GetGoldenVisa have published the The 2025 edition of The Great American Exodus looking at the motivations of the increasing number of Americans moving abroad to retire.  As of 2024 there were 5.4 million Americans living abroad of which 23% were over 65 (1.26 million) reflecting those of retirement age. 760,000 of these Americans were receiving social security payments abroad.

The steady rise in Americans retiring abroad highlights both the growing scale of Social Security payments overseas and the shifting demographics of American retirement.  Since 2018, the number of Americans receiving retirement benefits abroad has grown steadily year after year, climbing from 423,022 to 463,480 in 2024.

The interest in retiring abroad has grown from 4% in the 1970s to 17% today.  This is set to increase further with 26% of current retirees considering moving abroad and 35% of future retirees indicating they plan to retire abroad.

Where are people retiring? Top 15 destinations

Social Security payments follow Americans worldwide, these are the countries where the largest numbers of US retirees receive their monthly benefits:

• Canada – 70,943
• Japan – 57,578
• Mexico – 34,000
• United Kingdom – 26,397
• Germany – 23,349
• Philippines – 20,845
• Poland – 19,732
• Italy – 15,465
• Greece – 13,251
• Australia – 12,323
• France – 11,984
• Portugal – 10,723
• Israel – 10,404
• Colombia – 9,006
• Spain – 8,698

Why are people retiring abroad?

There is not a single factor driving this growth in those retiring abroad and those planning to do so, but there are a number of factors that influence people’s decision.  These include push factors driving people away from the U.S. and pull factors attracting people to move broad.

• Push Factors
  • Political instability: 76% see democracy under threat; 73% believe that political violence is systemic.
  • Healthcare insecurity: Only 44% were satisfied with their healthcare security and 70% say the system is in crisis.
  • Tax & financial strain: State taxes, property taxes, premiums erode pensioners’ fixed income.
  • Education & safety: Families seek quality schools and secure environments.
• Pull factors:
  • Portability of Social Security benefits: Over $7.5B in Social Security payments flow overseas annually.
  • Affordable healthcare: Europe spends nearly half per capita compared to the U.S. and provides wider coverage with limited premium hikes.
  • Higher purchasing power & lower living costs:  Rents, food, and utilities in Europe are 35–45% cheaper than in the US according to Numbeo (2025).
  • Residency & citizenship: Golden Visa, D7/D8 visas and passive income visas provide a fast track to residence.
  • Lifestyle & culture: Slower pace, stronger communities, mobility across generations.

The motivations to move abroad differ between “current retirees” and tomorrow’s/future retirees”. Both groups are driven by push and pull factors, but the weight and urgency vary sharply.

Status	Profile	Push Factors	Pull Factors
Current Retirees (61+ , Plan A)	Already collecting Social Security Seeking stability abroad.	Rising healthcare costs in the US Medicare uncertainty Fixed income insecurity Social unrest	Affordable cost of living Strong & reliable healthcare systems Peaceful environment Community belonging
Future Retirees (45-60, Plan B)	Still in workforce (or recently exited) Have assets/ investment power Planning a “Plan B.”	Political polarization; Future Medicare instability Fear of economic downturns Desire for “Plan B”	Investment options: Funds, real estate, 2nd citizenship Visa programs: D7, D8, passive income routes Early retirement paths Cultural belonging & affordable living Rights & mobility for the future
Shared Concerns (Plan A & B)	Families with children or dependents Concerns shared across both clusters.	Concerns about children’s future High US education costs Rising insecurity	Better education systems abroad İntergenerational stability Safer upbringing environments Family reunification

Healthcare a key motivation for retirement abroad

With fewer than half of Americans expressing confidence in the U.S. healthcare system and Medicare projected to run short within a decade, retirees are increasingly seeking affordable, reliable alternatives abroad.

Only 44% of Americans rate their healthcare system as “good” or “excellent,” a steep decline from the 52–62% range recorded between 2001 and 2020 with just 28% satisfied with insurance coverage.

70% believe the system is either in crisis or has serious problems with the #1 concern being cost(23%), followed by access (14%) and obesity (13%).

Facing rising costs and shrinking trust, many retirees are exploring Europe and Latin America for both affordability and dignity in care. In Portugal, for example, private health insurance costs just 20% of US levels.

Choosing where to relocate to

For those 61+ and already retired there are a number of factors to consider when choosing which destinations would work best for you:

• Healthcare First: Verify whether your destination country has SSA or Medicare agreements. Supplement with private insurance to cover long-term care.
• Prioritize Safety & Stability: Choose countries with political stability, low crime rates, and strong expat communities.
• Plan for Taxes: – Compare US tax treaties to avoid double taxation on Social Security and pension income.
• Lifestyle Fit: Consider climate, cultural integration, and access to quality healthcare together, not separately.
• Estate & Exit Strategy: Prepare inheritance and estate planning early, ensuring your wealth transfer works across borders.

For those still working, but considering retiring abroad early planning provides maximum flexibility:

• Start Early: Explore residency or citizenship programs (D7, Golden Visa, Elective Residency) while income is stable.
• Dual Citizenship as an Asset: Treat second citizenship as insurance for wealth transfer, mobility, and intergenerational resilience.
• Family First: Factor in children’s education and your spouse’s healthcare needs.
• Diversify Income: Build passive income streams that function across borders, not just in the US.
• Scenario Planning: Ask yourself: “What if healthcare costs double? What if taxes change? What if political unrest escalates?”

Other things to consider before finalising your move abroad:

• Can I collect my Social Security in this country?
• Does this country have a US tax treaty?
• What are my healthcare options (public, private, hybrid)?
• Is there a strong expat or local community for integration?
• Do I have trusted advisors -both in the US and abroad- who understand crossborder retirement rules?

To achieve a successful retirement abroad requires a plan covering healthcare, taxes, safety, and family continuity.  Ensuring you plan ahead, get expert advice where needed and choose the right destination, will mean that you have a great new beginning from your retirement abroad.

Conclusion

Murat Coskun, Founder, Get Golden Visa commented:

‘The American Retirement Exodus is becoming increasingly strategic, datadriven, and broad in scope. At Get Golden Visa, we believe that providing strategic guidance and genuine partnership is no longer optional, it is essential. Retirement migration today is about more than residency permits or tax benefits; it’s about protecting dignity, security, and choice for the next generation.’