If you’re one of the legions of people who have retired (or have been “retired”) in the wake of the pandemic, or if the pandemic has pushed you to reconsider what’s important in your life, you may now be pondering where in the world to go. Maybe it’s time to pack your bags and experience life in a far-off country. Or maybe you want to stay in the US but are unsure how to determine what place makes the most sense. Or maybe your budget means your options are more limited even if your sense of wanderlust is strong. So how do you consider the possibilities and pursue a destination? 

First, determine what’s important to you so that you can narrow your options. As we’ve mentioned in an earlier post, experts like Ryan Frederick underscore that where you live can be as important to your health and well-being in your later years as what you eat, how you sleep, or how much exercise you get. So how do you find the perfect place to retire? Kiplinger points out that most retired people do not move. Nearly half stay in the same home in which they earlier lived. If you do want to move, you need to figure out features that work for both you and your partner (assuming this is a shared adventure) and the recommendation is that you each come up with a list of 10 “must-have” features (closer to nature, close to the beach, cultural destination, etc.) and then narrow that list to 5 items on which you both agree. Furthermore, it’s recommended that you “test-drive” your choice, by renting a home or Airbnb there for a short period, especially during the time of year when climate may be an issue. Websites such as bestplaces.net and climatecheck.com can help you further analyze your potential retirement destinations. US News has some additional factors you should consider for your chosen destination, including public transportation, affordable cost of living, opportunities to socialize, and availability of help with chores and maintenance. Concerned that it may be challenging to find “the perfect place?” Don’t worry- you’re not the first one to be confounded by your choices. For some personal experience and guidance on the matter, take a look at the story of retiree Lisa Watts in this recent Market Watch article.

Once you have come up with your list of “must-have features” you can then take out the globe and consider what part of the world is most enticing. If you have a sense of adventure, now may be the right time to leave the United States and explore foreign countries. For example, Forbes recently published a top-five list of the best European countries in which to retire in 2022. Using information from the World Economic Forum, Portugal claimed the top spot on the list, based on such considerations as cost of living, housing availability, health care, taxes, climate, safety and security, and visas and residency permits (FYI- The Wall Street Journal (paywall) also just touted Portugal as a great place for retirees). What other countries were among the top 5? Greece, Italy, Malta, and Switzerland. Malta also surfaced on a recent list from Travel and Leisure of the best islands on which to retire. If you still want adventure but your retirement finances mean you’re going coach rather than first class, consider this recent list from US News of the cheapest places to retire abroad (how does $1000/month sound?). Among the suggested destinations? Belize, Panama, and Thailand are all in the running. Finally, for another good resource to help guide your search, check out the book A Worldwide Guide to Retirement Destinations by Louise and Simon Hudson (who, by the way, are now happily retired in Portugal).