Every year pensioners make the decision to retire outside of the UK but it’s important to do the research first. The Annual Global Retirement Index from International Living has named Portugal as the top destination for retirees in 2023.
The index ranks countries based on everything from cost-of-living and climate to healthcare and housing.
Portugal was the only European country to make the top five in the ranking; it was followed by Mexico, Panama, Ecuador and Costa Rica.
Portugal is also faring well economically when compared to other countries, with The Economist ranking it second in its list of “economic winners” of 2022.
GDP, public debt, inflation and stock market performance were all considered as part of the global ranking.
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For retirees Ann and Kevin Hudson, Portugal is the perfect choice when it comes to enjoying some winter sun.
The golf-loving couple bought a three-bedroom villa at Amendoeira Golf Resort.
According to the Hudsons, it is the ideal choice for retirees.
They said: “We have fabulous views of the golf course and surrounding areas and love our new home.
“The transition and move were very smooth, and easy.
“We would highly recommend Amendoeira to anyone looking for another home abroad.
“It has great golf courses, the facilities are wonderful, it’s close to lovely beaches, restaurants, and shopping, it’s perfect for retirees.”
Jennifer Stevens, International Living’s executive editor told Forbes: “The day-to-day cost of living [in Portugal] is low compared to the States—a couple can comfortably cover expenses (including rent and everything else) for about $2,800 (around £2,260) a month.
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“A single [person] could live well on about $2,000 (£1,600) a month, all in (less in more rural areas).”
Mexico takes the second spot for 2023.
Ms Stevens explained a couple could live comfortably in most places recommended for a little under $2,000 a month to on $2,800 (around £2,260 – £1,600) to a month.
She said: “You’d be living large, dining out all the time, fancy house, plenty of funds to travel on.
“For a single, plan on a budget from $1,500 (around £1,200) to $1,900 (around £1,500). You can definitely live simply in Mexico for less, mind you—those are reasonable figures for somebody who wants to live very comfortably.”
Panama takes the third spot for 2023.
With a budget of $2,900 (around £2,300) a month, people can live comfortably anywhere in the country as a couple, Ms Stevens explained.
She said: “A single could live in a rural area on about $1,400 (£1,100) a month, though closer to $2,000 (£1,600) a month would be a more reasonable figure for city or more cosmopolitan living.”
Before moving abroad, people are always encouraged to conduct their own research. Individuals could speak to the International Pension Centre to find out more about how leaving the UK could impact them.