The ultimate dream is to enjoy a financially stress-free retirement, and one way for many to achieve that goal is to leave the U.S. According to a recent Monmouth University poll, the number of Americans looking to plant roots outside of the country has tripled over the past three decades — and Social Security recipients living abroad increased from 307,000 in 2008 to more than 450,000 in 2022.
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And there’s a good reason why more people are leaving. A recent Northwestern Mutual study revealed that U.S. adults believe they will need $1.46 million to retire comfortably, a 15% increase over the $1.27 million reported last year. The data showed the average American falls drastically short with just $88,400 saved, so Americans are seeking countries that offer perks such as affordable healthcare and housing. Transportation is also a huge expense that can be eliminated by moving to a city where one is not car-dependent — and so, we’ve rounded up the best cities where retirees can enjoy a car-free existence.
Bangkok, Thailand
Bangkok is a top choice for adventurous retirees looking for excitement and a city with a lot of energy. The country’s capital is known for its vibrant street life, grand shrines, and a place to experience unforgettable adventures that won’t cost your retirement savings. The cost of living is 60% cheaper than New York (not comparing rent), per Numbeo, and public transportation is accessible in many forms. You’ll most likely want to avoid the packed roads in Bangkok, so trains and subways are the best alternatives. The BTS Skytrain runs every 5-10 minutes and tickets average $1.20, while the subway also runs every 5-10 minutes and will roughly cost 90 cents.
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Lisbon, Portugal
Portugal is emerging as a popular country for Americans seeking to retire. On average, living in Portugal is 35.3% cheaper than in the U.S., per Numbeo, and a family of four can live on $2,555.10 a month without rent, while a single person’s estimated monthly costs are $724.90, excluding rent.
And in Lisbon, the country’s colorful capital, efficient transportation makes getting around the city easy. The major means of public transportation include buses, trams, and metros. For just $54 you can pick up a 7 Colinas Card that’s good for an entire year and allows you to use any mode of transportation hassle-free.
Panama City, Panama
Imagine spending your golden years in Panama City, Panama — a city that beckons with its low cost of living and affordable healthcare. The stable economy, stunning landscape, beautiful beaches and Miami vibe — minus the hurricanes — make it an irresistible choice. And the city’s transportation options, including the metro, buses that cost just 25 cents for any distance, and Uber, make it a breeze to get around without the need for a car.
Puerto Vallarta, Mexico
If lounging on a beach, sipping margaritas, and enjoying a laid-back lifestyle is your idea of retirement, Puerto Vallarta is an inviting and comfortable place to be. The beachside resort is easy to get around without a car, largely because the city has a great bus system that’s simple to navigate.
Currently, 1.6 million Americans live in Mexico, per the U.S. Department of State, making it the top country for U.S. expats. It appears you’d be in good company.
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This article originally appeared on GOBankingRates.com: 4 Best Places for Retirees To Live Without a Car
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