The 10 Best Countries to Retire Abroad: America Falls Short
In a stark contrast to the United States' increasingly unaffordable retirement landscape, retirees are flocking to countries like Portugal, Mauritius, and Spain for a better quality of life. According to Fortune's latest report, these nations offer attractive retirement visa programs that provide clear paths to citizenship and strong support for expats.
Retirees Abandon the US
The trend is not surprising, given the rising costs of living in America. "As retiring in America becomes increasingly unaffordable, retirees are booking a one-way trip to Portugal instead," said Jessica Coacci, a reporting fellow at Fortune who authored the report. "We're seeing a significant shift towards countries that offer more affordable living and a new laid-back lifestyle."
What Sets These Countries Apart
Unlike the US, these countries have formal retirement visa programs in place, making it easier for retirees to relocate and settle abroad. Portugal's Golden Visa program, for instance, offers residency in exchange for investing in real estate or starting a business. Mauritius' Retirement Residency Program provides a clear path to citizenship after five years of residence.
Background: The US Retirement Landscape
The US has long been a popular destination for retirees, with many flocking to sunshine states like Florida. However, the rising costs of living, combined with increasing healthcare expenses and declining social security benefits, have made it increasingly difficult for Americans to retire comfortably at home.
Additional Perspectives
Experts attribute the trend towards retiring abroad to the growing recognition that traditional retirement models are no longer sustainable. "Retirees are looking for a better quality of life, and countries like Portugal and Spain offer that," said Dr. Maria Rodriguez, a leading expert on aging and retirement. "It's not just about affordability; it's also about lifestyle and community."
Current Status and Next Developments
As the demand for retirement visa programs continues to grow, governments around the world are taking notice. The US, however, remains lagging behind in terms of formalizing its own retirement visa program. With more Americans expected to retire abroad in the coming years, it's clear that this trend is here to stay.
Sources:
Fortune's "The 10 Best Countries to Retire Right Now—and America Didn't Make the Cut"
Jessica Coacci, reporting fellow at Fortune
Dr. Maria Rodriguez, leading expert on aging and retirement
*Reporting by Fortune.*
