Egypt named best retirement destination for US citizens

With the age of eligibility to social security in the US being 66, many retirees often find themselves contemplating relocating to other cities or countries where their pensions would provide for a more comfortable lifestyle. A recent analysis by the reputable personal finance website GOBankingRates named Egypt as the best destination for retirees looking to make the most out of their benefits, CNBC reports.

The prices of food, accommodation and utilities are the main pillars on which the analysis is based. They found that a US retiree in Egypt should expect their average expenditure on food to amount to $105.93 (EGP 1867), $157.57 (EGP2780) for a one-bedroom rental, $19.46 (EGP 343) for utilities, bringing the average total cost per person to a sum of almost $268, equivalent to EGP 4729 .

In addition, similarly to Canada, Germany, and the UK, Egypt is one of only a handful of countries where US retirees aren't subject to taxes on their Social Security benefits.

Other favourable retiring destinations are India with an average monthly cost per person of $318.92 (EGP 5622), Mexico at $458(EGP 8092), and Romania at $845 (EGP 14897).

As it stands, the maximum Social Security benefit a US citizen could receive upon retirement is at a monthly $2687, with the average benefit coming at $1,342, according to Time Magazine.