Despite challenges like domestic terrorism and gun violence, the US of A is a magnet for immigrants, including retirees. The culturally and racially diverse republic of 50 states records uninterrupted waves of immigrants from across the world, including Europe, Asia and Africa. Each year, millions of people pack their bags and immigrate to this land of opportunity, which holds a track record of integrating them into its labour force and society.
Weather
America is the world’s third-largest country. Its climate, therefore, varies significantly with latitude and a range of geographic features, including mountains and deserts. The country witnesses extreme weather events, and 2020 was a historic year of extremes.
Cost of Living
The US isn’t what you might call an inexpensive place. Retired or not, living in the US will cost you more than it would in 75 per cent of countries. The average annual cost of living for one adult is $28,474. But this average may be misleading.
Global Connectivity
IATA says the US is the most connected country in the world. According to the OAG Megahubs Index 2019, the US has 25 most domestically connected airports. The O’Hare International Airport is ranked third for international connectivity.
Healthcare
The US has one of the world’s highest costs of healthcare. In 2020, the US spent an estimated $4.1 trillion on healthcare. This prohibitively high cost contributes to Americans having problems accessing healthcare. The US doesn’t have a universal healthcare program.
Taxation
The US levies several kinds of taxes and fees on residents and visitors at federal, state and local government levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. The US has seven federal income tax brackets.
Popular Places & Cuisines
There are literally thousands of attractions in the US, including Grand Canyon, Niagara Falls, Statue of Liberty, White House and Yellowstone National Park. Just like the people themselves, American food came from across the seas or over the border.
Crime Index
Statistically, the US isn’t the safest country in the world. Data points out that violent, physical crime in the US is down in recent years. Yet, many Americans believe that the country is becoming more violent than ever. Incidents like mobs rioting at the US Capitol only underscore those fears.
Quality of Life
The US News and World Report ranked the US among the Top 10 Best Countries to Live In, at No. 7. The country ranks at the top in housing and above the average in income and wealth, health status, jobs and earnings, education and skills, personal security, subjective well-being, environmental quality, social connections and civic engagement.
Government Stability
The independent Fragile States Index (FSI) 2020 shows the country’s stability dropping. Over the past decade, several countries have become less fragile but the US has become less stable, it says. Its FSI score has worsened from 32.8 in 2008 to 38.3 in 2020 (the higher the score, the more fragile a country is).
Economic Freedom
The US’ economic freedom score is 74.8, making its economy the 20th freest in the 2021 Heritage Foundation Index. Its overall score decreased by 1.8 points from 76.6 in 2020, primarily because of a decline in fiscal health. The 2021 score and ranking are its lowest ever in the Index although the country remains “mostly free.”
Someone once said ‘you have to put off being young until you can retire’. It must have been said about retirement in the US of A. Several of this large country’s states — Florida, the Dakotas, Alabama, Georgia, Hawaii, and Tennessee — offer a unique and unparalleled retirement haven even though retirement in the US can be a costly affair.
The United States of America is the world’s most dominant economic, military and technological power. It is the world’s largest economy (nominal GDP of $21 trillion) with a per capita GDP of more than $65,000. It also has low unemployment and a relatively young population.
Despite challenges like domestic terrorism and gun violence, it is a magnet for immigrants, including retirees. The culturally and racially diverse republic of 50 states records uninterrupted waves of immigrants from across the world, including Europe, Asia and Africa. Each year, millions of people pack their bags and immigrate to this land of opportunity, which holds a track record of integrating them into its labour force and society.
Gallup surveys show the US continues to be the most desired destination for potential migrants. One in five potential migrants (21 per cent) — or about 158 million adults worldwide — name it as their desired future residence. Compare that with Canada, Germany, France, Australia and the UK, which appeal to about 30 million adults each.
But there is many a slip between the cup and the lip. Even as they desire to, thousands of people can’t immigrate to the US legally due to complex rules and time-consuming paperwork. The US, still, has more immigrants than any other country. More than 45 million people living in the US were born in another country, accounting for about one-fifth of the world’s migrants. Most immigrants (77 per cent) are in the country legally, according to Pew Research Centre estimates.
In 2019, the number of 65+ people living in the US was 54 million. As its population is rapidly ageing, the US healthcare system is looking at improving the quality of care.
Not all lawful permanent residents choose to pursue citizenship. In 2019, about 800,000 immigrants applied for naturalisation.
As is well known, the US offers a quality work environment, high salaries, high living standards and a convenient lifestyle. Healthcare services for older people are funded mainly by Medicare. About 95 per cent of those aged 65 and above are covered by this basic program. However, healthcare is more expensive in the US than several other countries, making it harder for American seniors to get the care they need.
In 2019, the number of 65+ people living in the US was 54 million. As its population is rapidly ageing, the US healthcare system is looking at improving the quality of care.
The country has 2.3 million criminals, almost a quarter of the world’s prisoners. This reflects an entirely distinctive American approach to crime and punishment. It has 751 people in prison or jail for every 100,000 in population. The massive numbers are largely the outcome of gun violence and high homicide rate.
The US has the most spectacular scenery and some of the world’s most recognisable tourist attractions. About 79 million international visitors come to the US every year.
The cost of living in America is more expensive than in 75 per cent of countries in the world. The average annual cost of living for a single adult with no children is $28,474
The cost of living in America is more expensive than in 75 per cent of countries in the world. The average annual cost of living for a single adult with no children is $28,474.
The US has been a pioneer in migration-by-investment programmes. It is also among the world’s top retirement destinations. Many programmes offer the advantage of permanent residency upon arrival, with approval granted within six to 12 months.
The EB-5 investor program is open to retirees. They have to invest in a pre-approved US enterprise and the current minimum investment is $500,000. This provides an opportunity to become a full US citizen and reside in the country permanently. It is probably the only option for most retirees if they do not qualify for another method of obtaining a Green Card. It also opens up the opportunity to obtain an immigrant visa for a spouse and children aged under 21.
Each year, about 10,000 Green Cards are available under the EB-5 program designed at investing in areas with a higher unemployment rate than the national average. The investment will be into a new commercial enterprise creating at least ten full-time jobs or to provide financial support to a business that is struggling. E2 Visa is good for retirees who can buy a small running business. E2 visa holders can stay in the US for as long as their E2 visa business continues. The E2 visa is not a perfect system for retirees, but for some, it is better than having to keep returning to their home country every six months. The E2 visa does come with a social security card for the investors.
The EB5 Investment Visa/ Green Card requires at least $900,000 to be invested into a Federally Designated Regional Centre (FDRC). These are massive developments where developers have been licensed by the US Government to solicit overseas investments. Foreigners investing in the project can get a green card for life. Once the project is completed and sold (typically after 5-6 years), investors may get their money back along with interest. EB5 Green Cards offer a one-time permanent immigration solution.
Several potential retirees also apply for the Tourist Visa (B-visa). The B-visa is issued for 10 years and some people mistakenly believe that they can then spend the entire 10 years in the US. The B-1 visa holders are only allowed to stay in the US for a maximum of 6 months at a time. Retired Green Card holders living in the US can also benefit from medical aid programs like Medicare. The only requirement is that you have lived in the US for at least five years.
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