Retiring Abroad: Top 20 Places Boomers Prefer to Retire Outside the US

Ghazal Ahmed
13 min read

In This Article:

This article takes a look at the top 20 places boomers prefer to retire outside the U.S. If you wish to skip our detailed analysis on navigating quality of life, cost, and healthcare beyond US borders, you may go to the Top 5 Places Boomers Prefer to Retire Outside the U.S.

Navigating Quality of Life, Cost, and Healthcare Beyond U.S. Borders

As the baby boomer generation in the US transitions into the retirement age, the notion of redefining their golden years by exploring overseas retirement options has taken on a more pragmatic hue. Five million American retirees have decided to settle overseas, and while the romantic allure of immersing in diverse cultures and picturesque landscapes is undeniably appealing, the decision to retire abroad for America’s retiree population is often rooted in more pivotal causes. The top reasons propelling a growing number of American boomers to seek retirement havens beyond the borders of the United States are the triad of quality of life, cost of living, and healthcare accessibility.

From a financial perspective, the statistics paint a compelling picture. A healthy 65-year-old couple contemplating retirement in the United States may find themselves requiring a hefty sum of $300,000 in savings. This figure does not even factor in the high costs associated with assisted living, averaging around $4,500 per month as reported  by the Cost of Care survey by Genworth. Moreover, the United States consistently ranks among the most expensive places to live globally. Despite the median retirement savings for boomers standing at $152,000, a concerning one in five retirees claims they have yet to recover from the economic downturn of the recession.

The allure of retiring abroad gains further momentum when examining the healthcare landscape in the United States. Unquestionably, the U.S. leads in healthcare costs globally, creating a significant financial burden for retirees. In contrast to many industrialized nations boasting near-universal coverage, the U.S. relies on a non-universal, private insurance system. For this reason, many boomers are now preferring to retire outside the U.S. Moreover, even though 91.4% of Americans are covered by private healthcare insurance, a notable portion of the population remains without any coverage at all. The lucrative nature of the private healthcare insurance industry in the U.S. is underscored by its flourishing business within the country's 'dysfunctional' healthcare system, as outlined by The Economist. This dysfunctionality has contributed to the growth of several private insurance companies, perpetuating a situation where a substantial segment of the population is left grappling with inadequate or no coverage.

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