Best Places To Retire Abroad In 2024

The idea of retiring abroad has gained popularity as remote work reshapes traditional employment and individuals seek new experiences and lower costs of living.

Why it matters: With a polarized political environment and evolving work landscape, more Americans are considering leaving the U.S. for retirement, driven by both political and economic factors.

The details:

• A recent survey indicated that a record 34% of Americans would consider leaving the U.S. if they could, with 17% of those aged 55 and older expressing a desire to move abroad.
• Senior contributor William P. Barrett published a list of the best places to retire abroad, marking the first such list since 2020 and the first to consider climate change and natural hazard risks.
• Factors considered in evaluating the best destinations include taxes, ease of obtaining residency, cost of living, healthcare quality, crime rates, and political stability.
• Among the top picks are Costa Rica, Portugal, Belize, and Italy.

While retiring abroad offers the opportunity to immerse oneself in a different culture, there are several drawbacks that make some reluctant to retire outside of the United States.

The concerns:

• Healthcare: Even though many countries offer excellent healthcare services, the U.S. healthcare system is familiar, and for some, it’s a comfort to have access to it.
• Distance from family and friends: Living abroad means being far from loved ones, making it difficult to maintain close relationships and manage sudden visits.
• Legal and financial complications: Navigating the legal and financial systems of a foreign country can be daunting, with tax implications, legal issues, and currency exchange rates creating significant stress and complications.

For those considering retiring abroad, extensive research is necessary to find the right location and plan for a successful transition.

The recommendations:

• Tirana, Albania: With a Mediterranean climate, scenic beaches, and mountains, Albania offers a cost of living half the U.S. average, and English is spoken in many areas.
• Oranjestad, Aruba: Part of the Netherlands, Aruba features splendid beaches, is outside the hurricane belt, and has a tax treaty with the U.S. to avoid double taxation.
• Vienna, Austria: Austria offers retirees beautiful mountainous landscapes, rich cultural experiences, low crime rates, and excellent healthcare, although living costs are comparable to the U.S.

The bottom line: Retiring abroad is an increasingly attractive option for many Americans, but it requires careful consideration of healthcare, family, and financial factors, as well as thorough research and planning to ensure a successful transition.

Full story

As more Americans consider retiring abroad, a recent list has been released featuring the best places to retire outside the U.S. in 2024. The list, compiled by senior contributor William P. Barrett, marks the first such ranking since 2020 and the first to consider climate change and natural hazard risks.

The guide evaluates locations based on factors like cost of living, ease of obtaining residency, healthcare quality, crime rates, and political stability. Among the top picks are Costa Rica, Portugal, Belize, and Italy. Colleen Kennedy, a 65-year-old former high school special education teacher from Southern California, decided to leave Los Angeles for Mijas Costa in Spain.

Despite the Costa del Sol’s luxurious reputation, she estimates her basic cost of living is a third of what it was in Los Angeles. She can now rely on mass transit and enjoy more affordable trips to other European destinations. Kennedy’s decision came after seven years of research and a two-month exploratory trip in 2022.

The process included obtaining a Non-Lucrative Residence Visa from Spain’s Los Angeles consulate, requiring proof of at least $30,000 in annual pension income. This visa could lead to permanent residency in five years.

Retirement trends: top places in 2024

The recommended spots consider numerous factors, including cost of living, ease of obtaining residency, healthcare quality, and natural hazard risks. This year marks the first inclusion of climate change considerations in the rankings. Brief profiles of some of the top recommended locations include:

Tirana, Albania: Having evolved from its isolationist Communist past, Albania offers a Mediterranean climate with scenic beaches and mountains.

The cost of living is half the U.S. average, and English is spoken in many areas. Oranjestad, Aruba: Part of the Netherlands, Aruba features splendid beaches and is notably outside the hurricane belt. English is widely spoken, making it accessible for U.S. retirees.

The island has a tax treaty with the U.S. to avoid double taxation. Vienna, Austria: Austria offers retirees beautiful mountainous landscapes and rich cultural experiences. Despite comparable living costs, the serious crime rate is low and healthcare is top-notch.

Each location offers unique advantages and challenges, making personal research and planning essential for a successful transition. For more detailed profiles and information on the other recommended spots, refer to the full list of the Best Places to Retire Abroad in 2024.