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06/19/2013 03:29 pm ET Updated May 14, 2014

Retire Overseas Cheap: 6 Places Where You Can Retire On $1,250 A Month Or Less

Retiring overseas may seem fanciful, but the low cost of living in many foreign countries makes a home abroad seem more manageable. Don't take our word for it -- Live and Invest Overseas, an online publication devoted to helping those interested in living abroad, has a list of the six best places to retire on $1,250/month or less. (They also published a list of the 21 best places to retire in 2013 on Tuesday.)

While Live and Invest Overseas' Retirement Index notes you can easily spend more than $1,250/month in any of these locations, those looking to live simply (and not like they're on vacation) will get by just fine in the following six best places to retire overseas for cost (example budgets were provided by Live and Invest Overseas).

1. Cebu, Philippines

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Island life with a low cost of living is the retiree dream, no?

Rent: $450
Basic groceries for a couple: $200
Electricity: $30
Water: $10
Gas: $10
Cable: $30
Internet: $40
Landline phone: $10
Entertainment: $250
Total: $1,030

2. Chiang Mai, Thailand

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When you retire to Thailand, an added bonus is the access to high-quality, low-cost hospitals that have made the country a hub for medical tourism.

Rent: $400
Basic groceries for a couple: $250
Electricity: $35
Water: $5
Gas: $5
Cable: $20
Internet: $20
Landline phone: $10
Entertainment: $250
Total: $1,000

3. Cuenca, Ecuador

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Gorgeous weather and affordable real estate are just some of the draws of living in Cuenca.

Rent: $450
Basic groceries for a couple: $300
Electricity: $40
Water: included with electricity
Gas: $5
Cable: $30
Internet: $35
Landline phone: $20
Entertainment: $320
Total: $1,200

4. Granada, Nicaragua

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An estimated 1,000 expatriates live in Granada, and a majority of them are retirees, writes Viva Tropical.

Rent: $300
Basic groceries for a couple: $175
Electricity: $40
Water: $7
Gas: $15
Cable: $20
Internet: $45
Landline phone: included with Internet
Entertainment: $150
Total: $752

5. Hoi An, Vietnam

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Having what is considered to have some of the best weather in Southeast Asia, the low cost of living and gorgeous coastlines are drawing budget-conscious and adventurous retirees.

Rent: $550
Basic groceries for a couple: $150
Electricity: $50
Water: $20
Gas: $5
Cable: $30
Internet: $15
Landline phone: $5
Entertainment: $250
Total: $1,075

6. Medellin, Colombia

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Culturally rich and pleasant, Medellin rounds out this list of affordable retirement cities. It also has more going for it than being a retirement haven: it was recently named the "Innovative City of the Year" by Citi and the Marketing Services Department of the Wall Street Journal.

Rent: $550
Basic groceries for a couple: $250
Electricity: $90
Water: included with electric
Gas: included with electric
Cable: $20
Internet: $45
Landline phone: included with Internet
Entertainment: $300
Total: $1,255

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