4. Portugal

If you’re looking for the same type of climate in a country with a similar culture to that of Spain but want to live somewhere even more affordable, we recommend Portugal. You’ve got beaches, castles, wineries galore, not to mention you could spend your retirement playing all the golf you could ever want.

In Lisbon, apartments can be a bit pricey at $1,000 but the rest of the country is incredibly affordable, with rent starting at around $375 per month in smaller cities. Eating out is also cheap. You’ll only have to pay around $10 per meal per person.

As always, it’s recommended for you to take some language courses even before or immediately after your move. But if you’re ever in a medical pinch, rest assured that doctors in most hospitals around the country speak English.

Visiting the rest of the country is especially enjoyable and easy thanks to a variety of cheap train lines.

How to retire in Portugal

The journey of retiring in Portugal starts on U.S. soil. You will need to bring your passport, a criminal background check, proof of income and health insurance to a Portuguese consulate. Following that, you are required to apply for permanent residency once you arrive in the country.

You can definitely retire on $200,000, but it’s best to count Lisbon out as your destination since it’s a bit more pricey. If you can bump up or supplement your retirement savings before the big move you might be able to make it work, though.