Retiring in Guam

What age can you retire in Guam?

Guam has no specific retirement age that is mandated by law. This means that individuals are free to retire whenever they choose, as long as they are able to financially support themselves. However, there are some age-related benefits and considerations for retirees in Guam: 

• Social Security benefits: The earliest age at which you can begin receiving Social Security benefits is 62, but if you delay taking benefits, your monthly payments will increase. Full retirement age (FRA) is between 66 and 67, depending on your birth year. Delaying benefits until after FRA can result in even higher monthly payments. 

• Medicare eligibility: Medicare eligibility begins at age 65, regardless of retirement status. However, if you choose to retire before age 65, you will need to find alternative healthcare coverage until you become eligible for Medicare. 

• Age discrimination: It is illegal for employers to discriminate against employees or job applicants based on age. 

• Retirement savings: Regardless of retirement age, it is important for individuals to start saving for retirement as early as possible. Many financial experts recommend saving at least 15 percent of your income for retirement. 

However, like any location, there are both pros and cons to retiring in the region.

Why do people retire to Guam?

• Tropical climate: Guam has a tropical climate with warm temperatures and a constant breeze, making it an ideal destination for retirees who enjoy warm weather year-round. 

• Outdoor activities: Guam is surrounded by the Pacific Ocean and offers numerous opportunities for outdoor activities such as snorkeling, scuba diving, hiking, and fishing. The island also has several parks and beaches for picnics and relaxation. 

• Cultural scene: Guam has a rich history and culture, with several museums and cultural centers showcasing the island's Chamorro heritage. The island also hosts several festivals and events throughout the year, including the Guam Micronesia Island Fair and the Guam International Film Festival. 

• Low taxes: Guam has a lower tax rate than many other US states, making it an attractive destination for retirees who want to keep more of their retirement income. 

What puts people off retiring to Guam?

• Cost of living: Guam's cost of living is generally higher than the national average, which could be a concern for retirees on a fixed income. Housing and healthcare costs, in particular, are higher than in many other US states. 

• Isolation: Guam is a small island in the Pacific Ocean, which could be a concern for retirees who want easy access to mainland US or other parts of the world. Travel to and from Guam can be expensive and time-consuming. 

• Natural disasters: Guam is prone to natural disasters such as typhoons and earthquakes, which could be a concern for retirees living on the island. However, Guam has a well-prepared and organized emergency response system in place to mitigate the impact of these events. 

If you’re still undecided, why not speak to an expert? A financial advisor can review your unique situation and help you create a retirement plan. Find your SEC-regulated financial advisor here.

Where are the best places to retire in Guam?

If Guam is your chosen retirement state, here are some of the best places to retire in: 

1. Tamuning: Located on the western side of the island, Tamuning is a popular choice for retirees due to its central location and proximity to shopping centers, restaurants, and medical facilities. Tamuning is also home to the famous Tumon Bay, which is known for its white sandy beaches and crystal-clear waters. 

2. Hagåtña: The capital city of Guam, Hagåtña, is a historic city that offers a mix of old and new. Retirees can explore the Spanish colonial architecture and visit historical landmarks such as the Plaza de España and the Dulce Nombre de Maria Cathedral-Basilica. Hagåtña is also home to the Guam Museum, which showcases the island's history and culture. 

3. Dededo: Located in the northern part of Guam, Dededo is the most populous village on the island and offers a variety of housing options for retirees. Dededo is also home to Micronesia Mall, which has a movie theater, food court, and numerous shops and boutiques. 

4. Yona: For retirees who prefer a more rural lifestyle, Yona may be a good option. Located in the southern part of Guam, Yona offers a peaceful and tranquil environment with lush vegetation and scenic views. It is also home to the Guam National Wildlife Refuge, which is a great place for birdwatching and hiking. 

5. Talofofo: Another option for retirees seeking a more rural lifestyle is Talofofo. Located on the eastern side of the island, Talofofo is known for its stunning coastline, secluded beaches, and rugged terrain. It is also home to the Talofofo Falls Park, which features a waterfall, river, and hiking trails.