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10 Countries Where You Should Consider Retiring

FYI: (The Linkster would like to add one more.)

People living in these 10 developed countries are most likely to have retirement security, based on certain factors including health, finances during retirement and quality of life.
The 2018 Natixis Global Retirement Index evaluated the U.S. and 42 other developed countries.
Regards,
Ted
1. USA
1A Switzerland
2. Iceland
3. Norway
4. Sweden
5. New Zealand
6. Australia
7. Ireland
8. Denmark
9. Canada
10. Netherlands

2018 Global Retirement Index Report:
https://www.im.natixis.com/us/resources/2018-global-retirement-index-report

Comments

  • One may travel to these locations noted; but retire? Not very easy.
    One is pretty much a visitor, depending upon visa allowances for time in country.
    Denmark is a no go, NZ, too.
    Check a few of these for your knowledge base.
    Otherwise, a nice list.
    I've been near to wanting to stay, but only stayed for a few days, in Andorra.
    The Basque region of Spain, too.
    There are so many fascinating places to visit.

    A sampler: How to Live in Denmark
  • I agree with all that you said catch. Australia is pretty much a no go as well visa wise. Believe me when I say that I've searched all manner of possibilities to move either there or NZ.
  • In some people's world view, the US just makes it into the second quintile, right behind the Czech Republic, and virtually tied with the UK and Belgium. I agree that NZ and Australia would nice places to retire.

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  • edited September 2018
    Love the UK - both the culture and the citizens. London is an amazingly easy city to get around in - in stark contrast to NYC’s subway (a version of Dante’s Hell). Question: What happens to one’s U.S. public sector pension and SS if they move abroad? Do they sustain any type of hit? I’d be inclined to think yes. Medicare is yet another wrikle in the equation.
  • Yup, live in a foreign country, and Medicare will not cover you. I understand USA Soc. Sec. can be sent to an embassy or consulate, probably by electronic direct deposit into a bank, in the 21st century. I know of lots of people that retire to The Philippines. You can live like a king. $1 US = 50 Phils. pesos. It helps if you're pretty healthy. Or a medical insurance plan could be bought.

    Dunno about public sector pension... I once entertained staying Stateside, but doing it in a US territory. Not PR, never. Guam? Saipan? Northern Mariannas? USVI? No, the heat and humidity would kill me in 2 months.
  • Original Medicare coverage is the same for everyone regardless of where they live. That is, Medicare will pay for services received in the US, and the US only, independent of residency. So, e.g. if you are an expat visiting the US, your services will be covered. I know an expat who visits the US frequently enough that we've discussed this.

    It's different for Part D (drug) coverage, Supplemental Medicare, and Medicare Advantage (Part C). Those are strictly private insurance policies, and offered based on your state of residency. Since an expat has no state of residency, these policies cannot be purchased. The good news here is that this means that an expat isn't penalized for not buying a Part D plan when turning 65.

    https://goodcare.com/dealing-with-medicare-as-an-expat-when-and-how-to-enroll/

    Original Medicare does not cover any service, even emergency care, outside the US except under extremely bizarre and limited geographic situations. "U.S. Standard Medigap plans C, D, F, G, M, and N provide foreign travel emergency health care coverage when you travel outside the U.S". As noted above, these are not available to expats.
    https://www.medicare.gov/Pubs/pdf/11037-Medicare-Coverage-Outside-United-Stat.pdf

    Medicare Advantage plans (also unavailable to expats) will often cover medical emergencies abroad as well. Here's a sample United Healthcare Medicare Complete 2 contract:
    You may get covered emergency medical care whenever you need it, anywhere in the world. Our plan covers ambulance services in situations where getting to the emergency room in any other way could endanger your health
    https://www.aarpmedicareplans.com/alphadms/ovdms10g/groups/ov/@ov/@highrespdf/documents/highrespdf/4249418.pdf
  • IIRC, Australia requires at least a 3 million investment in infrastructure bonds that pay a lower rate of interest or a similar amount in a new job-creating business. The requirements vary by state/territory. Uruguay and Costa Rica are two of the more accessible countries for Americans to retire in.
  • @msf, good info.
  • A one-man encyclopedia.
  • edited September 2018
    thanks @msf

    Sounds like the typical senior doesn’t have much of a chance of retiring abroad unless wealthy enough to fund his / her own emergency medical care. Regular Medicare won’t cover you and Medicare Advantage isn’t available to expats.

    Humm ... I suppose living near the border (Mexico or Canada) would work. I do like Canada - but would prefer to be farther away.
  • @hank , as @carew388 noted about $'s for Aussieland, I reviewed some of these countries a number of years ago being curious and decided at a personal finance level to cover all possibilities, the two folks at this house would need about $5 million to be on the safe side.
    Hell, for that; we'll spent some big cash in Harbor Springs or nearby for the warm months and go south bound to AZ or ??? for the winter months.
  • edited September 2018
    MSF, not all Americans are covered by medicare when they turn 65. I am an expat, and don't have 40 credits earned so I won't be covered. I'll be covered in Europe though.

    As far as those retirement choices go, fine if you have lots of money. Those Northern European countries are expensive, and you'd be paying Uncle Sam AND Europe taxes on your US investments. Even with double taxation agreements, Europe taxes you more so you'd be paying the difference. Then there is wealth tax, inheritance tax...Asia would be a better option, unless you have the dough.
  • edited September 2018
    @Catch22, Yes - of course. But if you read between the lines, I’m dismayed (and somewhat fearful) about the direction this country is heading. More than just the politics. The values which are esteemed by many and the overall literacy level of the electorate are of deep concern.

    Yes - geographically we are a rich land. Harbor’s a lovely area. Actually hoping to get back to the Canyon in the not too distant future. First trip out there a few years ago was a “mind-blower”. (But not the kind OJ’s been dealing in).:)

    Take care.

    PS - @Catch, if you haven’t noticed, one of our state’s Gubernatoriial candidates is appearing in TV ads - gun in hand. Says a lot about where we are as a nation.
  • That's true. if one doesn't have 40 credits (regardless of where one lives) Part A (hospitalization) coverage isn't free. But one can still get Part A by paying a premium (currently $422/mo if under 30 credits, otherwise $232). One must also pick up Part B in order to get Part A this way.
    https://www.medicare.gov/your-medicare-costs/part-a-costs

    Curiously, even without Part A, one can still buy Part B.
    https://www.medicareinteractive.org/get-answers/medicare-basics/medicare-eligibility-overview/medicare-part-b-eligibility-for-those-ineligible-for-premium-free-part-a

    There's also the weird situation where some people with 40+ credits may decline Part A coverage. So there are various reasons why not all Americans are covered by Medicare at age 65.
    https://www.dummies.com/personal-finance/insurance/health-insurance/how-to-opt-out-of-or-disenroll-from-medicare-part-a/

    What's special about Europe for your coverage?
  • https://www.forbes.com/sites/nextavenue/2018/01/03/international-livings-top-10-places-to-retire-abroad-in-2018/#76a134b56c3e

    Someone mentioned Costa Rica above and it is #1 in this list.

    Portugal looks most interesting to me.
  • @Kaspa- Portugal would be great if you speak some Portuguese. Unfortunately, unlike most of the rest of Central and Western Europe the average Portuguese citizen doesn't speak or understand much if any English. At least that's been our observation. Really nice people, though.
  • @Kaspa
    We subscribed (print form) to International Living from 1975-1990. We always enjoyed their research; although we were not always a fan of some of their choices. I still am not comfortable with some of their current list.
    I traveled quite a bit during my 20's and found pieces of "paradise" here and there, but could not piece them all together in one package/one place.:):):)
    What I could deal with and tolerate in my 20's would be a different situation today.
    Thanks for the link.
    Catch
  • edited September 2018
    "What I could deal with and tolerate in my 20's would be a different situation today. "

    @Catch22- Yes, exactly. One thing to learn and adapt to a foreign language when you're young, quite another pushing 80. Even though we have gone to Europe many times on guided tours, we like to get away from the scripted tour parts and go out on our own. You soon realize that the side of things that tourists see is one thing, and the everyday experience of shopping, for example, is something else again. As a tourist we can easily get by with primitive hand signals and asking for help if there's anyone around who might speak English. But as far as survival on an everyday basis as a resident, that's a whole different kettle of fish.

    The grass might actually be a bit greener on the other side of some fences, but actually being able to enjoy that is something else again.
  • @Old_Joe et al
    Can't get into story telling here, as I would violate thread drift more; but I was always the good, courteous American when traveling at my young age. I have not done anything else that helped form and shape me into having a more complete understanding of myself, my own country; as well as the countries and people of the many places I visited or lived for an extended period of time. Always curious and open to what was in "my world" at the time; and try all of the food, most important, IMHO.
    I would not change any of this experience.
  • Msf, nothing special. Europe has socialized medical coverage for its' citizens and for foreign residents. When you need to go to the Dr. or need medication, ot you are seriously ill, you are provided care. You only need to present a card, and you are given appointments for tests, admitted to the hospital etc. You might have to wait a long time for non urgent tests, but it's a pretty good system. Money is not dealt with by any Dr. or hospital. Private medicine is available as well. Usually the Drs. Are the same.

    Btw, Portugal has a special deal. Look up non habitual residency status. You are given a tax break on income that you already pay taxes on outside of Portugal. The status is good for 10 years. Google it, since it isn't as cut and dried as I mentioned. I think International Living is a scam, and wouldn't take any of their info seriously. They must be tied into selling real estate in the countries that they promote, only informing you about the positive aspects of living in their latest foreign retirement paradise of the month.
  • Probably best place in workd:Santa Barbara Cali if I can afford it. Perfect weather beach environment lots things to do for old pp.. But housing and Cali taxation maybe overpriced there
  • Agree about general impressions about International Living. I only treat them as a source of ideas which need to be further explored. For retirement, I agree many factors need to be considered:
    (a)access to good reasonably priced healthcare,
    (b)cost of living in general,
    (c) safety,
    (d) ease of assimilation in community,
    (e) alignment with your intended retirement lifestyle,
    (f) distance from family/current friends,
    (g) political stability, etc.

    Every now and then, especially due to novelty factor and lower costs, option of retiring outside US comes to mind. However, I keep coming back to US in spite of negatives about a, b. Everyone's situation is different. We immigrated from Asia (legally), got excellent post-graduate education in mid-West, moved around a bit, but finally settled in Southern California, mainly due to access to opportunities in my field as well as great weather, friendly/diverse community. However costs are high and would like to reduce those as I get closer to retirement just to reduce risk of running out of savings. Healthcare is getting more expensive. With new developments, I am developing doubts about (d) and (g). For immigrants (f) is always nuanced due to split families and friend circles. You have to give up some in either case. Many South American countries score high on a, b and e, but I am not sure about c, d and g in many cases. I do know many who have successfully made the move to Costa Rica, Equador, etc and have been happy. Portugal scored high on a, b, c, e, g. I concur with Portuguese people being very nice and extremely helpful, which can make d easier in spite of language. This also gives me an opportunity to really learn a new language:-). I am toying with the idea of spending a little over six months in US and a little less than six months in another country to get some real experience before finalizing. Anyone done that?
  • For me the experience of living for long periods in France and in South Korea does not really inform what constitutes a country I'd live in in retirement. In previous overseas residencies I/we were "living on the economy" and our needs and expectations were not those of retirees. In other words, we made great sacrifices in creature comforts, generally needed healthcare only for our young kids, and lived cheap and assimilated lives partly out of a spirit of internationalism and adventure. In our mid-70's now, carting shopping bags in public transportation and walking extensively aren't so appealing on aching limbs. We still travel a lot, have never been on a tour, we drive rental cars, etc., but we stay in places we could only dream of in our 30's. On balance, the US of A offers by far the best place to come home to, although I too can get sucked into the "HGTV" appeal of buying a small farm in Tuscany. I have to remember that it's only a TV show underwritten by the real estate or travel industries.
  • @BenWP
    Obviously, France has changed a great deal from when I was there in 1973. Although I never had time to visit all the compass points; France reminded me, somewhat, of the "regions" found in the U.S. Regional climates obviously different, the food, the mix of the cultural influences and the landscape.
    Had I been fluent in French, I suspect I would have noticed variances of tones of pronunciation in the language in the various areas; not unlike England and the U.S.
    One (well, at least I could) could spend a lot of time wandering France and discover so many varieties of everything.
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