Best Country to Retire To

[Flyfish1]

Just saw this article: https://www.insidehook.com/travel/best-place-to-retire-2024

Spoiler alert: it's Costa Rica if you don't want to read the article. I have no burning desire to relocate to another country but I find it fascinating and I feel like it would be a good place to visit. Maybe even a place to rent during the winter other than Florida. Anyone ever explore such options?

 

[Surewhitey]

We lived in Playa del Carmen Mexico from 2011-15 and liked the lifestyle and food and made some fun friends. We go back 2-3 times every year now. We did notice this last trip that prices are up significantly, especially groceries and restaurants. I don't know how the locals are dealing with that.

A couple of couples we know relocated to Tamarindo CR and 1 is still there 10 years later (but look at Crete for their next adventure). DW visited them and said it was surprisingly expensive in their area. You should do your research before moving anywhere as these articles are wearing rose colored lenses for under $2k/mo living.

 

[sengsational]

My answer is USA, but that's not very adventuresome.

 

[FiveDriver]

What is the Tax Structure in some of these countries, like Costa Rica, Bahamas, or any of the smaller Carib Islands ?

Would I have to give up my American citizenship ? Dual Citizen ? Pay taxes to both countries ?

The Political Climate in these places would be an important factor to consider also.

 

[ShokWaveRider]

I think that those who choose a retirement location purely based on low cost are making a mistake. We would rather move to a MCOL or HCOL area with low(er) crime. OK perhaps we are being a little snobbish, but the theory being the really LCOL areas tend to attract a certain type that we do not wish to associate with. Not saying that CR is such a place, although like the US I bet some parts are.

 

[Aerides]

After DH had a pulmonary embolism (from a small clot that formed after the simplest and most benign event, landing funny on a leg on a big step), I would not live anywhere that I couldn't count on EMT's being at my door within a few minutes from a 911 call, and then a few minutes from there to a very good hospital. Had we been somewhere remote, I'm not sure I want to consider the different outcome. (he's fine).

Doesn't matter where you live if you don't have medical good services close by.

That said, living somewhere always warm and tropical is nice, and Costa Rica is quite lovely in many parts.

 

[MarieIG]

DH and I briefly discussed moving to the town where he was born and raised (in Europe). I would have moved there after we married had he wanted to at that point, but post-retirement that option was rejected for the following reasons:

The children and grandchildren are here;
I loathe flying (I become anxious and it hurts my back);
The medical care (based upon reports from DH's many relatives and friends in the area) is sub-par;
I would have concerns regarding my rights as a non-citizen;
DH has a very extensive social circle there - I have none.

Pre-Covid we had been exploring a three month stay in a beach town on one of the islands - but Covid (and the needs of grandchildren) halted that plan.

 

[aja8888]

Texas is a good choice, but it's almost full, and one would have to learn the language and wear cowboy boots.

 

[street]

Texas is a good choice, but it's almost full, and one would have to learn the language and wear cowboy boots.

LOL
I say America in the less crowded places though. Rural America has so many benefits, even though you sacrifice some of the finer things in life.

 

[target2019]

My answer is USA, but that's not very adventuresome.

Yeah, that's why we picked the Great State of New Jersey. From here we can visit major cities around the world for short or long adventures.

Access to extensive healthcare systems a short distance away became very important.

 

[HenryD]

Texas is a good choice, but it's almost full, and one would have to learn the language and wear cowboy boots.

Having spent some weeks in the north end of the Permian Basin this winter I'd disagree with the assertion that Texas is full

 

[Fermion]

I think the best country to retire to is the USA actually.

You can travel to many different biomes while being covered (for emergency care at least) by a ACA qualified health plan or medicare. If you want desert, you can get that, beach, mountains, snow, sand.

You don't need a passport to go between these places and you can stay as long as you like.

You are not going snow skiing in Costa Rica.

 

[HenryD]

We love Costa Rica enough that we are starting to build our retirement home there this year. It's not for everyone and it has significant downsides. Most people that fall in love with the Pura Vida hype, with intentions of permanent relocation, leave after two years.

There's excessive bureaucracy, high import taxes, rampant property crime. The violent crime rate per capita is higher than the US, but like the US it's very variable. There's drug traffic, desperate migrants, and occasional social unrest. It's better than Panama or Mexico IMO, but like those countries falls well within the sphere of influence of the US. If things really go downhill here you won't be much better off there.

If we could hack the distance, could afford it, and could get in, we'd be looking at New Zealand. That seems to be where all the billionaires are building their bunkers. The southern hemisphere will be the place to be if something results in a limited nuclear engagement.

 

[MarieIG]

Texas is a good choice, but it's almost full, and one would have to learn the language and wear cowboy boots.

Now, now - there is only one ReWahoo.

 

[HenryD]

What is the Tax Structure in some of these countries, like Costa Rica, Bahamas, or any of the smaller Carib Islands ?

Would I have to give up my American citizenship ? Dual Citizen ? Pay taxes to both countries ?

The Political Climate in these places would be an important factor to consider also.

No need to give up your US citizenship to live in Costa Rica. Permanent tourism with border runs every 180 days (recently up from 90) is tolerated. Residency is available through a number of programs based on SS/annuity/pension income (as low as $1000 a month), investment in RE or other (as low as $250k), digital nomad visas, and others. No double taxation. The politics are stable for a Central American country, but that's a low bar

 

[flyingaway]

In retirement, where to live is determined largely by how much money you have, then what you want for a place.

For me, no single place is good enough. If I had 10 times of the money that I have, I would live in many places once in a few months.

 

[Onda]

I prefer the idea of a temporary expat. That is, airbnb 3–6 months in several locations and spend the rest in the USA.
I would not choose either location based on cost but on quality of life. Spain and Portugal would be very high on my list.

 

[Cayman]

We considered two other countries, and chose them based on location and their cultures (not based on cost, that would be a mistake in my opinion. These were moderate/mod-high cost of living countries). DH was on board to do it, but in the end, I found the prospect of integrating too daunting. I want to be "plugged in" and fully engaged with the people, culture and practices where I live. Learning another language, creating a new life far from our current social network of family & friends seemed like more work than I was looking for at this stage in my life. So, we choose to travel to other places for months at a time and that works well for us.

 

[aja8888]

Having spent some weeks in the north end of the Permian Basin this winter I'd disagree with the assertion that Texas is full

Now, now....I spent 25 years in the oil patch and know the area well! It's about as full as needed! LOL

 

[flyingaway]

We lived in Playa del Carmen Mexico from 2011-15 and liked the lifestyle and food and made some fun friends. We go back 2-3 times every year now. We did notice this last trip that prices are up significantly, especially groceries and restaurants. I don't know how the locals are dealing with that.

A couple of couples we know relocated to Tamarindo CR and 1 is still there 10 years later (but look at Crete for their next adventure). DW visited them and said it was surprisingly expensive in their area. You should do your research before moving anywhere as these articles are wearing rose colored lenses for under $2k/mo living.

We were in Playa del Carmen two weeks ago and felt very safe. However, good restaurants are expensive, cheap restaurants selling local foods are not very good and certainly are not for long time living.

 

[Gumby]

Everyone knows it's Connecticut. Anywhere else in New England is a close second.

 

[finnski1]

Everyone knows it's Connecticut. Anywhere else in New England is a close second.

Yes. Please move to Connecticut. NH is horrible.

 

[ShokWaveRider]

Everyone knows it's Connecticut. Anywhere else in New England is a close second.

Assuming of course you like wearing long johns and paying high taxes.

 

[Gumby]

Assuming of course you like wearing long johns and paying high taxes.

Paradise is never cheap. And I don't have any long johns, nor do I need them.

 

[ShokWaveRider]

Paradise is never cheap.

Now that we can definitely agree on, we would not want to live cheap either. Happy New Year.