According to the US Census Bureau, just over half of Americans over 65 are living on $30,000 or less every year.
This situation is the reason we created Extended Stay Colombia. It was reported that about 40 % of the 70 million people on Social Security rely on that small monthly check for 90 % or more of their monthly income.
Single people get about $1,900 per month. Married couples if both are receiving benefits can get up to about $3,000 per month.
It is very hard to live a quality standard of living on such a small amount even if you own your own home. If you rent, then 30 to 50 % of your check will go to just paying these super high rents...and then there is still utilities, food, health insurance, cable TV, cell phone...the list goes on and on.
Colombia offers struggling retirees a much higher quality of life. International Living ranks Colombia in the top 10 countries to retire. We think it should be ranked much higher as the most important consideration for most low income retirees is the cost of living.
Numbeo, the largest cost of living data base, ranks Colombia as the 33rd lowest cost of living country in the world out of 146 countries. Colombia has a cost of living index of 30.6 compared to the USA with a cost of living index of 72.9. What that means is lets say you go to the grocery store in the US and spend $72.90. Those exact same groceries in Colombia would cost you about $30,60...less than 1/2.
Extended Stay Colombia offers its large suites with a king or 2 twin beds, a sofa bed, living room, fully equipped kitchen and other hotel-style amenities for about $1,400 per month...that includes ALL utilities, cable TV, free WiFi, 24/7 reception and discounts at the hotel restaurants.
All of our apart-hotels are located close to grocery and drug stores, restaurants, shopping centers and excellent internationally accredited hospitals and clinics for dental, eye and just about every speciality you can think of...and the cost of healthcare is very low in Colombia.
You will need a US Passport or other approved country to enter Colombia. With your US Passport you can stay 90 days and easily get a 90 day extension for a total of 180 days. This is calculated on a calendar year so theoretically you can enter say in July 2024 and stay until December 31, 2024 with just your US passport, then start a new 180 day stay on January 1, 2025.
If you want to stay here permanently, it is easy and low cost to get a Retiree Visa. You only need to show at least $1,000 per month from your Social Security and have healthcare insurance. Medicare will not cover you if you are living outside the US so you will need to get low cost insurance in Colombia. Extended Stay Colombia can refer you to experts who can help you with the VISA, your Colombia ID (cedula) and health insurance.
So really in addition to the $1,400 for your room for the month (that's for 2 adults), your only other expenses are food (figure about $300 per month per person to eat very well including going out to eat often, entertainment and transportation) and very low cost health insurance.
For more info, visit us at Extended Stay Colombia or send us a text on WhatsApp at +57 304 201 3535.
Interested in Buying ?
There are many excellent builders in Colombia who offer programs to international buyers...they do all the paperwork to register your funds and closing on your new apartment or house.
Here is a very low cost option in Rio Negro just outside Medellin where we have our apart-hotel Rio Verde Living Suites.
https://arquitecturayconcreto.com/proyectos/antioquia/manantial-apartamentos/
The apartments will not be delivered until early 2026 as they are under construction...about 538 SF for about $52,000....3 bedroom, 2 bath...
This same company has many other projects...
https://arquitecturayconcreto.com/proyectos/rionegro/
NOTE: We can assist you in this process but we are not affiliated with this company. We are simply showing you some options.
