You’re not the only one who is thinking about moving abroad when you retire. Fortune says that many boomers are leaving the United States to retire abroad because it is too expensive to live there. Costs have gone up across the country and inflation is going up, so thousands of Americans are thinking about living abroad instead of in the US.
A study from 2024 at Monmouth University also found that the number of Americans wanting to move abroad has tripled in the last 30 years. Also, the Social Security Administration says that more than 700,000 Americans now live outside of the United States and get their monthly retirement payments from other countries. This is an increase from 307,000 in 2008.
4 places in Europe where to live comfortably and enjoy retirement
Many people may wonder why Europe is the most popular place for Americans and millions of other retirees to go. There are many reasons, but a few are: wanting to experience the culture of their ancestors; having loved holidays on the old continent and wanting to spend more time there; the climate; wanting a better quality of life in general; or political, ideological, or economic reasons for making big changes.
After all, the “Cheapest European Countries 2024” report from the World Population Review (WPR) says that Europe has something for everyone. There are 50 countries in Europe, and 27 of them are part of the European Union.
People who visit, live in, or work abroad often say that living costs are high in Europe, especially in Western Europe and the Nordic countries. While some European countries have pretty high prices, a lot of them are actually pretty cheap, especially when you compare them to how much it costs to retire in the US.
The Bureau of Labor Statistics says that the average American aged 65 and up spends $4,818 a month in the United States. As one of these basic concerns, help includes finding out what the residency rules are for buying or renting a home in the country you want to live in. A lot of them need proof of a minimum income and separate health insurance.
Also, living on a fixed income in retirement takes a lot of planning, especially if you live abroad, so it’s best to get help from a professional. There are many European countries where you can live comfortably on a monthly budget of between €1,000 and €1,500. Some things to think about are healthcare, entertainment, safety, cultural life, and how easy it is to learn the local language (since most people don’t speak English).
Romania
Romania is a very cheap country in Europe that is known for its beautiful scenery, quaint towns, and lively cities. It is the perfect place to go if you want to live a cheap life. A company called Mercer ranked 226 towns around the world and put Bucharest, the capital of Romania, at number 142 on their Cost of Living City Ranking 2023.
This ranking also looked at how much over 200 different things cost in each place. These things ranged from clothes, household items, and fun to changes in inflation and exchange rates, the instability of the economy and the world’s politics, and the costs of housing, food, and transportation.
In Bucharest, a one-bedroom flat costs around €400 a month, plus an extra €100 for utilities. A Daily Express estimate for Britons who want to move says that a person’s monthly food budget is about €300. Restaurants are usually cheap, but expats can sometimes treat themselves to a meal out.
Prices for hotel rooms, hostels, and flats start at $7 per person, and lunch costs $4. In some parts of the country, like the north, a person’s monthly spending starts at about €600. Last but not least, public transportation is cheap and health care is free in Romania, both of which are important for retirement.
Portugal
In Portugal, retirement is easy because the cost of living is low, housing is cheap, the weather is nice, and the people you live with are friendly. More and more retirees are taking advantage of famous and affordable places to stay.
Prices are expected to go up in popular cities like Lisbon and Porto. People still think of Portugal as the least expensive place in Western Europe, even though it costs more than many countries in Eastern Europe.
If you don’t want to live in Lisbon, Portugal has a warm temperature, easy access to the ocean, and a high level of safety. Prices are about half or even a third of those in other Western European countries, and you can live there for €1,200 a month.
Health care is available to all Portuguese citizens and legal residents. It is usually free, but there may be a small fee for using an ambulance or going to the emergency room.
Czech Republic
Prices may be higher in Prague, the country’s beautiful city, but the rest of the country has just as beautiful scenery, charming rural areas, and real estate that isn’t too expensive. According to data from the World Population Review, the average monthly cost of living for a person in the Czech Republic is about €950. This is a lot less than what people who retire in the US spend.
The Czech Republic is in the middle of Europe, so it’s easy to get to other European countries like Austria and Germany. The cost of living in the Czech Republic is about the same as in Germany. On the other hand, it costs less. Meals can cost as little as $3 to $5. The World Happiness Report also says that the country is one of the happiest in the world.
Spain
This summer, Spain—more specifically, certain towns, cities, and regions—has been in the news because people are protesting against too many tourists and calling for strict government control. Many parts of the country are not affected by the problem, though, and Spain is still ranked by many studies as one of the most affordable places in Europe to retire.
Six million people living in Spain can live well on $2,000 to $2,200 a month, or $25,000 to $27,000 a year. Moving farther away from big towns can help you make $1,700 to $1,900 a month, or $20,000 to $22,000 a year, when you retire.
A moving company lists the ten cheapest places in Spain to retire. The cities of Cádiz, Córdoba, Oviedo, Gijón, Salamanca, Lloret de Mar, Burgos, and Almuñécar are all about to move to Spain.
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