Want to Retire Abroad? Here Are the Top 3 Spots for Americans.
Key Points
Americans have been leaving the U.S. in record numbers.
Most appear to be fleeing the cost-of-living crisis and divisive politics.
Nearly all of the EU states have reported record levels of American immigrants.
- The $23,760 Social Security bonus most retirees completely overlook ›
In April, U.S. producer prices posted their largest increase in four years, and the inflation rate hit 3.8%. What's more, a recent Gallup Poll shows that very few Americans have faith that the country's deep political divide will be healed anytime soon.
Given the current state of the union, it may come as no surprise that a record number of Americans have decided to leave the U.S. and build a life abroad.
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If you've been toying with the idea of retiring abroad, this list will give you an idea of where other Americans are heading. The following destinations offer a combination of affordability, lifestyle, expat-friendly communities, and excellent access to healthcare in retirement.
Rossio Square in Lisbon, Portugal. Image source: Getty Images.
1. Portugal
There's a score of reasons Portugal has become a darling of American retirees. Not only do Americans get to enjoy the Mediterranean climate, but there's also easy access to the rest of Europe, an excellent healthcare system for retirees, and a tax program that offers incredible benefits.
The cost of living is about 33% lower than in the U.S. Popular areas include Lisbon, Porto to the north, and the Algarve in the south.
2. Mexico
With a cost of living roughly 37% lower than in the U.S. and short flights back to this country, Mexico is a top destination for retirees who also seek a historically rich culture, excellent private healthcare at low cost, delicious cuisine, and diverse climates and landscapes.
Popular areas for U.S. expats include San Miguel de Allende in the central highlands, Lake Chapala, Playa del Carmen, and Puerto Vallarta.
3. Costa Rica
Americans have plenty of good reasons to make Costa Rica home: political stability, universal healthcare (along with affordable private options), stunning biodiversity, a large expat community, and a visa program for retirees.
Add to that the laid-back lifestyle and a cost of living that's 20% lower than in the U.S., and Costa Rica is a retiree's paradise. Popular areas include the Central Valley (the San José area), the southern Pacific Coast, and Guanacaste on the northwestern Pacific Coast.
Other popular destinations
With so many to choose from, it can be tough to determine which country would be best for you. Here are some of the others that Americans now call home:
- Spain
- Panama
- Ecuador
- Greece
- France
- Malaysia
- Colombia
If you have spent years planning for retirement only to find that it's not all you thought it would be, maybe it's a new experience you're looking for. Before making the leap, though, consult with a financial or retirement advisor who can help you tweak your plans to include international living.
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