Gallery of the Cheapest Places to Retire

Many people retire on a budget and want to look at the cheapest places to retire. LoveToKnow has done the research already. This slideshow will give you a sneak peek of some of the cheapest places and a little information on each. Who knows? Maybe you'll find your new home in one of these slides.


In addition to having no income tax for the state, you also will find a nice selection of retirement communities to fit any budget. Warm weather, sandy beaches and many activities make this a destination of choice for snow birds. You'll find everything from small trailers to luxury condos in Florida.


About as far from Florida as you can in weather preferences, Alaska can be a good choice for retirement. Although cost of living tends to be higher in Alaska, there are also fewer opportunities to shop and eat out, unless you're living in a large metropolis. Although the weather is cooler, if you're a nature lover, you'll also find some really inexpensive entertainment in this state.

Lake Chapala, Mexico

On a really tight budget? Mexico is a retirement destination that can allow you to live like you never could in the States. Lake Chapala is a choice of many because it attracts American and European retirees.


Belize is another destination where the U.S. dollar has traditionally stretched further. Although the country has become more developed over the years, costs are still low and the weather and scenery are absolutely breathtaking.

Costa Rica

Warm weather and a stable political system make this another popular destination for budget-conscious retirees. In addition, Costa Rica is quite friendly to Americans and has a large number of American retirees already living there.

Dominican Republic

A choice for many because interest rates on bank deposits are quite high. It is entirely possible to live off the interest of savings in this country. Cost of living is reasonable, but there are many opportunities for business if you'd like to work part time after retirement.


A beautiful country and one of the cheapest places to retire. However, it is best to thoroughly investigate the cultural differences and safety in a given area before relocating. It might be best to spend a short amount of time in the country before making a bigger commitment to live there permanently.

Idea: Cheapest Places to Retire

College towns are often one of the cheapest places to retire. College students tend to live on a perpetual budget, so the cost of everyday items tends to be cheaper in a college town. In addition, if you find you need help with lawn care and other household chores, you'll have a cheap source of labor as well.

Living Close to Family

Although living in an exotic and warm location might sound ideal, there is also something to be said for living close to family and friends.

If you save $2,000 a year by living in a place that doesn't tax retirement income, but you spend $3,000 a year traveling back and forth to visit family, then you really haven't saved any money. Weigh all factors before making a decision to invest in a location longterm and you're sure to find the cheapest option for your retirement.

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Gallery of the Cheapest Places to Retire