ChatGPT Unveils 10 Best Countries To Retire in 2024

As the globe becomes increasingly connected, the allure of retiring abroad grows stronger, promising more leisure, adventure, and often a lower cost of living. After analyzing various factors like healthcare, cost of living, climate, and expatriate community support, ChatGPT took this data and created its ultimate retiree expat list for 2024.

To aid in determining the best countries for affordable retirement living, GOBankingRates looked at data from Numbeo to evaluate 131 countries. The study assessed four key affordability metrics against New York City standards:

1. Cost-of-Living Index: Accounts for expenses like dining, groceries, transport, and utilities.
2. Average Rent: Reflects typical rental costs within the country.
3. Groceries Index: Covers typical grocery expenses.
4. Local Purchasing Power Index: Evaluates the buying power of an average salary in the country; higher purchasing power indicates the ability to buy more.

Quality of life was also a crucial factor, measured through:

• Healthcare Index: Assesses the quality of the healthcare system including professionals, equipment, and costs.
• Safety Index: A measure of a country’s safety on a scale from 0-100; higher scores denote greater safety.
• Peacefulness Index Rank: Reflects the country’s level of peace based on data from the Institute for Economics & Peace, with global peacefulness given triple weight.

The combination of these affordability and quality-of-life metrics positioned the 10 top-ranked countries as ideal for cost-effective retirement. Here are the 10 best countries to retire in 2024:

Portugal is recognized by the World Health Organization as having the 12th-best healthcare system globally. The country is home to 10 hospitals and 16 healthcare facilities that have earned the prestigious gold stamp from Joint Commission International. Portuguese doctors receive comprehensive training at reputable institutions such as the Faculty of Medical Sciences at the New University of Lisbon and the School of Health Services at the University of Minho.

Portugal’s public healthcare system, the Serviço Nacional de Saúde (SNS), is available to all full-time residents, including foreigners. Additionally, private health insurance is widely accessible and is priced reasonably, although the costs can vary based on factors like age, health status, and the level of coverage desired.

• Why It’s Great: Offers a warm climate, friendly locals, and a relatively low cost of living. Portugal also boasts excellent healthcare and a safe environment.
• Highlight: The Algarve region is particularly popular for its beautiful beaches and golf courses.
• Cost-of-living index: 45.3
• Purchasing power index: 51.7
• Grocery cost index: 36
• Healthcare quality index: 71.5
• Safety index: 68.5
• Average rent: $703
• Peacefulness index rank: 4

Costa Rica is highly favored by retirees, partly due to its excellent healthcare system. Known as ‘Caja,’ the Caja Costarricense de Seguro Social provides comprehensive medical insurance to all legal residents and citizens. Across the country, Caja operates 30 hospitals, 250 clinics, and over 1,000 smaller health care centers known as EBAIS.

To be eligible for Caja, you must have valid residency, and maintaining your contributions to Caja is essential for keeping your residency status. The contribution is about 15% of the monthly income declared in your residency application, but it includes significant benefits like no co-pays, no age-related price increases, and full coverage for pre-existing conditions.

• Why It’s Great: Known for its “Pura Vida” lifestyle, Costa Rica offers a laid-back environment, biodiversity, and a focus on environmental preservation.
• Highlight: Healthcare is affordable and high-quality, appealing to retirees from around the world.
• Cost-of-living index: 54.85
• Purchasing power index: 42.52
• Grocery cost index: 45.5
• Healthcare quality index: 63.83
• Safety index: 46.03
• Average rent: $502 
• Peacefulness index rank: 39

In Mexico, the public healthcare system includes the Instituto Mexicano de Seguro Social (IMSS) and Seguro Popular. Residents who are not employed can join IMSS by paying an annual contribution. For those unable to afford IMSS, Seguro Popular offers enrollment on a sliding scale based on income.

Mexico’s Federal Health Ministry has accredited 98 hospitals throughout the country, ensuring a standard of care. Among expatriates, Mexico is popular for cosmetic surgery and dental services due to the quality of care provided at relatively lower costs compared to many other countries.

• Why It’s Great: Proximity to the U.S., low cost of living, and vibrant culture make Mexico a favorite among North American retirees.
• Highlight: Places like Lake Chapala and San Miguel de Allende have thriving expat communities.
• Cost-of-living index: 42.77
• Purchasing power index: 42.24
• Grocery cost index: 34.8
• Healthcare quality index: 72.54
• Safety index: 46.33
• Average rent: $150
• Peacefulness index rank: 136

In Panama, expatriates can access medical care at both public and private facilities. Public healthcare, which is affordable even without mandatory contributions for those not employed by Panamanian companies, is managed by two main government bodies: the Caja de Seguro Social (CSS), responsible for public hospitals, and the Ministerio de Salud (MINSA), which oversees regional hospitals and clinics.

Private healthcare in Panama remains cost-effective compared to the U.S., with generally shorter wait times. Many hospitals in Panama City maintain affiliations with prestigious U.S. institutions such as the Cleveland Clinic and Johns Hopkins, enhancing the standard of care. Additionally, U.S. veterans may use their VAFMP, CHAMPVA, or TRICARE insurance at select facilities in Panama City.

• Why It’s Great: Panama’s Pensionado program provides retirees with numerous discounts on services and utilities, and there’s no tax on foreign income.
• Highlight: Its capital, Panama City, offers a cosmopolitan lifestyle with the comfort of modern amenities.
• Cost-of-living index: 48.04
• Purchasing power index: 40.29
• Grocery cost index: 52.2
• Healthcare quality index: 58.78
• Safety index: 53.11
• Average rent: $796
• Peacefulness index rank: 68

Malaysia stands out as an affordable retirement destination for English-speaking expats, with typical monthly living expenses around $1,000. While Malay is the official language, English is widely spoken, which eases communication. The country attracts retirees with its combination of low healthcare and housing costs, beautiful beaches, tropical climate, and developed infrastructure, making it a favored choice for those looking to enjoy their retirement years.

• Why It’s Great: Malaysia offers a My Second Home (MM2H) program that facilitates long stays. English is widely spoken, and healthcare is top-notch and affordable.
• Highlight: The cost of living in Malaysia allows for a luxurious lifestyle that would be more costly elsewhere.
• Cost-of-living index: 35
• Purchasing power index: 65.7
• Grocery cost index: 36.7
• Healthcare quality index: 70
• Safety index: 47.1
• Average rent: $305
• Peacefulness index rank: 23

In Spain, residents contribute to the public healthcare system, Seguridad Social, via taxes. As part of the conditions for obtaining a retirement visa, newcomers must secure private health insurance for at least the first year. The cost of private health insurance in Spain is relatively low compared to U.S. standards; for example, a healthy couple both aged 64 might pay less than $300 a month for coverage for both.

• Why It’s Great: Offers a rich history, delicious cuisine, and a mild climate. Spain also ranks highly for its quality of life and healthcare system.
• Highlight: Coastal areas like Costa del Sol are popular for their beaches and expat-friendly communities.
• Cost-of-living index: 50.6
• Purchasing power index: 82.5
• Grocery cost index: 41
• Healthcare quality index: 77.9
• Safety index: 64.3
• Average rent: $715
• Peacefulness index rank: 31

• Why It’s Great: Ecuador is diverse in geography and climate, offering everything from warm beaches to highland towns.
• Highlight: The cost of living is very low, and the country uses the U.S. dollar, simplifying financial matters for American retirees.
• Cost-of-living index: 33.18
• Purchasing power index: 40.74
• Grocery cost index: 34.5
• Healthcare quality index: 67.37
• Safety index: 37.73
• Average rent: $536
• Peacefulness index rank: 97

In France, individuals who have resided in the country for at least three months gain access to the national healthcare system. Initially, newcomers must obtain a long-stay visa and can apply for permanent residency after their first year. Although private healthcare facilities exist, those qualified for public healthcare may receive reimbursements for most expenses incurred at private clinics and hospitals, which tend to charge slightly more. Notably, the French public healthcare system provides complete coverage for long-term care services, a benefit not typically found in the U.S. system.

The annual healthcare fee in France is determined by one’s taxable income. Since retirement income is not taxed in France, retirees usually face a very low healthcare fee. The amount paid towards healthcare will increase only if one’s income rises.

• Why It’s Great: Renowned for its healthcare system, culture, and cuisine, France offers a sophisticated retirement.
• Highlight: Regions like Provence and the French Riviera offer picturesque landscapes and a temperate climate.
• Cost-of-living index: 64.27
• Purchasing power index: 95.18
• Grocery cost index: 73.6
• Healthcare quality index: 77.84
• Safety index: 44.46
• Average rent: $1,008
• Peacefulness index rank: 67

Italy’s national healthcare system, known as the Servizio Sanitario Nazionale (SSN), is highly regarded and particularly beneficial for expats. To access this public healthcare system, one must first become an Italian citizen and obtain a health insurance card. Additionally, private health insurance is available and popular among some expats, offering a broader selection of doctors and hospitals as well as reduced wait times for medical services.

• Why It’s Great: Offers a rich cultural heritage, excellent healthcare, and delicious food.
• Highlight: Tuscany is celebrated for its scenery, slow pace of life, and historical significance.
• Cost-of-living index: 57.02
• Purchasing power index: 72.98
• Grocery cost index: 58.0
• Healthcare quality index: 65.47
• Safety index: 52.69
• Average rent: $912
• Peacefulness index rank: 34

Thailand remains a top destination for expats, celebrated for its low-cost lifestyle alongside modern conveniences. In expat-heavy communities throughout Thailand, retirees can comfortably live on about $2,000 per month. For those who venture further from major cities, monthly expenses–including rent–can drop to around $1,000, making it exceptionally affordable.

• Why It’s Great: Known for its friendly people, beautiful beaches, and exceptional healthcare, Thailand remains a top choice for retirees.
• Highlight: Chiang Mai is popular due to its relaxed atmosphere and lower cost of living
• Cost-of-living index: 34.18
• Purchasing power index: 37.90
• Grocery cost index: 45.1
• Healthcare quality index: 77.14
• Safety index: 62.23
• Average rent: $551
• Peacefulness index rank: 92

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.