Countries where you can retire on just $100,000 — No surprise! Colombia makes the list
Serah Louis
Mon, October 19, 2020, 11:43 AM CST
Countries where you can retire on just $100,000
Living out your golden years near beautiful beaches in warm sunshine doesn’t have to devour all your savings. In fact, you can retire to some countries with well under $100,000 in the bank.
We’ve looked at a wide range of data to find the places with the most affordable food, health care, rents and more. You’ll pay far less for your living costs, while enjoying many of the same — or better — amenities that you’d get by retiring in the U.S.
Ranked in no particular order, here are our picks for places where you could retire on less than $100,000. You’ll find reasonable costs, friendly people, comfortable lifestyles, and views that are often spectacular.
Colombia
Thanks to its lush, green jungles, snow-capped mountains and exquisite beaches, Colombia has quickly become a popular retirement destination for Americans.
Don’t miss the Feria de las Flores (flower festival) in August, hosted in Medellin, or the mud baths at El Totumo.
The low costs are a major attraction, too. A couple could retire in Medellin — the nation’s second-largest city, near the Andes Mountains — for just $2,000 a month, or $24,000 per year. A nice meal for two could cost less than $20, and basic monthly utilities in Medellin can go for around $55.
Utility costs vary throughout Colombia, depending on where you live. Residents of lower-income neighborhoods typically pay less for water and electricity than those in higher-income areas.
How to retire to Colombia
Colombia’s pensionado retirement visa requires proof of monthly income of at least three times the minimum salary in Colombia, which is currently around $750 a month. A spouse can be included in your visa as a dependent.
You can apply for the visa online, or through a Colombian embassy or consulate in the U.S.
The visa will need to be renewed each year for the first five years. Then, you’re eligible for a resident visa, which can be renewed every five years.
You might put aside more money for your retirement with help from an app that rounds up your everyday purchases — so you can invest and grow your spare change.
