Retirement can seem dull to some but why not make retirement exciting? Retiring abroad has many advantages like the cost of living would be more affordable, richer in global opportunities and more rewarding in the lifestyle. It can be tricky to choose the best place to retire: climate, housing expenses, ease of travel to the U.S. and access to affordable health care all need to be considered.
Panama– Between mountain views and lively beaches, Panama provides retirees with the best of all worlds. Locals have a reputation for being accommodating and friendly, and it’s highly accessible from a cost-of-living perspective. Compared to the U.S., almost everything is less pricey, including groceries, hotels, and leasing, which is about 46 percent lower. There are various perks for expats seeking a retirement visa, including deep reductions on entertainment, airline tickets, local travel, and hotel stays, as well as a one-time duty-tax exemption on household goods.
Costa Rica– If you value a safe, active lifestyle, Costa Rica is a perfect decision. In the healthcare, services, and healthy living areas, it won the best marks, and there’s no lack of things to see and do. The cost of living, also on the smallest retirement budget, makes Costa Rica extremely competitive. On average, consumer rates are 24 percent lower than the U.S., with a 54 percent lower average rent prices. You will find properties as cheap as $50,000 if you’d like to buy, and property tax rates that are a fraction of what you’d spend in the U.S.
Mexico– Mexico blends contemporary luxury with a rustic feeling and is ideally suited to retirees who enjoy a tranquil atmosphere and close proximity to the United States. It received its top scores for both entertainment and facilities and the simplicity of maintaining residency on Foreign Living’s list. By meeting the minimum monthly wage or wealth requirements or by owning land in Mexico, retirees may receive a temporary resident visa, which is valid for up to four years. If you intend to stay for the long term, you can apply for a permanent resident visa with higher criteria for income and properties.
An important tip for seniors retiring abroad is to settle your health coverage before you leave. You will not be protected while traveling overseas by certain U.S. health insurance plans. Medicare coverage does not apply beyond the U.S. You can find American or foreign businesses that offer health insurance to Americans living overseas, depending on where you choose to live.
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By Cynthia Aparicio
Senior Care Advising Intern at WellPath Partners
Human Development Student at California State University, Long Beach
