Seniors in search of new and exciting adventures that take them far, far away from their former 9-to-5 work grind can retire somewhere else in the world, according to International Living, a magazine focused on retirement abroad.
But just because you dream of tropical breezes, crystal-clear waters and travels to exotic climes doesn’t mean you can afford them. Whether retiring in the United States or to a new country, seniors need to take careful account of their finances and their priorities.
With input from a global network of expats, International Living’s Annual Global Retirement Index is a comprehensive study of the most affordable international retirement destinations in the world that highlights countries where you can stretch your retirement savings further than you might in the U.S.A.
The magazine has ranked countries based on a range of metrics that are each scored from 0 to 100. The metrics include cost of housing, senior benefits or discounts, visa and residency requirements and how welcoming a country is to foreign residents, They also include a range of available entertainment and sightseeing opportunities, work opportunities, climate, the availability and cost of local doctors and hospitals where English is spoken, foreign governance, and cost of living. The average of all metrics is used to rank each country as a retirement destination.
Here, in ascending order, are International Living’s top 10 best places in the world to retire in 2020.
10. Vietnam
Despite a checkered history of civil war and colonial repression, this communist-controlled southeast Asian country has emerged as a safe and secure magnet for American expats. Vietnam earned a 92 in cost of living; 84 in healthcare; and 83 in entertainment. However, the hot and humid weather scored a so-so 60 in climate. Total Score: 76.
9. France
France offers something for everybody. The country’s rich history includes medieval museums and ancient cave drawings, while sophisticated Paris is a mecca for bon vivants. As a developed nation, France scored a 92 in development, but a 66 in cost of living. Total Score: 76.4.
8. Spain
The Kingdom of Spain on Europe’s Iberian Peninsula will roll out the royal welcome mat for visitors of all ages, but with a mediocre 60 in senior benefits and discounts, don’t expect any special pricing as an expat retiree. That said, the country scored a near-perfect 97 in healthcare. Total Score: 76.8.
7. Malaysia
Bustling Malaysia, a modern country with a diverse population, straddles the Malay Peninsula and Island of Borneo in southeast Asia. With a score of 82 in entertainment, there’s plenty to see and do, but the country’s hot and humid equatorial climate earned it a tepid 62. Total Score: 81.9.
6. Ecuador
Ecuador is known as the Republic of the Equator for its geographical location on South America’s west coast. The country caters to its senior population, earning a 95 in benefits/discounts, as well as a 90 in cost of living. But with institutionalized government corruption a way of life, the country scored a 57 in governance. Total Score: 82.
5. Columbia
Once a haven for drug lords, the Republic of Columbia is now a flourishing tourist attraction and expat retirement destination. New restaurants, boutique hotels and craft breweries are springing up across its capital of Bogota. The country scored a 94 in healthcare and an 88 in cost of living, but a 76 in job opportunities. Total Score: 83.4.
4. Mexico
Bordered to its north by California, Arizona, New Mexico, and Texas, Mexico is convenient to friends and family visiting expat transplants from the Unites States. Mexico scored a 96 in entertainment, and a 91 in housing, but a mediocre 71 in job opportunities. Total Score: 83.8.
3. Costa Rica
Known for its beaches, volcanoes and biodiversity, Costa Rica has a rugged terrain that will challenge retirees looking for adventure. The country scored a 91 in entertainment and a 96 in healthcare. With a 79 in opportunity, the country is just as challenging to job seekers as it is to adventurers. Total Score: 85.3.
2. Panama
With well-established expat communities in Panama City, Coronado and Boquete, retirees who relocate to Panama will find a friendly face wherever they go. The country appreciates its growing community of American retirees, too, scoring a 96 in senior benefits/discounts. Despite a not-so-great 63 in development, change is coming, according to IL expats. Total Score: 85.8.
1. Portugal
Sharing a border with Spain on the Iberian Peninsula, Portugal welcomes expats with open arms and an affordable retirement. The country scored a 98 in healthcare, a 93 in housing, and an 88 in climate. However, high-profile government corruption cases and limited job opportunities each earned a 78. Total Score: 86.
