10 Great Reasons to Live Abroad!

Special Report By Edd and Cynthia Staton

Updated April 2024

You fantasize about the adventures you’d have. The places you’d visit. The memories you’d cherish forever.

You wonder, “What would it be like to wake up each morning in a foreign country?”

Or maybe the idea of living abroad has never occurred to you. 

You think, “Uproot my whole life? Leave my family and friends? Have to learn a foreign language?

Who Would Do Something Like That?

A lot more than you probably imagine.

According to the U.S. State Department, over 9 million Americans are now living outside of the U.S.

That’s more than the population of New York City. More than the populations of LA, Chicago, and Phoenix combined!

Why Haven't I Heard About This?

With that many people already living abroad, you may be wondering why you don’t hear much about this idea. Well, the mainstream media doesn’t really talk about it.

And the thinking of a lot of financial experts seems to be stuck in the 20th century. They advise how much money you’re going to need based on an old-fashioned retirement more suited to your parents’ generation.

Living in the same home. Doing the same things. Taking a trip now and then if you can afford it. 

Maybe that’s all you’ve ever wanted. Nothing wrong with that.

Nothing, that is, except for the amount of savings it’s going to take to enjoy even a modest retirement.

3 MILLION DOLLARS?!?

For years those same experts have been advising that a million dollars in retirement savings is the magic number you need to accumulate. 

Now they’re claiming it’s $3 million!

Really? $3,000,000?? 

Do you have anything close to that much saved?

Is Living Abroad the Solution?

Currently over 700,000 Social Security payments are sent overseas, about 200,000 more than only two years ago. 

And that number is expected to steadily rise as more older Americans with meager job prospects and inadequate savings look for ways to preserve their nest egg and rescue their retirement.

Could retiring abroad be the solution to your retirement problem?

Here Are 10 Great Reasons to Live Abroad:

1)  Lower cost of living

If your retirement is in trouble because of limited income and savings, lowering your cost of living is a must. 

But since the United States has risen to the 12th most expensive country in the world because of soaring inflation, even drastic budget reductions may not be enough.

Plus, what would your quality of life look like after cutting expenses to the bone?

In the same study Mexico, home to more American expats than any other country, ranks #67 for affordability. Malaysia is #115. Even Portugal at #60 is a bargain compared to the U.S.

Numbeo states the cost of living in the United States is whopping 172.8% higher than our home country of Ecuador (which ranks #103 overall in the affordability index, by the way). Rent is an astronomical 400% higher! 

Living abroad is a solid strategy to substantially lower your expenses.

2)  Higher standard of living

At the same time, retiring abroad can provide a much higher standard of living than remaining in the States.

Many couples, including us, enjoy a happy and fulfilled life abroad for less than $2,000 a month. In a beautiful tropical country in the Far East a single person can live comfortably for only $800 a month.

And that’s not for a “ramen noodles diet and never doing anything” lifestyle.

You could be living in a modern condo overlooking the ocean. Or an historic apartment in Europe. Enjoying leisurely lunches with friends. Belonging to a gym or yoga studio. 

Things you now consider luxuries could become part of your daily life. Indulging in spa treatments. A housekeeper or gardener.

Living better for less is perhaps the main reason many retirees decide to move abroad and become expats.

3)  Preserve your nest egg

Worried you’ll outlive your nest egg? You’ve got plenty of company. 

Even for those who have managed to accumulate a sizable nest egg, a recent Transamerica Retirement Survey finds that one of Americans’ biggest retirement fears is outliving their money.

Since over 40% Americans age 55 and older have $0 savings and the median retirement account balance in the U.S. is only $65,000, those concerns are well-founded.

Another study by the Center for Retirement Research at Boston College reports that nearly half of working households are at risk of being unable to maintain their current standard of living in retirement.

The budgets of many retirees living abroad are funded mostly or completely by their monthly Social Security benefits. This allows them to preserve (or increase!) whatever money they have been able to accumulate.

Even choosing expat life for a few years is an opportunity to stretch your retirement savings and have an adventure at the same time!

4)  Excellent weather

What’s your ideal weather?

No matter what your answer is, it probably doesn’t include shoveling snow.

It is well documented that as we age a cold climate is harder to cope with.

Live abroad and you can choose the climate that suits you best.

Maybe you would love beach living but gave up on the possibility of retiring at the ocean long ago. It’s so expensive, right? 

In the States maybe, but not overseas. What if you could dust off those dreams and find yourself on the terrace of an oceanfront condo enjoying your morning coffee? 

Or do you prefer “Goldilocks” weather—not too hot and not too cold? In countries like Colombia and Ecuador there are great places to live where it’s springtime all the time!

5)  Improve physical and mental health

Warm and sunny climates like these support better overall health. They allow you to be outdoors all year enjoying activities like hiking, biking, and swimming.

In many locations owning a car is optional (we haven’t owned one for over 14 years). Lots of expats experience significant weight loss from the increased exercise they get walking most places. Plus, they benefit from the abundance of fresh, inexpensive fruits and vegetables.

Along with improved diet and regular exercise, mental stimulation is one of the recognized components for reducing the risk of dementia and Alzheimer’s. 

Adapting to a different culture, learning at least the basics of another language, forming new relationships, and immersing yourself in a wealth of diverse experiences are all surefire ways to keep your brain in tip-top shape!

6)  Reduced stress

At first glance this benefit may seem counterintuitive. When you arrive in a new country all the factors just mentioned can certainly make you anxious.

But once you settle in, get your bearings, and establish a new routine, you begin to appreciate leaving behind the pressures and demands of your previous life.

And over time you discover a level of freedom you didn’t imagine possible. The financial strain you lost sleep over has disappeared. Your rich new life moves to a slower rhythm that you get to decide.

According to the American Psychological Association, stress is a silent killer linked to the six leading causes of death. Living abroad gives you the chance to make what the Association calls “lifestyle or behavioral changes necessary for good health.”

7)  Increased happiness

Are people living abroad not only healthier but also happier? Yes, say several studies.

An InterNations survey reports that expats rated themselves “healthier, wealthier, and happier” compared to an equal number of respondents who had never lived abroad.

An online poll by MoveHub, an international relocation company, found that 63% of expats described themselves as “happy or very happy” compared to 53% of others.

Researchers at the University of Toronto were surprised by the number of interviewees who had lived abroad and regretted their decision to return home. 

Many in the survey, in fact, indicated they are seriously considering moving out of the country again.

8)  Excellent and affordable health care

According to the latest poll by Gallup and West Health, availability and affordability of health care is a major concern of Americans for the sixth year in a row.

No wonder, when in 2024 the average annual premium for a family plan is $6,575 (after employer contribution). For health plans compliant with the Affordable Care Act, the maximum out of pocket limit for a family is an eye-popping $18,900. Ouch!

Speaking of which, amazingly affordable and high quality health care is available around the globe, especially in Latin America, Europe, and the Far East. 

Particularly in the larger cities, facilities and equipment are top-notch. Physicians are well-trained and often bilingual.

A choice of national health-care plans or private coverage is usually offered in the most popular expat destinations with premiums a fraction of what you are used to paying.

Many expats choose to pay out of pocket for their medical care. Office visits may be only $30–$40, and it’s possible to schedule a same day visit. Any necessary follow-up appointments are often free of additional charge.

Surgical procedures are similarly affordable if you have no medical insurance. For hip replacements that can cost $40,000 in the U.S., expect to pay around $10,000. A cosmetic mini-lift that averages $7,000 in the States can be only $700 abroad.

Many medications are purchased over the counter at local pharmacies, sometimes as low as one tenth of what prices would be in the U.S. Follow-up refills may not even require an additional doctor visit for a new prescription.

9)  Socially enriching

A surprising secret about living abroad turns out to be one of the most important ones of all. Did you know a recent study found that loneliness is as big a health risk as smoking and obesity?

For older Americans this is definitely not good news, as research links social isolation to a higher chance of having Alzheimer’s disease, which now strikes more than six million Americans and is projected to reach 13 million by 2050.

Already delighted by affordable lifestyles, outstanding health care, and ideal weather, retirees abroad are often thrilled to discover the enriching sense of community found in many expat destinations.

Previously busy, overscheduled lives perhaps kept friendships at superficial levels.

Now there is ample time for relationships to go deeper. To really get to know and care about each other.

Meeting for coffee. Relaxing 2-hour lunches. Fun wine and cheese get-togethers. Dinner parties that linger into the night.

Beyond social engagements, retirees overseas often find fulfillment in giving back to their welcoming new countries. Volunteer opportunities are endless—teaching English, helping in orphanages, animal rescue.

A common statement among expats is, “I’m so busy I don’t know how I ever found time to work!”

10)  Reinvent yourself

When we arrive at the end of our lives, wouldn’t it be great to look back and have no regrets? 

No unresolved personal situations. 

No “woulda / shoulda / coulda’s.”

Over the course of your working years, you very likely had dreams that you never managed to fulfill. Hobbies or interests that got sidelined. Postponed travel experiences.

Retirement is the last best chance to change all that, yet many people handle the transition from “vocation to vacation” poorly. A study from The Institute of Economic Affairs found that retirement increases the odds of clinical depression by 40%.

Living abroad creates a golden opportunity to reinvent yourself. You’re in a brand new place where nobody knows the “old” you. So become who you’ve always wanted to be!

Start a rock band. Write your memoirs. Learn to cook local dishes. Express your artistic talents. Join a community theater group. Play pickleball.

No one is going to say you can’t do it. Instead, other expats will most likely want to join in. Fire up your imagination and be fearless!

Final Thoughts

Are people nervous about taking the bold step of moving abroad? 

Sure. Even scared.

Maybe they have never had a passport before or even traveled far from their home.

Expats decide to ignore past decisions and circumstances. To take charge of their lives. To cast aside self-imposed limitations and quit holding back.

They choose instead to embrace a feeling that, “If I’m ever going to do something like this, the time is now!”

Living abroad often expands your horizons in previously unimaginable ways. Traveling to exotic locales. Starting businesses. Even finding romance.

Being immersed in a different culture challenges you to examine your attitudes and beliefs about yourself. Your relationship with others. Even your entire worldview. 

No one boarding the plane for a new life abroad knows exactly how things will turn out. But no matter what, an exciting new adventure is about to begin!

With so many desirable locations only a few hours flight from the States, living abroad is an appealing option for the millions of Americans facing an uncertain retirement future.

From a financial point of view, living abroad is your chance to hit what we call the “retirement trifecta.” It’s a savvy strategy allowing you to:

• Lower your cost of living 

• Raise your standard of living 

• Preserve or even grow your nest egg

You live in gorgeous climate where you look and feel terrific. Money concerns gone. No stress. Doing what you want to do. When you want to do it.

The choice to live abroad is a game changer, and could end up being one of the best decisions you ever make!

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Edd and Cynthia Staton are America’s best known experts on retiring abroad and expat life. They have appeared on network television; written hundreds of articles for national and international publications; and are regularly featured in major media outlets including ABC News, CBS News, CNBC, Forbes, and USA Today.

They are authors of three Amazon best-selling books and creators of Retirement Reimagined!, a Master Course providing comprehensive, step-by-step guidance to successfully move abroad.

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