Yahoo Finance Americans Want To Retire in These 14 Countries — But How Much Will That Cost?
Retiring in the U.S. is, for many, an uncomfortable experience given the country’s high cost of living, and many experts say a retirement crisis is well underway.
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Though retiring in another country isn’t necessarily the best move for all Americans (the process can be quite complicated), it’s not a bad idea when you consider lower costs of living in many other countries.
But which countries are the most attractive for prospective and current retirees in the U.S.?
According to a new GOBankingRates survey, Americans have some top spots they’re interested in setting up the fort for their golden years.
What are they and how much money do you need to have a comfortable life in these locations?
Indonesia
The GOBankingRates survey found that 0.86% of people have their eyes set on Indonesia for retirement.
According to LivingCost.org, the average cost of living in Indonesia is 77% less expensive than in the U.S., and the country ranked way down at No. 161 in the list of the most expensive countries in the world.
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India
The survey found that 1.29% of Americans would be most interested in retiring in India, a country that has a low bar to entry, financially.
According to LivingCost.org, the cost of living in India is 2.37 times less expensive than the world average, and the country ranked 191st out of 197 countries by cost of living.
For more perspective, the average estimated monthly cost for a family of four is $1,198.60 without rent, and a single person will pay around $349.30, sans rent.
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Vietnam
Vietnam is also being considered as a retirement with location, with 1.29% of Americans keeping it in mind.
This country is famously inexpensive; according to Numbeo, the cost of living here is, on average, 58.5% lower than in the U.S., and rent is 78.4% lower.
A family of four can anticipate estimated monthly costs of $1,652, without rent. A single person will fish out $469.20.
South Africa
In South Africa, where 3.51% of Americans are thinking about retiring, the cost of living is much lower than in the U.S. — 53.2% lower, on average. And rent in South Africa is 73.8% lower.
A family of four will see estimated monthly costs of $1,999.40 without rent. A single person will have monthly costs averaging $577, according to Numbeo.
Panama
According to the survey, 3.73% of folks are thinking about Panama as a retirement location.
This country is notably inexpensive for Americans; the cost of living is 35.4% lower than in the U.S.
For a single person, estimated monthly costs average $772.20, without rent. A family of four will dish out $2,778, without rent, in Panama.
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Thailand
The survey found that 4.09% of Americans are interested in relocating to Thailand to live out their golden years.
They’re in for a welcome financial surprise should they make the move. The cost of living in Thailand is, on average, 50.6% lower than in the states.
A family of four will spend monthly costs averaging $2,025.40, without rent. A single person’s estimated monthly costs are $569.30, without rent, which, on average, is 72.6% lower than in the U.S.
Germany
Germany, which is being considered as a retirement destination for 5.38% of Americans, also boasts some savings, but they are not exactly dramatic.
The cost of living in Germany is, on average, 13.1% lower than in the U.S. A single person’s estimated monthly costs are $1,039, without rent, while a family of four will spend, on average, $3,513.10.
Japan
According to the survey, 5.73% are considering Japan as a spot to settle down in retirement. Given that Japan is a tremendously wealthy country, it’s surprisingly cheaper to dwell in than the U.S.
The cost of living here is 30.1% lower than in the U.S. A family of four estimated monthly cost is $3,038.50, without rent, while a single person can expect to dish out around $861.70, without rent, according to Numbeo.
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New Zealand
In New Zealand, where 6.67% of Americans are considering retiring, the cost of living is 6.2% lower than in the U.S.
A single person can expect to spend $1,058.60 on monthly expenditures, excluding rent. A family of four can anticipate estimated monthly costs of $3,822.5, without rent.
France
According to the survey, 9.61% of Americans are considering retiring in France. Given that it’s such an expensive country to visit, it’s surprising that the cost of living here is lower than in the U.S. — by 7.9%.
A family of four, on average, spends $3,714.30, without rent. A single person’s estimated monthly costs are 1,040.40, without rent.
Switzerland
Another wealthy country that Americans (9.82%) are contemplating for retirement is Switzerland. A relocation here could come as a rude surprise, as in this country, the cost of living is 52.8% higher than in the U.S.
A single person’s estimated monthly costs average $1,760.20, excluding rent. A family of four will fork over $6,445, according to Numbeo.
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Spain
As many as 10.32% of Americans are considering Spain for retirement, where the cost of living averages 32.4% lower than in the U.S.
Families of four have estimated monthly costs are $2,698.30, on average, without rent. Single people see average monthly costs, minus rent, of $764.
Australia
Australia is on the minds of Americans retiring outside the U.S., with 11.33% of respondents interested in moving there.
But the cost of living is a bit higher than in the U.S., by 0.9%, according to Numbeo. A family of four has estimated monthly costs of $4,041.20, without rent. A single person will fork over an average of $1,145.40, sans rent.
United Kingdom
Retiring in the UK is attractive, with 26.38% of Americans interested in moving there. This is not only because it’s an English-speaking country, but because the cost of living in the UK is 11.4% lower than in the U.S.
A single person will spend an average of $1,036.50 a month, excluding rent; a family of four averages $3,498.50 monthly.
Methodology: GOBankingRates surveyed 1,395 Americans aged 18 and older from across the country between February 26 and February 28, 2024, asking twelve different questions: (1) Do you have a specific retirement savings goal?; (2) Will you need to work part time in retirement?; (3) In retirement, what type of housing/living situation would/do you prefer?; (4) How important is/was proximity to family and friends in choosing a location to retire?; (5) Are you considering downsizing in retirement?; (6) Do you plan to or did you move for your retirement?; (7) Where is your ideal location for retirement?; (8) Which of the following will you consider/considered when deciding where to live in retirement? (Select all that apply); (9) What is the MOST important factor in deciding where you want to retire?; (10) What are you looking forward to in retirement?; (11) How much do you plan to spend monthly in retirement (outside of housing/rent)?; and (12) Which of the following countries would you be most interested in spending your retirement?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
This article originally appeared on GOBankingRates.com: Americans Want To Retire in These 14 Countries — But How Much Will That Cost?
