There’s a new retirement trend sweeping the nation: Packing up and leaving.
Many Americans are finding the retirement dream on further flung shores, chasing a lower cost of living and easier access to affordable healthcare. And increasingly, more Social Security recipients who are retired are heading abroad.
Data from the Social Security Administration shows that, in 2008, there were 306,906 retired US workers receiving benefits in foreign countries; by 2022, that number had swelled to 450,156 — a surge of nearly 150,000 more retirees abroad.
It’s a path that’s becoming increasingly attractive to some retirees, especially amid political uncertainty. Dee, a 71-year-old retired teacher, previously told Business Insider that she’s considering relocating out of the US for the second part of her retirement, especially as the current political climate “terrifies” her; she’s particularly interested in Central America.
“It looks like something that I could afford to live a little bit more, a little bit better; my income would stretch a little bit more,” she said. Dee might be hopping on a trend: There were 18,940 retirees in Central America receiving benefits in 2022.
Business Insider looked at the countries with the most retirees receiving Social Security. Many of the locales have income tax treaties with the US, meaning that income isn’t double-taxed by both the US and the country where citizens reside.
Perhaps unsurprisingly, Canada and Mexico — the two countries sharing a land border with the US — placed in the top three. Retired technical writer Linda Ofshe, 71, moved to Canada in 2022 to be with her husband; she previously told Business Insider that Canada is a bit safer, and has a slightly better climate and politics.
“My life has greatly improved leaving the States, and I don’t intend to ever live in Texas again,” Ofshe said.
Retirees have also been flocking to Japan, which has more than doubled the number of US retirees receiving Social Security between 2008 and 2023.
Germany remains a popular retirement spot; Gary Hohenstein, a 73-year-old New York native, retired there when he was 59. He previously told BI that life there is calm, and that his retirement benefits stretch further than they would back in the city. And Baltimore native Jeffrey Park, 63, also previously told BI that he was planning on retiring in Germany, where he’s been working for 13 years.
“Everything’s just a little bit more personal, or smaller, or a little bit old-fashioned, compared to American life,” Park said.
Poland is also an increasingly popular location, with the ex-pat retiree population growing by nearly 325%. SmartAsset ranked Poland as its best country for retirement when looking at costs and peacefulness. The Philippines has also seen its ex-pat retiree population explode since 2008, growing by nearly 88%; that might be chalked up to a low cost of living and ease of access in getting some visas.
And Italy remains a retirement stronghold, although its ex-pat retiree population has fallen a tad since 2008. Retirees to Italy previously told BI they were heading to Italy to escape American politics and healthcare costs; a more relaxed work culture was just the cherry on top.
“I have to say it’s pretty much a total dream,” Christina Schwendeman previously told BI. “Every morning, we wake up and look outside and say, ‘I cannot believe we live here.'”
Are you an American who’s moved abroad for retirement? Contact this reporter at [email protected].
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Publish date : 2024-09-01 22:42:00
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