The Least Expensive Places to Live in Retirement: In the U.S. and Afar

Living in retirement doesn’t have to mean tightening the belt or sacrificing lifestyle. In fact, choosing the right location can stretch your dollars further and enhance your quality of life. Whether you’re looking to stay in the U.S. or explore options abroad, there are plenty of affordable places where retirees can enjoy a comfortable, fulfilling lifestyle without breaking the bank. It’s an exciting prospect to think about, if you’re willing to move, that is.

Affordable U.S. Options

Within the United States, many cities and small towns offer low cost of living, tax-friendly policies, and access to healthcare. States like Tennessee, Florida, and Texas are popular due to their lack of state income tax and lower housing costs. Cities such as Pittsburgh, PA, and Knoxville, TN, consistently rank as affordable retirement destinations, offering cultural amenities, outdoor activities, and a slower pace of life.

Smaller towns in the Midwest and South also present great opportunities—places like Fort Wayne, Indiana, and Athens, Georgia, provide affordable housing, lower utility bills, and a welcoming community feel.

Thinking Globally: Living Abroad on a Budget

For those with a sense of adventure, retiring abroad can unlock even greater savings. Many countries offer a high standard of living at a fraction of the cost of U.S. cities. According to AARP’s guide to retiring abroad, destinations such as Portugal, Costa Rica, and Colombia are becoming top choices for retirees looking to live well on less.

Portugal, for example, offers affordable healthcare, low crime, and charming coastal towns. Costa Rica’s natural beauty and stable government continue to attract retirees year after year.

Things to Consider

Before making a move, especially overseas, it’s essential to factor in healthcare access, visa and residency requirements, and language barriers. But with thoughtful planning, living affordably in retirement is possible, whether in a small Southern town or a sunny European village.

A retirement strategy doesn’t always have to be just about how much you’ve saved. It can also be about how to extend the amount you’ve saved to let you live your best retirement life. Maybe, the place you started out in retirement isn’t the best long-term fit. If you’re interested in living in retirement somewhere else, let’s chat and we can do the math and the location hunting together.