By 2024, This Will Have the Lowest Retiree Costs of Any Country

An important consideration when deciding where to spend your twilight years is the cost of living. According to International Living's 2024 Annual Global Retirement Index, Colombia is a great option for retirees seeking a low-cost country that offers pleasant weather, a laid-back lifestyle, and a rich cultural heritage. 

The business ranked worldwide locations with large expat populations according to seven factors, including housing, cost of living, weather, healthcare, and visa requirements. Although Costa Rica was named best in the world this year, Colombia had the lowest cost of living. 

Executive editor of International Living Jennifer Stevens told Travel + Leisure, "When it comes to bang for your buck, there’s hard to beat friendly, polite Colombia, where the lifestyle is sophisticated yet the cost of living is remarkably low." And she didn't stop there. 

So, how much is the going rate for retirement in Colombia? 

For example, a two-bedroom apartment in a desirable Medellin district may be rented for $700 to $1,000 per month. This city is particularly eco-conscious, and on Sundays it blocks off a major road to make way for pedestrians and bikers. Stevens indicated that a couple may live comfortably without counting pennies with a total budget of $1,700 to $2,200 (including housing). This amount allows them to eat out a few times a week, employ a housekeeper, and take local trips. 

Additionally, she brought out the fact that the country's varied landscape offers retirees a wide range of climate- and lifestyle-friendly options, such as tropical coastal towns and islands, colder mountain and rainforest locations, and more. 

When it comes to medical treatment, Colombia also ranks highly. Bogotá, Medellín, and Cartagena are some of the places included in the report. These cities offer top-notch medical facilities and the cost of preventative treatment is far lower than in the United States. "Even without insurance (which is not recommended), you pay as little as $20 for a consultation with a specialist, and a cleaning at the dentist will cost you $60," according to the article. 

The Legatum Institute, a think tank located in London, ranks the world's top healthcare systems annually. In 2023, Colombia was ranked 36th, surpassing nations such as Greece and Portugal, and significantly surpassing the United States, which was ranked 69th. 

On the other hand, retirees should still be careful when deciding where to settle down, and the research does mention that knowing some Spanish is helpful. It says you should stay away from the Arauca area near Venezuela's border. 

However, there are many other locations to think about as well. San Andrés, Baru, and Providencia are three Caribbean islands that International Living suggests for island life, whereas Manizales, Bogota, and Pereira are great options for city dwellers. 

Santa Maria, Cartagena, and Medellín were named first, second, and third, respectively, among the greatest retirement destinations in Colombia, according to financial website Insider Monkey. In Santa Maria, a retiree could live comfortably on $733 per month, in Cartagena, $1,047 per month, and in Medellín, $829 per month, respectively.