Overseas Retirement Plan 2024: The COVID-19 epidemic caused an estimated 2.4 million Americans to retire early and increased our fear about our financial stability, which caused us to reevaluate our priorities.
Due to employment instability, some individuals retire early; others want to work longer in order to make up for using their retirement funds amid job losses brought on by pandemics.
Some may discover that travelling abroad offers a well-balanced and reasonably priced way of living in their golden years. International Living magazine, a monthly subscription-based journal, has listed the top retirement destinations abroad for 2024.
In these seven criteria that are significant to retirees, International Living averaged scores:
- Accommodation
- Benefits and visas
- Living expenses
- Affinity rating, or how simple it is to blend in and form friends
- Medical attention
- Development and leadership
- Weather
You won’t be by yourself if you travel abroad. As of December 2022, the Social Security Administration had issued over 450,000 benefit checks to retired workers living abroad.
It’s vital to remember that you should check with the State Department for any significant health and safety advice if you want to retire overseas in the near future.
Overseas Retirement Plan 2024: Countries to consider
The top ten rankings for 2024 by International Living, together with their ratings and comments on countries for overseas retirement plan 2024, are included below. Look through and see if any catch your eye.
10. Colombia
- This nation’s average index score is 74.71.
- The category in which this nation performed best was: Living expenses (98)
Colombia boasts more naturally diversified landscapes than most other places on Earth, including sections of the Amazon rainforest, the Andes highlands, and coasts on both the Pacific and Caribbean seas.
With a population of 49 million, most people live in the north and west of the nation, which is twice the size of the state of Texas in the United States. You may enjoy coastal life, the welcoming metropolis of Medellin, or tiny mountaintop communities brimming with Spanish colonial grandeur thanks to the country’s lax residence restrictions.
9. France
- This nation’s average index score is 74.85.
- This nation excelled in the development and governance category (88).
France offers retirees a magnifique existence. Paris, the expensive city that is home to the Eiffel Tower, the Louvre Museum, and the Arc de Triomphe, is a romantic destination with hundreds of museums, galleries, historic monuments, café culture, and highly regarded food. Or, according to specialists like Live and Invest Overseas, you may choose from a range of lifestyles and living expenses from the Mediterranean beaches of the French Riviera to tiny Provence hamlet.
Nearly the size of Texas, France is home to 69 million people. Rents are typically around one-third lower than in the United States, and health care is excellent.
8. Malaysia
- This nation’s average index score is 75.71.
- The category in which this nation performed best was: Living expenses (96)
With a population of 34 million, this nation is somewhat bigger than the US state of New Mexico and experiences year-round tropical weather similar to that of Florida. Rather than hurricane season, you should be aware of monsoon season, which, depending on where you reside in the nation, lasts from April to October or from October to February.
Whether you choose to live on the island in George Town, the capital of Malaysia, or in Johor Bahru, which is close to Singapore, you’ll discover friendly locals and a “world-renowned foodie haven,” according to Live and Invest Overseas.
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7. Greece
- The nation’s average index score is 77.
- The category in which this nation performed best was: Affinity score of 86
Greece is somewhat smaller than the state of Alabama in the United States and is renowned for its historic marvels and magnificent scenery. With a median age of 46 and a senior population percentage of around 23%, the area is home to over 10.5 million people, many of whom are older.
Thanks to a thriving tourism economy, many people speak English and temperatures range from the high 50s to the mid-90s. Although living expenses differ from island to island, Live and Invest Overseas states that “about $1,500 a month should be enough for a couple to live comfortably in Mediterranean paradise.”
6. Ecuador
- This nation’s average index score is 77.42.
- The category in which this nation performed best was: Living expenses (91)
In the northwest corner of South America, Ecuador is a cheap destination with year-round T-shirt weather and sandy beaches. It is located facing the Pacific Ocean and exactly on the equator. Moving higher into its mountains will bring you into colder climes.
Even at almost 9,000 feet above sea level, its crowded city Quito is too warm for snow to fall, and its regular rains don’t require shovelling.
According to the CIA World Factbook, Ecuador, a country of 17 million people, is slightly smaller than Nevada and utilises the US dollar as its currency. You may visit beaches, trek through the Amazon jungle or the Andes highlands, or see Incan and colonial buildings.
5. Spain
- This nation’s average index score is 79.71.
- The category in which this nation performed best was: Rating of affinity (89)
Travel publishers claim that this Iberian Peninsula nation in the southwest corner of Europe, with its 3,000 miles of coastline lining the warm Mediterranean to the south and the chilly Cantabrian Sea and Atlantic Ocean to the north, is a retirement hot spot for people from all over the world. It boasts more than 300 days of sunlight a year.
Because of its varied topography, Spain offers a variety of weather, stunning mountain and seaside scenery, and enthralling, culturally rich towns and cities that are well worth seeing. Madrid, the nation’s capital, and Barcelona, a well-liked port city, are where the majority of the 47 million people live.
You may live in luxury on a Social Security budget in some parts of Spain.
4. Philippines
- This nation’s average index score is 82.85.
- This nation received the highest rating (98) in the visa and perks category.
Panama draws tourists with its natural beauty of coastal beaches, distinctive jungle flora and animals, and a tax-advantaged retirement programme that offers savings on a lifestyle already cheap when compared to U.S. expenditures. Panama is well known for the canal that connects the Atlantic to the Pacific.
Despite being somewhat smaller than South Carolina, over half of Panama’s population of about 4 million people lives mostly in and around the country’s capital, Panama City. Some smaller cities that draw foreign residents are the tranquil seaside town of Las Tablas and Santa Fe in the highlands.
Since the nation uses US dollars, exchange rates are not a concern.
3. Mexico
- The nation’s average index score is 83.
- This nation excelled in the visa/benefits category (89).
Two coasts with gorgeous beaches, comfortable year-round temperatures, and an affordable cost of living make Mexico, our southern neighbour, home to 1.6 million Americans already.
Almost three times the size of Texas, the culturally and historically rich nation is home to some 130 million people.
Mexico’s allure includes excellent, reasonably priced healthcare, vibrant, fun-filled festivals, tasty food, close proximity to the United States, and simple residency requirements. That is true whether you are in areas near Mexico City’s capital or in expat hotspots like Mazatlan’s coastal neighbourhoods.
2. Portugal
- This nation’s average index score is 83.28.
- The category in which this nation performed best was governance/development (93)
According to Live and Invest Overseas, Portugal has an abundance of beaches, sunlight, and very affordable costs, especially when travelling outside of its major towns like Lisbon. Portugal also occupies a small portion of Europe’s coastline.
Portugal is a country rich with contemporary facilities, despite its look of mediaeval cobblestones. In the Algarve area, where many European retirees reside, English is widely spoken.
The 10 million-person nation is roughly the size of Virginia.
1. Costa Rica
- This nation’s average index score is 83.57.
- The category in which this nation performed best was: Affinity score of 96
Costa Rica, which translates as “rich coast” in Spanish, is a place where you may retire happily without being wealthy.
Even while the beautiful country of beaches, jungles, and mountains in Central America is becoming more expensive, you can still live there for less money than in the United States, especially if you go outside of San Jose, the capital. A legislation was established in Costa Rica in 2021 that removed tax on money earned overseas, reduced the minimum investment required for residence to $150,000, and granted 100% tax exemptions on imported cars and household items.
There are about 120,000 Americans living in the nation, many of whom being retirees. With a population of little over 5 million, Costa Rica is somewhat smaller than West Virginia.
