I can’t believe the reception my last article about where to retire has received! So many people told me they hadn’t considered moving abroad for retirement and were surprised to learn how much cheaper it can be to live overseas.
Don’t worry — I’m not retiring anytime soon. But just like saving for retirement, deciding where to retire takes time, research, and careful planning.
Right after I wrote that article, I came across a video about the top 10 countries to retire in. I did some further research and was pleasantly surprised to find that several of the countries my friends are moving to made the list. I thought you’d like to know which ones so you can start your own research and determine if retiring abroad is right for you.
According to International Living, the top 10 countries to retire in are:
Thailand – With a cost of living around $2,000 per month, Thailand offers a tropical climate, affordable healthcare, an exotic culture, and incredible food. However, it is quite far from the U.S., which may be a drawback for some.
Italy – Living in Italy costs about $2,000–$2,500 per month. The country is rich in culture and history, offers world-class cuisine, and boasts one of the best healthcare systems. It’s also easily accessible from the U.S. and has a mild Mediterranean climate in many regions.
Greece – This beautiful country offers great weather year-round, affordable accommodations, and a large expat community. It has a solid public healthcare system, which can be even better with private insurance. However, if you live in a tourist destination, you’ll have to contend with many visitors.
Malaysia – A cultural crossroads with a low cost of living, pristine beaches, and easy access to other parts of Asia. Its affordability is a major draw, including inexpensive home healthcare.
Spain – A warm and welcoming country with rich culture, a low cost of living, numerous golf courses, and a large expat community. Whether you prefer the beach, a bustling city, a historic castle, or a forest retreat, Spain offers a first-world infrastructure at a much lower cost than the U.S.
France – Dream of living in a charming French town, picking up fresh baguettes each morning, and enjoying wine at night? Outside of the major cities, France offers a relatively low cost of living, an excellent lifestyle, and a strong healthcare system.
Mexico – Perfect for those who don’t want to move too far. Mexico offers great weather, affordable living, a rich culture, and outstanding food.
Costa Rica – Many expats are drawn to Costa Rica for its low cost of living, excellent healthcare, beautiful beaches, lush rainforests, and fine dining.
Portugal – A dream destination with old European charm, affordable living, great weather, and strong expat communities near golf courses and pristine beaches. Portugal is also ranked as having one of the best healthcare systems for retirees.
Panama – Panama offers first-world conveniences at Central American prices. The capital city has all the modern infrastructure you’d expect, while the country also boasts stunning beaches. Retirees can benefit from Panama’s Pensionado Program, which provides significant discounts on living expenses.
I wasn’t surprised by this list because all these countries offer what I previously discussed: a low cost of living, good healthcare, accessible transportation, favorable weather, and large expat communities.
However, personally, I would not choose some of these countries due to security concerns. I would also rule out any country that is too far or difficult and expensive to travel to—I still want to see my kids! Additionally, I wouldn’t feel comfortable in a place where I’m unfamiliar with the culture, and I have to love the food. I tend to get tired of the same cuisine after a few days.
We have a friend who retired to Panama, and she absolutely loves it. We’ve visited her twice and fell in love with the country. Her health has improved significantly thanks to the warm climate, fresh fruits and vegetables, and an active lifestyle.
Another friend is in the process of moving to Thailand. She recently returned from a trip where she scouted places to live, researched healthcare options, and spent time experiencing the culture. She has now received her visa and decided that Thailand is her future home.
Yet another friend has made multiple trips to Portugal to find her ideal retirement spot.
If you’re considering retiring abroad, I suggest starting with a visit. Explore different cities and see what you like. Then, research visa requirements, healthcare options, and cost of living. Finally, find a reputable relocation expert to help with the visa process, housing, health insurance, banking, and other essentials.
As for me? Well, it’s tax season, so I have a lot of work to do. But a girl can dream!
Silene Walters is a CPA, the owner of Walters Accounting Inc in Stillman Valley. When she is not preparing taxes she travels with her husband George and shares her experiences on https://www.facebook.com/dreamoftraveling
