The trend of retiring overseas for Americans has grown popular over the years due to one vital factor -- affordability. Here, we list down the top 10 overseas destinations you can consider for your retirement.
As the New Year starts, International Living released its Annual Global Retirement Index for 2016. This year's index is their most comprehensive yet and according to IL, "This year, across 10 categories, we factored in absolutely everything needed to make a great retirement destination. How much to rent? Can you catch a movie in English? What is the average humidity? Can you get direct flights to and from the US? How much does a doctor's visit cost? Do they speak English? The list goes on"
Furthermore IL said that they factored in two new categories this year -- Healthy Lifestyle category and Visas and Residence Category.
Among 23 countries included in IL's list, here are the top 10 places to retire in 2016:
1. Panama
2. Ecuador
3. Mexico
4. Costa Rica
5. Malaysia
6. Colombia
7. Thailand
8. Nicaragua
9. Spain
10.Portugal
Panama sits at the top spot of the list and many expats agree. Already a haven for 50,000 US expats, this Central American country has a low cost of living and a high quality of life according to NDTV.
Also in IL's report, one expat shares why she chose Panama for her retirement refuge, "It is definitely cheaper than the US," says Maureen LoBue, who enjoys a beach life in San Carlos. "Water is included in my rent, so I just pay electricity, which last month was $16. My satellite internet service is just $15 a month. And when I buy produce at the local market down the street, I can fill a bag with fresh veggies for less than $5."
With choices like these that are offered abroad, you can be assured that your hard-earned retirement money will be worth every penny.