Retirement is your chance to redefine how—and where—you live. Whether you’re dreaming of sipping wine in Europe or soaking in sunshine in Latin America, there are places where your retirement savings can stretch further without sacrificing quality of life.
I’ve personally had the opportunity to visit a few of these spots—most recently Colombia in 2024, and France when I was 18 (exploring beyond Paris)—and I can tell you firsthand: these aren’t just affordable destinations, they’re rich in culture, community, and day-to-day joy.
If you’re considering a move abroad, it helps to pair the “dream” with a clear plan—especially around income, taxes, healthcare, and banking. (If you want a starting point for the numbers, try our Retirement Savings Calculator.)
Below are five standout countries worth considering.
Panama
Why retirees love it:
Panama’s Pensionado Visa is one of the best known retirement visa programs. It can offer legal residency and perks like discounts on healthcare, travel, and entertainment. The country uses the U.S. dollar, has a strong banking system, and offers high-quality healthcare, particularly in areas like Panama City and David.
Cost of living (estimate):
A couple can live comfortably on $2,000–$2,500/month, especially in towns like Boquete or Coronado, which also have strong expat communities.
Why it stands out:
Panama combines tropical living with strong infrastructure, and getting there from the U.S. is relatively quick and easy.
Colombia
Why retirees love it:
I visited Colombia in 2024, and it’s one of the most vibrant, warm, and surprisingly affordable countries I’ve experienced. Cities like Medellín have become expat favorites thanks to their “eternal spring” climate, walkable neighborhoods, and strong private healthcare options.
Cost of living (estimate):
A single person can live well for $1,200–$1,800/month, and a couple can often thrive on $2,000/month or less, especially in Medellín, Pereira, or Santa Marta.
Why it stands out:
Colombia offers a rare balance of natural beauty, urban convenience, and lower day-to-day costs—especially for retirees open to Latin America.
Greece
Why retirees love it:
Greece offers a Mediterranean lifestyle full of sunshine, fresh produce, and a slower pace of life. Retirees are drawn to island life or charming inland villages. Costs can be lower than many retirees expect, particularly outside Athens and the most tourist-heavy areas.
Cost of living (estimate):
A couple can live comfortably on $2,000–$2,500/month, and often less in smaller towns. Healthcare is generally affordable, with private options that many expats prefer.
Why it stands out:
Greece now offers a favorable tax program for foreign retirees and is ideal for those seeking beauty, simplicity, and a rich cultural experience.
Costa Rica
Why retirees love it:
With its “Pura Vida” philosophy, Costa Rica is a favorite for retirees looking for a peaceful, nature-filled lifestyle. It’s politically stable, has a solid healthcare system, and a long-standing expat presence—particularly in places like Atenas and the Central Valley.
Cost of living (estimate):
Many retirees enjoy a comfortable life for $1,800–$2,500/month, especially in smaller towns or inland areas with cooler climates.
Why it stands out:
It’s a haven for nature lovers, with access to both Pacific and Caribbean coasts, volcanic regions, and biodiverse rainforests in one small country.
France
Why retirees love it:
I visited France when I was 18, and I didn’t just stick to Paris. I explored smaller towns and rural areas that retirees are increasingly drawn to. Regions like Normandy, Dordogne, and Occitanie can offer a relaxed lifestyle, incredible food, and real value when you live like a local.
Cost of living (estimate):
In the countryside, a couple may live comfortably for $2,200–$2,800/month, while still enjoying excellent culture and access to quality healthcare.
Why it stands out:
France may feel like a dream for foodies and romantics, but it can also deliver practical value—especially outside the most touristy regions.
Final Thoughts
Whether it’s tropical serenity, European elegance, or Latin American vibrancy, each of these countries offers something special. From my personal travels in Colombia and France, I can vouch for the richness of experience these places offer beyond just the financial appeal. And while lower costs matter, the best retirement moves are the ones that support the life you actually want to live.
Pro tips before you go
- Rent before you buy. Plan on spending 3–6 months in-country to learn what daily life truly costs (and what you enjoy most).
- Plan for taxes and cross-border logistics early. A move abroad can affect everything from account structure to tax strategy. Start with a clear retirement planning roadmap and coordinate with tax planning as needed.
- Don’t overlook estate and legacy details. If you’ll maintain assets in multiple places, estate planning and trust & estate services can help reduce complexity for your family.
- Connect with expat communities. They’re one of the best on-the-ground resources for neighborhoods, healthcare, and realistic budgeting.
If you’d like help pressure-testing what an international retirement might mean for your income plan, taxes, and long-term strategy, contact HFG Trust here.
Note: Cost-of-living ranges are general estimates and can vary widely based on lifestyle, exchange rates, and location.
