The Best Countries for Retirement

Top 10 Countries for Retirement

After a lifetime of hard work — or even sooner — you deserve to really enjoy yourself. Welcome to MojoTravels, and today we're counting down our picks for the Top 10 Countries for Retirement.

For this list, we’re looking at countries that offer a balance of safety, entertainment value, enjoyable weather and affordability - making them an ideal place to retire.

#10: Spain

Wine, beautiful weather, picturesque landscapes, stunning architecture and delicious cuisine - what more could a newly retired individual ask for? Spain is considered to be a generally safe place to live. And while it’s not nearly as cheap as some of the other destinations we’ll be discussing today, it remains among the least expensive countries in Western Europe. Your grocery bill, in particular, is sure to drop substantially due to all the excellent local produce. And if you choose to settle outside of one of the major cities like Madrid or Barcelona, your dollar will stretch even further. Plus given how diverse this country is, we expect that you’ll be doing a fair amount of travel within the borders of your new home.

#9: Malta

This Southern European island nation only consists of about 122 square miles of land, but it sure packs a lot of character and appeal into that modest footprint. The Republic of Malta is an archipelago made up of 3 main islands - Gozo, Comino and Malta (the latter being the largest and home to the capital city of Valletta). A popular tourist destination year round, Malta is a sun-lover’s paradise, averaging about 3,000 hours of sunlight a year; even in winter the temperature tends to remain in the 60s, and bottoms out in the mid-50s Fahrenheit. And unlike on vacation, as a resident, you won’t be paying vacation prices to be there. Rent, groceries, public transportation - it all costs a fraction of what one typically spends in the U.S. or mainland Europe.

#8: Ecuador

When retirement approaches and you begin to really think about your priorities, climate quickly rises to the top of the list. That being said, not every expat has the same definition of “perfect weather.” Some like it hot and tropical, while others are looking for more moderate temperatures year round. This is the major draw of moving to Ecuador - it's a country that gives you options. The coast offers consistently warm weather, while the Andes are notably cooler, making them a great choice for those who tend to run hot. Because of its varied climates, Ecuador has been said to have some of the best overall weather on earth. It’s also a nation rich in history and culture, all of which can be appreciated for less than $2,000 a month - and that’s for a couple!

#7: Portugal

This European nation has long played second fiddle to Spain - both with travelers and retirees looking to settle abroad. So how and why did Portugal pull? Simple, Portugal’s overtourism problem isn’t nearly as major as Spain’s, meaning that the locals are still far more welcoming, even in major cities. Second, it’s one of the cheapest countries in not just Western Europe, but Europe as a whole. Add to that a pleasant climate, the architectural marvels of cities like Porto and Lisbon, and some of the best wine in the world, and it starts to sound like a dream come true. The thing is, Portugal, for all its budget-friendly luxuries, is also a great place for the more active retiree, with lots of opportunities to stay fit, from hiking and surfing to golfing. It’s also the 3rd safest country in the world.

#6: Colombia

If you imagine your retirement to be a verdant one and your days to play out at a relaxed pace, Colombia is a great choice. Like Ecuador, the local biodiversity translates to a variety of climates - meaning that there’s likely one that suits your personal tastes. Wherever you wind up, you’ll find an extremely affordable cost of living. If you’re not sure you can imagine putting down roots in Colombia, take a trip there and test the waters - retirees currently living there tend to overwhelmingly agree that they not only felt safe, but also incredibly welcome - especially in smaller cities and larger towns. Depending on your lifestyle, the place you settle and your health, you and your significant other can live relatively comfortably for as little as $1,100 US dollars per month.

#5: Malaysia

If you’re looking to get the most bang for your buck without making too many sacrifices in terms of quality of life and comfort, you’re hard-pressed to find a better place to settle than Malaysia. Southeast Asia, except for Singapore, is incredibly affordable, which is what facilitates backpackers to travel there so extensively. But while Vietnam is another solid option for retirees, Malaysia offers arguably the greatest balance, and because the country values the economic boost brought by expat residents, the government has made it relatively easy to acquire a residence visa. Generally speaking, a couple can get by on as little as $1,000 a month, and that’s even when leading a rather cushy lifestyle with plenty of entertainment and indulging in western foods. Between the bustling urban centers and its pristine stretches of wilderness, you’re unlikely to ever get bored.

#4: Costa Rica

Tropical climate? Check! Welcoming locals? Definitely. Costa Ricans are famous for their hospitality. Furthermore, the government is a notably progressive one that puts an emphasis on education, affordable healthcare and LGBTQ+ rights - all of which is likely to appeal to expats. Real estate, like the cost of living, is quite affordable, meaning that rather than rent, there’s reason to consider buying a home. A phrase you’re likely to hear a lot in Costa Rica is “Pura Vida”, which means “pure life”. And sure enough, if you choose to retire here, you will discover a rich, fulfilling, more mindful way of living - one that reconnects you with nature. And let’s not forget the incredible wildlife that you’ll be able to observe while exploring this land of natural wonder.

#3: Czech Republic

This Central European country might not be as cheap as many of the other options on our list today, both for those who are concerned about the culture shock that might come with moving to Latin America or Southeast Asia, it’s a great option. In terms of safety, it ranks 11th globally, the second highest ranked country on our list today. Prague, the capital city and where people are most likely to be tempted to retire, is absolutely stunning. As for healthcare, the Czech Republic is considered to be something of a gold standard; you get top-notch service and treatment for a very small monthly payment. For those with a passion for history, culture, and beautiful landscapes, this country is a great choice, and at under $2000 dollars per month, all things considered, this retirement package is a steal.

#2: Mexico

If you’d like to settle in a large country with a lot of diversity in terms of not only landscapes and climates, but also regional cultures, you’d be hard-pressed to choose a better adoptive home than America’s neighbor to the south. If you want to spend the rest of your life soaking up rays and sipping tropical drinks under a palapa by the ocean, that can be arranged, but for someone looking for a more active and exciting retirement, it’s again a great choice. Mexico City has gone from being considered dangerous to one of the most popular trending destinations in the world, meaning that retirees who like to be immersed in a truly metropolitan culture will find much to appreciate about it. With solid healthcare, low cost of living, and a wealth of history and culture to discover, Mexico is a perfect place to retire.

#1: Panama

This Central American country has been a favorite retirement spot for decades, and it continues to have major appeal to those looking to kick back, relax and enjoy the fruits of their labor. With its beautiful weather, sunny beaches, modern infrastructure, rich local culture and sizable English-speaking population, there’s a lot to like about Panama. And so long as any ongoing earnings are made outside the country, you pay zero income tax. On top of everything, the cost of living is a fraction of what you’d pay stateside, without compromising quality of life. Panama is well aware of its appeal to international retirees and the benefits that this brings to its economy. As such, it has at times made a “retirement visa” available that entitles newly arrived expats to a wide variety of perks, as well as certain tax and exemptions that help your savings go even further!