17 Best Places to Retire in Europe
In this article, we will take a look at the 17 best places to retire in Europe. If you wish to skip our detailed analysis on retiring outside the US and whether you should retire in Europe in the first place, you may go to 5 Best Places to Retire in Europe.
Retiring outside the US
According to Euro News, search for ideal retirement destinations have drastically increased over the past twelve months. Expectations for a comfortable retirement in the USA have been very pessimistic since 2012, with 71% of non-retired individuals reporting being at least moderately worried about their retirement savings. Social security is a significant source of income for 59% of retirees, and expectations to receive such benefits in the future are consistently swinging low for non-retirees amidst Social Security solvency concerns.
Rising inflation, inflated housing prices, and a surging dollar are, in turn, pushing Americans to consider relocation outside of their home country. Some of the best places to retire in the world that these individuals can consider are Panama, Portugal, and Spain. Compared to other Western countries, these places offer a low cost of living. Their healthcare systems are also reasonably well-developed. While retiring to Panama is relatively straightforward, other countries such as Spain and Portugal require retirees to fulfill specific financial requirements or provide sufficient proof of income or assets.
Therefore, retirees should consider countries with retiree-friendly policies and relatively accessible visa processes. As such, some of the easiest countries to retire to include Costa Rica, Mexico, and Ecuador. Not only do these countries have retiree-friendly visa programs, but also boast affordable living costs, welcoming communities, and modest healthcare.
Should I retire in Europe?
Thousands of Americans are considering making Europe their new home. Affordable housing, free healthcare, a strong exchange rate, and a high quality of life push retirees towards this wise move. Even though these factors are enough for individuals to consider relocating to Europe, a key question is: Can I retire to Europe after Brexit?
The answer is it depends. US and UK citizens can retire in Europe if they meet the eligibility criteria for retirement. Once they meet the country's financial requirements and criteria, they may be granted a retirement visa. Some countries do not offer retirement visas at all but may offer alternative visa arrangements, such as Hungary, Luxembourg, Ukraine, Netherlands, and Poland. If you have decided to retire to Europe, your next question might be how to retire there.
To retire in Europe, retirees must have the necessary financial means to support themselves and be at retirement age (that goes without saying!). Once these conditions are satisfied, individuals can apply for a retirement visa and relocate to their desired destination. For individuals relying on social security, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C), and The Charles Schwab Corporation (NYSE:SCHW) are some financial institutions providing international banking services to individuals. Banco Santander, S.A. (NYSE:SAN) is another option individuals can consider. Banco Santander, S.A. (NYSE:SAN) is one of the largest banks in Europe, having a solid presence in several countries.
As such, Euro News states that some of the best places to retire in Europe include Spain and Croatia. Spain is among the top contenders, considering its warm weather, beautiful beaches, and safety. According to World Economic Forum, Spaniards have the longest life expectancy in Europe, at 83.1 years. Their secret? Their Mediterranean diet! It’s full of fruits, vegetables, olive oil, and fish.
There are many other places that you can choose as a retiree or a potential retiree according to your budget and preferences. Once you choose where to retire in Europe, consider opting for financial services from institutions such as JPMorgan Chase & Co. (NYSE:JPM), The Charles Schwab Corporation (NYSE:SCHW), Citigroup Inc. (NYSE:C), or even Banco Santander, S.A. (NYSE:SAN) for planning financial arrangements in Europe. The Charles Schwab Corporation (NYSE:SCHW) even offers expat retirees options to invest in US markets while abroad, access to U.S. dollar–based accounts, and tax filing options.
Methodology
In order to compile the list of the top places to retire in Europe, we have used sources such as Live & Invest Overseas, US News & World Report, Travel & Leisure, European Best Destinations, Expatriate Consultancy, International Living, as well as retirees' discussions on reddit.
Each time a place was recommended by a source, it was awarded one point. Places with similar scores were tie-broken based on cost of living, with 0.1 additional points given to the cheaper place out of 2, 0.2 to the cheaper place out of 3, and so on.
Monthly costs of living have been sourced from International Living, Livingcost.org, amongst others. Places were then ranked in an ascending order from the lowest to the highest scores.
Here are the best places to retire in Europe:
17. Paris, France
Insider Monkey Score: 2
Retirees looking for the perfect balance between art, culture, and quality of life can choose to retire in Paris, France. The melting pot of culture is a global center of art and history, with iconic landmarks such as the Eifel Tower and Louvre Museum to its name. Residents in the city look forward to the exquisite culinary French cuisine, indulging in fine dining experiences and savoring gastronomic delights. On average, an individual can retire on an amount between $2,083 to $2,483. While not exactly affordable, the cost of living can certainly make do with excellent healthcare, modern infrastructure, and overall high quality of life.
16. Gothenburg, Sweden
Insider Monkey Score: 2.1
Active lifestyle, stunning natural beauty, and sustainable living make Gothenburg, Sweden, one of the best Nordic places to retire. On average, the cost of living for a single person is $1,763. Located along the west coast of Sweden, retirees can have access to the beautiful archipelago and coastline, where they can enjoy fishing, boat trips, and other adventures. The city also offers a vibrant cultural scene, a high quality of life, and environmentally friendly living for retirees.
15. Antwerp, Belgium
Insider Monkey Score: 2.2
Antwerp, Belgium is one of Europe's best cities to retire. The excellent healthcare system, walkable city, and rich cultural heritage make Antwerp, Belgium, a highly regarded retirement destination. Not only is the city famous for its Belgian chocolates and waffles, but retirees can also immerse themselves in other delectable cuisine. The city's cost of living for a single person is $1,732, making Antwerp an appealing retirement destination.
14. Prague, Czech Republic
Insider Monkey Score: 2.3
Prague, Czech Republic, makes it to our list of best places to retire in Europe. The "City of a Hundred Spires" is an architectural heaven, filled with baroque buildings, Gothic churches, and the medieval Astronomical Clock in its Old Town Square. A single person can live comfortably on $1,479 without causing financial strain to their savings. There are plentiful parks and green spaces within the city, and the rich cultural scene adds to the charm of Prague.
13. Ljubljana, Slovenia
Insider Monkey Score: 2.4
Retirees are increasingly flocking to Ljubljana, Slovenia, for its high quality of life, affordable costs of living, and vibrant culture. A minimum of $1,381 is required for a single expat retiree who is settling in the city. A nice, two-bedroom apartment can cost around $150,000-$200,000, and retirees can also choose to settle in retirement communities. The stunning natural landscapes, such as Lake Bled and Triglav National Park, are a beautiful addition to Ljubljana.
12. Popoli, Italy
Insider Monkey Score: 2.5
This little town of Abruzzo, Italy, makes it to our list of best places for retirees and expats in Europe for a multitude of reasons. For starters, retirees are guaranteed an authentic Italian lifestyle, savoring delectable traditional cuisine, local wine, and other fresh foods. According to US News & World Report, couples can expect to live comfortably under $1,200, and singles retiring for even less. The idyllic small town is situated away from the hustle and bustle of larger cities, and retirees love it for the peaceful environment it offers.
11. Kotor, Montenegro
Insider Monkey Score: 2.6
Kotor is more than just an investor's paradise. Over the years, expat retirees have found this location to be affordable and beautiful to retire to. Nestled on the stunning Bay of Kotor, the city offers retirees with access to pristine beaches along the Adriatic Coastline, along with charming coastal towns in its vicinity. The city also boasts easy residency policies and a budding expat community. On average, an individual can retire at $837, whereas couples can live under $1,500.
10. Annecy, France
Insider Monkey Score: 3
Embrace a vibrant social scene and actively engage in outdoor pursuits when you retire to Annecy, France. Nestled in the French Alps, the city provides retirees with the perfect mountainous backdrop, further complimented by the picturesque Lake Annecy. Retirees can also expect a well-developed healthcare system, modern infrastructure, and a wide range of amenities when they retire to this beautiful city. Hiking, cycling, boating, fishing, and skiing are a few of the many activities that can be enjoyed here. Retirees can rent a two-bedroom furnished apartment at $1,450, while similar apartments can be purchased for $389,000.
9. Galway, Ireland
Insider Monkey Score: 3.1
Retirees seeking a culturally rich and fulfilling retirement experience can choose to retire in Galway, Ireland. Home to international festivals such as the Galway International Arts Festival, eclectic food, great healthcare, traditional Irish music, and colorful parades, the happening city is one of the best places to retire in Europe. Gorgeous sandy beaches can be a treat during summertime. Living costs are a bit high at $2,335 per person, but they justify the amenities the city has to offer.
8. Vienna, Austria
Insider Monkey Score: 3.2
Vienna is one of the most livable cities the world has to offer, and retirees are increasingly beginning to understand it's value. Great healthcare, clean air, and excellent public transportation make it a desirable retirement destination. Moreover, the capital city is home to plentiful restaurants, museums, and shopping centers too. Many retirees love to embrace its coffeehouse culture, sipping coffee and enjoying pastries. The cost of living can vary between $1,631 to $2,047 per person.
7. Cascais, Portugal
Insider Monkey Score: 3.3
Cascais, Portugal, stands out as one of the best places to retire in Europe for a multitude of reasons. The coastal paradise is nestled along the stunning Portuguese Riviera, embracing picturesque coastal views, pristine beaches, and spectacular cliffs. The mild climate is also a plus for retirees, and anywhere between $1,500-$2,000 is considered more than enough for a comfortable retirement for an individual. World-class healthcare, exceptional golf courses, restaurants, and shopping centers are some amenities offered here.
6. Alicante, Spain
Insider Monkey Score: 3.4
Nestled on the beautiful Costa Blanca, Alicante, Spain is home to beautiful beaches and sandy shores. The beautiful Mediterranean climate allows retirees to indulge in recreational opportunities throughout the year, enjoying the idyllic setting it offers. The city is also home to excellent healthcare, modern infrastructure, and a vibrant social scene. Active retirees will especially love it here, considering parks and natural landscapes are perfect settings to hike, bike, sail, and more. Expatistan claims that Alicante is the third cheapest city in Spain, with a single person comfortably retiring on $1,386.
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Disclosure: none. 17 Best Places to Retire in Europe is originally published on Insider Monkey.