Latin American countries dominate the top 10
Three million members of the Baby Boomer generation retired in the early stages of the COVID-19 pandemic. But not all who have retired left the workforce voluntarily, and not all were in a strong financial position. Access to affordable housing and health care will be a priority for this group when determining where they will live during the next chapter of their lives.
In its 2022 Global Retirement IndexInternational Living (IL), a news source that provides guidance for those pursuing retirement abroad, analyzed potential destinations by looking at information in 10 important categories – these include ease of obtaining permanent residency, housing and medications. Is – Abroad to rank the best places to retire.
Where Can You Retire Affordably?
As record-high inflation and rising health care costs threaten to further increase the cost of living, the prospect of retiring comfortably may seem unattainable. Although many older workers have left the workforce since the start of the pandemic, a previous nationwide survey noted that 30% of its respondents who are 65 years of age and older are workers. delay or give up retirement Totally because of the health crisis.
But their plans may change if they consider relocating outside the U.S. — in IL’s annual index, the company looks at destinations where it says a couple can retire comfortably and safely, “monthly.” in at least $2,000.” and those 65 and older with a median income of $27,398 and close to 10% of that population living below the poverty line (as of 2020 Profile of Older Americans from the U.S. Department of Health and Human Services Administration’s Department of Community Life) According to the most recent available), in retirement, every dollar will count.
If you’re ready to consider retirement abroad, you’ll want to look into one of Independent Living’s top 10 best-ranked retirement destinations:
- Costa Rica
South and Central America are well represented in the top 10 of the index with six countries in that region, and Central America in particular stands out with the two best-ranked destinations on the list – Panama and Costa Rica. Panama, for the 11th time in a row, is a country where survey respondents say retirees should look for a number of features: these include a favorable climate, affordable public transportation, and reliable WiFi and cell service. On top of that, residents can reach the Caribbean coast or catch a 3-hour flight to Miami. Meanwhile, Costa Rica was particularly cited for its affordability, healthy lifestyle and friendly community.
How do you choose a retirement destination?
There are many great places to live, but not all of them will have the amenities retirees are looking for. When considering which destination is right for you, you’ll want to keep the following categories (adapted from IL’s Retirement Destination Index) in mind:
- Visa and Residence. Ease of obtaining permanent residence and how you will be taxed on income earned inside and outside the country.
- Accommodation. Ease of buying or renting affordable housing and how property tax is assessed.
- the cost of living. Affordability and basic entertainment of all needs.
- Health care. Cost and availability of common procedures and medications.
- Governance. A government system providing security, stability and personal freedom as well as reliable banking services.
- social life. Availability of familiar facilities, activities and entertainment, as well as ease of making social connections.
- basic infrastructure. Access to reliable internet, electricity and clean water as well as quality roads and public transport.
- weather. A habitable climate, factoring in rainfall, temperature and humidity, among other conditions.
- the gain. Free or discounted services for retirees, which can include airfare, food, electricity, and more.
- Opportunity. Ability to work remotely or pursue a business project to supplement your income.
modus operandi: International Living’s 2022 Annual Global Retirement Index is based on a survey of its editors, foreign correspondents and contributors in the country, examining 25 destinations beyond the US and Canada. The data collection took place between August 2020 and August 2021.