You may want to pack your bags because the United States did not make the list of 50 countries where it’s cheapest to retire.
India ranked first, as ex-patriots would pay 93% less in rent than they would for a New York City apartment and save 70% on groceries, according to personal finance site GoBankingRates. Also ranked high on the list was Saudi Arabia, Mexico, Czech Republic, Germany, Turkey and Taiwan. What makes them so great? The low cost of living, the less expensive health care and the purchasing power Americans would have, to name a few. GoBankingRates crunched the data from crowdsourcing firm Numbeo, looking at major cities in 103 countries, about the country’s local purchasing power, cost index of consumer goods and services, cost index of rents, cost index of groceries and health care index.
See: Want to reinvent yourself? Retire abroad
Take for example Egypt, where Americans would save up to 95% on rent, or Mexico or Colombia, where New Yorkers specifically could pay about 10% of what they do now. (Admittedly, rent in New York City is out of reach for most Americans.) European countries also boast some of the spots where they could save as much as 90% on rent.
As for shopping, Americans can stretch their dollars if they went to Germany, where they could live on less than $50,000. Australia and United Arab Emirates also had high purchasing power.
When it comes to health care, the U.S. was ranked 30th on a separate list of 69 countries for quality health care, according to Numbeo. South Korea has the highest quality health care, but Americans can also move to the Netherlands, Japan, Thailand or Belgium if this is their main concern.
Retiring overseas is becoming more popular among Americans. About 400,000 retirees live abroad, according to the Social Security Administration, a number that has climbed 17% between 2010 and 2015. Most popular locales include islands and Mexico, as well as Germany, Japan and Canada. More baby boomers are expected to live abroad within the next 10 years.
Also see: How to retire abroad and make money, too
Of course, you shouldn’t jump on the plane just yet. Aggregated lists shouldn’t dictate where a person should move, and just because these countries are cheaper does not necessarily mean they are ideal to live for everyone. Retiring abroad is a great option for people who want to try a new lifestyle or achieve a life-long dream, but there are considerations to make before handing over a passport. Retirees looking to move to an entirely new place should first go to those cities during the “off-season” (such as going to an Italian city off the coast of the Mediterranean in the dead of winter). They should also research crime rates, taxes, the ability to participate in U.S. and local politics and job availability for those who want to continue earning money in retirement.