As
luxurious as it sounds, retiring abroad can often make a lot more
financial sense than living out your golden years close to home.
Deciding where to lay down roots outside of the U.S. is the tricky part.
Each year, International Living Magazine releases its Global Retirement Index to
help point retirees in the right direction. The survey relies on a
combination of first-person accounts from their legion of international
correspondents and editors, as well as data from the World Bank and the
World Health Organization. Countries are ranked based on a range of
factors, including real estate, cost of living, ease of fitting in,
health care costs/quality, infrastructure, and climate.
For the full index, which ranks 25 countries, check out the report here. We’ve highlighted the top 10 below:
10. Thailand
(Last year’s rank: 10)
With its low cost of living and wide array of entertainment and arts offerings,
Thailand has long been a popular destination for American expats.
According to International Living, North American influences in major
cities like Bangkok and Chiang Mai make it easy to feel right at home
(many of the locals speak English). And the cost of living is so low
that a couple could live comfortably on $1,500 a month, which would
include housing. A routine doctor’s visit costs around $30 and you can
find a decent health insurance package for $300 a month.
9. Portugal
(Last year’s rank: No. 15)
Portugal
cracked the top 10 this year, owing to its great climate (warm and
sunny in the south and cooler up north), low cost of living, strong
infrastructure, and proximity to Spain. “English is widely
understood, especially in the large cities, and—combined with the warm
Portuguese hospitality—makes it easy to settle in and feel at home,
whether you prefer sophisticated urban environments like Lisbon or one
of Portugal’s many beach communities,” says International Living.
8. Colombia
(Last year’s rank: No. 6)
Colombia
is one of the most affordable countries on this year’s index; a couple
could live comfortably on just $1,200 a month, according to
International Living. But it’s truly establishing itself as a haven for
expats looking for excellent health care on the cheap. Its first-rate
medical facilities have attracted a booming expat population in major
cities like Bogotá and MedellĂn, according to IL contributing editor
Michael Evans. The South American country's biodiversity is a huge draw
for foreigners as well. “Colombia is the second-most biodiverse country
on the planet. It has beaches, jungles, deserts, and a few steamy
volcanoes,” Evans says. “You’ll never get bored.”
7-6. Spain & Malta (Tie)
[Last year’s rank: Spain (5) and Malta (7)]
Spain
is one of the more expensive European destinations, but it still has
one of the lowest costs of living on the Continent. A couple could live
well in Spain on about $2,600 per month, including rent, according to
IL. It tied with Malta this year. For what the small island nation lacks
in size, Malta makes up for in year-round sunshine, excellent health
care and low crime rates.
5. Costa Rica
(Last year’s rank: 4)
.
Costa
Rica earned top marks this year for its low cost of living,
entertainment/arts offerings and the ability of expats to fit in with
the locals. It helps that a lot of locals speak English and the
tourist-friendly country is used to outsiders.
4. Malaysia
(Last year’s rank: 3)
Malaysia
is a great base for expats looking to travel throughout Southeast Asia
while still living comfortably. Cost of living is about $1,500 a month
for a couple, according to IL, and public transportation is ubiquitous
enough that cars aren’t necessary. A basic doctor’s visit costs about
$15. It’s the highest-ranking Asian country on this year’s index.
3. Mexico
(Last year’s rank: 7)
Mexico
took a big leap this year, sailing into the top 3. It’s a great
starting point for Americans looking to test their travel skills abroad
without moving too far from home. Its proximity to the U.S. is a major
plus, not to mention the fact that it’s relatively easy to find familiar
brands and services there. “In Mexico I can get almost anything I
could get back home, between the U.S. chain stores and the local shops
and markets,” says International Living editor Glynna Prentice. Prices
are so low that a week’s worth of groceries can cost as little as $15 to
$20 and property taxes are quite low as well, for those who consider
buying.
2. Panama
(Last year’s rank: 1)
Panama
slipped from the top spot this year, but it’s still the second-best
place to retire, according to IL. The benefits for expat retirees are
probably the country’s biggest draw. Panama offers something called a Pensionado visa,
which provides any foreigner who can prove they receive income from a
lifetime pension or Social Security of at least $1,000 a month the
ability to live there indefinitely. The visa also comes with some pretty
sweet discounts — 20% off medical services, 50% off entertainment, 25%
off restaurant meals, 25% off airfare, and 25% off electricity and phone
bills.
1. Ecuador
(Last year’s rank: 2)
Like Panama, Ecuador really caters to the expat retiree community. Seniors
(65 and over) can easily get discounts on flights originating in
Ecuador and as much as 50% discounts on movies and sporting events. That
discount also applies to public transport (50%) and utilities. On top
of all that, it’s a pretty cheap place to live, costing the average
couple about $1,400 per month.
Culled from Yahoo Finance
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