If you’re nearing retirement age, you might be looking to get out of the United States. People have many reasons for leaving the U.S, whether it’s personal affordability, politics, economic fears or simply a change of scenery.
Earlier in May, GOBankingRates spotlighted the 15 most affordable places to retire abroad. But there’s more to choosing a place to live than just costs, especially if you have the money to retire comfortably.
Top 10 Places To Retire Outside of the US List
1. Lisbon, Portugal
Consider Lisbon, Portugal, if you want beaches, moderate weather, watersports, and golf (combined with historic buildings and a tranquil way of life). It’s the kind of place where you can retire and spend every day feeling like you’re on vacation.
For retirement, you can obtain a Golden or D7 Visa and gain access to public healthcare. For more coverage, you can even upgrade to a private plan.
2. Salinas, Ecuador
Another famous vacation destination, Salinas, Ecuador, is an excellent place to settle down in retirement. The South American coastal town’s tourist industry is growing, resulting in a plethora of stores, restaurants, and bars.
Salinas is so slightly more expensive than other Ecuadorian cities, although it is still less expensive than most cities in the United States. Furthermore, every resident has access to public health insurance, as well as private plan options.
3. San Jose, Costa Rica
Costa Rica is around 30% less expensive than the average metropolis in the United States, making it ideal for retirees on a fixed budget. To qualify for a Pensionado Visa, you must have a monthly retirement pension of at least $1,000.
The moderate climate, with temperatures regularly in the 70s and 80s, appeals to retirees. If you wish to live an urban lifestyle in retirement, San Jose, the capital city, may be the finest option.
Is there a disadvantage? As an ex-pat, you must pay for public healthcare, but you can also enroll in a paid private plan. For your money, you’ll get access to what Savoteur describes as “the best healthcare in Latin America.”
4. Mykonos, Greece
To obtain residency in Greece as a US ex-pat, you must provide proof of current medical insurance and a monthly income of at least 2,000 euros per month (or at least 24,000 euros in the bank). In addition, you will have to pay income tax on investment income obtained in Greece.
However, the culture, gastronomy, and proximity to beaches and watersports make retiring on the Aegean Sea well worth it. If you enjoy spending time outside in your retirement, Athens, Greece, has been named one of the “top 5 sunniest cities in all of Europe,” according to International Living.
5. Shanghai, China
Consider Shanghai if you’re willing to consider something completely different, and affordability and low crime rates are high on your list of “must-haves” in retirement. According to Savoteur, housing is 45% cheaper than in the United States. According to Corporate Vision News, which named China as one of the top six places in China to retire, you’ll just need $1,000 per month to meet all of your living expenses and enjoy retired life in the city.
Healthcare in larger cities is comparable to that found in the United States, although the public healthcare system is available to all inhabitants, even ex-pats. However, keep in mind that you will lose access to free internet, and living in China offers a radically different way of life.
6. Cuenca, Ecuador
Cuenca, Ecuador, is a lovely historical city in the Andes Mountains. It is well-known for its pleasant temperature, low cost of living, and diverse cultural history. The city’s easygoing and laid-back atmosphere makes it an appealing option for retirees. Ecuador’s public healthcare system is provided to all inhabitants, while private healthcare options are available for individuals who want to supplement their coverage.
7. Penang, Malaysia
Penang, Malaysia, has a distinct combination of natural beauty, cultural richness, and modern facilities. The island is well-known for its lively street food culture, ancient architecture, and beautiful beaches. When compared to many Western countries, retirees can enjoy a high standard of living at a lesser expense. Malaysia has a comprehensive healthcare system that includes both public and private choices, delivering high-quality medical care for retirees.
8. Medellin, Colombia
Medellin, Colombia, has transformed dramatically in recent years and has emerged as a popular retirement location. The city has a good temperature, stunning mountain views, and a vibrant cultural scene. Medellin’s low cost of living allows retirees to live comfortably without breaking the bank. The city’s healthcare system is regarded favorably, with both public and private institutions available.
9. Chiang Mai, Thailand
Chiang Mai, Thailand, is well-known for its rich history, lively festivals, and magnificent temples. The city has a laid-back lifestyle, low living prices, and a friendly expat community. Retirees can immerse themselves in Thai culture, visit local markets, and eat great food. Thailand’s healthcare system is well-regarded, with outstanding medical facilities and cost-effective healthcare options.
10. Algarve, Portugal
The Portuguese Algarve region is famous for its attractive coastal villages, beautiful beaches, and year-round weather. Because to its relaxing atmosphere, outdoor activities, and high-quality healthcare, it is a favorite retirement destination. In comparison to other Western European countries, the cost of living in the Algarve is comparatively low. Residents have access to Portugal’s public healthcare system, while private healthcare options are available for individuals seeking additional services.
If you are considering retiring abroad, it might be worth it to plan a few vacations to different cities across the world. See if you enjoy the culture and climate before choosing a country based on costs alone.
This article originally appeared on GOBankingRates.com: Boomers Prefer To Retire Abroad: Top 5 Places To Retire Outside of the US
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What is the best place in the world to retire?
Mostly in Europe, but also New Zealand and Australia are among the nations Natixis selected as safe places to retire. The top three countries in the rankings are Norway, Switzerland, and Iceland, which all have life expectancies of 83 years, compared to 77 in the United States and 72 globally.
Where do the happiest retirees live?
Captiva Island, Fla. Florida is a popular retirement location due to its pleasant climate and good tax status. Many of our favorite retirement communities in Florida are located along the Gulf Coast, including St. Petersburg, Sarasota, and Punta Gorda.
What is the most stable country to retire to?
Switzerland is a small country in Central Europe that is one of the wealthiest in the world. Switzerland is a good country for a comfortable retirement due to its economic stability, well-developed public health system, low corruption, attractive tax environment, and safety.