Doctors and Hospitals in Mexico

Monday, July 29, 2013

Top Destinations for Retiring Abroad

In a previous post, I wrote about how the top destinations for medical tourism in the world. Today I stumbled upon another article that ranks the top destinations for retirement.

The ranking was done by International Living, a site specialized in places and tips for people living and retiring abroad. The main factors taken into account for the ranking were real estate prices, cost of living, climate, entertainment, health care, retirement infrastructure and ease of cultural integration.

So, what are these havens for American retirees?

4.- Costa Rica

3.- Mexico

2.- Malasya

1.- Ecuador

Obviously, each of these countries has its pros and cons. Just because Ecuador is number one on the list, it doesn't mean that it's number on in your list. For example, people who don't want to deal with a different local language, will find Malasya a more convenient place to live. Mexico is much closer to the US than any of the other countries, but it's not as cheap as Ecuador. So, it depends entirely on your preferences and needs.

Financial matters are always a big factor. Living in these countries allow Americans to live very comfortably on $2,000US a month. Some spend much less than that, more because of their adaptation to the local culture than because they need to cut down costs.

Also, health care costs are becoming increasingly important in making Americans leave for greener pastures.

Almost 50% of Americans have less than $25,000 in savings at the time of their retirement, and only 45% of them have a pension or a 401k plan. And 33% of retirees receive 90% of their retirement income from social security benefits and this amount is around $15,000 a year. Obviously, for people who are uninsured or underinsured, this is not enough.

Many of these countries have foreign friendly private and public health care systems. For example, in Costa Rica, the cost of private medical insurance is around $100 a month. In Mexico, a foreign retiree can get into the Mexican Social Security system for $350 per year, and after two years, you get full coverage.

Obviously, there are other factors that can influence your decision on whether to spend your golden years abroad. It's not for everyone, that's for sure. But it's a good option for people who are looking for a change, a slower pace, and who like to have some adventure after leaving their jobs.

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