LOCAL NEWS

Retirees seeking other countries to maximize their dollars

Jan 18, 2023, 2:39 PM | Updated: 6:28 pm
retirees...
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.

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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.

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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.

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Retirees seeking other countries to maximize their dollars