Elaine K. Says:
Which country is the cheapest to live in?
IL Executive Editor Jennifer Stevens Says:
Hi Elaine,
Affordability is often the single-most influential factor in choosing an overseas retirement destination. After all, who wants to spend their golden years counting pennies and wondering how far the next Social Security check will stretch?
That’s why, every year, we compare the cost of living of all the countries on our beat as part of our Annual Global Retirement Index.
We send detailed surveys to our correspondents spread out around the world to get verified, specific costs for things like groceries; rent; utilities; household help; eating out; gym membership; transport and travel; and the unexpected costs that come with living overseas.
It’s important to note, while there are countries with lower costs of living, the winner of the cost of living category in our Annual Global Retirement Index is the most affordable place we recommend you live in. (Places like Yemen or Somalia might be cheap, but you probably don’t want to live there.)
The winner of the cost of living category in our 2023 Annual Global Retirement Index is Colombia.
While the cost of living has risen considerably in recent years, foreign residents can still live quite comfortably in upper-class areas starting at $1,000 per month for small cities like Manizales and Pereira, and $2,000 per month for larger cities like Bogota and Medellín.
You can see more in the full 2023 Global Retirement Index here.
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