Paying for retirement is a daunting prospect for many workers who are now approaching the end of their careers. Longer life spans, money lost in the stock market plunge and fears about the efficacy of Social Security are enough to make anyone nervous.
One way many are stretching their retirement dollars is by leaving the U.S. to spend the golden years in a place that is less expensive. But selecting the right one can be tough. Every January, International Living magazine publishes its Global Retirement Index, which ranks the possibilities for those considering an expat life.
The magazine looks at eight areas to come up with its ranking: real estate, special benefits, cost of living, fitting in, entertainment and amenities, health, retirement infrastructure and climate.
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For the "special benefits" category, IL looked at discounts offered to foreign retirees. These can include breaks on property taxes, airfare and other items. For "fitting in," factors like language and friendliness of locals toward expats was considered.
IL says it also considered safety when deciding which countries to recommend, but that anyone deciding to move to a foreign country should do their own analysis of security concerns and take the appropriate steps.
For the record, the country at the bottom of this year's list is Vietnam, with a rating of 67.3.
Here are the top 10 best foreign countries for retirement, according to IL's latest ranking:
10. Thailand: 84.6
• Real Estate: 76
• Special Benefits: 68
• Cost of Living: 92
• Fitting In: 94
• Entertainment and Amenities: 100
• Health Care: 89
• Retirement Infrastructure: 79
• Climate: 79
9. Portugal: 84.8
• Real Estate: 79
• Special Benefits: 74
• Cost of Living: 90
• Fitting In: 86
• Entertainment and Amenities: 88
• Health Care: 81
• Retirement Infrastructure: 98
• Climate: 82
8. Colombia: 85.4
• Real Estate: 84
• Special Benefits: 68
• Cost of Living: 90
• Fitting In: 82
• Entertainment and Amenities: 91
• Health Care: 88
• Retirement Infrastructure: 85
• Climate: 95
6 (tie). Malta: 86.1
• Real Estate: 78
• Special Benefits: 84
• Cost of Living: 87
• Fitting In: 100
• Entertainment and Amenities: 78
• Health Care: 86
• Retirement Infrastructure: 93
• Climate: 82
6 (tie). Spain: 86.1
• Real Estate: 84
• Special Benefits: 70
• Cost of Living: 89
• Fitting In: 84
• Entertainment and Amenities: 93
• Health Care: 87
• Retirement Infrastructure: 100
• Climate: 83
5. Costa Rica: 86.6
• Real Estate: 84
• Special Benefits: 76
• Cost of Living: 90
• Fitting In: 97
• Entertainment and Amenities: 97
• Health Care: 89
• Retirement Infrastructure: 82
• Climate: 78
4. Malaysia: 86.8
• Real Estate: 81
• Special Benefits: 66
• Cost of Living: 90
• Fitting In: 97
• Entertainment and Amenities: 96
• Health Care: 94
• Retirement Infrastructure: 95
• Climate: 76
3. Mexico: 87.6
• Real Estate: 80
• Special Benefits: 80
• Cost of Living: 90
• Fitting In: 95
• Entertainment and Amenities: 97
• Health Care: 84
• Retirement Infrastructure: 85
• Climate: 89
2. Panama: 90.6
• Real Estate: 80
• Special Benefits: 100
• Cost of Living: 91
• Fitting In: 97
• Entertainment and Amenities: 100
• Health Care: 89
• Retirement Infrastructure: 84
• Climate: 85
1. Ecuador: 92.7
• Real Estate: 100
• Special Benefits: 96
• Cost of Living: 92
• Fitting In: 95
• Entertainment and Amenities: 98
• Health Care: 82
• Retirement Infrastructure: 78
• Climate: 100
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