What is the world's best retirement destination?

Pensions / Retirement
Approaching Retirement
Joe Phelan's picture
A study has named the ultimate retirement destination, and the winner may surprise you!

Moving abroad upon retirement is an option that has become increasingly popular among Brits in recent years, with many jumping at the chance to take advantage of cheaper housing, superior weather and perceived lifestyle enhancements far from Blighty’s shores.

Latest research from Old Mutual Wealth has revealed that over half (55%) of adults earning more than £60,000 each year are planning to spend a significant proportion of their retirement living overseas, and, while the notion of relocating to foreign climes is slightly less appealing to those on a lower income, a third (33%) of respondents earning less than £25,000 per annum admitted a desire to spend at least some of their twilight years living outside the UK.

Historically, Spain and France have been the two most popular retirement destinations for Brits seeking sea and sunshine, but International Living's new annual Global Retirement Index has found that retirees could be better off elsewhere.

The detailed study, which took into account 10 different categories covering everything from cost of living and ease of fitting in to quality of infrastructure, lists only six European countries in the top 20 retirement destinations, with old faithful Spain, ranked 9th, the highest placed.

So, which nation has earned the prestigious title of being named the world’s best retirement destination? That honour goes to Panama, the North American country famed for its colossal canal, wide-brimmed straw hats and lush rainforests.

Panama, home to approximately 3.8m people, comprehensively pipped Ecuador, Costa Rica and Mexico to earn top spot, with the report highlighting the country’s cheap cost of living, impressive healthcare services and 5,637 kilometres of coastline as key reasons for its success. Its relative closeness to America (it's only a three-hour flight to Miami from Panama City) and the endearing nature of its people were also regarded as significant factors.

The top 20 retirement destinations (overall score out of 100):

1. Panama (93.5)
2. Ecuador (92.4)
3. Mexico (89.3)
4. Costa Rica (88.4)
5. Malaysia (87.8)
6. Colombia (87.7)
7. Thailand (84.5)
8. Nicaragua (84.2)
9. Spain (83.6)
10. Portugal (82.9)
11. Malta (82.8)
12. Honduras (81.3.)
13. France (80.0)
14. Belize (79.6)
15. Peru (79.4)
16. Italy (78.5)
17. Philippines (78.5)
18. Uruguay (78.4)
19. Dominican Republic (78.2)
20. Ireland (78.1)

If you are considering retiring abroad but would like some additional information or guidance about the best ways to save money and plan for the move, you could benefit from speaking to a financial adviser. To get in touch with a top-rated adviser in your area so as to ensure you are making the most of your money, visit the VouchedFor website.

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