This article looks at the 12 best places to retire in Belize.
Retirement Trends and Financial Insights: A Look Beyond US Borders
According to the US Department of State, an estimated 9 million Americans live outside the US, many of whom are retirees. Statistics reveal that between 2019 and 2022, the number of Americans receiving their Social Security benefits from overseas has drastically risen, from 413,000 to 760,000. This isn’t a surprise, considering the US has become a costly place to retire to. Sure enough, the BlackRock, Inc. (NYSE:BLK) Read on Retirement survey reveals that only half of US workers today feel they are on track to retire with a lifestyle they desire, a double-digit drop from last year.
According to the survey, there are four factors seemingly dropping retirement confidence in workers throughout the US; namely market volatility, inflation, recession fears, and a lack of retirement income. At least 93% of workplace savers are worried that market volatility will impact their savings negatively, 86% are worried that inflation will erode what they’ve managed to save up, and 29% have recessionary fears forcing them to delay retirement. Moreover, 79% of savers are not that confident that they will have enough money to last them throughout retirement. To make things worse, 57 million Americans lack access to a workplace retirement plan at all, which means they are on their own when it comes to saving for retirement, something they may not be doing proactively.
To help potential retirees save better for retirement, BlackRock, Inc. (NYSE:BLK) has recently launched a new product that will help workers access retirement savings through a regular income stream that mimics their paycheck. The product, called LifePath paycheck, works by letting employees make allocations to their lifetime income at the age of 55. After the age of 59 and ½, until they turn 72, they may regularly draw from that sum while the rest of their retirement savings will continue to grow.
BlackRock, Inc. (NYSE:BLK) is an American multinational investment company. The world’s largest asset manager has demonstrated robust performance and strategic initiatives in the past and continues to do so. Its record Assets Under Management (AUM) nearing $10.5 trillion is evidence of its client success, innovation, and unwavering momentum. In Q1 2024, the company’s revenue surged to $4.7 billion, demonstrating an 11% increase year-over-year, while operating income rose by 17% to $1.8 billion. BlackRock, Inc. also saw its profits boost as rising global equity markets pumped its investment advisory and administration fees. Earnings per share (EPS) also saw significant growth, reaching $9.81, a 24% rise from the previous year. Despite seasonal outflows from institutional money market funds and lower effective fee rates in certain segments, the company remains at the forefront of innovation. This includes ventures into Bitcoin funds and expanding into private markets with the planned acquisition of Global Infrastructure Partners (GIP), reinforcing its adaptability and strategic foresight in a dynamic financial landscape. The company is expected to report its second quarter 2024 results on July 15.
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Since individuals are barely able to save up for retirement, a lot of them are pondering a move outside of the US. One such country they are considering a move to is Belize. Belize is a retiree favourite owing to its abundant sun-drenched beaches, countless recreational activities, and laid-back vibe. For Americans who wish to retire in Belize, the Qualified Retirement Program (QRP) exists to help them move and retire to the country. In order to be eligible for the QRP program, an individual must be a citizen or resident from a commonwealth country but not be Belizean, must be over 45 years of age, and also be a beneficial recipient of monthly retirement income of at least $2,000. Once all requirements are met, individuals will receive a QRP resident card to stay in the country, granting multiple entries as long as they are part of the QRP program. For those wondering about healthcare, health services in the country are also satisfactory. Public health services are largely provided by the Ministry of Health, and are available to every resident of the country. However, there may be problems receiving care through the public health sector which is why it’s advisable for expats to buy private health insurance.
Methodology
To compile the list of best places to retire in Belize, we employed a consensus-based methodology. Each recommendation from credible sources such as expat forums, Belize travel guides, and credible websites, was assigned a point. Scores were summed and places were ranked in an ascending order from the lowest to the highest scores. It’s important to note that the cost of living figures provided are average estimates and may vary based on individual lifestyle choices.
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Here are the 12 best places to retire in Belize
12. Caye Caulker
Insider Monkey Score: 2
Cost of Living: $1,610
Average Rent (1-bedroom): $750
Located off the coast of Belize, Caye Caulker is a small Caribbean island perfect for retirees looking for a laid-back retreat. The island’s motto “Go Slow” permeates its tranquil vibe. Caye Caulker is a more compact version of Ambergris Caye. Home to approximately 2,000 people, retirees will find all the basic amenities they need to live a comfortable retirement here. Nature lovers will have the time of their lives, taking in the peaceful environment and enjoying activities such as snorkelling and diving in the Belize Barrier Reef, one of the world’s largest reef systems. The locals here are very kind and speak English, so seniors will have little trouble adjusting and integrating within the community. However, internet isn’t as fast as the States, and there are power outages too.
11. Belmopan
Insider Monkey Score: 4
Cost of Living: $1,500
Rent (1-bedroom): $500
Belmopan, the capital of Belize, is the smallest capital city in the continental Americas by population. Also called Garden Town, Belmopan lies in the center of Belize offering easy access to other parts of the country. Since it’s the capital, retirees will find life here to be more structured and city-like as opposed to the laid-back islands in other parts of the country. Essential services, healthcare facilities, and cultural attractions are all available here. Seniors can explore the nearby Mayan ruins of Xunantunich or enjoy access to inland Belize. Here they can immerse themselves in countless activities such as cave-tubing and zip-lining, to name a few.
10. Toledo
Insider Monkey Score: 5
Cost of Living: $1,600
Average Rent (1-bedroom): $600
Next on our list of best places to retire in Belize is Toledo, the southernmost district in Belize. This district is best known for its diverse culture, with the Maya making up more than half of the population. Seniors appreciate it for its slow pace of life, pristine rain forests, diverse wildlife, and expansive caving systems. They can spend their time here exploring the caves in the region, of course as part of organized tours. They can also visit the Toledo Forest Reserve and the stunning Rio Blanco National Park, where hiking, birdwatching, and wildlife spotting are popular activities. A famous town within the region is Punta Gorda, offering a relaxed atmosphere, eateries serving Creole and Garifuna cuisine, and friendly locals.
9. Belize City
Insider Monkey Score: 6
Cost of Living: $1,310
Average Rent (1-bedroom): $900
The port city of Belize, Belize City offers retirees the best amalgamation between urban conveniences as well as cultural and historical richness. Expats should consider retiring to the north side of Belize City, as it is considered to be the safest and most prosperous. From good hotels and casinos to historic sites such as the Belize Museum and St John’s Cathedral, there is a lot to explore here. The festivals and events happening throughout the year keep residents busy and offer a chance to experience their culture. There are lots of waterfront promenades and parks as well, and an even more tempting culinary scene offering Belizean dishes, seafood, as well as international cuisine.
9. San Pedro
Insider Monkey Score: 8
Cost of Living: $2,518
Average Rent (1-bedroom): $1,200
San Pedro is adored for its gorgeous beaches and colorful buildings, lending it a fun and energetic vibe that attracts expats from all over the world. Sure enough, this town is a favorite amongst tourists and retirees, as evidenced by its comparatively high cost of living. Located on Ambergris Caye, this premier retirement destination offers a laid-back vibe without compromising on urban conveniences. Healthcare facilities, grocery stores, and other essentials can easily be found here. The culinary scene is also quite vast, with residents enjoying everything from casual eateries to upscale restaurants.
8. Hopkins
Insider Monkey Score: 9
Cost of Living: $1,100
Average Rent (1-bedroom): $400
This “coast with the most” village is surely another one of the best places to retire in Belize. Belize’s First Magazine has crowned this village as “One of the friendliest” owing to its warm hospitality and safe environment. The Garifuna population is largely centered around Hopkins, which is why this village is often considered its cultural center. Stunning beaches, crystal-clear waters, and a range of local eateries make living here seem very heavenly. There’s a Mango Fest in summer, a Lobster season, and also the Conch season. There’s also the nearby Cockscomb Basin Wildlife Sanctuary and Mayflower Bocawina National Park that offer hiking, birdwatching, and wildlife spotting opportunities.
7. San Ignacio
Insider Monkey Score: 11
Cost of Living: $900
Average Rent (1-bedroom): $300
Situated in the Cayo District of Western Belize, San Ignacio is a town lying on the banks of the Macal River. What makes San Ignacio one of the best places to retire in Belize is its captivating blend of culture, adventure, and warmth. Lush jungles, Mayan ruins, and rivers make it all the more exciting to live here and explore all that this town has to offer. There are archaeological sites such as the Xunantunich and Cahal Pech to discover, the stunning caves of Actun Tunichil Muknal (ATM) to explore, and the Macal River for some leisurely canoe trips.
5. Dangriga
Insider Monkey Score: 12
Cost of Living: $850
Average Rent (1-bedroom): $350
Dangriga is known to be the cultural capital of Belize. This town in Southern Belize is situated on the Caribbean coast, offering retirees a unique blend of traditional Garifuna heritage and coastal beauty. The town is a lively place filled with vibrant music, dance, and festivals. Seniors can bask in the sun and enjoy recreational activities such as fishing, boating, and beachcombing here. Dangriga is also more affordable than many other places in the country, and there is also a small expat population. At the mouth of the River, residents can find a popular spot for shopping, eating, and socializing with the locals.
