The cost of retirement in the U.S. varies from state to state, but can cost as much as $73,140 a year in a place like New York.
It's one of the reasons many Americans consider retiring abroad where they can live on a lower income without sacrificing their quality of life.
In November 2023, the average monthly Social Security check was $1,710.78, according to the Social Security Administration.
With that kind of budget, retiring aboard could allow your money to go further, according to U.S. News and World Report.
The analysis also factored in travel costs like flights, taxes, and visas.
Organizations:
Social Security, Social Security Administration, U.S . News
Locations:
U.S, New York