The Top 5 Countries for Retirees (as ranked by International Living)
Posted: Wednesday, March 10, 2010
by Brian Davis
EZ Landlord Forms
Retirement can seem awfully expensive, and awfully far away. But what if it didn't have to be either? What if you could retire somewhere warm and sunny, filled with historic architecture and charm, replete with culture and luxury?
Each year, expatriate publisher International Living analyzes data from the 29 most likely countries for retirement, and ranks them by overall score. To arrive at these scores, they analyze each of the following categories: real estate/lease agreement cost, health care quality/value, availability of benefits for retirees, general cost of living, climate, safety, infrastructure, and cultural activity. This year, the top five countries selected were Ecuador, Mexico, Panama, Uruguay, and Italy, with the United States ranking 22nd on the list (hampered by its high real estate/lease agreement costs and unimpressive retiree benefits), and the United Kingdom and South Africa bringing up the rear.
Cuenca is the third largest city in Ecuador, and benefits from perfect weather of 70's and sunny all year round, based on its location both on the equator and at an elevation of 8,000 feet. Aside from its climate advantages, its health care is both modern and affordable, it's safe, and offers incredible benefits to retirees (have you ever heard of half-priced airfare for retirees here in the States?). Further, Cuenca still maintains its original, colonial charm, with cobblestone streets, arched cathedrals, ornate doorways in every building, abundance of green foliage, and beautiful terracotta roofs.
But all of those advantages aside, the cost for a lease agreement for a luxury two-bedroom apartment in Cuenca averages a comfortable $500/month, which comes as a shock for most of us Americans accustomed to paying several times that amount. In fact, the cost of a luxury lifestyle in Cuenca (which includes eight dinners/month eaten out, plus maid service twice a week) only comes to about $1,400/month, and that includes the luxury lease agreement.
The other five countries that topped the list shared many of these qualities, and if Latin America isn't your idea of a pleasant retirement, consider the fifth and sixth ranked countries, Italy and France. One of the few disadvantages these countries had against Latin America was their relatively higher cost of living and less affordable real estate/lease agreement costs. An American dollar, unfortunately, will not go nearly as far in Europe, but for those willing to spend a little extra, Europe has some extraordinary benefits, particularly in the cultural activity category.
You don't have to be old, or rich, to retire. What you do need, however, is an open mind, and a willingness to explore options you may never have considered. Just for fun, imagine the possibilities available if you're willing to leave behind the frozen winter months in Minnesota, or the usurious taxes paid by every Californian, or the rain of Washington, and exchange them for an affordable lease agreement in a pleasant climate, and retirement might prove an easier endeavor than you thought.
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