There's a world of opportunity beyond the borders of the United States. For decades, many Americans have looked overseas, seeking both fulfilling and cost-effective retirements. From picturesque beach towns to bustling cultural centers, finding the best place to retire for you depends on a few key factors: your lifestyle, your budget, and your priorities.
In this article, Wealth Enhancement explores eight great places for Americans to retire abroad, and highlights what each place has to offer. But first, the "why": Why do U.S. citizens choose to retire in another country?
Reasons to Retire in Another Country
Retiring abroad offers a unique blend of financial and lifestyle benefits. With lower costs of living, exciting cultural experiences, and diverse climates, expats can unlock opportunities that are difficult to find in the United States.
- Cost of living. Many foreign countries offer a significantly lower cost of living, allowing retirees to stretch their dollars further, especially when considering housing, health care, and daily expenses.
- Health care. Numerous international destinations offer world-class health care, sometimes at a fraction of the costs in the United States. In fact, many destinations are known specifically for this.
- Vibrant lifestyle options. From sleepy beach towns to mountaintop retreats, retiring abroad can provide year-round access to climates and activities that align with your ideal lifestyle.
This mix of affordability, quality health care, and lifestyle options could make retiring abroad a viable—and attractive—option for you. If you're considering retirement in a different country, speak with a financial advisor to understand how it could impact your comprehensive plan.
Here are eight great places worth considering.
8. Retiring in Thailand
Thailand has become a top destination for retirees thanks to its warm climate, low cost of living, and delicious cuisine. Offering an exotic yet affordable retirement option, Thailand's retirement destinations range from the island of Phuket to the mountainous Chiang Mai.
- Low cost of living. Thailand is remarkably affordable, especially outside of Bangkok.
- Health care. Thai health care is known to be among the most effective systems in the world.
- Expat community. As the country increases in popularity, retirees can access support networks and social activities.
7. Retiring in Greece
Halfway across the world, Greece combines panoramic landscapes, rich history, and the renowned Mediterranean climate into a remarkable retirement option.
- Scenic beauty. From ancient historical sites to turquoise beaches, Greece is a visually stunning place to retire. The mild climate is just as beautiful.
- Affordable living & taxes. Outside of main tourist areas, visitors may find that Greece is surprisingly affordable. Additionally, retirees are subject to only a 7% tax rate on all retirement income.
- Golden Visa. The Greece Golden Visa program allows retirees to obtain residency by investing in local property and living in the country for half the year, making long-term settlement a reality.
These benefits, alongside close access to Europe, make Greece a compelling retirement option for Americans who want to travel.
6. Retiring in Uruguay
Known for its stability, safety, and high quality of life, Uruguay is an appealing choice for retirees looking toward South America. Montevideo, the capital city, offers cultural amenities, modern infrastructure, and easy access to the coast, while smaller towns can provide a more relaxed atmosphere.
- Stable and secure. With the lowest crime rate of any country in South America, and a stable government, Uruguay is ideal for retirees seeking security.
- Health care options. Offering both public and private health care services, Uruguay's system is efficient, affordable, and accessible.
- Welcoming. Uruguay is welcoming to foreigners, and offers a retirement visa for international seniors, supporting a well-established expat community.
5. Retiring in Malaysia
A multicultural country in Southeast Asia, Malaysia blends Asian and Western influences with modern amenities and beautiful landscapes. Tropical islands and bustling cities offer a mix of material comforts and opportunities for adventure.
- Low cost of living. Malaysia is known for being budget-friendly, with affordable housing, food, and health care, especially outside of Kuala Lumpur.
- Long-term visa program. The "Malaysia My Second Home" program offers a renewable long-term visa option—but it can be expensive.
- Cultural diversity. With a culture that is significantly different from the United States, retiring in Malaysia can unlock new experiences, alongside many other expats.
4. Retiring in France
France captivates with its historic charm, world-class cuisine, and diverse landscapes. From Paris to the Loire Valley and the French Riviera, retiring in France can afford you access to culture, art, and more.
- Quality health care. France has one of the best health care systems around the globe, which Americans can access through both public and private systems.
- History and travel. With countless famous museums scattered across the country, France offers many opportunities for cultural immersion. And being located squarely within Europe, other countries aren't too far away.
- High standard of living. While living expenses may be higher than many other countries on this list, retirees in France benefit from the country's cultural emphasis on living a good life.
3. Retiring in Mexico
Popular for its proximity to the United States and its diverse range of retirement spots, Mexico provides affordable living with many options for retirees, including Mexico City, which is an increasingly common destination among expats.
- Affordable living and health care. Mexico offers a low cost of living, particularly in smaller towns and cities. Health care is high-quality and widely available, with private insurance being relatively affordable.
- Proximity. Being close to the United States makes Mexico an easier place to retire for Americans who want to stay connected with family and friends.
- Rich options. Mexico's geography and climates vary wildly from one end to the other. Tropical jungles, arid deserts, and mountainous highlands grace the country with a diverse set of retirement cities for retirees.
Mexico's combination of affordability, beauty, proximity to the United States, and strong expat community makes it easy for American retirees to settle there.
2. Retiring in Portugal
Portugal has quickly gained attention as one of the best retirement destinations in Europe. Its warm coastal climate, welcoming locals, and affordable cost of living make it a cherished choice for Americans seeking a viable retirement option in Europe.
- Affordability. Portugal is one of the most affordable Western European countries, offering reasonable health care and dining options. However, prices have risen as the country has become more popular, especially for housing in the big cities.
- Vibrant cities. Lisbon and Porto are common destinations for expats. Cultural opportunities and welcoming communities make it easy for new retirees to fit in.
- Climate and beauty. Situated on the coast of Europe, Portugal offers sunny weather and beautiful views, perfect for retirees seeking outdoor activities.
1. Retiring in Costa Rica
Topping the list is Costa Rica. Thanks to its natural beauty, friendly locals, and laid-back, "pura vida" lifestyle, Costa Rica pairs unparalleled quality of life with lush rainforests and sandy beaches.
- Health care quality and affordability. Costa Rica's public and private health care systems are known for being both high-quality and affordable.
- Stable and welcoming. Costa Rica is a safe environment for expats and features a government that is friendly towards foreign residents. The "Pensionado" visa option offers permanent residency to retirees with regular income.
- Natural beauty. With easy access to both the Pacific and Caribbean coasts, Costa Rica boasts an environment rich with outdoor activities and eco-friendly opportunities.
