The equation for supporting retirement consists of savings and expenditures during retirement. No matter how large your savings account is for retirement, you may make it stretch farther and for a longer period if you reduce your overall cost of living. Moving to a region of the country that has lower housing costs is one strategy for controlling the cost of living.

Many retirees in the United States opt to spend their golden years in other countries. A poll conducted by Provision Living found that 21.3% of American respondents envisioned themselves spending their retirement years living in another country. There are a lot of different reasons to retire somewhere else. A possibility to travel throughout the globe, learn about other cultures, and, maybe most significantly, save costs.

When it comes time to choose where you will spend your golden years, you could find that some nations offer more cheap options than others. If the thought of retiring outside the United States has piqued your interest, the following is a list of five nations in which you may retire on a monthly income of 1,500 dollars or less.

Guatemala

This nation in Central America is located south of Mexico and is known for its steep volcanoes, extensive jungles, and ancient Mayan ruins. Several Spanish colonial villages and cities are between the coastlines, such as Antigua, which are home to many American retirees. The coasts touch both the Caribbean Sea and the Pacific Ocean. The nation is well-known for its temperate climate throughout the year and its many outdoor activities, such as climbing, bicycling, and kayaking.

If you don't plan on living in a smaller place, a studio apartment may be rented for as little as $325 per month, making accommodation affordable for those on a budget. A visit to the doctor will cost you an average of $25, and the treatment delivered is of the highest possible standard. Healthcare is also quite reasonably priced. Living in Guatemala is, on average, 71% less expensive than living everywhere else in the globe, and it is 65% less expensive than living anywhere else in Latin America.

Nicaragua

Long overlooked by its neighbors to the south, Nicaragua provides a comparable healthy lifestyle, amazing cuisine, and fantastic beach living at even cheaper rates than its friends to the south. Here, a three-course dinner with wine will only set you back $7, while a studio apartment that is fully furnished and includes water, electricity, and Wi-Fi would cost you less than $300 a month.

You won't have to be concerned about locating qualified medical professionals or receiving high-quality treatment since private hospitals provide affordable health insurance starting at only $500 a year. A six-figure lifestyle may be readily maintained in Nicaragua on a monthly budget of around $1,500 for ex-pats.

Peru

This country in South America stretches from the Pacific Ocean to the Andes, and its landscape is as diverse as its cultural traditions. Ancient ruins, lush jungles, well-preserved colonial towns, and miles upon miles of pristine beaches may all be found in Peru. The cost of housing is quite competitive, with fully furnished flats available for only $430 per month.

Going out to eat may also be done on a budget, as many restaurants provide meals made with fresh, regional ingredients for prices ranging from $3 to $5. You can easily move about using public transportation and taxis for $50 per month, which is also sufficient to simultaneously pay the cost of a mobile phone and internet subscription. The healthcare and dental treatment expenditures are equally affordable, ranging from $50 to $100 each month.

Colombia

Colombia is a nation filled with tropical rainforests, high mountains, and expansive coffee farms. It is located on the very northern edge of South America. With about $1,200 each month, a couple may have a comfortable lifestyle. The monthly rent in the city may vary anywhere from $240 to just over $700, depending on whether or not you want a studio or a full-sized apartment. It is possible to live a luxurious life on a limited income: housekeepers can be hired for around $6 per hour; supper for two can be had for less than $30; going to the cinema costs $6 per person; beautiful haircuts cost $6, and a monthly gym subscription can be had for just $32.

Cambodia

The terrain consists of low-lying plains, mountains, dense rainforests, and an unspoiled coastline with some of the most beautiful beaches in Southeast Asia. Many ex-pats moved to Cambodia because of its low cost of living, which is around $1,200 per month on average. However, many remained because of the country's beautiful scenery and the friendliness of its inhabitants. The cost of rent for a studio apartment may be as low as $400 per month, and utilities for the bare essentials can be less than $100 per month.