Retirement is a whole new chapter for your life that’s likely to bring many changes. For some, it’s the perfect opportunity to change the scenery as well.
According to a Harris Poll, 26% of boomers and 35% of Gen Xers were considering moving abroad within the next two years, as of February 2025.
Although it’s difficult to say how many seniors will actually make the leap in retirement, the desire to move abroad is noticeably strong.
Here’s why so many seniors are dreaming of spending their golden years abroad.
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Expat retiree’s wishlist
The top reasons many Americans cite for retiring abroad are the lower costs of living, lower crime rates, better political stability, cheaper healthcare services and potential tax savings, according to Global Citizen Solutions.
A whopping 86% of Americans were seeking a lower cost of living while considering moving abroad, according to the Harris Poll. After all, the United States is the ninth-most expensive country to live in, according to Wise’s cost of living index.
As for healthcare costs, the U.S. tops the list. As of 2023, per capita healthcare costs in the country were $13,432, nearly 40% higher than Switzerland which ranks as the second-most expensive developed country for healthcare costs, according to Peterson-KFF.
Add political instability and rising crime to the mix and you can see why staying in America isn’t ideal for many retirees. Many seniors move abroad every year, and analysis by Global Citizen Solutions found that some destinations were increasingly popular for these expats.
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Top destinations for American retirees
Global Citizen Solutions analyzes several countries based on factors such as cost of living, safety, healthcare, taxation and geopolitics to uncover the best destinations for Americans looking to retire abroad.
According to this analysis, the top five destinations for expat retirees include Mexico, Uruguay, Costa Rica and Portugal. However, the top destination for retired American expats was Spain.
Spain scores a perfect 100 on the Global Citizen Solutions’ Retirement Index. Not only is Spain relatively warm and beautiful, it’s also affordable for American expats. The report finds that on average monthly expenses can range from $2,000 to $2,500.
Spain ranks 39 for cost of living on Wise’s index and 23 on the Global Peace Index for overall safety.
Perhaps one of the most appealing aspects of retiring in Spain is the country’s well-funded and affordable healthcare system.
The country spends roughly 9.1% of its gross domestic product to fund its universal healthcare system, according to Global Citizen Solutions, and a typical visit to the doctor can cost $10 to $20 out-of-pocket.
Fortunately, the Spanish government has eased the process for those looking to retire here. Spain’s Non-Lucrative Visa is targeted at seniors who rely on passive income and pensions.
To obtain the visa, you need to provide proof that your monthly cash flow exceeds a certain threshold and that you can cover health insurance and your accommodation expenses independently.
Put simply, for those retiring with solid finances and weary of the American grind, a chic apartment in Madrid or a coastal retreat in Barcelona could be well within reach.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.