Panama, The Best Country to Retire Abroad

The Best Countries to Retire Abroad. These are the countries where retirees are enjoying a warm climate, good healthcare, and a great quality of life, often on a budget that might not cut it in the U.S.

By the end of 2019, there were about 432,000 retired American workers living in foreign countries receiving Social Security benefits, according to the Social Security Administration. About 28% of these beneficiaries are Canada and Japan. Obtaining residency in Canada can be a challenge, according to Expatra, and Japan is one of the most expensive countries in the world to live.

And cost is a factor for many retirees who head abroad, looking for a way to enjoy a higher-end lifestyle on a smaller budget. About 53% of American expats surveyed by Internations said cost of living abroad was a benefit (23% of those surveyed are retired.)

A comparison of Puerto Vallarta, Mexico, and Alexandria, VA., shows that consumer prices are 145% higher in Alexandria, rent is 201% higher and groceries are 173% higher, according to the Numbeo comparison tool. You would need around $6,300 a month in Alexandria to maintain the same standard of life that you can have with $2,400 in Puerto Vallarta. The estimated average Social Security retirement benefit for 2022 is $1,657, AARP says.

There are other critical things to consider before retiring abroad besides cost and climate. These include taxes, bank accounts, visas, and residency, and, while you can collect Social Security overseas, your Medicare generally doesn’t pay for care outside the U.S., so quality affordable healthcare, and insurance matters. What languages do people speak there? Are the residents friendly and the government stable?

This list of the best countries to retire abroad comes from World Population Review and International Living’s annual global retirement index, which ranks countries based on opinions and real-life experiences of these factors compiled by retirees living in various destinations around the world, where Panama is in the #1 position, providing the best scores according to the statistics compiled.

• Total score: 88.9

• Visa score: 100

• Healthcare Score: 81

• Climate score: 85

• Cost of living score: 73

• Population in 2021: 4.4 million

It is followed by countries such as: Costa Rica, Mexico, Ecuador, Malaysia, Colombia, Portugal, Peru, Thailand and Spain.

Source:

https://www.thestreet.com/personal-finance/best-countries-to-retire-abroad-2022#gid=ci02958efcc00026c3&pid=panama-city-panama-sh