More Americans are considering retiring overseas – here are the top picks

26 million) reflecting those of retirement age. According to the Social Security Administration, nearly 760,000 Americans collect Social Security benefits while living abroad.

This number has skyrocketed in the last 25 years, as in 2000 this number was estimated to be under 400,000. By 2024, that number had risen to 34%.

In 2024-2025, retirees accounted for 62% of US citizens relocating abroad.

Panama Tops Rankings for American Retirees

This Central American country topped International Living’s Annual Global Retirement Index as the world’s best retirement destination for 2025, fueled by its straightforward visa process, excellent quality of life and good value for money. Panama boasts “what is arguably the best retiree visa in the world,” Stevens explains.

The country’s major appeal lies in its practicality. The US’s southern neighbor consistently ranks high as a top retiree destination (it was fourth in International Living’s Global Retirement Index for 2025).

Its proximity to the US, affordability, and slower pace of life are strong draws. Panama uses the US dollar as its currency, eliminating exchange rate worries, and the Pensionado visa program requires only proof of a $1,000 monthly pension to qualify for residency benefits including discounts on healthcare, entertainment, and transportation.

Portugal Attracts Americans With European Lifestyle

Portugal dropped one spot from its second-place finish in 2023 to rank third as a retirement destination in 2024. It’s perceived as the most affordable of the top five countries on this list, and ranked second for its pleasant climate.

Portugal was also viewed among survey respondents in their mid-40s and up as being culturally accessible, happy and fun, with great food. The visa requires proof of sufficient income (€870 per month for a single applicant), a place to live in Portugal, and compliance with minimum stay requirements.

After five years, holders can apply for permanent residency or citizenship. According to SSA’s latest data in 2023, there are 10,723 retired Americans who receive their benefits in Portugal.

This is not a coincidence. There are many benefits in Portugal for Americans, such as EU access, a double taxation treaty between the two countries, low healthcare costs, and a high quality of living.

Spain Offers Diverse Climates and Vibrant Communities

With excellent weather, high-quality health care, a relatively low cost of living and world-famous gastronomy, this European country has been a perennially popular spot among the retiree set for decades. In InterNations’ 2024 Expat City Ranking, Spanish cities captured the top three spots (Valencia, Malaga and Alicante) out of 53 cities; Madrid, meanwhile, ranked seventh and Barcelona, 21st.

In addition, Spain boasts a wide variety of options for different lifestyles, from the cosmopolitan hub of Madrid to small villages up and down the country’s Mediterranean coastline, as well as the northern Basque region along Spain’s Atlantic coast. Spain’s Non-Lucrative Visa allows retirees with passive income to establish residency without working locally, though applicants must demonstrate sufficient financial resources and purchase private health insurance to qualify for the program.

Costa Rica Leads With Natural Beauty and Accessible Healthcare

Costa Rica leads the list of the best countries to retire in the world 2024, according to a new study from International Living. Costa Rica was found to have an affordable cost of living, diverse microclimates, and of course, an abundance of natural beauty.

The country also has an excellent healthcare system, one of the best in Latin America. S.

S. expatriates live in Costa Rica, many of them as retirees, mainly because Costa Rica has one of the highest living standards in Central America.

The most popular for retirees is the Pensionado, where you must prove a minimum income of at least $1,000 per month from a qualified pension, retirement account, or Social Security. Costa Rica offers territorial taxation, meaning foreign-sourced income like Social Security remains untaxed locally, and couples can live comfortably on budgets between $2,000 and $3,000 monthly depending on location and lifestyle choices.

While official numbers aren’t available, companies and organizations that specialize in assisting people move abroad have seen a massive post-election uptick in traffic and enquiries over the last few months – anecdotal evidence, some say, suggesting a “momentum, a movement taking shape” among Americans, including many retirees, seriously considering (or already undertaking) a permanent move abroad. Whether driven by financial necessity, healthcare access, or lifestyle preferences, the trend shows no signs of slowing as Americans increasingly view international retirement as a viable path to stretching their retirement dollars while improving their quality of life.

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