The average Social Security benefit in 2022 is $1,657 per month or right under $20,000 per year, according to AARP. If you’re planning to live on just your Social Security check as a retiree in the U.S., it will be extremely difficult with only that amount of money at your disposal. According to International Living, the average retiree household in the U.S. spends about $50,000 per year.
Also: 8 Undiscovered, Cheap and Beautiful Cities To Retire In
More: 5 Things You Must Do When Your Savings Reach $50,000
However, if you’re willing to spread your retirement wings and settle down in another country, you can make your government check go much further — and even live quite comfortably if you can budget $24,000 per year.
GOBankingRates referenced data collected by International Living for its 2022 Global Retirement Index to find countries where you can live on the cheap. To reap cost-saving benefits like low-cost healthcare to a grocery bill that’s much less compared to what you’ll pay in the U.S., here are the 10 best countries to live on just a Social Security check.
Panama, which is located in Central America, borders Colombia to the southeast and Costa Rica to the northwest. It’s considered a tropical destination, with warm, humid weather at sea level and a bit cooler weather in the mountains.
It’s also southwest of the hurricane belt, which means you won’t have to contend with violent storms.
Panama offers a wonderful…