When it comes to retirement, many Americans dream of moving abroad. After all, these exotic locales may offer the adventure they crave and a chance to explore new cultures, languages and scenery. And they can stretch their retirement savings to afford a higher standard of living than they could in the United States.
But it’s important to do your homework before you take the plunge. Before deciding on a specific destination, consider things like the availability of healthcare, banking and taxes. You’ll also want to assess safety concerns and the cost of food, housing and medical services. Plugging in some numbers into our NewRetirement Planner can help you determine whether your pension and savings will cover these expenses in a foreign country.
Mexico, Thailand, Costa Rica and Panama are popular destinations for American retirees thanks to their warm climates, low costs of living and proximity to the United States. But some areas of these countries are unsafe, especially when it comes to drug trafficking and organized crime. So it’s essential to research your options carefully and pick a safe place in the country where you’re thinking about moving.
Ecuador is another top destination, with its tropical weather, beautiful Pacific coastlines and friendly culture. It’s also affordable — according to the expat exchange, a couple can live comfortably in Ecuador for $1,000 a month, including rent. The country is a top destination for ecotourism and boasts an impressive biodiversity.
Colombia has something for everyone, from historic colonial cities to modern metropolises and pristine mountain regions. Its welcoming culture, friendly language and high quality of life also make it an appealing choice for retirees. Plus, its healthcare is relatively inexpensive compared to the United States. And it’s one of the safest places in the world to live.
While some people think of Thailand as a place for partying, it’s actually a great location for retiring. Besides its delicious food, Thailand offers stunning beaches and mountains, a friendly culture and top-notch healthcare at an extremely reasonable price.
The only downside to this gorgeous country is that it doesn’t have an official retirement visa program. But with a little creativity, you can find ways to get around that. For example, if you’re a US citizen, you can apply for a work visa through an employer or open a business there to get the necessary paperwork. But you’ll need to plan ahead since the process can take a year or more. If you’re planning to move, speak to an attorney about your legal options. It’s best to secure your immigration status before you begin the relocation process. Best place to retire in the world