More and more, Americans are heading oversees to spend their golden years, either to get more bang for their buck, relish in a significantly lower cost of living, or enjoy a healthier quality of life.
In fact, differences in wellbeing are so prominent that the number of Americans who received Social Security benefits outside of the U.S. grew from 307,000 in 2008 to 450,000 in 2021, according to the Social Security Administration (SSA).
Now, a new report by Global Citizen Solutions, a consultancy firm that works with individuals and families move residences oversees, analyzed the top nations Americans are retiring to. The Global Citizen Solutions retirement index looks at eight key indicators across three areas, including healthcare, quality of life, integration ease, community acceptance, economic environments, and security.
Overall, Spain ranked as the most favorable among American retirees, ranking a flawless 100 out of 100 in quality of life due to its developed economy, cheap cost of living, and lenient visa options, according to the firm.
Portugal came in as a close second favorite with American retirees, for an overall score of 99.79, while Latin American nations Costa Rica (99.51 overall), Uruguay (97.89 overall) and Mexico (97.19 overall) rounded out the top five.
However, some countries faced inconsistencies with their overall ranking versus other key metrics. For example, while Mexico recorded an overall fifth place, it ranked 50 out of 100 in security, acceptance, and integration. Similarly, New Zealand, while placing sixth, had a perfect security ranking of 100, yet was rated lower in other categories like economics (56.76 out of 100).
Below are the top eight countries retirees are moving to, based on overall rankings, along with quality of life, security, and economy, as reported by Global Citizens Solutions.
Spain
Overall: 100
Quality of Life: 100
Security, Acceptance, and Integration: 75.06
Economics: 77.27
Overall: 99.79
Quality of Life: 98.22
Security, Acceptance, and Integration: 79.33
Economics: 77.39
Costa Rica
Overall: 99.51
Quality of Life: 93.61
Security, Acceptance, and Integration: 67.07
Economics: 82.01
Uruguay
Overall: 97.89
Quality of Life: 93.93
Security, Acceptance, and Integration: 70.72
Economics: 77.62
Mexico
Overall: 97.19
Quality of Life: 98.95
Security, Acceptance, and Integration: 50.00
Economics: 77.28
New Zealand
Overall: 96.53
Quality of Life: 86.82
Security, Acceptance, and Integration: 100
Economics: 56.76
Italy
Overall: 95.94
Quality of Life: 85.60
Security, Acceptance, and Integration: 74.62
Economics: 72.34
Canada
Overall: 95.23
Quality of Life: 66.34
Security, Acceptance, and Integration: 96.24
Economics: 52.75
SEE ALSO:
- 2024’s 10 Best Places in the World to Retire
- 11 Best Places to Retire in the World in 2023: International Living
- One State Sweeps Top 5 in U.S. News 2024 ‘Best Places to Retire’ Rankings
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.