Time to retire outside the US? Study finds you can live abroad for just $30,000 a year - and here is where you can live on a budget and in comfort

  • A study by International Living identified five places for people to retire on just $30,000 per year
  • The outlet named, in order, Mafra, Portugal; Cuenca, Ecuador; Central Valley, Costa Rica;  Pedasí, Panama; and Phnom Penh, Cambodia
  • Each city is estimated to cost a single person between $1,150 - $840 per month

A new study has ranked the five best cities to retire on only $30,000 per year - and none of them are in the US.

Planning for retirement has long been known as a complicated and frustrating endeavor fraught with uncertainty, especially given that the average monthly social security check is only $1,404.

According to the Social Security Administration, more than 40 percent of single adults receive more than 90 percent of their income from that monthly social security check.

A study by International Living has identified the five best places in the world where that check will go far enough to live comfortably.

A study by International Living identified Mafra, Portugal, pictured, as the best place in the world for retirees. The average cost of living in the city is $1,017 per person per month

A study by International Living identified Mafra, Portugal, pictured, as the best place in the world for retirees. The average cost of living in the city is $1,017 per person per month

1. Mafra, Portugal 

At the top of International Living's list is Mafra, located only 21 miles northwest of Portugal's capital.

The average cost of living in Mafra is $2,034 per couple, or $1,017 per person. 

According to the site: 'The town is a low-key place of white-washed houses trimmed in yellow and blue, lining narrow cobbled streets. 

'The scent of grilling sardines is ever-present in the air, along with the sound of laughter and clinking glasses in the village's many cafés and bars.' 

Mafra has one of the country's largest palaces, the Palace of Mafra.

It's also located only 15 minutes from Ericeira Beach, which is world-renowned for its surfing. 

Cuenca, Ecuador's third-largest city, was named the second best place for retirees. The estimated cost of living per person per month is $840

Cuenca, Ecuador's third-largest city, was named the second best place for retirees. The estimated cost of living per person per month is $840

2. Cuenca, Ecuador

Cuenca is Ecuador's third-largest city, and is home to one of the Central American country's five UNESCO World Heritage Sites.  

It is also quite inexpensive, costing couple's an estimated $1,680 per month  - only $840 per person.

International Living writes: 'Cuenca has long been known for a rich intellectual, artistic, and philosophical tradition that matches its colonial architecture. It is famous for colorful festivals, distinctive food, and breath-taking scenery.' 

In third place is Central Valley, Costa Rica, where the monthly cost of living is between 

In third place is Central Valley, Costa Rica, where the monthly cost of living is between 

3. Central Valley, Costa Rica

Central Valley is home to about two-thirds of Costa Rica's population, and is known for its communities and amenities. 

The monthly cost for a single person to live in the area is estimated at between $1,500 and $1,800 per month.  

'It's hard to beat the Central Valley when you're looking for a beautiful, friendly, and relatively inexpensive place to live,' International Living writes.

'Nestled among forests, mountains, and farms are villages where expats have been living side by side with Costa Ricans for many decades.'  

Pedasí, Panama, is a small coastal town about four hours from the country's capital. The cost of living is estimated to be under $1,000 per person per month

Pedasí, Panama, is a small coastal town about four hours from the country's capital. The cost of living is estimated to be under $1,000 per person per month

4. Pedasí, Panama  

Located about four hours from Panama City, Pedasí is a small town known for its beaches and laid-back lifestyle.

International Living interviewed a retired American couple who said they lived comfortably on $2,000 a month, including trips around the country and abroad.  

'A beer is $1 to $2 a bottle, our car insurance is just $600 for the year, and we have a housekeeper for just $15 for a half day,' Jim Gault said. 

'I have two different gardeners and several handymen who help me with our home for $5 an hour.

'Our lives here are a far cry from the hectic existence we lived back in Florida.' 

Only one city in Asia made IL's list, that being Phnom Penh. The cost of living for a single person is reportedly under $1,150 per month

Only one city in Asia made IL's list, that being Phnom Penh. The cost of living for a single person is reportedly under $1,150 per month

5. Phnom Penh, Cambodia 

Phnom Penh was the only place in Asia - located between to Thailand and Vietnam - that made it onto International Living's list.

2018 was the third year that Cambodia took a top spot in the cost of living category in IL's Annual Global Retirement Index.

A single person can live in the city for just $1,150 per month, but the researchers said living for less than that amount would easily be possible. 

'What I like most is that there is a very local vibe that comes from people in Phnom Penh,' pensioner Tom Richter said. 

'Apart from being extremely friendly and happy to meet foreigners, it is just really cool to be able to go to the street corner in the morning to grab a fresh coconut and a newspaper, while shooting the breeze with some of the tuk-tuk drivers who speak good English.'  

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