The Best Places to Retire – Top 20!

Retiring abroad is a trend. It's is a period of change. It means less income, but more time to do what you love. If you are nearing your retirement age, and if you have saved your hard-earned money and planning to fulfill your retirement dream, you are in luck! I have a short list of the best countries to retire.

Before arranging this list, I have taken lots of factors into consideration, such as, healthcare, cost of living, safety, cultural value, tax-friendliness, educational offerings, climate, lifestyle, and etc. Since, I knew many people envision their retirement as a long-term vacation, but they don’t ponder these factors, which often baffle them and push them into disillusionment.

Therefore, it is imperative to take all these factors into consideration. It is good to know what a place offers beyond the golf course.

As they say, ‘there are lots of books available on retirement, but the only book that really matters is the one that you write yourself.’ After months of research, here are my picks, along with the step-by-step scenarios for settling in foreign lands. You’ll feel happily retired in these below places and relish the kind of life you have always wanted. I promise!

1 – Thailand

Thailand’s attractions provide a rewarding and memorable experience. Because of its attractions, people, and comfort, it is also known as the ‘Land of Smiles’. The most popular attractions are Railay Beach, Koh Phi Phi, Sunday Walking Street, Pai, Khao Yai National Park, and Floating Markets. According to a recent Annual Global Retirement Index, it is the sixth cheapest place for the cost of living. If you want to live like a Thai resident, $1000 is enough.

But, if you want to relish a lavish life and relish different attractions, $2000 a month is a good starting point. I live in Chiang Mai, and my monthly expenses are as follows: studio apartment near the center of the city: $250 p/m (includes power, water and high speed internet), Thai meals: $1.50, western meals: $5, Gas for the motorbike: $10 p/m. Accident Insurance: $85 per year., Round of golf: $50 (includes a cute caddy :)

Yes, it's cheap living in Thailand and particularity Chiang Mai. Why more people don't live here is beyond me, especially if they're on a budget.

Thailand has been my home for more than four years, and this is why it's on the top of my list.

2 – Costa Rica

Costa Rica, meaning ‘Rich Coast’, is situated in Central America. It has beautiful beaches, well-established communities of expats, and one of the most modernized infrastructures in the region. If you are single and a budget conscious retiree, then this place is a heaven for you. There are so many cultural attentions and entertainment venues that will paralyze you with surprise. According to some recent statistics, the average monthly expense in living Costa Rica is around $1500. And, one can cut these expenses by sharing housing expenses.

3 – Mexico

If you want to retire to someplace warm and exotic, ponder Mexico. It has all the life’s conveniences you need. Most people think Mexico is all about beaches, which is true in some way, but it has far more attractions that you can imagine. For example, Great Pyramid of Cholula, El Malecon, Uxmal, Zipolite, El Tajin, Isla Mujeres, and etc. The monthly budget for a couple is around $1700. Just the rental of a furnished two bedroom is $900. In a way, if you can handle the rent, it is a perfect retirement destination. Furthermore, one can rank Mexico in the top ten lists especially because of its health care system. This country has medical professionals and excellent hospitals even in smaller towns.

4 – Portugal

It is one of the best places in the world to retire, but sadly, it doesn’t glean so much attention from the media and retirees. It has a very pleasant climate, beautiful coastlines, and reasonably priced property. In addition, the recent retirement tax laws have made this destination more attractive for the foreigners. Furthermore, it has a good infrastructure. From high networks to airports, everything is top-notch and transcends your imagination. You can also use Portugal as a base for exploring all of the Europe and North Africa.

5 - Nicaragua

If you love Costa Rica, you’ll fall in love with Nicaragua too. It is the largest country in the Central American isthmus, bordered by Honduras. Though, this place was long hidden behind the image of the picaresque president, but it is now emerging and gaining immense popularity as a top retirement hotspot. The best thing about this place is, as a foreign retiree, you don’t have to pay any taxes on any out-of-country earnings. Besides, you can open a local bank account too – instantly. According to the other expats, living in Nicaragua doesn’t challenge your pockets; you can live very well on whatever income you have.

6 – Ecuador

Living large on little money is possible in Ecuador. You can easily relish the luxuries even on a pensioner’s budget. It is a very small country, similar in size to Arizona. Due to its location on the equator, one can relish 12 hours of daylight and 12 hours of darkness. If you can afford $2000 a month, you can’t just live there, but upgrade your lifestyle as well. It also has low-cost medical care system, which is 60 to 70 percent cheaper than the United States. Believe it or not, but a simple surgery, which costs around $15000 in the U.S., only costs around $2500 in the Ecuador.

7 – Malta

The islands of Malta are now increasingly becoming a sought-after destination for expats. And, it is no surprise why. It has warm winters and abundance of sunshine. It has several sandy beaches where you can enjoy the warm waters and have intimate time with your significant other. Among all the other destinations, this is perhaps the no.1 place, when it comes to the crime ratio. It has immensely low levels of crime which make it the safest country on planet earth. Furthermore, you don’t have to learn a new language. It’s an English speaking country. Though, the other official language is Maltese too, but there is a largely English-speaking environment.

8 – Panama

Panama is the retirement haven. There are beautiful beaches, lush mountains, and rich biodiversity. Furthermore, the place has a capital city that challenges several U.S. and European cities in terms of culture, atmosphere, and convenience. In the city, instead of buying a house, it is better to get an apartment in one of many high-rise towers. Since, watching Panama City from an elevation level is truly breathtaking. It isn’t just a place for retirees; it has indeed become a global business hub too. From investors to entrepreneurs, all attempt to live in this place because of its lavish offerings.

9 – Spain

The biggest appeal of Spain is the quality of life. Perhaps, that’s why, most people keep this place in their most favorite list. Do you know, more than 5.5 million foreigners are already living in Spain? Yes! It’s true. And, many of them are retirees. In Spain, most of the retirees choose Barcelona, Granada, and Madrid. Since, these cities have thousands of attraction. They combine old-world history with modern infrastructure. Furthermore, cuisines, festivals, and warm and engaging people also offer a lifestyle you deserve. Unlike other countries, Spain is still relatively a cheap place to live, especially when you compare it with other European countries.

10 – Malaysia

Malaysia is known for its idyllic islands, stunning beaches, and untouchable rainforests. If you love socializing, you should consider Malaysia first before opting for any other place. Since, the people are warm and friendly. They are happy to mix with foreigners socially. Apart from this, the cost of living is quite attractive. If you are a person from a well-developed country, you will find much better standards of living than your own country. Besides, unlike other Asian countries, there is political and economical stability too. Several retirees have indicated utter satisfaction with the current Malaysian authorities.

11 – Columbia

Columbia in this list might surprise some people, as it is famous for drug violence. But, the constantly decreasing rate of crime is making this country a safe destination for retirees and vacationers. You will find charming colonial cities, stunning beaches, lush mountains, and world-famous resorts. $17,000 per month is enough to relish the offerings of this country. This amount is based on rent, utilities, food, entertainment and public transportation. In case you need a maid, add $300 more in the budget each month.

12 – Australia

Australia provides a very high quality of life. However, it can be tad expensive too, if you do not know how to find the least expensive cities. Since, in Australia, there is a variation in the cost of living from city to city. Gold Coast, Wollongong, Hobart, Adelaide, and Brisbane are quite affordable cities in Australia. They have a clean and green atmosphere, beachside attractions, and striking natural beauty. Bear in mind that a flight from New York to Sydney takes at least 22 hours. Therefore, if you are a U.S. resident, and want to stay in touch with your friends and family members too, you should think twice before opting for this beautiful place.

13 – Canada

Canada is not a sun and surf destination, but it has millions of other advantages that lure retirees from all around the world. Especially, for an American, it is a blessing. Since, there are cultural similarities. 75% of Canadians already watch American TV shows and follow American politics and sports team. Now, of course, winters can be harsh in this part of the world, but the affordable healthcare system and inexpensive housing banish that factor too. In addition, the general expenses are also a lot lower than other countries.

14 – Argentina

Argentina is a place where your dollars go farther. You can do much more than your imagination and live a lavish life. It is that country which is often compared to Europe for its cultural values. For that reason, people who consider retirement overseas, often opt for this place instead of Europe, as it is affordable and have a low cost of living. The average cost of living is around $700 per person. Other than that, like other countries, Argentina also has a well-developed healthcare system. However, most expats avoid it because of long waits for treatment. The best thing you can do is to opt for private health insurance. This will of course add a tad more in your monthly budget, but it is a safer and better option.

15 – Ireland

The average cost of living in Ireland is around $800. This country ranks high in safety, cleanliness, and overall charm. If you are over 66, and living as a permanent resident in Ireland, there is a nice bonus of free transport. However, this is just the tip of an iceberg. A lot of American retirees opt for Ireland because of its lush hills and farmhouses. Even the cities have a small-town feel, which is very unique and attract a lot of vacationers. The only downside of Ireland is housing, which is quite expensive compared to other places.

16 – Guatemala

Guatemala is a country in Central America. It is bordered by Mexico. It has the most beautiful weather all year around. People call it the ‘Land of Spring’. You can explore hiking to the volcanoes, do yoga and meditation, and enjoy the tranquility and beauty of nature, all day, day-to-day. If we say, it is a little heaven on earth for nature lovers, it would be utterly right. It has a fantastic environment and surreal places. Retiring in this part of the world is, in fact, less expensive than Mexico. You can afford a maid, and even a gardener, for very low cost. If I have to opt for one place from this list, it’s Guatemala! You can buy and own your own property legally, without any trouble.

17 – Italy

Italy is an enticing place to retire to permanently. Its landscapes are as beautiful and gorgeous as they are diverse. There are dozens of little hilltops, fields covered with bright yellow flowers, and golden beaches. It is the favorite retirement spot for wealthy expats too. Since, in some region of Italy, houses are 80% cheaper than other places. It also has top-notch medical services and hospitals. In fact, Italy ranked number two on the list of top 10 healthcare systems by the World Health Organization. As a retiree, it is pertinent to have Italian language lessons, as the Italian language can help you in socializing and getting better and cheaper deals in the restaurants and hotels.

18 – Croatia

In the Forbes’ edition, Croatia has been listed as the best foreign retirement haven. Most people do not know about Croatia as it was the part of Yugoslavia. It became an independent sovereign state on June 25, 1991. This piece of the world has some of the most delightful sceneries, climates, and ancient cultures in the world. Everywhere you look, something nice is growing – grapes, tomatoes, blackberries. If you have any romance in your soul, we guarantee, you’ll fall in love with it. The cost of living is quite economical too. It is 30% less than other European countries.

19 – Norway

Norway is undoubtedly one of the most beautiful places on our planet. It has more natural wonders than you can count. Just the pictures of this beautiful country are enough to convince to visit it and live there forever. If budget is not the issue, Norway should be on the list. Beautiful sceneries, stunning cities, fascinating history, and really joyful people will embrace you and inject a happy blood in your veins. The only requirement to live in Norway is to have enough money to sustain. Though, a life in Norway requires increased spending on the basics, but the rural areas are quite affordable and provide almost the same luxury of living too.

20 – Switzerland

When it comes to the awe-inspiring natural beauty, Switzerland challenges Norway and a few other European countries. It is not just the top tourist destination; it is also an ideal retirement location. And, there are lots of reasons behind it. For example, there are plenty of jobs if you want to work after retirement to help fund your Swiss lifestyle, low taxes, you are only a few hours away from other European countries, easy residency requirements, and etc. On the whole, if you are interested in moving to Switzerland in retirement, it is a very wise decision. But, it is still better to consult an independent financial adviser to make this move as hassle free as possible.

Concluding Thoughts

All in all, we perceive choosing the right place to retire is not easy. Money does matter after retirement. But, fortunately, these places are the best bargains for the retirees. You can relish the luxury lifestyle of them without burning the holes in your pockets. The best thing is these places offer action-packed experience and peaceful escape too from the hectic lifestyle. You’ll learn new things, create new memories, and make lasting friendships. You will also reinvent your life and have a great adventure while living like a 'royal'.