Yahoo Finance How Much Money You Need To Comfortably Retire in Europe
Every year, droves of Americans flock to other countries to retire. The trend of retiring overseas is picking up momentum. According to Harvey Law Group, the number of Americans collecting their Social Security benefits from overseas increased from 413,000 to 760,000 between 2019 and 2022.
Made up of 44 countries, Europe boasts many popular spots for expats to live out their golden years. Why Europe? There are several reasons. Some people just want to experience something new or return to where their ancestors came from. Or, perhaps more commonly, they want to save money; retiring in Europe can, in certain cases, be cheaper than retiring in the U.S.
But how much money exactly do you need to comfortably retire in Europe? It depends on the country. To help narrow things down, GOBankingRates has taken a look at the cost of living in 12 cities in Europe where English is widely spoken. According to research from Insider Monkey, these may be best for Americans looking to live, visit or retire. GOBankingRates then sourced cost of living data from Expatistan, current as of June 2024. Here is how much you need to retire in these 12 European cities.
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Paris
Ah, Paris. Who could visit this city and not be utterly entranced by the romance? There’s no need to go on about the legendary beauties of Paris, but there is reason to go on about the cost of living in this gorgeous city. If you’re looking for a budget-friendly place to retire, you may want to scratch this one off your list. It’s the most expensive city in France, with the average monthly costs for one person hovering at around 3,617 euros, or $3,882.
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Helsinki
Famously considered one of the happiest cities in the world, Helsinki, the capital of Finland, is a lively city that blends fine Nordic design with stunning natural beauty. But it can be a pricey place to get by. A single person spends around 2,665 euros or $2,861 a month to live here.
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Oslo, Norway
The capital of Norway is the country’s economic hub for banking, industry and shipping. Like Helsinki, it’s been ranked among the happiest places to live in the world. But happiness isn’t cheap, in this case. The estimated monthly cost for a single person here is 30,058 kroner, or about $2,851.
Brussels
Though situated in a small country, Brussels has a big-city feel. Here, you’ll be wowed by Gothic architecture and Flemish art and enjoy no shortage of waffles, French fries and beer. This is not a particularly affordable city. A single person can expect to dish out some 2,344 euros, or around $2,516 a month here.
Rome
If you appreciate a mild Mediterranean climate, an assortment of architectural styles, including Classical and Imperial Roman, and some of the best cuisine on the planet, you might want to retire in Rome. The cost of living for one person in the Eternal City is roughly 2,298 euros, or $2,467 per month.
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Madrid
The capital city of Spain is famous for its royal palaces, sprawling parks and amazing street food. Though enchanting, Madrid is not a particularly affordable city. The estimated monthly cost for a single person is 2,151 euros, or about $2,309.
Lisbon, Portugal
One of the most popular places in the world for Americans to spend their golden years is Lisbon. It’s a sought-after spot not only because it’s absolutely gorgeous and has a gentle, sunny climate, but also because it’s more affordable than some popular U.S. retirement hubs like, say, Miami Beach. Still, objectively, we’d be amiss to call it “cheap.” A single person’s estimated monthly cost of living is 2,083 euros, or around $2,236.
Warsaw, Poland
Warsaw has cold and snowy winters, so it certainly isn’t the ideal spot for retirees looking for mild weather. But there is a lot of cultural riches to be absorbed in this capital city — particularly for World War II history buffs. An individual can get by here on around 8,764 złoty, or $2,191 a month.
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Athens, Greece
Hailed as the birthplace of democracy, arts, science and Western philosophy, Athens is brimming with cultural wonders. This ancient city has a welcoming vibe, making it an especially inviting place for expats. For one person, the estimated monthly cost of living in Athens is 1,609 euros, or about $1,727.
Budapest, Hungary
Situated along the Danube River, Hungary’s capital city is a treasure trove of wonders. You’ll find magnificent castles, exciting festivals and tons of spas boasting thermal baths. This is one of the more affordable places to hang your hat. A single person’s estimated monthly cost of living is 540,925 forint, or about $1,470.
Bratislava, Slovakia
This 2,000-year-old city is the political and economic epicenter of Slovakia. It’s definitely worth checking out if you’re looking to retire on a frugal budget in Europe. The estimated monthly cost of living for one person is 1,367 euros, or about $1,467.
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Bucharest, Romania
Long ago, Bucharest was nicknamed “Little Paris” thanks to its French influence on culture and architecture. The city boasts refreshing parks, ancient villas and palatial elegance. It’s a great bargain for retirees looking to live in Europe on a shoestring budget. It’s the cheapest place on this list. A single person’s monthly estimated cost of living here hovers at around 5,573 lei, or $1,202.
All currency conversion figures are as of June 24, 2024, and are subject to change.
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