of Europe during your retirement years.

Cultural Richness

Portugal has a rich history and cultural heritage, with charming towns, castles, and cathedrals. Retirees can enjoy exploring historical sites, sampling delicious Portuguese cuisine, and participating in cultural events and festivals.

It’s important for American retirees to research the specific requirements, visa options, and legalities involved in retiring in Portugal. Consulting with a legal professional or retirement specialist can provide further guidance on the necessary steps for a smooth transition.

 

Spain

In general, the cost of living in Spain is much less than in the United States, but it’s important to consider various factors and individual circumstances.

The cost to retire in Spain is between $2,000-$2,500 per mont

Healthcare

Spain has a universal healthcare system that provides affordable healthcare to its residents. Compared to the United States, where healthcare costs can be significantly higher, Spain’s healthcare system can offer substantial savings while still providing superb care.

Spain ranks 7th in the efficiency of health care in the world.

Housing

The cost of housing in Spain can vary depending on the region and city. Housing prices can be as high as $1,500 per month for a one-bedroom apartment in popular tourist areas and major cities like Barcelona and Madrid. However, housing costs in smaller towns and rural areas tend to be between $600-$800.

Cost of Goods and Services

The cost of groceries, dining out, transportation, and other everyday expenses can vary depending on the region and personal choices. While Spain generally offers more affordable options than major US cities, prices vary within the country. Overall Spain has significant savings over North America.

Expatriate Communities

Most expats live in Costa Blanca, Valencia, Andalusia, and Madrid. There are ex-pats in almost every city in Spain, so you can choose the area you like best.

Language

English is commonly spoken and understood in tourist destinations and in cities. You would be wise to learn some Spanish to help you get along, but English will do fine most of the time.

Ultimately, the affordability of retiring in Spain compared to the US will depend on various factors, including your specific location in both countries, lifestyle choices, and individual circumstances. It’s recommended to conduct thorough research, consider your financial situation, consult with financial advisors or experts, and evaluate the potential benefits and challenges before making any retirement decisions.

So Where Will You Retire?

The world is becoming an English speaker’s playground. So many places have opened up in the past generation, with English becoming the common language.

You don’t need to spend your retirement counting pennies and worrying about living longer than your money will hold out. Many options will allow you to enjoy your retirement in an inexpensive, English-Speaking Country.