(Shutterstock ) Cebu, Philippines
The World's Most Affordable Places to Retire
JUNE 25, 2013Ilyce Glink, CBS MoneyWatchIt is possible to retire with nothing more Social Security benefits if you do so outside the U.S. In some of the most affordable, but still appealing, cities in the world, an expat can live on just $1,250 per month.
Live and Invest Overseas, a publication and research firm specializing in overseas living, found six places where Americans could live well on the cheap. The company's Retire Overseas index uses 12 factors, including climate, whether English is spoken, cost of living, health care and infrastructure, to determine the best cities to retire.
In any of the six Asian and Latin American cities the index dubs most affordable, retirees can live in luxury -- and without breaking the bank. In these cities, $1,250 is enough to cover all your living expenses, from housing to dining to travel.
Cebu, a developed province in the Philippines, has some of the most beautiful natural landscapes in the world: narrow coastlines with bright blue waters and limestone plateaus offset by rolling hills and rugged mountains.
Cebu is home to Mactan-Cebu International Airport, from which it is easy for retirees to fly back to U.S. And Mactan-Cebu makes it just as easy for family and friends to fly in for a visit. The cost of living here is extremely low, so your dollar goes four times as far. To top it off, the Philippines offers generous residency visas for retirees.
Cuenca is located just outside the El Cajas National Park, where the snowy peaks of rugged mountains rise up above mirrored lakes. UNESCO has designated the city a World Heritage Site, a distinction granted because of beautiful historical landmarks that include cathedrals, museums and parks. It a has distinctly European vibe reminiscent of Barcelona and Paris, and for American expats may bring to mind San Francisco.
Cuenca's beautiful natural setting and ideal climate -- temperatures average in the mid-70s year-round -- have attracted expats for years. The cost of living is low, and the city's school, health care and political systems are well run.Read more: Yahoo Travel