6 Countries That Make Retiring Abroad (Relatively) Easy (2024)

FAQs

What country is the easiest to retire to? ›

Countries like Portugal, Panama, and Mexico often top the lists for their favorable living conditions, which include affordable healthcare, reasonable living costs, and welcoming communities. These destinations not only offer financial benefits but also feature appealing climates and rich cultural experiences.

Norway is rated one of the top overall countries to retire to, due to its excellent healthcare, strong economy, beautiful scenery, and focus on work-life balance. Financial security, healthcare system, and lifestyle are the most common factors to consider when choosing a retirement country.

Roughly 450,000 Americans have retired abroad, according to the USA Social Security Administration. 38% of them choose Europe as their destination. This is unsurprising, as most countries in the top 27 belong to the EU.

Banyuwangi, Indonesia. Insider Monkey Score: 14 Banyuwangi, Indonesia, emerges as one of the best places to retire with no savings, blending low living costs with mesmerizing natural beauty. With living expenses between $700 to $1,000 a month, it appeals to those seeking an economical retirement lifestyle.

Costa Rica's pensionado visa grants temporary residency to approved applicants of any age who make a minimum income of $1,000 a month, either from a retirement fund or a permanent pension source. Once settled, most retiree couples can live well within the country for as little as $2,000 per month.

American and Canadian governments provide many of the same types of services for people who have reached the age of retirement but Canadian retirees have fewer worries than their American counterparts. They enjoy a more generous retirement system.

Retiring abroad on $1,000 per month doesn't mean sacrificing quality of life. Many countries offer excellent health care, infrastructure and amenities at a fraction of the cost compared to the U.S. The cheapest places to retire abroad include Panama, the Philippines, Portugal, Malaysia, Mexico, Thailand and Vietnam.

Is it better to retire in US or abroad? ›

Key Takeaways. Retirement in the U.S. offers a predictable and familiar lifestyle, and you'll be close to your friends and family. But it can be expensive and lead to a boring routine. Retiring abroad can bring new and exciting experiences, a change of scenery, and a lower cost of living.

Some cons of retiring in Portugal include the slow pace of life, which doesn't suit everyone, bureaucracy and long waiting times, the need to carry cash, no central heating, and relatively low salaries compared to other European countries.

There's No Time Limit For Receiving Social Security Benefits Abroad. Luckily, there is no time limit on how long you can live outside the U.S. and still receive monthly Social Security payments. As long as proof of life documents are signed and returned annually, you'll still get paid.

The lowest cost of living countries are Afghanistan, Pakistan, India, Tunisia and Sri Lanka, based on findings from Data Pandas. Factors considered include housing, utility and food costs, and the affordability of goods and services.