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You don't need a million dollars to live a luxurious retirement

Key Points
  • You don't need a million dollars to enjoy a luxurious retirement — so long as you're willing to leave the United States.
  • A couple could live well in Italy on a monthly budget of $1,524, according to International Living, a website for expatriates.
Twenty20

You don't need a million dollars to live a luxurious retirement if you're willing to leave the United States.

"Most people assume that a high-flying existence like that is the purview of the rich and famous alone," said Jennifer Stevens, the executive editor of International Living.

They're wrong, Stevens said.

The website for expatriates is out with a list of "5 Places to Live Like the Rich and Famous…Without their Bank Balance." Around 680,000 Americans currently receive their Social Security checks at a foreign addresses, yet the number of retirees abroad is likely higher since many people keep their U.S. bank account.

The average monthly Social Security check is $1,404, and more than 40 percent of single adults receive more than 90 percent of their income from that check, according to the government.

Here are the five destinations.

1. Bali

In Bali, expect temples, beaches, jungle swings, and massive over-the-top villas, writes International Living. The tropical climate is another perk for people in their golden years.

And retirees can enjoy a comfortable life with a budget of around $1,150 a month, according to the website.

2. Costa Rica

Costa Rica, Puntarenas, Dominical. Posa azul waterfalls in Uvita.
Atlantide Phototravel | Corbis Documentary | Getty Images

According to International Living, retirees will find "elegant residential communities, excellent medical facilities, first-class shopping, splendid restaurants, and spectacular natural wonders."

People can live on between $1,500 and $1,700 a month.

3. Italy

Grottole, Italy
Airbnb

Italy is rich in history and culture — but retirees on a budget can still settle down here.

A couple could live well in Italy on a monthly budget of $1,524, according to International Living.

4. Colombia

Tourists inspect bronze sculptures depicting happy and chubby women, by Chinese artist Xu Hongfei at the Bolivar Square in Bogota, Colombia, on 8 November 2017.
Lokman Ilhan | Anadolu Agency | Getty Images

Retirees could live comfortably in Medellin — known as the City of Flowers — on a budget of $1,400 to $2,000 per month, according to International Living.

Expect a spring-like climate year round and more than 30 universities, plenty of art and history museums, theaters, and restaurants.

5. Portugal

Palacio da Pena,Sintra,Portugal
Carol Yepes | Moment | Getty Images

A couple could live well in the arts-rich tourist town of Sintra for $3,065 a month, according to International Living. (Although, other parts of the country are more affordable).

Sintra is just a 40 minute drive from Lisbon, and is "packed with opportunities to explore."

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