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Nothing saved? You can retire here for $1,500 a month

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Living off Social Security alone

Despite financial advisors' best efforts, the average American doesn't have very much saved for retirement. The typical U.S. resident between ages 55 and 64 has just $104,000 "in the bank" for those fast-approaching golden years, according to the federal General Accountability Office.

In fact, far too many Americans will actually rely on slim Social Security benefits as a major portion of — or their only — income. Even in America's most affordable places to live — typically Midwest cities such as Dayton, Ohio, and Wichita, Kansas — retirees would be hard-pressed to get by on such little income. So what's a strapped soon-to-be senior to do?

Packing up and heading abroad could be the answer, according to website InternationalLiving.com. The online global retirement and relocation emporium has researched five countries where American retirees can live comfortably for just $1,200 to $1,500 a month — per couple — which covers housing, health care, food and entertainment. "In some of these havens, it's possible to live well off a modest Social Security check alone," the site claimed.

CNBC.com takes a look at the top five most affordable retirement spots worldwide.

— By CNBC's Kenneth Kiesnoski
Posted 7 April 2016

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