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Key Takeaways
- Asia often dominates global affordability rankings, and lesser-known spots like Penang, Hoi An, Dumaguete, and Chiang Rai offer retirees lower costs without the inflated prices of major expat hubs.
- Monthly living costs in these destinations can run as low as $600, but retirees should research visa requirements, health care access, and climate considerations before making the leap.
With only about six in 10 Americans saying that they have a retirement savings account such as a 401(k) or IRA, the dream of living a comfortable life after leaving the workforce may feel increasingly unlikely for many.
For those looking for affordability, comfort, and a bit of adventure in their later years, retiring abroad can be a great option. In particular, lesser-known Asian destinations offer excellent cost of living and lifestyle appeal while allowing retirees to avoid crowded, expensive hubs.
Why Asia Is Rising as a Retirement Haven
Asia’s combination of warm climates, rich cultures, and welcoming social atmosphere has made it a popular tourist destination for decades; international visitor arrivals in the Asia Pacific region are expected to climb to an impressive 762 million by 2026.
Retirees may also be drawn to Asia as a more permanent destination thanks to its low cost of living: Asian countries make up eight of the top 10 nations globally for overall affordability, according to U.S. News & World Report. The communities below also offer growing expat communities and improved health care options.
Tip
“Under-the-radar” retirement locations in Asia may be less touristy than better-known spots, meaning that they could also be cheaper, quieter, and more communally connected for those looking to move long-term.
Penang, Malaysia
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Penang is a state in Malaysia with one of the country’s highest incomes per capita and a population of about 1.75 million. English is widely spoken, making the region’s many vibrant markets, beaches, and cultural events even more accessible.
Rent in modern high-rise apartment buildings, including luxury amenities, may run about $800 per month for a three-bedroom unit, and a typical meal will cost less than $5. A couple can expect to spend about $200 per month on groceries.
With both state-run universal health care and affordable private care available, expats often pay out of pocket for medical needs rather than carry insurance (although insurance is also quite affordable).
Hoi An, Vietnam
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The ancient port city of Hoi An, Vietnam, has a booming expat community despite its small city feel. Beautiful beaches and historic architecture abound, with upscale spas and many restaurants catering to foreigners. Renting a small house should cost around $500 per month, and meals out generally cost under $5 per person.
Nationwide, the hospital system in Vietnam has grown and improved rapidly in recent years. Still, many expats may prefer to visit nearby hubs like Bangkok for more specialized services.
Dumaguete, the Philippines
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Known locally as the “City of Gentle People,” Dumaguete is a walkable coastal town on Negros Island that has earned a reputation as one of the Philippines’ top retirement destinations. The Philippine government has designated Dumaguete as one of five areas in the country targeted as top retirement hubs, which has helped drive improvements in local healthcare infrastructure.
The city is home to several universities, keeping the town lively with affordable restaurants, cafes, and cultural events. English is widely spoken, easing the transition for American expats.
A housing budget of $400 to $500 will have no difficulty finding a modern and comfortable home, and two people can enjoy a fine Western meal at one of the better restaurants in town, complete with drinks, for about $10.
Chiang Rai, Thailand
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The northern Thai city of Chiang Rai is known among expats as a quiet alternative to busier Chiang Mai. Known for its relatively cooler temperatures compared with the rest of the country, nearby waterfalls, hiking trails, and hot springs lie just a short drive from the city center.
With a population of fewer than 100,000, the city delivers an intimacy that larger Thai destinations can’t match—along with cleaner air, lighter traffic, and a friendlier, more relaxed pace of life.
Cultural attractions abound, including the dazzling White Temple (Wat Rong Khun), a contemporary Buddhist art installation by local artist Chalermchai Kositpipat that blends traditional Thai architecture with surreal, pop-culture-infused murals.
On average, you should expect to spend around $600 per month to live comfortably.
Benefits and Considerations
Those considering retiring in Asia may be drawn to easy access to leisure activities, affordable services, outdoor-friendly lifestyles that make it easy to stay active, and a calm pace of life.
However, you should first understand the visa requirements of a potential destination and any long-stay rules. Healthcare availability, quality, and insurance coverage are key. Off-the-beaten-path destinations may make it more difficult to find English speakers. Finally, a change of location can mean a significant change in climate, including intense rainy seasons and even typhoons in some areas.
