What if your Social Security check went twice as far — in a country with great food, warm weather, and healthcare that costs a fraction of what you pay now? Rally explores the surprising world of retiring abroad, hitting the top destinations, the big financial perks, and the stuff you really need to think through before you start packing.
EPISODE TRANSCRIPT
Hey Beautiful People…welcome to the Silver Beast Podcast!
I’m Rally Preston. Seventy years old, and just to verify that, I checked my passport. Yep, that tracks. And you might want to grab yours, too, for this episode.
Because today, I’m going to be your international guide to retiring overseas. Well, just hitting some of the highlights here – but a lot of older adults are thinking about living abroad these days.
Lots of momentum going on right now…you can draw your own conclusions why…
But yeah, I think this is something worth knowing about…for any number of reasons. It could be a life-long dream of yours…or just something you might be open to someday. Ok, I got your ticket to ride right here…so let’s get going.
So it’s estimated nearly 1.3 million Americans aged 65+ are living abroad right now. And from the Social Security Administration tallies, it looks like 760,000 of those are receiving monthly Social Security checks.
And let me throw out another stat for you here…a Harris Poll from last year found that 44% of Americans have seriously considered retiring abroad. That’s nearly half. Wow! And for my generation, the Boomers…about one in four said they’re thinking about it. Ok.
So what’s the pull here, other than just getting out of Dodge?
Well, I’ll give you the big one first: Money.
So the average retired American household spends about five thousand dollars a month to live in the US of A.
OK. And what’s the average Social Security check? Right around two thousand bucks a month.
So that’s a pretty good gap there.
But here’s the thing — in a lot of countries, that same two thousand a month goes a lot further.
One financial planner I read about said a couple living comfortably in, say, New York for five grand a month…could live just as well in Portugal or Mexico for around twenty-five hundred. Good quality of life. Comfy home. And it’s half the cost.
Now you can do the math on however many years of retirement you’re planning. But…that adds up to some real money.
And the good news — your Social Security checks still come to you overseas.
Now it looks like the second biggest reason people are heading abroad is…healthcare.
Because you know, Medicare — the healthcare we’ve been paying into our whole working lives — Medicare doesn’t cover you outside the United States.
But here’s the tradeoff…healthcare in a lot of countries is way cheaper than what we pay here, even out of pocket.
A typical doctor’s visit in Panama for example, and a private one, not in the public healthcare system – starts around 20 bucks – that’s less than my Medicare copay here.
And you can still get international private health insurance that covers everything from company’s like Cigna, and it’s a fraction of what we’d pay stateside…because healthcare just cost less in a lot of other countries.
Portugal, for example. Portugal spends about twenty percent of what the US spends per person on healthcare — and their people live almost four years longer on average than Americans. Something to think about.
So yeah, you’d probably still want to get some kind private coverage. But for many retirees, it’s a bargain.
Alright, so where are all these retirees actually going?
Well, let me give you a quick tour here. And I promise I’ll keep this short.
Costa Rica is probably the most popular one abroad for Americans, and it has been for years. Tropical climate, friendly people, stable country. And get this — to qualify for a retirement visa there, you just need to show a thousand dollars a month in guaranteed income. Most of us have that covered in Social Security alone. And Costa Rica is actually known for drawing medical tourists because the healthcare is that good.
Italy. Now I know — Italy sounds expensive. But here’s the secret…outside of like Rome, Venice, Milan, Florence… Italy can be pretty affordable. In fact, there’s a southern Italy tax incentive where foreign retirees in smaller towns pay a flat seven percent tax rate. And you’re living in Italy, c’mon. The food. The history. The wine.
Then there’s Panama …that’s a sleeper pick. The American dollar is the official currency there. American influence is all around you too — lots of familiar restaurants. There’s even a retiree discount program — you get lower rates on utilities, medications, hotel stays, transportation. A one percent mortgage reduction. Panama really wants you to retire there.
And then there’s Spain, Portugal, Greece — all topping the global retirement rankings right now. Greece actually took the number one spot on the 2026 International Living Global Retirement Index. Culture, food, Mediterranean coast, very affordable.
Obviously there’s more – we’re not going to go deep here… that would take all day. The point is — there are a lot of options – out yonder – as my granny used to say.
OK, so before you stop this podcast right now and start packing your bags…there are some things to think through before you make a big move like this….
One is…the US is one of the only countries in the world that taxes its citizens on their income no matter where they live. Ouch! Yeah, I know.
So your taxes don’t just disappear when you move. You still have to file and pay up. Now, some countries have tax treaties with the US that at least keep you from getting taxed twice — France is one of those. But you’ll probably need an expert in expat taxes….it’s a little trickier than just firing up TurboTax.
And the other thing is, and this is probably obvious, but you need to visit the country first before you commit. Most experts suggest spending a month or two somewhere before you sign a lease or buy property. I saw where some expats say you’d better make it at least a three-month trial — just to get a good feel for the place.
And another thing you’ve got to think about is your family.
Being that far away from your kids and grandkids might be a concern for everybody.
And if you’re married, don’t just send your spouse a text from Tuscany telling them what a great time you’re having. Yeah don’t do that – at least send a postcard. No, no, but seriously, talk it out with your whole family first.
And some retirees have a pretty good solve for this — they spend six months abroad, and six months back in the states. And who knows, some families might love having an excuse to visit say, Costa Rica, without a hotel tab.
And then, there’s the language thing. Some countries are more English-friendly than others. Panama and Costa Rica — pretty easy. Southern Italy? Uh, you’ll want to brush up on your Italian. Which, hello, learning a new language – great brain exercise for older adults. Just had to sneak a healthy tip in there for you.
Now here’s what you should probably take away from all this.
You may never move to, uh retire to, a foreign country. I mean, all things considered, we’ve probably got it pretty good here.
But what I love about this topic is that it shows you that retirement can look way different than most of us may think about.
I mean, when we were kids, retirement meant…what? Dad got the gold watch or something. You didn’t move to Spain the next day, right? You stayed put. That was that.
But it seems like there’s more options today. Some pretty good ones.
So OK…got some tips for you future expats out there if you’re considering retiring overseas…just some simple ones. Here you go:
So first, just Google “best countries to retire abroad for Americans.” Browse a few articles. Let your imagination go a little wild. You don’t have to do anything — just window shop. As they say, dreams are free.
Second thing: If you’re even a little more curious, check out a website called International Living dot com. Just my personal favorite. They’ve been tracking the best international places to retire for over 35 years now. Lots of solid info. Real stories from people who’ve done it. That’s International Living dot com.
Third point: If you’re seriously considering it — the experts suggest you make a phone call to a tax professional who specializes in expat finances. You want to get a handle on the tax implications before you fall in love with that villa in Barcelona. That’s the smart thing to do.
And fourth thing to consider: Talk to somebody about it. Your spouse. A friend. Your financial advisor. Just say, “Hey, have you heard about this?” Because who knows, that little conversation could be the beginning of a great adventure. See what that leads to.
Alright folks, that’s a wrap on this fun one…I just think the whole idea of living abroad as a retiree is pretty cool. Don’t know if I’m there just yet myself …but, you know, something for us to think about.
Ok, Rally Preston here — reminding you that your best years aren’t behind you. They might just be…in a different time zone.
Keep that Silver Beast mode switched on, and I’ll catch you right back here next time on the Silver Beast Podcast. Take care!