The 2 Best Places to Retire Abroad in 2020

The 2 Best Places to Retire Abroad in 2020
Photo by Darren Baker / Shutterstock.com

If your retirement dreams include living better for less while enjoying the adventure of a lifetime, you might want to check out Algarve, Portugal, and Mazatlan, Mexico.

These two places tied for No. 1 in the 2020 Retire Overseas Index by the publication Live and Invest Overseas.

The annual ranking takes into account an array of factors, including health care, taxes, real estate affordability, crime and safety, and access to North America.

“These aren’t simply the world’s top retirement havens right now, these are simply the best places to be, regardless of your age or any other circumstances,” says Kathleen Peddicord, publisher of Live and Invest Overseas.

Algarve, Portugal

You could live nicely in this southwest corner of Europe featuring beautiful beaches and plenty of sunshine on a monthly budget of $2,128, Peddicord says.

Protected from winter by the movement of the Atlantic Ocean’s Gulf Stream, this region has the best climate in Europe, with 3,300 hours of sunshine every year. The region is also home to great golf courses — more per capita than anywhere else.

You can get by with English only, thanks to the region’s strong historic and cultural links with England. Health care here is top-notch, and expats who become legal residents can access the public health system for free.

Mazatlan, Mexico

Located about midway along Mexico’s Pacific coast, this resort town stands out as a popular expat choice for its beautiful beaches, walkable colonial center and affordable lifestyle, Peddicord says.

In fact, Live and Invest Overseas estimates that a retiree could live in Mazatlan on a budget of $1,133 a month — less than the average Social Security benefit among retired workers, which was $1,503 as of December.

While Mexico’s health care is highly rated, retirees also can travel back to the United States relatively easily for medical care covered by their Medicare health insurance benefits, Peddicord says.

Summer weather, she cautions, runs hot and humid in Mazatlan, making it an ideal choice for snowbirds who prefer to migrate north at that time.

Here’s the rest of Live and Invest Overseas’ top 10 overseas retirement destinations for 2020 and the monthly budget to live there:

  • Cuenca, Ecuador: $1,230
  • Valletta, Malta: $2,044
  • Città Sant’Angelo, Italy: $1,533
  • Ambergris Caye, Belize: $2,170
  • San Ignacio, Belize: $1,693
  • Bled, Slovenia: $1,857
  • Medellín, Colombia: $1,605
  • Chiang Mai, Thailand: $1,061

If you’re still unsure whether you could afford to retire overseas, though, check out “12 Ways to Fund a Dream Retirement Abroad.”

Where would you consider retiring overseas? Share with us in comments below or on our Facebook page.

How to choose the right financial adviser for you

Finding a financial adviser you can trust doesn't have to be hard. A great place to start is with SmartAsset's free financial adviser matching tool, which connects you with up to three qualified financial advisers in five minutes. Each adviser is vetted by SmartAsset and is legally required to act in your best interests.

If you're ready to be matched with local advisers who will help you reach your financial goals, get started now.

Read Next
This Pastime Can Keep Your Mind Sharp at Any Age
This Pastime Can Keep Your Mind Sharp at Any Age

Even people in their 70s stand to benefit by taking up this kind of activity.

This Cellphone Carrier Has the Worst Network Quality, Customers Say
This Cellphone Carrier Has the Worst Network Quality, Customers Say

One major wireless provider stands out for the least reliable call, messaging and data services.

11 Expenses to Cut Now If You Want to Retire Early
11 Expenses to Cut Now If You Want to Retire Early

Like the idea of financial independence? Part of the FIRE equation is cutting costs.

View this page without ads

Help us produce more money-saving articles and videos by subscribing to a membership.

Get Started

Comments

Our Policy: We welcome relevant and respectful comments in order to foster healthy and informative discussions. All other comments may be removed. Comments with links are automatically held for moderation.

Trending Stories