This article looks at the best place to retire in Belize. Explore our full list of 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.
While we at Insider Monkey recognize the potential of BlackRock, Inc. (NYSE:BLK) stock and its ability to generate superior returns in comparison to its competitors, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BlackRock, Inc. (NYSE:BLK) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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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This is the best place to retire in Belize:
1. Ambergris Caye
Insider Monkey Score: 19
Cost of Living: $1,800
Average Rent (1-bedroom): $1,200
Based on our methodology, the best place to retire in Belize is Ambergris Caye. It is one of the largest islands in the country revered for its Caribbean beaches, scuba diving, and water sports. Many expats visit this place on vacation and end up making it their forever home. The island is brimming with colourful houses, and people travel within the island via golf carts. Sunrises and sunsets in the Caribbean are best viewed here, offering front-row seats to nature’s most breathtaking spectacles. You will also find supermarkets, hardware stores, health clubs, coffee shops, art galleries, and similar amenities. Expats spend their time basking in the sun, enjoying ocean sports, and relishing seafood. Essentially, Ambergris Caye is a party town for retirees who deserve a long-overdue relaxing retirement after a lifetime of hard work.
Check out more of the best places via our full list of 12 Best Places to Retire in Belize.
At Insider Monkey, we delve into a variety of topics, ranging from the best places to retire to the best MBA programs; however, our expertise lies in identifying the top-performing stocks. Currently, Artificial Intelligence (AI) technology stands out as one of the most promising fields. If you are looking for an AI stock that is more promising than NVDA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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