As living expenses continue to rise in the United States, more Americans are considering moving abroad for retirement. Despite being a native of Southern California, Colleen Kennedy chose to retire in Spain, specifically in Mijas Costa along the Costa del Sol. She found that her cost of living in Spain would be significantly lower than in Los Angeles, allowing her money to go much further. After extensive research and a two-month trip to Spain, Kennedy decided to make the move and is now learning Spanish to fully immerse herself in her new home.
The number of U.S. Social Security recipients living abroad has been steadily increasing, with many Americans considering foreign retirement due to factors such as the strong U.S. dollar making travel and living abroad more affordable. The political climate in the U.S. has also prompted some Americans to consider moving abroad, with an increasing number of individuals expressing interest in living in a different country if needed. While the process of moving abroad can be daunting, many countries welcome retirees with enough financial stability to live without taking a local job.
Forbes recently released a list of the best places to retire abroad in 2024, recommending 96 spots in 24 different countries across four continents. The list takes into account factors such as cost of living, healthcare quality and costs, ease of getting permission to stay in a country, and natural hazard risks. Countries like Albania, Aruba, Austria, and Belize offer appealing retirement options with lower living costs, good healthcare, and a welcoming environment for U.S. retirees.
Moving abroad for retirement requires careful research and consideration of factors such as language barriers, healthcare quality and costs, tax implications, and social isolation. Popular retirement destinations like France, Greece, Italy, and Spain offer expats a rich cultural experience, good healthcare, and a lower cost of living compared to the U.S. While each country has its own requirements for retirees, many offer retirement visas that allow individuals to live in the country permanently after meeting certain financial criteria. Whether seeking a beachside retreat in Panama or a cultural experience in Thailand, retirees have a wide range of options to choose from when considering a move abroad.
