Where are the Top Five Retirement Locations in 2022?

Where are the Top Five Retirement Locations in 2022?

If retirement is on the horizon, the time to start planning is now. Whether you plan to live out your golden years on a secluded beach or enjoy the sights of a European city, the most valuable thing you can do is research. To retire overseas you should equip yourself with as much information as possible. The Annual Global Retirement Index indicates the best places to retire each year, and we’ve chosen our 5 top retirement locations from the list.

What is the Annual Global Retirement Index?

There are lots of great options on this spinning rock we call home, and the GRI helps you to compare and discover what you do want, and more importantly what you don’t. Useful data is collected as part of the survey as well as opinions, perspectives, and guidance. In simple terms, it is an annual survey that helps people to narrow down their retirement location options based on a variety of factors.

Hundreds of people are surveyed each year to provide real-world information. It’s important to note that it is not intended to be a scientific resource. It is simply an insight into the ways and workings of life in that part of the world.

What to look for in a retirement location

When it comes to choosing where in the world will best suit your needs, there’s no golden ticket. Retirement bliss will look different for everyone. It is about what you are looking for. Retirement is not a holiday. Although if you’re lucky it will feel like one. It must be somewhere you want to live for hopefully, a long time.

Here are a few question prompts to get you thinking:

How far away is it? Look at the times and the average cost of flights back to your home country if you are planning to return for special occasions or to visit family and friends.

Are you comfortable doing everyday tasks and activities here? Think about weekly supermarket shopping, dentist appointments, mowing the lawn and washing the car. For the most part, everyday mundane tasks are still a part of retirement life.

Have you stayed here before? Often, people will retire to places where they have enjoyed holidays. Take a few holidays in the years leading up to retirement and stay in various locations to get a feel for different areas you could potentially retire to.

What is the average cost of a home? You need to find a home that fits in with your budget and location expectations. There are always compromises along the way, and your favourite place to stay on holiday may be out of your price range or property may be hard to come by.

What is the cost of medical care? Often ex-pats are required to have private medical insurance as many other countries do not have an NHS.

Here are our top five retirement locations in 2022:

France

This one should come as no surprise. Just a short distance from the UK by car, Eurostar or Plane and a popular destination for retirees for many years. The south has a particularly attractive climate but there are beautiful landscapes all over France depending on the lifestyle you’re looking for. Between the romance of Paris and the glamour of Monaco, there is a place in France to suit almost everyone.

Malta

Malta may be small, but it’s making a big impact on the GRI. The beaches, shops, food, and Italian vibe make it a great place for retirees. While the cost of living is slightly higher than in other European countries, there are lots to do here and many locals speak English fluently. Malta has an excellent public healthcare system, but ex-pats are not able to use it and will need private health insurance to cover them.  

Portugal

Portugal is popular with lots of European retirees, so you’ll find a diverse mix of cultures here with the food, entertainment, and history to match. The weather is a little milder and the seasons are more noticeable which makes for beautiful scenery all year round.

Costa Rica

Costa Rica is now a desirable retirement destination due to its tropical temperature, low living and medical costs, active outdoor culture, friendly population, and natural beauty. The laid-back lifestyle is perfect for those looking for a more relaxed way of life. The popular Costa Rican saying “Pura Vida" translates to ‘pure life’ which should give you a good indication as to why it features on many ‘best places to retire’ lists.

 Spain 

Spain is a great place to improve your quality of life. With an average of 300 days of sunshine and a high level of wellbeing among residents, Spain is perfect for people who want to leave winters shovelling snow from their driveway behind. It’s a cultural hub with great history, great food and the cost of living isn’t bad either. Cities like Madrid and Barcelona are obviously more expensive, but there are lots of beautiful sleepy Spanish towns and villages that ooze Spanish charm.

Did your top retirement destination make our list? We’d love to hear about where you’d like to retire. Retiring overseas is exciting! For expert information on making the most of your currency when you retire, get in touch with our team.