Retiring abroad (2024)

FAQs

What is the cheapest and safest country to retire to? ›

Switzerland tops U.S. News & World Report's best countries for retirement. The rankings consider affordability, healthcare, and quality of life among 89 countries. New Zealand, Portugal, and Australia also ranked high for a comfortable retirement.

Where you retire is completely up to you, but some countries are more convenient, affordable, and friendly to U.S. residents than others. The U.S. The Department of State website regularly updates their country-specific visa requirements and travel advisories, for those curious about moving to specific countries.

“Many retirees want a change of pace or scenery, along with new experiences, and retiring abroad can provide this,” she says. Among the pros of retiring abroad is a lower cost of living, including lower healthcare expenses and financial incentives, to U.S. expats who move there.

The IL Index says a retired couple could live very comfortably on $2,000 a month in Costa Rica. A single person can live on between $1,600 and $2,000 a month.

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.

If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them. However, there are certain countries to which we are not allowed to send payments.

Americans who retire overseas still have tax obligations. Typically, you will have to file a tax return with both the US government and your new host country. You may even have to file a tax return with the US state you used to live in.

Key Takeaways. If you are a U.S. citizen who qualifies for retirement, disability, or survivor benefits, you can generally collect them while living outside the U.S. However, benefit payments cannot be made to recipients living in certain countries, such as Cuba and North Korea.

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.

Why are retirees leaving the US? ›

Some move abroad because they simply cannot comfortably live on a fixed retirement income in the U.S., where the costs of housing and healthcare, especially, are becoming increasingly unaffordable.

You are NEVER too old to move abroad.

However, there are also some things to consider. Because although we actively encourage people to take the leap (we'd be out of business if we didn't), we also know there are some limitations depending on your age and the stage of life you're in.

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.

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.