As retirement approaches, many of us fixate on domestic choices. But what if we told you that some of the most cost-effective places to retire aren’t in your backyard? Your golden years could be spent in an international jurisdiction with abundant living arrangements and novel experiences.

GOBankingRates recently compiled a list of 15 countries that offer the cheapest retirement living among 131 nations, as per an online pricing database, Numbeo. The nations’ affordability was analyzed based on four primary cost metrics, compared against those of New York City.

• Cost-of-living index: Which integrates local goods, services, transportation, and utilities costs.
• Average rent: Reflecting the typical rental fees in the country.
• Groceries index: Showcasing typical grocery prices within the country.
• Local purchasing power index: Analyzing the relative purchasing capability of the inhabitants; higher indices equate to increased purchasing power.

Holistic quality-of-life parameters were also evaluated:

• Healthcare index: Estimating the caliber of the healthcare system, practitioners, equipment, and the associated costs.
• Safety index: Indicating country safety on a scale from 0-100, with higher values suggest a secure environment.
• Peacefulness index rank: This ranking denotes the serenity in a particular country.

GOBankingRates’ research underscores the 15 economies where retirement would be most economical. These destinations are detailed below, with the most cost-effective venue rounding off the list.

Amidst this attractive affordability, these countries offer comparatively budget-friendly healthcare, public safety, and other living amenities—outstripping even certain economical U.S. retirement spots.

15. Germany

• Cost-of-living index: 62.9
• Purchasing power index: 107.6
• Grocery cost index: 50.9
• Healthcare quality index: 71.9
• Safety index: 62.4
• Average rent: $785
• Peacefulness index rank: 17

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In the Ninth Spot: Poland

• Cost-of-living index: 38.6
• Purchasing power index: 64
• Grocery cost index: 30.8
• Healthcare quality index: 57.6
• Safety index: 70.8
• Average rent: $536
• Peacefulness index rank: 24

Eighth Place: Romania

• Cost-of-living index: 37.4
• Purchasing power index: 52.5
• Grocery cost index: 32
• Healthcare quality index: 56.5
• Safety index: 68
• Average rent: $311
• Peacefulness index rank: 25

Seventh: Austria

• Cost-of-living index: 66
• Purchasing power index: 91.2
• Grocery cost index: 58
• Healthcare quality index: 77.2
• Safety index: 72.7
• Average rent: $721
• Peacefulness index rank: 6

Ranked Sixth: Croatia

• Cost-of-living index: 46.7
• Purchasing power index: 56.2
• Grocery cost index: 39.5
• Healthcare quality index: 63.9
• Safety index: 75.4
• Average rent: $406
• Peacefulness index rank: 17

#5: Malaysia

• Cost-of-living index: 35
• Purchasing power index: 65.7
• Grocery cost index: 36.7
• Healthcare quality index: 70
• Safety index: 47.1
• Average rent: $305
• Peacefulness index rank: 23

Fourth: Japan

• Cost-of-living index: 64.6
• Purchasing power index: 100.4
• Grocery cost index: 66.5
• Healthcare quality index: 80.3
• Safety index: 76.9
• Average rent: $604
• Peacefulness index rank: 12

In Third Place: Portugal

• Cost-of-living index: 45.3
• Purchasing power index: 51.7
• Grocery cost index: 36
• Healthcare quality index: 71.5
• Safety index: 68.5
• Average rent: $703
• Peacefulness index rank: 4

The Runner-Up: Slovenia

• Cost-of-living index: 50.8
• Purchasing power index: 61.7
• Grocery cost index: 43.9
• Healthcare quality index: 65.3
• Safety index: 75.8
• Average rent: $496
• Peacefulness index rank: 5

The Champion: Czech Republic

• Cost-of-living index: 48.9
• Purchasing power index: 71.8
• Grocery cost index: 40.7
• Healthcare quality index: 75.5
• Safety index: 73.4
• Average rent: $640
• Peacefulness index rank: 9

Jordan Rosenfeld contributed to the reporting for this article.

Methodology: For this study, GOBankingRates selected measures of affordability, as well as quality of life and safety. GOBankingRates began by analyzing 131 countries’ (1) overall cost of living index score for each country, (2) local purchasing power, which measures the local buying power of typical incomes, (3) groceries cost of living index score, (4) healthcare quality index score and (5) crime index score. Then, by analyzing 422 international cities for which complete data was available, GOBankingRates found each country’s (6) average monthly rent. To calculate this figure, GOBankingRates first created monthly rent estimates for all countries by averaging the mean costs of (a) a one-bedroom residence in the city center and (b) one-bedroom residence outside the city center. Estimates for each country were then created by averaging these rent figures. All data used for these five factors was sourced from Numbeo. Finally, GOBankingRates found each country’s (8) peacefulness index rank from the Institute for Economics & Peace. Each factor was then scored, with overall cost of living index and average rent being weight double, and global peacefulness score being weighted triple. Countries were ranked on their cumulative score. Only the countries with data available for all factors were considered in the final ranking and all countries with a peacefulness score below the “medium” range were excluded. No. 1 is the cheapest country to retire to. All data was collected on and up to date as of January 5, 2023.

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This article originally appeared on GOBankingRates.com: 15 Most Affordable Places To Retire Abroad

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