Retirees seeking other countries to maximize their dollars

Jan 18, 2023, 2:39 PM | Updated: 6:28 pm
An elderly couple look at a view of the Ponte Vecchio bridge over the Arno river at the Uffizi Gallery on December 30, 2022 in Florence, the capital of Italy’s Tuscany region. The 16th century museum is famous for its collection of ancient sculptures and its paintings that date from the Middle Ages to the Modern period. (Photo by David Silverman/Getty Images)
(Photo by David Silverman/Getty Images)

Twelve percent of American retirees are leaving the country, according to an Aegon Retirement Readiness survey from 2022, with the main reason being affordability.

For someone to comfortably retire at age 67 in 2023, according to sites like NerdWallet, they would need nearly $1.8 million to comfortably live over the next 20 years. On the other hand, Zoomers — a term used to refer to members of Generation Z — would need closer to $3 million because of the rising costs of inflation.

Microsoft, Amazon lays off almost 900 employees in Western Washington

European countries statistically offer a lower cost of living, and potentially include some incredible vistas and weather alongside lower taxes and universal health care.

According to Yahoo! News, if you have a budget of $2,000 a month, these five countries will suit your retirement lifestyle just fine.

Here are the top 5 most affordable countries to move to:

5.  Austria

  • 2022 average monthly cost of living: $1,467, the cost of living is about 7.4% less than living in America.

For U.S. citizens looking to retire in Austria, you will need to apply for a visa that will allow you to live more than 90 days in the country. The country is rich in history with beautiful views, castles, food, and culture.

4.  Japan

  • 2022 average monthly cost of living: $1,171, the average cost of living is about 45% less than living in the United States.

To immigrate to Japan, you have to show good conduct and prove that you can work or can financially provide for yourself. After that, the process is fairly simple.

3. Slovenia

  • 2022 average monthly cost of living: $1,059, average rent prices in Slovenia are 190% lower than in the U.S.

Retirees might find it somewhat difficult to communicate with ease there, as Slovenian is the official language and English is considered a foreign language.

If you have family in Slovenia, applying for residency might be easier. However, if you are applying for another reason, you must begin the paperwork before moving.

2. Czech Republic

  • 2022 average monthly cost of living: $1,007, the average cost of living is 52% less than living in the United States.

More from Micki Gamez: Inflation is hitting Seattle harder than most of the US

The crime rate in the country is very low, which makes it desirable for those seeking out countries that offer this perk. Plus, it doesn’t hurt that the Czech Republic is considered one of the 15 most peaceful countries in the world.

1. Portugal

  • 2022 average monthly cost of living: $977, the average cost of living is 54% less than living in the United States.

Not only is Portugal affordable, the residents have been reported to be some of the nicest in the world.

You must have a non-criminal background in order to apply for a visa and then citizenship. However, there are ways to sidestep this if you can afford an attorney to help with your background. You can find rent for $300 to $385 a month for a small apartment.

Follow Micki Gamez on Twitter or email her here.

Local News

Frank Sumrall

Seattle Police Chief Adrian Diaz optimistic about drop in violent crime

Seattle Police Chief Adrian Diaz believes his jurisdiction — the 142 square miles that incorporate the metropolis — is becoming a safer place.
17 hours ago
Yakima shooting...
Heather Bosch

Listen: Dramatic 911 call before death of Yakima mass murderer

A dramatic 911 call revealed more about the Yakima mass shooting that left three people, and the shooter, dead 10 days ago.
17 hours ago
eye drops...
Kathryn Stone

Washington resident dies from infection linked to retail eye drops

A person from Washington state has died from an infection linked to a brand of over-the-counter eye drops contaminated with bacteria.
17 hours ago
SWAT Standoff...
L.B. Gilbert

SWAT team arrests burglar after standoff in Wallingford

A SWAT standoff happened last night at N. 45th Street and Meridian Avenue N. in Wallingford, ending in an arrest.
17 hours ago
Ted Buehner

Mountain snowpack has fallen behind; could impact water supply

After a drier than average January, our mountain snowpack has fallen behind. The Puget Sound region was warmer than average this month.
17 hours ago
Redmond Police...
Bill Kaczaraba

Redmond Police launches crime data dashboards today

The Redmond Police Department is hoping new digital dashboards will give the public a glimpse into how they do their jobs.
17 hours ago

Sponsored Articles

safety from crime...

As crime increases, our safety measures must too

It's easy to be accused of fearmongering regarding crime, but Seattle residents might have good reason to be concerned for their safety.
Comcast Ready for Business Fund...
Ilona Lohrey | President and CEO, GSBA

GSBA is closing the disparity gap with Ready for Business Fund

GSBA, Comcast, and other partners are working to address disparities in access to financial resources with the Ready for Business fund.

Medicare open enrollment is here and SHIBA can help!

The SHIBA program – part of the Office of the Insurance Commissioner – is ready to help with your Medicare open enrollment decisions.
Lake Washington Windows...

Choosing Best Windows for Your Home

Lake Washington Windows and Doors is a local window dealer offering the exclusive Leak Armor installation.
Anacortes Christmas Tree...

Come one, come all! Food, Drink, and Coastal Christmas – Anacortes has it all!

Come celebrate Anacortes’ 11th annual Bier on the Pier! Bier on the Pier takes place on October 7th and 8th and features local ciders, food trucks and live music - not to mention the beautiful views of the Guemes Channel and backdrop of downtown Anacortes.
Swedish Cyberknife Treatment...

The revolutionary treatment of Swedish CyberKnife provides better quality of life for majority of patients

There are a wide variety of treatments options available for men with prostate cancer. One of the most technologically advanced treatment options in the Pacific Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform at Swedish Medical Center.
Retirees seeking other countries to maximize their dollars