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January 10, 2017 at 09:48 AM
Where can retirees live and get the most bang for their buck?
International Living has released its annual Global Retirement Index for 2017.
Several locations on this year’s list have become more attractive thanks to a strong dollar, according to Eoin Bassett, International Living’s editorial director.
Spain, Malta and Portugal have become “even more appealing” destinations heading into 2017 with the strength of the dollar against the euro, Bassett told ThinkAdvisor.
“This has increased the spending power of U.S. citizens in the ‘Old World,’” he said.
ThinkAdvisor highlighted the 10 best from this year’s index, which ranked retirement destinations in the world in 10 categories: buying and renting property, benefits and discounts, visas and residence, cost of living, fitting in, entertainment and amenities, health care, healthy lifestyle, infrastructure and climate.
To do this, International Living uses an extensive network of editors, correspondents, contributors and contacts based around the world to amass information, data and insights.
While the rankings in the Annual Global Retirement Index are largely subjective, as much available hard data as possible also goes into analysis of each destination. Climate data, on-the-ground surveys of current pricing for groceries and day-to-day expenditures, local taxes, real estate prices, visa requirements, costs of specific medical procedures, and much more are all incorporated into index rankings.
The key aim of the Index is to help retirees find locations where their dollar goes further — where they can get the best bang for their buck in terms of real estate, cost of living and overall quality of life.
Looking at the overall scores on this year’s index, the top three retirement destinations on the index are separated by just three-tenths of a point. The winner this year has been a presence on the list for quite some time.
(For last year’s rankings, check out 15 Best Foreign Countries for Retirement: 2016.)
Based on International Living’s months of research, these are the top 10 retirement destinations in 2017:
(Photos courtesy of International Living.)
10. Malta - Malta’s compact size doesn’t detract from the marvelous lifestyle it offers.
Final score: 81.7
- Buying & renting score: 79
- Benefits & discounts score: 71
- Visas & residence score: 76
- Cost of living score: 77
- Fitting in score: 92
- Entertainment & amenities score: 85
- Health care score: 85
- Healthy lifestyle score: 79
- Infrastructure score: 90
- Climate score: 83
For a Mediterranean island, the cost of living on Malta is remarkably reasonable.
According to International Living correspondent Barbara Diggs, “A couple can live here comfortably for less than $2,700 per month. You can rent a two-bedroom apartment in Sliema, one of Malta’s most lively cities, for about $800 per month. Your rent could be as low as $600 per month in the countryside in Gozo. A pleasant dinner out can cost as little as $25 per person, including a glass of local wine.”
International Living also finds that health care is another major plus to retiring in Malta. The cost of private health insurance is far lower than in the U.S.
“Even if you have a basic hospitalization plan, prices are so low in Malta that you can cover the cost of doctor’s visits and medications out-of-pocket,” according to International Living. “For example, a general practitioner visit usually costs around $20 while a specialist may cost $65.”
9. Portugal - Portugal may have an Atlantic coastline, but its lifestyle is classic Mediterranean.
Final score: 83.1
- Buying & renting score: 84
- Benefits & discounts score: 72
- Visas & residence score: 76
- Cost of living score: 82
- Fitting in score: 85
- Entertainment & amenities score: 80
- Health care score: 84
- Healthy lifestyle score: 90
- Infrastructure score: 95
- Climate score: 83
International Living cites Portugal’s low cost of living and real estate as some of the reasons for its growing popularity among retirees.
According to International Living Editor Glynna Prentice, “A couple can live well on as little as $1,700 a month, including rent, in many smaller cities, and from about $2,200 a month in Lisbon, the capital.”
While language may be a concern for those looking to retire in Portugal, International Living finds that English is widely spoken both among the large population of British expats and the Portuguese.
“So while it’s a good idea to learn some Portuguese if you plan to retire here, you can generally get by in English,” according to International Living. “And Portugal’s friendly locals help make life here extremely pleasant.”
8. Nicaragua - Constantly developing, Nicaragua has grown to become a great, low-cost retirement destination.
Final score: 83.6
- Buying & renting score: 97
- Benefits & discounts score: 69
- Visas & residence score: 72
- Cost of living score: 97
- Fitting in score: 84
- Entertainment & amenities score: 85
- Health care score: 80
- Healthy lifestyle score: 97
- Infrastructure score: 73
- Climate score: 82
Nicaragua has changed greatly over the last decade – for the better, according to International Living. Pockmarked roads have turned into smooth highways, and renewable energy windmills dot the southern countryside.
“So if you’re considering retiring in Nicaragua, just know that each year the infrastructure improves, the chocolate and coffee wins global awards, there’s great health care, wonderful people, less stress, no traffic jams, and a couple on a budget can live here for $1,500 a month,” according to International Living.
According to International Living, it doesn’t take long to get your resident’s card, and it’s easy for expats to open businesses. Many find that when they open a business they make a U.S. profit, but in a country where their costs are a fraction of what they are back home, allowing for a superior lifestyle.
7. Spain - Spain offers some of the lowest-cost First-World living in Europe.
Final score: 84.8
- Buying & renting score: 85
- Benefits & discounts score: 71
- Visas & residence score: 70
- Cost of living score: 78
- Fitting in score: 88
- Entertainment & amenities score: 90
- Health care score: 89
- Healthy lifestyle score: 90
- Infrastructure score: 98
- Climate score: 89
Spain’s miles of beaches, the warm climate along its coasts, its low cost of living and real estate, and its relaxed, laidback lifestyle all help to make it a top retirement destination, according to International Living.
According to International Living, Spain offers some of the lowest-cost First-World living in Europe.
International Living Editor Glynna Prentice says that: “In Spain, a couple can comfortably get by in smaller cities from as little as $1,900 a month, including rent. Small one- and two-bedroom apartments can be rented from as little as $500 a month, and can be bought from about $70,000.”
Daily living expenses, especially food, are also low-cost, International Living finds.
6. Malaysia - Malaysia’s modern cities, great health care and friendly people make it an ideal retirement haven.
Final score: 87
- Buying & renting score: 89
- Benefits & discounts score: 70
- Visas & residence score: 85
- Cost of living score: 87
- Fitting in score: 93
- Entertainment & amenities score: 95
- Health care score: 97
- Healthy lifestyle score: 92
- Infrastructure score: 89
- Climate score: 73
Malaysian cities are clean and modern, its public transport unrivaled, and its people the friendliest in Asia. And while other Asian countries offer great budget holidays, and some offer first-class vacations, Malaysia manages to cater extraordinarily well to both.
