No matter where you want to retire, saving for retirement throughout your life is a crucial part of your financial health. The average retirement account balance in the U.S. was around $201,300 in 2013, according to the Federal Reserve. In addition, retired Americans receive about $2,687 a month in Social Security Benefits (as of 2017). Due to the lower cost of living in the Philippines, meeting these amounts can cover the average annual cost of $18,000 to retire here. Again, living more modestly in retirement will help your money last longer. You can also choose to save more towards your retirement so you can afford a bigger house or more fun excursions.