Photo Credit: Michael Hanson
The World’s Best Places For Retirement In 2022, Plus The Average Cost Of Living
You’ve done the work, now it’s time to rest. Reaching retirement, and spending your days simply relaxing, is the dream of many people. However, the financial aspect can be a major factor when you decide where to spend the rest of your days.
InternationalLiving.com’s ‘World’s Best Places to Retire’ index annually evaluates which countries allow couples to stay within a $1,500 to $2,500 a month budget as they enjoy retirement. Factors include food, transportation, house rent and medical assistance.
The 2022 list puts Panama on top for the 11th time, showing that this Latin American country can offer a low cost of living for retired expats along with safety and low-cost healthcare.
Below are the top countries to retire in 2022, along with the average monthly budget you’ll need to live comfortably.
Located in South America, Uruguay reached 10th on the list for its: comprehensive healthcare, good climate, and entertainment.
According to the site, most expat couples in Uruguay live well on a budget between $2,500 and $3,500 per month including rent.
This European country appeared on the list for its climate, low cost of living, healthcare, excellent infrastructure and variety of entertainment.
Couples in Spain live well on a budget of between $2,000 and $2,600 per month including rent.
One of the top reasons to consider a move to France: the healthcare system.
“Available to anyone after three months of residence, the system has no pre-existing condition limitations, age restrictions, or entry fees. Rated as one of the top healthcare systems in the world (ranked number one by the World Health Organization), costs are incredibly low, and care is modern and reliable.”
A standard doctor’s visit costs $29, and a visit to a specialist is $58, without signing up for French healthcare. Once in the system, after the three-month mark of residing in France, 70% of that cost is refunded.
“The weather here is about what you might expect for an island in the middle of the Mediterranean, between Italy and North Africa … only in an unexpected way. Lots and lots of sun, for sure; about 300 days per year,” one expat wrote on the website.
6. . Ecuador
In Ecuador, it is possible to live off $1,500 to $1,825 a month, depending on your location and lifestyle.
High-speed fiber-optic internet, American dollar currency, temperate weather, good public transportation, and affordable healthcare and housing of modern living are other items that can be very attractive for retired people.
Colombia is one of the most favorite destinations for Black travelers. And according to Internationallisting.com, the country also has what it to be a perfect place for retired couples.
“Retirement dollars go much further in Colombia. A couple can live in many cities around Colombia for $2,000 per month or less.”
Entertainment, nature, climate, housing prices are also postive points that make Colombia a good place for reitred expats.
Portugal is a popular country for Black American travelers and has become one of the most popular destinations in Europe.
A couple can live comfortably, but not lavishly, in Portugal on $2,500 per month. However, in cities like Lisbon, Porto, Cascais, or the Algarve, that number can reach $3,000 or more.
The country also offers safety, a warm climate and affordable healthcare.
Reasons Mexico is very attractive for retired couples: it’s close to the United States, low-cost, top-notch healthcare, great weather from coast to coast, high-speed internet, reliable electric and water, with stores and brands you’re used to.
“Cost of living is, of course, tied into lifestyle and habits. But on average, a retired couple could live well in Mexico for right around $2,000 a month. That covers housing, transportation, healthcare, utilities, food,” an expat wrote for the website.
2. Costa Rica
Costa Rica is known for its political stability, and that sought-after laid-back lifestyle.
A couple can live comfortably, but not necessarily extravagantly, here for around $2,000 to $2500 a month. This includes renting a two-bedroom home/condo with North American amenities, air conditioning, plus groceries, entertainment, transportation, and healthcare.
Panama is an excellent spot for expats and retirees, thanks to the country’s pensionados program, which gives retirees generous benefits on travel, dining and healthcare— as well as a more relaxed visa process.
The currency is pegged to the USD, and the country offers reliable power, high-speed internet, and great cell phone service.
Also, Panama has no taxes on foreign-earned income and low property taxes.
Average cost of living across Panama: $1,120 – $4,000 a month.