An Accelerating “American Retirement Exodus”: Why It Starts at Age 45

Today, around 5.5 million Americans live outside the United States, and nearly one in four of them is already of retirement age. According to data underpinning the study The Great American Retirement Exodus 2025–2026, retirement migration from the U.S. has grown roughly threefold over the past 50 years. The Social Security Administration (SSA) sends $7.5 billion in retirement benefits to more than 760,000 recipients abroad—about $461 million per month.

The research was prepared by Get Golden Visa as part of the American Exodus Series. The authors combine SSA statistics, the company’s own inquiry database, client survey results, and stories from Americans who have already relocated.

The study’s key takeaway is that for many people, an American passport is no longer enough. Against this backdrop, dual citizenship is increasingly framed as the “new American dream”—not only to stay, but to gain a real ability to leave.

In 2018, 423,022 Americans received retirement benefits from abroad. By 2024, that figure had risen to 463,480. Demand for residence permit and citizenship programs also continued to climb after the 2024 elections.

Retirement abroad is no longer seen as a luxury

The biggest difference between this wave and the previous one is motivation. In the 1970s, only about 4% of U.S. retirees planned to move overseas. Today, that share has grown to 17%. Among current retirees, relocation is considered by 26%, while among future retirees the figure reaches 35%.

If moving used to be explained mainly by quality of life and a “resort-style” lifestyle, the new descriptions increasingly point to a different logic: a second residence is becoming a form of insurance against political, social, or economic instability.

In the post-election period, among Americans living abroad, 62% are retirees or people nearing retirement. The 65+ age group accounts for roughly 23% of expats—around 1.26 million people.

Who is leaving—and where to

One important shift: the “exodus” is no longer limited to those who have already retired. The report outlines two closely related scenarios, but with different ages. The first is current retirees (61+), who seek stability right now. The second is pre-retirees (45–60), who keep working but are planning to relocate in advance.

Destinations may surprise you. In the list of preferred countries, Canada leads, followed by Japan and Mexico. At the same time, the share of people choosing Europe’s Mediterranean region is growing: notable interest is directed toward Italy, Greece, and Portugal. The study provides a full top-15 ranking of destinations and breaks down the pull factors for each country.

The most frequently cited reasons include:

• transferable retirement benefits (including SSA payments),
• lower-cost medical care compared with the U.S.,
• cost of living that is 35–45% lower,
• faster pathways to residence and citizenship—from golden visas to permits for people with passive income.

But choosing a country is only half the job. In the report’s final sections, it explains how people make the decision in practice: healthcare systems, tax treaties, routes to residency, and concerns many people only start thinking about after moving.

For example: what if medical expenses double? what if taxes change? what if political risks increase? The study’s “decision maps” are built around scenarios like these.

Exit strategy for every generation

Get Golden Visa founder Murat Koskun believes the process is becoming more strategic, data-driven, and relevant to a wider group of people. In his view, modern retirement migration is not only about visas or tax benefits—it is primarily about protecting dignity, safety, and freedom of choice for the next generation.

Werner Gruner, director of Get Golden Visa’s Portugal office, emphasizes that plans are no longer made only by retirees. Pre-retirees, families, and younger professionals are also building an “exit plan”—some now, others for the future.

According to the study, nearly half a million Americans have already run the numbers and relocated. The full version includes destination rankings, an assessment of real living costs and retirement income in each country, visa pathways that led people to their outcomes, and “unedited” stories from those who made the decision. You can download the report on Get Golden Visa.

If you’re considering a move around age 45 and want your retirement and future to be more secure than relying on a “passport alone”, explore investment-based residence and citizenship options. In the context of the “American retirement exodus”, more people are choosing dual citizenship and stable statuses to live, travel, and plan long-term costs with greater flexibility. See what could fit your situation here: https://digital-nomad.gr/en/goldenvisa

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr