In 2020, American retirees are collecting average monthly Social Security payments of $1,503, or a mere $18,036 for the year.

That's hardly enough to afford a decent life, particularly when seniors are facing out-of-pocket health care costs of more than $13,000 per year.

But what if you didn’t retire in the U.S.? Health care, housing and daily expenses cost significantly less in other countries.

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