Looking for a place to settle down in your golden years? Moving abroad may be able to get you a bigger bang for your buck, according to a recent report.
»RELATED: 5 surefire ways to retire earlier than you thought
Researchers from Investopedia gathered data from various financial sources to determine the eight countries where $200,000 in retirement savings can last 30 years.
Using data fromm Numbeo, a crowd-sourced finance database, the Investopedia team calculated the cost of living in several populous countries across the world. They then factored in an average of $1,360 per month for Social Security and a $200,000 retirement fund to calculate the cheapest countries for retirement.
After analyzing the results, they found that several places in Central and South America made the cut. In Ecuador, retirees can receive discounts on utilities, public transportation and rent for apartments begin at just $538 per month. Costa Rica is even cheaper in terms of housing. Rental prices go as low as $417 per month.
A few countries in Asia made the list, too. In Thailand, retirement visas are available for adults aged 50 and older, and retirees only need a monthly income of 65,000 baht, which is about $1,860 in American dollars.
» RELATED: How not to run out of money in retirement
Malaysia has similar benefits. In fact, it’s 44 percent cheaper to live there than in the United States. Housing is 69 percent lower than it is in America, and you only need about 10,000 Malaysian ringgits or $2,550 U.S. dollars monthly.
And if you’re looking to retire early, it’s possible abroad. In Nicaragua and Belize, folks can qualify for retirement programs as early as age 45.
Want a glimpse of the full list?
Take a look below.
6. Costa Rica
» RELATED: ‘Cardi B is right’: Bernie Sanders agrees with rapper’s view on Social Security