We're a retired couple from Dallas — can we afford to live abroad on Social Security alone?

Portugal

Portugal offers Europe without the typical high price tag. For instance, living in the northwestern coastal city of Porto would run our couple about $4,000 a month to reside in a place known for beaches, wineries and cobblestone streets. Portugal also ranks No. 7 on the Institute for Economics & Peace’s Global Peace Index 2024. Groceries and dining out are far more affordable than in the U.S. Portugal also has both private and public health care. But if you plan to use public care, make sure you qualify as a visa holder.

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Mexico

Mexico has long been a favorite destination for Americans. It’s warm, vibrant and close to home. Mexico City would cost our couple about $3,500 a month and leave them with some wiggle room. Retirees can enjoy housing, food, and health care at a fraction of U.S. costs.

Malaysia

Malaysia is known for its sandy beaches and lush rainforests, and the Southeast Asian country won’t break the bank of retirees. If our couple is feeling adventurous, the capital city of Kuala Lumpur is livable for under $2,700 a month. Much of the population speaks English, which can be helpful upon first arriving. Malaysia also offers top-notch health care at an affordable price, according to International Living, and ranks 10th on the Global Peace Index.

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Costa Rica

Costa Rica is often ranked as a top choice for retirees. It’s both inexpensive and stunning, boasting beaches and volcanoes. In the capital city of San Jose, our couple would need about $4,125 a month to maintain their lifestyle. Health care is also affordable.

Slovenia

Slovenia may be small but has mighty appeal. Nestled in the heart of Europe, this country offers safety, affordability and natural beauty. In the capital city of Ljubljana, our couple would need about $4,200 a month — which would put them just barely over their limit, but still within reach — to maintain their lifestyle. Slovenia also ranks No. 9 on the Global Peace Index. One sticking point, however, might be the cost of health care. As a foreign retiree, you may have to dish out for private insurance.

Notes

It’s important to note that countries may have different visa requirements, along with varying tax laws. In many cases, Social Security can be exempt from local taxation, however, doing your research beforehand is key. This should include any obligations filing U.S. tax returns. Acquiring a visa may also come at a cost. Medicare also typically doesn’t cover those who live abroad.