What do you fear about retirement?

Sep 1, 2008

Where to Hang Your Retirement Hat (Best Places to Retire) in 2008

“Go and live somewhere else,” advises John Osborne,,a resident of Victoria, B.C.“ Try doing what you think you’ve always wanted to do.” Osborne, a retired psychology professor from the University of Alberta, moved to Victoria after he found retirement living left a lot to be desired in his old hometown of Edmonton, Alberta.

Perhaps, like many retirees, you too yearn for a change of scenery, new experiences, and a changed set of circumstances. Moving to a new location within your own country is one way to satisfy these yearnings.

Going abroad is another option. Indeed, as many as two million American retirees currently live abroad, according to David Warner, professor of public affairs at the University of Texas at Austin.

If you need guidance on where to retire abroad, one of the best sources is International Living magazine. The editors of this magazine evaluate the best places to retire in the world using the following criteria with the respective weighting.

    • Cost of Living — 20 percent
    • Health Care — 20 percent
    • Special Benefits — 20 percent
    • Real Estate — 15 percent
    • Entertainment, Recreation, and Culture — 10 percent
    • Climate — 5 percent
    • Safety and Stability — 5 percent
    • Infrastructure — 5 percent
Surprisingly, Panama which had been at the top of the list for six straight years has fallen to fourth position this year as the best place to retire. Here are the top three best places where to retire according to International Living magazine.
    1. Mexico
    2. Ecuador
    3. Italy
In short, Italy in the number 3 spot has great weather, beautiful cities, and many historical sites. Ecuador in the number 2 spot offers an extremely low cost of living, great weather, beautiful landscapes, a vibrant economy tied to the US dollar, and a stable political environment.

Insofar as Mexico, it wins the top spot due to its Senior Citizens Benefits program, the quality of life that expat Canadian and American retirees can enjoy, investment opportunities, and the fact that it is relatively convenient for Americans and Canadians.

See Where to Retire Quotes and Best Places to Retire Information

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