Retirement opens the door to a brand-new chapter — and for some, that means it’s the perfect time to switch up the scenery too.
A Harris Poll found that 26% of boomers and 35% of Gen Xers were considering moving abroad within the next two years. (1)
It’s tough to say how many retirees will actually take the plunge, but the dream of moving abroad is clearly growing. Here’s why so many older Americans are imagining their golden years in another country.
The top reasons many Americans cite for retiring abroad are the lower costs of living, lower crime rates, better political stability, cheaper health care services and potential tax savings, according to Global Citizen Solutions. (2)
A whopping 86% of Americans were seeking a lower cost of living while considering moving abroad, according to the Harris Poll. After all, the United States is the ninth-most expensive country to live in, according to Wise’s cost of living index. (3)
As for health care costs, the U.S. tops the list. Per capita health care costs in the country were $13,432, nearly 40% higher than Switzerland which ranks as the second-most expensive developed country for health care costs, according to Peterson-KFF. (4)
Between political tensions and rising crime, it’s no wonder some retirees are rethinking life in the U.S. Every year, more seniors head overseas — and according to Global Citizen Solutions, some destinations are becoming especially popular with this new wave of expats.
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Global Citizen Solutions evaluates countries across key factors — including cost of living, safety, health care, taxation, and geopolitics — to identify the best destinations for Americans seeking to retire abroad.
According to this analysis, the top five destinations for expat retirees include Mexico, Uruguay, Costa Rica and Portugal. However, the top destination for retired American expats was Spain.
Spain scores a perfect 100 on the Global Citizen Solutions’ Retirement Index. Not only is Spain relatively warm and beautiful, it’s also affordable for American expats. The report finds that on average monthly expenses can range from $2,000 to $2,500.