Where are Americans retiring in 2022? 

If you’re tired of the hustle and bustle of the city or want to move closer to family, think about retiring abroad. Retiring abroad isn’t anything new. In fact, just over 400,000 American retirees are now living abroad, according to the Social Security Administration. Some Americans choose to retire to a different state rather than internationally, but many dream of retiring abroad. 

 

One reason Americans choose to retire abroad is that they can make their retirement income stretch further than in the US. According to Brighttax, at least 12 per cent of Americans have considered living abroad in older age and retirement. In retirement, you will have more time to enjoy your passions and see the world. There are so many great options out there when it comes to enjoying your retirement years fully.

 

Where you retire will depend on your personal circumstances, goals, and preferences. For some, retirement means lazy walks on the beach or regular meals out and for others, it’s weekend hikes and taking up new hobbies.

 

Here are 6 places Americans are retiring in 2022:

 

Panama

Average flight time from New York to Panama City: 5 Hours

 

Panama’s tropical climate and stunning landscapes make it a great place to retire. It’s a beautiful spot to spend your retirement years and the low cost of living means the money you have saved will go further. 

 

Panama is also popular because of the Pensionado Visa program. It is a comprehensive and sought-after programme that provides retirees with a range of benefits when retiring to Panama. This includes subsidised payments and discounts for:

  • Household bills

  • Flights

  • Public transport

  • Hotels

  • Mortgages

  • Medical services including dental

  • Import taxes

 

There are restrictions and you must meet certain requirements to qualify including a lifetime income from Social Security, a pension fund, or cash in the bank.

 

Greece

Average flight time from Orlando to Greece: 12 hours 

 

If the Mediterranean way of life sounds like your dream retirement, consider Greece. Greece is one of the most affordable places to live in Europe. The most popular islands for US expats living in Greece are Corfu, Crete, Rhodes and Lefkada. The historic significance and rich culture of Greece makes it a perfect place to retire. Choose between the peace and tranquillity of the sleepy Greek countryside and the buzz of city life in Athens just a few hours apart. Greece also has a Golden Visa Programme which requires investment of a minimum of 250,000 Euros in Greek property, which is lower than other countries. 

 

Mexico

Average flight time from LA to Mexico: 3 Hours 50 Minutes 

 

Many Americans choose to retire in Mexico because of the low cost of living, great weather and the fact you can take your car with you. For some, it is important to live somewhere where they can afford to live off their social security and Mexico is a place where this can be done. 

 

US News reported that Mexico is home to more North American expat retirees than any other country in the world. From small towns with friendly communities to lively cities that inspire adventure, American retirees can look forward to comfortable life in Mexico. 

 

Ireland

Average flight time from Chicago to Ireland: 7 Hours 30 Minutes 

 

Retiring to Ireland is not for everyone. Mainly because it is not easy to qualify for retirement in Ireland as a non-citizen. You will need to prove at least 50,000 Euros of income per person per year in order to retire here, but it could be a part-time option if you love to travel. If you have the means and the funds, it is a beautiful place to spend your later years. The rugged landscape and friendly communities are famous worldwide. There is also no language barrier, although you may have to spend time acclimatising to the accent for a while. 

 

Cyprus

Average flight time from Austin to Cyprus: 10 Hours 15 Minutes 

 

Cyprus is an island in the East Mediterranean Sea that is perfect for people who want to embrace the chilled beach lifestyle in retirement. The weather is stunning all year round and the cost of living is low with beachfront properties from as low as 75,000 Euros. Cyprus has some of the longest stretches of coastline in Europe and the local people are proud of their culture and rich history.   

 

Portugal 

Average flight time from LA to Portugal: 11 Hours 

 

Portugal is a popular place for ex-pats to retire. Not only is the landscape beautiful and the climate pleasant, but the property is affordable too. From the bustling cities of Lisbon or Porto to the laid-back islands of Sao Migue or Cape Verde, Portugal is a beautiful country with lots to offer retirees. Portugal also ranked 4th in International Living’s Global Retirement Index for 2022.

 

Portugal’s golden visa scheme is a direct application system for Americans who want to retire in Portugal. If your application is successful, you will receive a one-year residence permit and after six years, you can apply for Portuguese citizenship. To apply you must purchase property valued at least €350,000 in the suburbs or €500,000 in cities. There are other ways to obtain a golden visa such as investment or capital transfer. 

 

Retirement is a big step and wherever you choose, you need to make the most of your retirement savings. You have worked and saved that money over many years and now it’s time to enjoy it. To find out how to make your money go further by getting the best exchange rates on the market, get in touch with our expert team today. 

Claire Wheatley