Moving to other country having least expensive cost of living is the great idea for retired person to live a better life and saving money. Determining the countries with the lowest cost of living is quite difficult since it demands on number of variables that varies on daily basis. In many cases the countries, with lower standard salaries, high unemployment and an uncertain economy, also have generally least expensive costs of living since low income per capita decreases purchasing power and demand of goods and services as a results prices stay at lowest level and cost of living remains cheap. People from countries with comparatively higher costs of living generally prefer to spend leisure times in countries like these to be able to gather extra benefit of their high buying power but as the cost of forgoing income potential and social security. Sub-Saharan Africa, Central America, and Southeast Asia have lesser opportunity for income or salary growth but these places are quite cheapest to live after retirement.
Cost of living index is prepared by comparing all basic indicators for existence and survival with New York City that means all indicators for New York is at 100% and prices of real estate, grocery, utility, transportation of other countries are compared with it to determine cheapest countries of the world. The cost of living is usually calculated on the basis of prices of basic necessities, particularly food and shelter and doesn’t involved luxuries, just take into account things necessary for existence and survival but estimating figure this way involved big difference in quality standard of goods and services that varies substantially. To put it differently, lowest standards of living leads to least expensive cost of living.
India and Pakistan have world’s cheapest living costs on average that scored lowest index scores but it can be higher in high-density urban areas of the country.
Here we have top 10 cheapest countries in the world with the lowest cost of living.
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