From Dreaming to Living: What You Need to Know About Retiring Abroad

Millions of Americans will take vacations outside of the country this summer.

While some travelers are checking off destinations from their bucket list, others may also be scoping out possible locations for future retirement.

The number of Americans retiring outside the United States has continued to grow in recent years. The Social Security Administration (SSA) reports 760,000 retirees outside of the United States receive Social Security benefits each year. That total is up from 431,000 in 2019.

Europe a top destination

Many retirees are already living their dreams. According to the SSA, more than 700,000 retired US workers living overseas received Social Security benefits (as of December 2022, latest data available). Many of these retirees (38%) relocated to Europe. Among top retirement locations in Europe, 25,000 beneficiaries were living in the United Kingdom, and more than 23,000 in Germany, 19,000 in Poland, about 16,000 in Italy, 13,000 in Greece, nearly 12,000 in France, and 10,000 in Portugal.

In addition, more than 55,000 retirees were living in Japan, another 71,000 in Canada, 33,000 in Mexico, and nearly 19,000 across Central America and the Caribbean.