People are now choosing to spend their later lives in affordable countries with a less expensive type of lifestyle. Other factors retired seniors look for when choosing a country to spend their golden ages in. The availability of Medicare coverage is not a provision in most countries, especially abroad. The tax implications are also considered especially when you retire in countries such as France instead of Florida.
Many people are now looking to spend their retirement benefits wisely, hence knowing which countries will be the most favorable to them. Other factors that determine what country people are mostly retiring include healthcare costs, visa obtaining and property owners in the country, the cost of living, and the simplicity of getting assimilated into the culture and lifestyle of the place and people.
Abroad is attracting more people since they have realized a strategy that helps them live comfortably and luxuriously while on the retirement road. There are retirement index ratings that rate countries as per the type of life in healthier and happier lives. Even the amount of money spent is less or a lot—examples of the top countries for Americans to retire:
Portugal
- Has 86 points out of 100.
- The cost of living is about $2500 per month.
- This country is well known for its welcoming locals and the relationship between them and visitors.
- Cities of interest to most retirees are Cascais, Porto, Lisbon, and Algarve.
- Some of the attractive features include beaches, a beautiful Atlantic coastline, warm and sunny weather, stability, and safety.
Panama
- Has an overall of 85 points out of 100.
- The living cost is averagely around $2600.
- Panama is one of the cheapest countries to retire.
- It also has affordable quality medical services, and the cost of healthcare services is inexpensive.
Costa Rica
- Has a retirement index rating of 85.5 out of 100 points.
- The average expenditure per month is around $2000.
- This country offers peaceful and simple living.
- It also has a mild tropical climate, fantastic to do water activities.
Mexico
- Has an average score of 83.8.
- The average expenditure per month is $1500 to $3000, depending on the city and its location.
- It has a rich culture and a very delightful life.
- Climate and landscape diversity allow retirees to decide between mild temperatures locations in the central part of the country, coastal living with hotter temperatures in the Southeast and southeastern parts of the country, or dry desert weather in low California, close to the US border.
- The cost of living is also affordable.
Colombia
- Receives an average of 83.4 out of 100 points.
- The living expenditure is around $1030 to $2720, depending on the location.
- Colombia was mostly quoted for being richly diverse.
- It has attractive natural features such as mountains, seas, and big cities.
- The living costs were also low.
Ecuador
- Had an average of 82 points out of 100.
- The cost of living is average of $1800.
- This country is well known for the historical sites and a favorable stable climate.
- The country also offers discounts to retirees, trips to the Galapagos, adventures to the Orinoco jungle, and mountain living with cooler temperatures by the Cotopaxi.
Malaysia
- Had an average of 81.9 out of 100 points.
- The living expenditure is average of $1800.
- Some of its cities have very affordable living costs.
- It is known for the perfect cuisines and comfortable islands and beaches.
Spain
- Had an average of 76.8 points out of 100.
- The cost of living ranges around $2500, and one can live on that budget in most locations.
- Spain is considered an excellent retirement option due to affordable living, affordable restaurants and cafes, inexpensive medical costs, and rich cultures.
France
- Had an average of 76.4 points out of 100.
- The cost of living is approximately under $2500 in locations like Paris and Lyon.
- Has museums, world-famous artworks, and theatres.
- They also have good wine and cheese.
Vietnam
- Had an average of 76 points out of 100.
- The living expenditure is around less than $1500 in certain specific cities such and Hanoi and
- Ho Chi Minh City.
- Has extremely affordable living expenditures
- Cheap food and transport services
The retirement index values were given after research was done while considering various factors in all countries globally. The data was collected from retirees who have experienced the lifestyle in particular countries and different cities. Their reason for moving into those counties was also considered, and the data compiled. The countries were ranked depending on the following categories.
Housing
The foreign real estate prices and the costs of renting a house in each of the countries were analyzed. The cost and affordable living and buying a home were also determined during the research. The prices of luxurious living were also assessed, such as condos and modern buildings with modern features and facilities. The property-owning taxing values and limits and regulations on owning property in the countries were also asked. The investment opportunities and returns from rentals and capital returns were also of concern to make the decisions on the global index data.
Benefits and Discounts
There are countries in which retirees get retirement benefits. Some of the expected benefits were analyzed. The significant factors of interest were if the retirees got any discounts on living expenses such as food, electricity, flight costs, and public transport.
Visas and Residence
The requirements and ease of becoming a citizen in a country were factored in this category. The rules that dictate acquiring permanent property by retiring couples who are moving in were considered here. The taxing of any income-generating activities from the retiree’s initial countries was also considered in the rating. Finally, the special residence offers that retirees get.
Assimilation and Entertainment
The relationship between the locals and ex-pats was analyzed and not only considered their nature of making friends. Other considerations made were if they made the visitors feel welcome and at home, the freedom to choose ones American type of comfort while in the foreign country, how the foreigners quickly adapted or had difficulty in fitting into the cultural activities, the activities one can take part in and engage in for entertainment purposes. This also included factors like attractive features and historical features, outdoor activities, and the language used in entertainments such as movies.
Development
The infrastructures and high standards of services such as movie streaming, access to electricity services, and home calls were also used to determine the indexes. The quality of roads and transport systems was also factored in this category.
Climate
Some people move abroad to avoid the extreme climates in their initial residential areas. Finding favorable weather while considering the rainfall, sunshine, and humidity were all used to determine these values.
Healthcare
Here the factors such as getting health care services and other medical services such as surgeries. The availability of good facilities and professional doctors to offer healthcare services was of concern since most retirees require sustainable healthcare.
Governance
Expats were also asked about their freedom in the new counties, the bureaucracy, and offering a stable and safe environment for them to enjoy a comfortable retirement golden years. The banking services are also considered in this category.
Opportunity
The availability of opportunities to invest and make money. Retirement does not mean they stop making money, and countries should provide retirees with methods of getting more income and assets. Employment opportunities and freelancing jobs are also significant in these categories. The support from local authorities to upcoming businesses and the economy of the country were also factored in.
Cost of Living
The international cost of living expenditure should not be expensive to be considered suitable for retirement. Most retirees are looking for affordable living options, especially those who have not saved enough. The cost of food and other services required in daily life is critical in the monthly budget estimates given.
Laila Azzahra is a professional writer and blogger that loves to write about technology, business, entertainment, science, and health.