When it comes to retiring overseas, most Americans tend to choose Europe, Latin America, or the Caribbean. However, some Asian countries also offer affordable living costs and can provide foreign retirees with a rich retirement experience.
In addition to China, the economies of some Asian countries are growing to varying degrees. Specifically, many Southeast Asian countries have made significant improvements in healthcare, education, and living standards. According to World Bank data, the economic growth rate in Southeast Asia increased from 6.9% in 2009 to 7.7% in 2016. South Asia’s economy is mainly driven by India, characterized by the rise of the middle class and the booming technology industry.
Countries like Bangladesh are major exporters of textiles, which contribute to their GDP. In summary, in 2021, South Asia’s GDP growth rate climbed to 8%. With the improvement in economy, healthcare, and living standards, many Asian countries are increasingly becoming a new choice for retirees from around the world.
According to Insider Monkey, one of the main attractions of Asia for many foreign retirees is its reasonable cost of living. Retirement life in Asia, especially in Southeast Asia, is cheaper than in countries like the US and the UK. The cheapest retirement countries in Asia include the Philippines, Vietnam, and Cambodia. Many Asian countries also have affordable and efficient healthcare, such as Thailand and Malaysia. South Korea and Japan are also among the best quality of life countries in Asia.
Wondering how much money you need to retire in Asian countries? The answer is: it’s not much compared to European and American countries. In fact, many foreigners have mentioned that in many South Asian countries, living comfortably can cost less than $1,000 per month. Other countries like Malaysia and Thailand may require around $2,000 per month for a comfortable retirement, but many people have much lower living costs, depending mainly on individual needs and desires. The Philippines, Laos, Taiwan, and Vietnam are also great places for foreign retirees to settle down, offering beautiful landscapes, diverse natural environments, and unique cultural experiences to enhance their retirement life.
It is worth mentioning that the best places in Asia for English speakers to live in include the Philippines and Malaysia.
Insider Monkey has ranked the top 15 Asian countries where you can have the best retirement life at a reasonable cost, here are the top 5 and the monthly fees for a comfortable retirement life. The specific cost of living varies depending on the city or town you reside in.
Monthly living costs: $1,600 (individual), $2,500 (couple).
Malaysia is one of the countries that offer the “best retirement visa options in the world,” with affordable healthcare, warm weather, and top-notch cuisine.
Monthly living costs: $1,000 (individual), $1,900 (couple).
Indonesia’s retirement KITAS visa allows retirees to stay there, enjoying warm climate, pristine beaches, and experiencing diverse wildlife.
Monthly living costs: $2,000 (individual).
Located in Southwest Asia, Oman boasts world-class medical facilities, shopping centers, and restaurants. While a high-quality lifestyle comes at a higher cost, renting a one-bedroom apartment in the capital Muscat and other major cities costs around $1,000 per month.
Monthly living costs: $1,500 (individual).
With its stunning natural beauty, rich culture, and serene way of life, Laos has become one of the best retirement destinations in Asia. Considered for its beautiful forests, mountains, and rivers, nature lovers will enjoy retiring here.
Laos also offers “adequate healthcare,” including 30 private hospitals and a medical insurance system.
Monthly living costs: $2,500 (individual).
Qatar has a large expatriate community, attracted by its modern infrastructure, safety, and strong healthcare system.
The Philippines ranks 8th, with monthly living costs of less than $1,000 for an individual and $1,500 for a couple.
The Special Resident Retiree’s Visa (SRRV) in the Philippines can help foreigners settle in, with over 200,000 expatriates residing there. The country offers modern and comprehensive medical facilities, as well as beautiful beaches and pristine islands for retirees to explore.
Vietnam ranks 10th, known for its affordable healthcare, scenic landscapes, and delicious cuisine. Retirees can find decent housing for rent ranging from $300 to $800 per month, enabling a comfortable lifestyle with monthly expenses from $1,000 to $1,500.
South Korea ranks 11th, with monthly living costs for individuals around $1,400 in Seoul and other major cities. South Korea does not issue retirement visas; foreigners need to obtain long-term visas to stay. On average, a one-bedroom apartment starts at around $265 per month, reaching up to $800.
South Korea boasts excellent healthcare, delicious cuisine, and natural beauty, which are among the many reasons why it attracts foreign retirees.