3 Overseas Havens Where Retirees Can Live Rich On Social Security

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In June, the average monthly Social Security check for retired workers hit $2,005.05. It’s a source of income that millions of Americans rely upon when they leave the workforce—but is it enough?

According to Consumer Expenditure Surveys data, the average retired household in the U.S. spends around $5,000 per month. That’s quite the shortfall.

For those looking to get the most bang for buck from their retirement income, a move overseas could be the answer.

First, it’s important to note that while there are many retirement havens where you can live well on a budget of $2,000 a month or less, making a move overseas does involve additional expenses.

You will need to factor in the cost of moving—yourself, your belongings, your pets—and getting legal residency. It’s also advisable to have a contingency fund set aside for other expenses such as health care, a rental deposit, trips back home, etc.

In addition, you will need to meet the income requirements for the residency visa in your chosen country. Some countries don’t require proof of income for residency or have no set minimum amount. Others come with a high income threshold—Ireland’s is €50,000 per person per year.

All this considered, here are three great overseas options for those looking to stretch their retirement income without compromising on their standard of living.

Phuket, Thailand

Phuket, Thailand’s biggest island, is adorned with white sand beaches, turquoise waters, verdant jungle, and majestic limestone cliffs. It’s located close to the equator, so enjoys hot to warm weather throughout the year. The average high is 90°F and average low is 75°F.

This exotic spot is home to an expat community of more than 100,000—many of them English-speaking—so settling in and making friends can be an easy process.

There are two private hospitals in Phuket: Bangkok Phuket Hospital and Phuket International Hospital. They treat thousands of foreigners and locals every year and offer superb quality care and English-speaking staff.

The low costs are a big draw, too. Here, many indulgences—from dining out at nice restaurants to spa treatments to fishing trips to health and wellness services—cost much less than what you’d pay in North America.

Phuket is a dream destination for outdoor recreation lovers with every kind of water sport imaginable available. Hiking, golf, and padel are popular here, too. Social groups organize around diverse interests and you’ll find sports leagues, volunteer opportunities, get-togethers at bars, trivia nights, charity events, networking events, and more on offer here.

Thailand’s retirement visa is called the Non-Immigrant O-A Visa. The basic requirements are that you are at least 50 years old, receive an income of about $2,000 per month, and carry health insurance. This visa is valid for one year at a time and can be renewed indefinitely.

Southeast Asia is famous for its affordability, and while Phuket’s popularity with tourists and expats has driven up prices in recent years, it’s still budget-friendly by most people’s standards and a monthly income of $2,000 would afford you a comfortable life here. Long-term rentals start around $500 a month.

Mendoza, Argentina

Mendoza is Latin America’s first wine-growing region, and where vines grow, the living is generally good.

Here in the interior of Argentina, food, wine, and interesting conversation are the priorities of life.

This region’s laid-back atmosphere, safe cities, developed infrastructure, unspoiled culture, affordable cost of living, and friendly people combine to create an idyllic lifestyle.

This is a good choice for active retirees who aren’t ready to sit back and rock on the front porch. You could spend your days skiing, hiking, climbing, playing golf, bird-watching, white-water rafting, kayaking, and even kite-surfing, and your evenings practicing tango.

Mendoza has a reputation as one of the most affordable places to live in Argentina, so for North Americans, it’s super affordable.

You can rent a semi-furnished, two-bedroom apartment for $400 to $1,000 per month. Catch a bus for 50 cents and dine out for $25. A monthly budget of $2,000 would see you living well here.

Argentina’s retirement visa is known as the Pensionado Visa. The basic requirements are that you’re 65 (men) or 60 (women) and receive pension income of five times the minimum salary. This works out to around $1,400.

The initial residence permit is valid for one year, but it can be extended for up to three years. You can apply for citizenship in Argentina after just two consecutive years of residency.

Mendoza has an arid, four-season climate with average highs of 76°F and lows of 11°F. Summer in Argentina is from December to March and winter is from June to September.

Santa Marta, Colombia

A 90-minute flight from Colombia’s capital, Bogotá, on the country’s Caribbean coast, lies Santa Marta. Colombia’s oldest colonial city, Santa Marta is an under-the-radar gem popular with well-heeled, in-the-know Colombians who vacation here for reasons including its affordability, great climate, soft golden sands, and warm Caribbean waters.

It’s a geographically diverse spot, with the Caribbean Sea to the north and west, Tayrona National Park to the east, and Colombia’s Sierra Nevada mountain range to the south.

The historical center is filled with quaint, narrow lanes, white-washed Spanish-colonial architecture, and squares lined by everything from pizza joints to burger bars to more upscale Italian and Mediterranean food.

The newer part of the city features an attractive seafront park, plenty of small cafés and bars, as well as boutique hotels, excellent seafood restaurants, and a cruise-ship port. There’s also a 256-slip marina and new, tasteful condo projects all around. And, of course, golden sand beaches offering a wealth of recreation activities.

Colombia’s overall standard of health care is the best in Latin America—better ranked by the World Health Organization than both Canada and the United States.

There is less English spoken in Santa Marta than in other Latin American beach destinations so you’ll need to pick up some Spanish to get by here.

Colombia offers a handful of different residency options, including a retiree-specific visa (the Pensionado Visa).

The basic requirement is that you receive a pension of about $1,000 per month. This gets you residency for one to three years at a time.

Santa Marta has a tropical dry climate with average high of 91°F and lows of 75°F.

A budget of $2,000 a month will go a long way in Santa Marta. Monthly rentals start at around $400.

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