The cost of living is on the rise, and as Social Security benefits struggle to keep up some may want to consider retiring in a place where they can really stretch that check out.
The answer may be abroad.
International Living has a new report that highlights some great spots around the world where anyone can live for less than $30,000 a year, and with Social Security benefits checks averaging around $1,400, a couple could live comfortably while taking in a new culture and beautiful landscapes.
Research is key, though. Retiring in another country will have tax implications, and the logistics of an international move can be hairy.
But if you’re considering or ready to take the leap, here are the top five cities to retire in, according to International Living.
1.Puerto Viejo, Costa Rica
A couple can retire comfortably in this town for just $2,025 a month, or $24,300 a year, according to International Living.
You’ll find warm weather, beaches and Italian, Argentinian and French restaurants.
2. Lagos, Portugal
Couples can live in this town in southern Portugal for $2,080 a month, or $24,960 a year, according to International Living.
Lagos, with a year-round moderate climate, is great for retirees who want to live near the ocean. Transportation options abound and the city is fairly flat, making it great for walking too.
3. Akumal, Mexico
Couples can retire in this tropical town for $2,240 a month, or $26,880 a year, according to International Living.
“Famously known for its spectacular clear bay filled with sea turtles, Akumal has matured from a secretive destination for divers to a growing tourist hotspot,” the travel site says.
4. Volcan, Panama
Volcan will cost couples around $1,500 a month, or $18,000 a year, to live.
The town is in the middle of a farming community in a valley, and has a population around 14,000. You’ll need to speak some Spanish to be able to communicate with locals and do business, according to International Living.
5. Medellin, Colombia
Medellin is Colombia’s second-largest city. A couple could live well here for $2,000 a month, or $24,000 a year.
The city is filled with more than 30 universities, as well as art and history museums and restaurants.