Retirees are flocking to Europe in droves because the US is too expensive!

A Monmouth University poll shows that the number of American citizens retiring abroad has tripled over the last 3 decades, with more than 700,000 retirees receiving their Social Security payments outside the United States.

After doing some research, I found out that many retirees choose Europe for its affordable living, cultural change, and high quality of life. One key reason for this trend is the recent change in the presidency and the high cost of living in the US, especially in our country’s major cities.

Retirees find that even smaller European locations are more affordable, with added benefits like quality healthcare, safety, and a slower pace of life.

Plus, many European countries offer residency options for retirees, making it easier for Americans to relocate there. So, if retirees are flocking to Europe, what are the 4 most sought-after countries? Stick with Easy Seniors Club as we get to the bottom of it!

Romania

Romania is among the countries that almost unanimously appear on the most affordable retirement destinations list. Picturesque towns, stunning landscapes, and colorful cities are added to a very inexpensive lifestyle.

The country’s capital, Bucharest, ranked 142nd on the Cost of Living City Ranking by the financial services company Mercer, which included 226 cities worldwide from the most expensive to the least expensive places to live.

It assessed the comparative costs of over 200 items in each location: from economic and geopolitical volatility, housing, food, inflation and exchange-rate fluctuations, and transportation costs to clothing, household goods, and entertainment.

In Bucharest, a one-bedroom apartment costs around 400 Euros monthly, and utilities about 100 Euros. Research indicates that the individual monthly food budget is around 300 Euros, and expats can treat themselves to eating out once in a while thanks to the relatively low costs of restaurants.

In certain areas of the country like the north region, the monthly budget for an individual begins at about 600 Euros. This retirement destination offers “a national long-stay visa allowing entry and stay of third-country nationals for a period that does not exceed 90 days,” according to the Ministry of Foreign Affairs.

And US citizens can visit Romania without a visa for 90 days within 6 months, the US Embassy in Romania says. “For any stay longer than 90 days, a temporary residency permit must be requested from the Romanian Immigration Inspectorate.

Even though it’s part of the European Union, Romania doesn’t use the Euro, which is probably one reason the country’s living costs remain low.

Portugal

You’ve probably already heard that retiring in Portugal offers affordable real estate, a low cost of living, quality healthcare, a warm climate, and friendly locals. So it’s not a surprise that it’s highly popular among retirees and relatively inexpensive at the moment. And some experts expect prices to rise.

That’s already happening in popular cities like Porto and Lisbon. But even though it’s more expensive than many Eastern European countries, this retirement destination is still considered the most affordable in Western Europe.

At a monthly budget of about 1,200 Euros, Portugal offers access to the ocean, a warm climate, and a rather high level of safety. Prices in Portugal are about half or even one-third of those in other Western European countries, just as long as you don’t plan on moving to Lisbon.

The Portuguese health service is accessible to all legal residents. And it’s typically free of charge, although some small fees could be associated with ambulance use and emergency room visits. This retirement destination is also considered one of the world’s easiest countries to immigrate to.

Spain

Many places in Spain have been making the news recently because, overwhelmed by massive tourism, they’re the center of a significant backlash as residents organize large-scale protests to demand strict government control.

But, the problem doesn’t affect the entire country, and several studies still recommend Spain as one of Europe’s most inexpensive retirement destinations. Warm weather, excellent cuisine, exceptional healthcare, a high and relaxed lifestyle, a competitive education system, and a welcoming culture are among the biggest benefits noted in the Get Golden Visa guide.

Around 6 million outsiders live in Spain, where people can comfortably retire on about $2,000-$2,200 a month, roughly $25,000-27,000 a year. If you live a little further away from big cities, you can retire at approximately $1,700-$1,900 monthly, approximately $20,000-$22,000 a year.

The relocation agency “Moving to Spain” has published the top 10 most affordable Spanish locations to retire, considering average annual temperature, rent prices, healthcare services, expat and retiree populations, crime rates, and wealth tax rates. The list includes: Cadiz, Cordoba, Lloret de Mar, Burgos,Oviedo, Gijon, Salamanca, Almuñecar.

Bulgaria

Another Slavic country, Bulgaria, is considered one of Europe’s hidden gems for expats and travelers on almost every list of affordable European nations. This retirement destination, which joined the European Union alongside Romania in 2007, offers cities rich in history, fabulous beaches along the Black Sea, beautiful landscapes, and mountains for winter skiing.

A person’s monthly budget for living in this country is calculated to begin as low as $600. Sofia, the vibrant capital, was 168th on last year’s Mercer’s Cost of Living City Ranking. One-bedroom apartments can be found at around 400 Euros, and basic bills at roughly 100 Euros.

Transportation and dining are also reasonable here, with long-distance train tickets beginning at $5 and monthly passes covering metro and bus at 35 Euros. As for the grub, dinner with a drink costs less than 10 bucks. The average monthly food expenses is about 230 Euros.

And much like in Portugal, healthcare is mostly free, with small costs for some medical services. It’s even relatively easy to reside in the country legally.

This retirement destination is the poorest member of the EU and is still working to increase its overall standard of living, develop its infrastructure, and prevent corruption. But, it remains one of Europe’s most highly recommended retirement destination countries.

Other affordable retirement destinations around the world

Even though many retirees are flocking to Europe, other places worldwide have become just as popular. Bangkok, for instance, represents the fusion of East and West, traditional and modern, that retirees can enjoy in Thailand.

The countries that have attracted the most American retirees are those with strong economies and high living standards and places like Mexico, where many Americans have family connections.

Yet experts recommend the following countries that are a little more off the beaten path but could be more affordable for retirees on a fixed budget:

-Thailand: A popular destination for medical tourism with a rich cultural heritage, warm climate, and wonderful beaches.

-Costa Rica: A peaceful, picturesque country known as the “Switzerland of Central America.”

-Belize: The only English-speaking country in Central America. You’ll find Mayan ruins, tropical rainforests, and sensational diving.

-Philippines: This former US colony has many English speakers and is a popular retirement destination for retired military personnel.

Most of all, those considering retiring abroad should remember they’re not choosing a place to vacation but a new home for the rest of their lives.

Quality of life, culture, climate, and cost of living will all be significant considerations to help make this time of your life your “golden years.”

… Are you on the fence about deciding if moving overseas is for you. If so, I highly recommend this fantastic read from Amazon: The International Living Guide to Retiring Overseas on a Budget

What should you consider before retiring overseas?

Flexible, adaptable individuals with an adventurous nature thrive living overseas. Though even though retirees are flocking to Europe, here are some areas to think about before jumping on this bandwagon:

-Do you have health conditions that will limit where you can live, and what kinds of medical facilities will you need close by?

-How often do you want to visit your family and friends back home?

-Are you willing to learn a new language?

-Will you be able to receive your Social Security payments in the country you’ve chosen?

-What kind of climate would you prefer?

-Any kind of lifestyle changes you would be willing to make?

-Do you have an adventurous nature and like to try new things, or do you prefer what’s familiar?

-Are you willing to sell your things in the US and live a more minimalist lifestyle abroad if your income demands it?

Why do you think retirees are flocking to Europe? And are there any retirement destinations you thin I missed on this list? Please feel free to share your thoughts in the comments below.

But don’t leave yet! If you enjoyed this article, you’ll also like: 9 Cleanest Cities for Retirees to Live in the US