World's Best Places to Retire on $200K or Less EN-US

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With health care and other costs skyrocketing in the U.S., many soon-to-be retirees are considering what once might have been unthinkable: taking their retirement savings and moving overseas for their senior years.

Numerous countries across Central and South America, Europe and Asia boast not only lower living costs and great climates but also modern amenities and advanced medical care.

We've reviewed travel advisories and the very latest information on living costs, visa requirements and other factors to find 2019's best places for an affordable, safe retirement abroad.

Follow along as we count down our top picks: 15 nations around the globe where retirees might easily get by on savings of $200,000 — or less.

3. Uruguay

Uruguay is a politically stable haven in South America. With its modern infrastructure, lovely mountains and beaches, revelry-filled summers and quiet, temperate winters, you can enjoy your retirement at your own pace.

A couple from the U.S. could live comfortably on just $2,000 per month. For the best price-to-quality ratio, it's estimated you could live on as little as $800 a month in the city of Salto.

If you like the beach, then Atlantida, Piriapolis and La Barra are all affordable seaside towns. In La Barra, you can buy a home starting at $50,000 or rent one for $500 to $700 a month.

Uruguay offers three main health care options: private health-insurance companies; a public health care system; and private hospital membership plans. Those plans, called mutualistas, cost about $100 a month and are popular with expats.

How to retire in Uruguay

One option to retire in Uruguay is to apply for the rentista visa.

To get one, a single applicant should have a monthly income of about $1,500, plus enough money to cover any dependents.

Uruguay also has a retirement visa that will allow you to import a car and household items duty free, and even apply for a Uruguayan passport.

This visa also has some potential restrictions, so it’s best to contact a Uruguayan lawyer to help you apply.

2. Costa Rica

Costa Rica is one of the most popular retirement destinations for Americans thanks to its breathtaking scenery, affordable and healthy lifestyle, and welcoming people.

In temperate San José and the Central Valley, a couple can live well on $2,000, with an airport, shopping and hospitals nearby. The Nicoya Peninsula offers beach life on a budget, while the city of Atenas has all the amenities you’ll ever need.

In Atenas, a three-bedroom apartment rents for a little over $400, Numbeo says, and a three-course dinner for two costs just $25.

Health care also is affordable in Atenas, which has a public health clinic, pharmacy and emergency room. Some expats choose to pay $75 to $150 for full coverage under Costa Rica's national public health insurance system known as Caja.

How to retire in Costa Rica

Retirees receiving pensions of $1,000 per month can gain a one-year residency under Costa Rica’s pensionado program.

A married couple need to receive only $1,000 in pension income under either spouse’s name. After three years of temporary residency, you can apply for permanent residency.

If you don’t have a pension, you might qualify for the rentista program. You’ll need to prove you will receive $2,500 per month of unearned income for two years, so that you won't need a job in Costa Rica.

The most common way to comply is with a letter showing that you have $60,000 in a bank account and intend to withdraw $2,500 per month for 24 months.

1. Panama

Our top choice, Panama, has it all: bustling city life; a beautiful, ecologically diverse climate; quality medical care; and the iconic Panama Canal. Most people speak English as their second language, after Spanish.

Located just a short flight from Miami and close to the Caribbean, this Central American nation is a great base for traveling throughout the region.

Panama City is surprisingly affordable: Renting a one-bedroom apartment in the city center costs about $960 a month, while the same size living space farther out goes for about $625 a month.

You can save some money by living without a car. The city is very walkable, and public transportation costs a one-time fee of $2 for a rechargeable card and then just 35 cents per ride.

How to retire in Panama

Panama has an amazing retirement (pensionado) program that subsidizes medical care and expenses, property taxes and car taxes, and offers many other benefits for retirees of any age.

To gain residency, all you need is proof that you're receiving a minimum $1,000 monthly pension from back in your home country.

With all these perks, it’s hard to find a reason not to retire in Panama!