A lower cost of living, and a sense of adventure, are leading more and more Americans to retire overseas. Correspondent Seth Doane talks with ex-pats who now live fulltime on the Mediterranean island of Gozo, part of the Maltese archipelago.

Gozo

An increasing number of American retirees are moving overseas in search of a better quality of life and lower living expenses. In Malta's Gozo, retirees report enjoying affordable rent, reduced grocery costs, and comprehensive healthcare, making it possible to live comfortably on social security income. English-speaking environments and streamlined visa processes further attract retirees to destinations like Malta.

International Living, a publication advising on living abroad, has seen rising interest in retirement seminars, with many Americans considering countries such as Portugal and Greece. The main motivators are financial, but many also seek adventure and the freedom to choose their ideal retirement location. Retirees note that modern connectivity and frequent visits from family and friends help ease the transition.

Americans seeking retirement overseas

Some American retirees are finding the good life by going global. Seth Doan introduces us to a few of them. Oh, that's right, that one's not. Meet us in the town square, they said. Well, this is nice. Yes. Lovely out today. Welcome to Gozo. Had you ever heard of Gozo? Did you know where Gozo was? I barely knew where Malta was. Now, Gozo is home. It's part of Malta, a picturesque Mediterranean archipelago where Californians Mary Charlebois and Kevin Scanlon chose to retire. Hit 70, and it's, you know, hey, I only have so much time left. It's time to enjoy it. There's music and dancing and wine, food. It really was love at first sight. And then there's the low cost of living. We would never have been able to stop working. We couldn't live on our social security. And that's really what we both wanted. And here, we do it easily. We have a good standard of life here. Much better, actually. Their rent, for starters, is $750 a month. One of the things you wanted was a view. A view. Yeah, and you got it. We got it. They were able to get rid of their car, and they say groceries cost half what they did in the U.S. Kismet. Yeah. Rental income from their California house helps the couple qualify for a visa. What about healthcare? What if either of you got really sick? Would you want to go back to the U.S.? I was in the hospital a couple of days here. Part of our residency is that we have to carry private insurance, which is less expensive than Medicare charges. And it pays 100%. And the quality of care? It was great. I started looking at Italy, did a deep dive, and realized how hard it was going to be when I don't speak the language. Retiring in a country where English is widely spoken is what drew Lisa Kleinschiss-Kamamoto to Malta a year ago. She worked with PricewaterhouseCoopers to help with the paperwork. They determined that I could probably do this on a certain type of visa, the Malta Retirement Program for third-country nationals. Her Social Security income helps her qualify. She's among about 800,000 people receiving those benefits abroad. What do you miss about the U.S.? Well, not much. I have found everything I did in Seattle, I can do here. I volunteered at the animal shelter, found a Bollywood class, which is really good, go to the gym, and I walk everywhere like I walked in Seattle. But family, friends? They come. I mean, I've had probably a visitor every month since I moved here. I think it has never been easier to retire overseas than it is today. Jennifer Stevens is executive editor of International Living, a publication which offers advice and seminars for those considering living or retiring abroad. It's not by chance that this conference is taking place on the beach in Portugal. It's beautiful here. For some people, the first time in their lives that they can make a decision about where they're gonna live. It's not about where a job took them. They can kind of decide and have that freedom. The three-day seminar earlier this year gave a taste of life budgeting and finding a home in Europe. 52-year-old Ron Devlin from Los Angeles is considering Portugal or Greece. This was a fast-track opportunity to actually hear about all of those different countries and consider them all at the same time. The organizers are calling it speed dating for retirement. Yes, yeah. Budget is the top reason retirees are looking overseas in increasing numbers, says Jennifer Stevens. You really can live well on a social security check in a lot of these places and live at a level of comfort that you would be hard-pressed to enjoy in the U.S. on the same budget. But Lisa Kleinschiss Camomoto adds another reason. I knew I needed another adventure in my life, so here I am. I have this motto, nothing happens unless first a dream.

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