Do you dream about living overseas when you retire? My husband and I often discuss our ideal retirement spot. We both like the idea of a beach with mountains nearby.
Oh, and he needs good sushi.
I want culture and community.
My friend Jill’s latest retirement obsession, meanwhile, is a small town in Spain. (I can’t tell you the name because she doesn’t want her secret to get out.)
It’s easy to dream. But moving to another country is no small step. Yet it is one that many have already taken: At least 5.4 million Americans lived abroad in 2023, according to the Association of Americans Resident Overseas.
The magazine International Living recently released its 2024 Global Retirement Index, ranking locales around the world according to a variety of criteria. Costa Rica is first on the list while Portugal, Mexico, Panama and Spain round out the top five.
One big reason for such a move: The strength of the U.S. dollar in foreign countries. Most Americans are far behind on retirement savings, so if they can find a location with a much lower cost of living, the math changes immediately.
Here are tips for anyone considering locales abroad for their retirement years. Also, it’s fun to fill out this Expatsi survey which suggests places to retire.
Where do you fantasize about living in retirement and why? If it’s in another zip code or even on another continent, have you taken a test-drive yet?
Write to me about the experience at onthemoney@thomsonreuters.com.