GOBankingRates, a renowned publication focused on personal finance resources, has recently released a report on the safest places in Asia for retirees with a monthly budget of less than USD2,000 (approximately RM9,100).
According to the study, Malaysia has emerged as the top-ranked country in terms of safety for retirement with a budget of less than RM9,100 per month.
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The study provides a comprehensive breakdown of the average monthly cost of living in Malaysia, which stands at just USD1,066 (approximately RM4,850). With a cost of living index of 22.9 and a GDP of USD 481.9 trillion (approximately RM2,192.6 trillion), Malaysia offers an attractive option for retirees. The report highlights that retirees can comfortably manage their expenses with an average monthly expenditure of slightly over USD1,000 (approximately RM4,550).
A summary of the study featured on NASDAQ, a prominent American financial services corporation, states that an increasing number of Americans are considering retirement options outside their own country. The appeal of retiring abroad lies in the affordability of living costs and the enriching cultural experiences that living in a foreign country can offer, as noted in the study.
To compile the comprehensive list, GOBankingRates gathered data from reputable sources such as the United Nations Pacific-Asia Region Group and the gross domestic product (GDP) data from WorldPopulationReview. Additionally, figures from Numbeo and the Global Peace Index, based on the Institute of Economics and Peace Global Peace Index 2022 Report, were utilized. The study set a minimum global peace index score of 2.0 for a country to be considered eligible for inclusion in the list.
Photo via Malay Mail
Securing the second position on the list, Kuwait boasts an average monthly cost of living of USD1,741 (approximately RM7,922), while Mongolia ranks third with an average of just USD940 (approximately RM4,277).
Here is a complete list of the top 10 countries, along with their respective average monthly cost of living:
Malaysia (USD1,066; RM4,850)
Kuwait (USD1,741; RM7,922)
Mongolia (USD940; RM4,277)
Vietnam (USD1,117; RM5,085)
Indonesia (USD940; RM4,277)
Jordan (USD1,331; RM6,056)
Cambodia (USD1,387; RM6,310)
Oman (USD1,513; RM6,884)
Cyprus (USD1,964; RM8,936)
Nepal (USD684; RM3,112)
The study findings reveal that all 10 countries have a Global Peace Index score below 2.0, with Nepal having the highest score at 1.947.