Learn How to Retire in the U.S. and Discover the Top Destinations
The United States is one of the most culturally and geographically diverse countries in the world. It also has the largest economy and offers an array of comforts, luxuries, and amenities, making it appealing to foreigners searching for the perfect place to retire.
While it is possible for foreigners to retire in the U.S., the lack of an official retirement visa can make the process seem confusing at first glance. Fortunately, our comprehensive guide explains everything you need to know, from visa options and healthcare coverage to the cost of living and the best places to retire in the U.S.
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Retiring in the U.S.: The Pros and Cons
There are plenty of reasons why foreigners desire to live or retire in the U.S. Whether the U.S. has what you need to live a comfortable and happy retirement will depend on your personal needs and goals, as well as your retirement income.
Is Retiring in the U.S. a Good Idea?
The U.S. has a powerful economy, a high GDP, and a strong job market. Americans have excellent access to all consumer products, goods, and services. But is that enough to make the U.S. an ideal place for you to retire?
Yes, at least if you have an ample monthly income to take advantage of those goods and services. Yet there are just as many reasons why the U.S. can be a challenging place to live, especially for retirees who aren’t working and earning an active income.
What Are the Cons of Retiring in the U.S.?
The U.S. rarely makes it onto lists of the “best countries to retire.” That’s because it has a high cost of living and a high rate of crime, as well as several challenges facing the healthcare industry.
The U.S. is expensive. According to Numbeo’s Cost of Living Index (CLI), the U.S. has the 12th highest cost of living in the world as of May 2024. Housing prices in the U.S. are also much higher compared to most foreign countries.
For those reasons alone, many U.S. retirees choose to leave and settle down in popular retirement destinations like Portugal, Thailand, Spain, Ecuador, and Panama — all of which are much more affordable by comparison.
Another issue that retirees face in the U.S. is the absence of a free or national healthcare system. Health care and prescription medications are costly, especially when compared to prices in countries that do have a universal healthcare system. Learn more about your options for international private medical insurance.
Immigrating to the U.S. for retirement can also be a challenge because the U.S. does not offer a formal retirement visa. Foreigners can apply for other types of visas instead, but the U.S. limits how many people can be approved for each visa type every year. This creates an immigration backlog, which means that some people might pay more for legal expenses than they expected.
See Also: Immigrating to the USA as an Expat
The Best Places to Retire in the U.S.
People who want to retire abroad look at several factors when choosing a place to live. Cities that have a reasonable cost of living, quality healthcare, low crime, and pleasant weather are often at the top of the list.
We also considered access to outdoor recreation and green spaces, culture, nightlife, transportation, and other key features. Check out our list of the best places in the U.S. to retire.
Denver, Colorado
Denver is consistently ranked one of the healthiest cities in the U.S. You’ll discover a booming food scene and a bounty of natural beauty. With the Rocky Mountains just a few miles from the city limits, Denver is the perfect place to be for those who love skiing, hiking, and spending time outdoors. Another bonus? Great weather and low humidity.
Denver’s local fine dining and beer brewing scene is popular and continues to grow. Foreign retirees who prefer smaller cities will feel right at home since it has a reputation as the most walkable city in Colorado. Still, Denver manages to offer all the amenities of a major urban center. The cost of living is also much lower when compared to America’s biggest metro regions, making it one of the best places to retire in the U.S.
New York, New York
Home to more than 8.3 million people, anything you could ever want or need is readily available in New York City. Manhattan is a dream place to retire if you love the excitement of a big city. Ripe with culture, history, and iconic landmarks, its trendy shops, critically acclaimed restaurants, famous museums, and world-class entertainment are second to none.
Some of the best hospitals and physicians in the country are located here, which makes it easy to find top-quality healthcare services. Three international airports and a stellar public transportation system ensure you’ll never need to drive if you don’t want to.
Every New York neighborhood has its own unique character, and it’s not all concrete. Green spaces like Central Park are scattered throughout the city. The downside to living in New York is the cost. It’s the most expensive city in the U.S.
Boston, Massachusetts
Boston is one of the great East Coast towns, rich with American history and culture. It’s small compared to other East Coast cities like NYC and Philadelphia but has much less crime. Endless green spaces have made Boston a haven for recreational activities.
There’s a lively sports culture, as well as an abundance of museums, shops, restaurants, and entertainment venues to explore. Boston has a reputation as a clean and walkable city with excellent air quality. If you love being near the water, you’ll have waterways like Massachusetts Bay and the Charles River within easy reach.
Retirees will be pleased to learn that Massachusetts General Hospital is one of the best hospitals in the U.S.
San Francisco, California
San Francisco is an incredible place to live – if you can afford it. It has one of the highest costs of living in the U.S.
More than 25% of this northern California city is foreign-born, making it one of the best places to live in the U.S. for expats. With mild year-round weather and every amenity you’d expect to find in a major city, San Francisco offers an excellent quality of life. The city is teeming with culture, fascinating local history, and vibrant, trendy neighborhoods.
When you need a break from the hustle and bustle of city life, you can relax at Golden Gate Park, stroll Fisherman’s Wharf, or take a day trip to the nearby Redwood forests.
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Other Great Cities to Retire to in the U.S.
Here are some other U.S. cities that make great locations for foreigners to retire. These places have smaller populations than the cities on our top list but are just as great and more affordable.
- Ann Arbor, Michigan
- Chapel Hill, North Carolina
- Naperville, Illinois
- Pittsburgh, Pennsylvania
- Madison, Wisconsin
- Tampa, Florida
- Las Vegas, Nevada
Read Also: 10 Best Places to Live in the USA
The Cost of Retiring in the U.S.
The U.S. has one of the highest costs of living in the world. Real estate and rent prices are high, and even American citizens find it challenging to save enough money in their bank accounts to comfortably enjoy their golden years.
As of March 2024, the average cost of living per month (rent included) for one person in the U.S. is:
- $3,232 living in a city center
- $2,881 living outside a city center
The U.S. is a large country and costs can vary depending on where you live. Here’s what you can expect to pay when living in some of the cities we mentioned above:
Approximate cost per month, including rent, for one person:
| In the City Center | Outside the City Center | |
| New York, NY | $6,382 | $4,926 |
| San Francisco, CA | $5,190 | $4,640 |
| Boston, MA | $5,014 | $4,052 |
| Denver, CO | $3,762 | $3,333 |
| Tampa, FL | $3,202 | $2,762 |
| Ann Arbor, MI | $2,910 | $2,338 |
| Madison, WI | $2,711 | $2,436 |
| Chapel Hill, NC | $2,416 | $2,251 |
In addition to average monthly living expenses, consider these other necessary costs:
- Average home price: $424,900
- Average cost for a regular doctor’s visit: $100-200 per visit
- Average cost to see a medical specialist: $250 and up
- Average cost of a new vehicle: $47,244
Read Also: The Cost of Living in the U.S.
What Are the Requirements to Retire in the U.S. as an Expat?
It is not easy for immigrants to retire in the U.S.
Many U.S. visa programs have annual caps, which limit how many visas are approved each year. Backlogs and long waiting times for visa approval make the U.S. immigration system very difficult to navigate. Immigrants pay expensive legal fees to cover the cost of an attorney who can help them navigate immigration laws, as well as gain permanent residency and a green card to remain in the U.S. indefinitely.
The U.S. does not offer retirement visas or have a specific retirement program for immigrants, but there are other visas for which you may qualify. Keep in mind that U.S. visa application forms are complex. You’ll need to provide a variety of documents, such as birth certificates, marriage certificates, valid passports, bank statements, income tax forms, and criminal record checks.
Learn more: U.S. Work Permits and Visas for Foreigners
Do Expats Get Free Healthcare in the U.S.?
The U.S. is the only country in the developed world without a universal healthcare system. Foreign nationals in the U.S. do not receive free healthcare, and neither do American citizens.
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Anytime you seek medical care in the U.S., you must pay for it. If you decide to move from a foreign country to retire in the U.S., be sure to obtain private U.S. health insurance or an international private medical insurance plan that includes U.S. coverage. International medical insurance can cover you worldwide, so it’s the best option if you plan to travel outside the U.S. or visit your home country.
Read About: Insurance for Retirees Living Abroad
Conclusion
The U.S. can be a wonderful place for foreigners to retire if they can afford the higher cost of living and healthcare expenses.
Fortunately, it’s not the only option. Several countries have lower costs of living and are excellent for retirement. Take a look at our list of the best places in the world to retire to see how other nations compare.
Related Articles:
- Immigrating to the United States
- Advice for Retiring Overseas
- Retiring in France
- Retiring in Spain
- Retiring in Portugal
