While the average cost of retirement in the United States depends on the state, research by Go Banking Rates reveals that you may need up to a million dollars to live comfortably in the U.S. Unfortunately, most retirees can’t save that much. They might opt to relocate to live on a lower income without interfering with their quality of life.
Retiring in another country also allows you to explore different landscapes and attractions in a foreign country.
Here is a list of 12 countries to retire ranked by their quality of life, health accessibility, per capita income, and other crucial factors.
Norway
Norway is one of the best destinations for retirees looking for a safe environment, political stability, advanced infrastructure, and an unmatched social safety net. The country boasts a growing economy, contributing to its high living standards and quality of life.
Its ultra-modern healthcare system offers comprehensive and efficient coverage. Retirees who enjoy the outdoors and love the multiple activities around that promote an active lifestyle. Many locals speak English, but you’ll find a few that speak Norwegian. With a budget of $2500, you can retire comfortably in areas like Sandnes, Tromse, and Lofoten.
Portugal
Portugal ranks highly as a top retirement destination due to its quality healthcare standards, mild weather, friendly culture, and many attractions. The cities of Porto and Lisbon offer a laid-back lifestyle, friendly people, and delicious food.
The lower-than-average prices for housing, food, and other expenses make Portugal an affordable option for American retirees. Portugal’s healthcare system is impressive; you can access private health insurance for as little as $300 a month. All these factors combined make Portugal a popular choice among retirees seeking a different life abroad.
New Zealand
New Zealand is famous for its high quality of life, friendly locals, and beautiful landscapes. Outdoor enthusiasts will enjoy the vast coastlines, tropical forests, and stunning mountains. Americans find moving to New Zealand easy as English is their primary language.
With a budget of $2,500, you can retire comfortably in this country, covering your rent, utilities, and groceries. The country’s low crime rates also make it a popular retirement destination. New Zealand’s healthcare system is top-notch, and you can access public or private healthcare services, depending on your budget. Private health insurance covers most medical costs, but you can still access public healthcare services at a local hospital for free or at a subsidized rate.
Panama
Panama is a hidden Central American charm with stunning beaches and modern city life. It’s a perfect country for retirees looking for a tropical climate, mountain retreats, and a rich cultural vibe. Living in Panama will cost you approximately $2,500 a month, and you can find comfortable housing in beachfront properties or city condos.
Areas like Coronado and Boquete have lower living costs, and retirees can thrive here with a monthly budget of $1,500. Furthermore, healthcare is easily accessible and of high standards, as most doctors train in the U.S.
Denmark
Denmark should be on your list if you want a country with happy people and a clean environment. Ranked highly for being the cleanest country, Denmark also enjoys a stable political scene, low crime rates, and high living standards.
Its rich culture allows you to blend in easily with the locals. Being a bike-friendly city, retirees will love having an active and healthy lifestyle while soaking in the clean air.
Ireland
Ireland is a native English-speaking country, which makes it easier for Americans to move to for retirement. The country’s natural beauty, welcoming locals, and mild weather make it appealing for most retirees. You can access affordable housing on the Southern Coast that also features stunning mountain trains and plenty of historical sites.
Galway is more bohemian, and you’ll find many restaurants, bars, and a thriving market. Cork County welcomes locals and has mild temperatures for a more urban feel, making it perfect for retirees looking to explore the outdoors.
Mexico
American retirees looking for another home close to home will love Mexico due to its proximity to the U.S., its tropical weather, rich culture, savory cuisine, and vibrant environment, which means you’ll never have a boring day. Mexican locals are friendly and hospitable.
Most expats retire in San Miguel de Allende, Lake Chapala, and Riviera Maya. You can enjoy a comfortable life with a budget of $2,000 a month. While Mexico has known cases of high crime rates, most areas are safe for expats. Mexico has both public and private healthcare. Private healthcare comes at a higher cost but guarantees a better standard of care.
Thailand
Thailand is ranked as one of the best countries to retire in Asia. The locals are welcoming, and you’ll love the country’s rich culture and amazing cuisine. With a budget of $2,000 a month, you can find a cozy home and afford transport, food, and utilities.
Apart from its low cost of living, Thailand also has a great healthcare system. Most doctors speak English, and you can access inexpensive healthcare with local private insurance. Popular cities in which to retire include Koh Phagan, Phuket, Bangkok, and Koh Samui.
France
Although Paris is one of the most expensive cities to visit in Europe, retiring in France is surprisingly affordable. With a monthly budget of $2,200-$2,700, you can comfortably live in areas like the Dordogne region, which has a rich cultural history, an enviable countryside lifestyle, and fresh gourmet cuisine. Other regions like Lourgs, Cotignac, and Carces offer fine living on a budget, making them favorable retirement destinations.
Apart from France’s world-class cuisine and affordable housing, many retirees enjoy the top healthcare system. You can apply for healthcare coverage after residing in France for three months. Additionally, terminal illnesses such as Alzheimer’s and Cancer are covered fully during the duration of the disease.
Greece
Greece is known for its remarkable hospitality, healthy lifestyle, and unmatched beauty, making it a top destination for retirees. Its Mediterranean climate, breathtaking islands, and unique cuisine of fresh produce are some reasons most people choose to retire to Greece.
With $2,000 a month, you can live comfortably in Athens or Thessaloniki. Healthcare facilities are advanced but are more common in populated areas. You’ll also need to have health insurance to access their services. The Greeks are friendly and welcoming.
Most of their time is spent outdoors, chilling at a restaurant or having coffee. Greece has plenty to explore, from art exhibits, dance classes, live music events to poetry slams; you’ll be spoilt for choice.
Spain
Spain remains a popular retirement destination thanks to its favorable climate, unique cultural experiences, and high quality of life. The European gem enjoys close to 300 sunny days annually, perfect for those looking for a tropical climate. Additionally, the cost of living is fairly reasonable. You can sustain a comfortable lifestyle in regions like Valencia with a monthly budget of $2,000-$3,000.
Food also comes at a lower cost, and you’re guaranteed to find plenty of fresh produce, lowering the cost of living. Spain’s healthcare systems are advanced; you can access private insurance for as little as $100 monthly. You’ll also love the historical landscapes, vibrant art scene, and stunning architecture in Barcelona, Madrid, and Valencia.
If you’d rather chill at the beach as you sip on some drips, Andalucia has some pristine beaches to explore. Spain boasts the perfect balance between exploration and relaxation, making it a fantastic choice for retirees.
Colombia
Colombia should be on your list if you’re looking for a perfect blend of cultures, nature, and plenty of activities and places to explore. The country has a unique combination of cultures that exposes you to different people’s way of life, food, and lifestyle. Enjoy its Amazon rainforest, sunny beaches, cool mountains, and charming colonial towns.
Retiring in Colombia is perfect if you love traveling from one region to the next. Cities like Cartagena, Bogota, and Medellin have developed healthcare systems. Living in Colombia is also affordable, and you can survive comfortably in affluent neighborhoods in Cartagena, which cost $1500 per month and $1,000 per month in Bogota. One thing to note is that you may need to learn Spanish, as Colombians speak little to no English.
Retiring in a foreign country is an exciting adventure as you experience a different culture, weather, improved quality of life, and affordable healthcare services. Take time to research your ideal retirement place based on your budget, preferences, and lifestyle choices.
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