Live and Invest Overseas named its 10 best places in the world to retire, live better, reinvent your life and have a grand adventure in 2020.
“These aren’t simply the world’s top retirement havens right now, these are simply the best places to be, regardless of your age or any other circumstances,” Kathleen Peddicord, author, and publisher of Live and Invest Overseas, said in a statement.
Its Overseas Retirement Index concentrates on cities (and a few regions), rather than whole countries, “because a big, diverse country can offer vastly different lifestyles.”
By focusing on cities in which to retire, “it provides the more specific information needed to make informed decisions.”
“Many of the new destinations are not well-known and not yet on the mainstream radar,” Peddicord added. “This means we’ve had to pass on some old favorites and although most remain great options, the rapid rise of some of our new destinations left us with no choice but to leave them out.”
Categories measured by the index include cost of living, health care, residency options, entertainment, recreation, English spoken, ex-pat community, taxes, real estate affordability, real estate restrictions, infrastructure (Internet, electricity and domestic access), environmental factors, crime and safety, access to North America and climate.
And, for the first time in our history, there is a tie, with Portugal and Mexico taking the top spot.
No. 1: Algarve, Portugal
Cost of Living: B (Monthly Budget: $2,127.77)
Health Care: A+
Affordability of Real Estate: B
Taxes: B
Final Grade: A+
But Also No. 1: Mazatlán, Mexico
Cost of Living: A- (Monthly budget: $1,132.63)
Health Care: B+
Affordability of Real Estate: B+
Taxes: B
Final Grade: A+
No. 3: Cuenca, Ecuador
Cost of Living: A+ (Monthly Budget: $1,230.00)
Health Care: A-
Affordability of Real Estate: A
Taxes: B-
Final Grade: A+
No. 4: Valletta, Malta
Cost of Living: B (Monthly Budget: $2,043.80)
Health Care: A+
Affordability of Real Estate: C-
Taxes: A
Final Grade: A
No. 5: Citta Sant’ Angelo, Italy
Cost of Living: B+ (Monthly Budget: $1,533.33)
Health Care: A+
Affordability of Real Estate: B
Taxes: C
Final Grade: A
No. 6: Ambergris Caye, Belize
Cost of Living: B- (Monthly Budget: $2,170.00)
Health Care: D
Affordability of Real Estate: C
Taxes: A+
Final Grade: A
No. 7: San Ignacio, Belize
Cost of Living: B (Monthly Budget: $1,692.50)
Health Care: D
Affordability of Real Estate: A-
Taxes: A+
Final Grade: A-
No. 8 Bled, Slovenia
Cost of Living: B- (Monthly Budget: $1,856.88)
Health Care: A-
Affordability of Real Estate: C+
Taxes: C
Final Grade: A-
No. 9 Medellin, Colombia
Cost of Living: B (Monthly Budget: $1,605.09)
Health Care: A+
Affordability of Real Estate: B-
Taxes: B
Final Grade: A-
No. 10 Chiang Mai, Thailand
Cost of Living: A (Monthly Budget: $1,061.19)
Health Care: A+
Affordability of Real Estate: B
Taxes: A-
Final Grade: A-
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.