With almost the lowest pensions in the European Union, pensioners in Romania struggle to live from day to day. Many of them depend on child support or even work even after they have retired, and others borrow money from mutual aid houses.
According to a list of the best EU countries to retire in, Portugal is the hottest country
In a June report, Moving to Spain, a relocation company, ranked the best European countries for retirement based on several factors: population, life expectancy, cost of living, house prices, visas, safety, beaches, health, writes Financial Intelligence.
No. 1 best country in Europe for retirement: Portugal
Retirement Score: 7.83
Portugal is the best country in Europe for retirement, according to CNBC. It is one of the most affordable European countries due to the low cost of living. On average, the cost of living, excluding rent, is nearly 29 percent lower than in the U.S., according to SmartAsset.
To retire in Portugal, US citizens must apply for a residency visa. According to Global Citizens Solutions, the process is relatively simple and requires applicants to provide a valid passport, proof of income, health insurance and a criminal background check.
Portugal is best known for its wine. Two of Portugal’s oldest wine regions, the Alto Douro region and Pico Island in the Azores, are UNESCO World Heritage Sites.
Top 10 best countries in Europe for retirement:
Spain and Italy (tied)
Spain and Italy (tied)
Two countries are tied for second place. Spain and Italy have a retirement score of 7.31, according to the report.
The cost of living in Spain, excluding rent, is nearly 34% lower than in the US, and the country offers residents access to its public healthcare program. In order to start the retirement process in Spain, interested parties should seek to obtain a long-stay visa or a residence visa.
Spain is known for its fantastic culture and architecture in cities like Madrid, Barcelona, Valencia and more.
Barcelona, Spain, has even been named the happiest holiday destination in Europe in 2023, according to Club Med.
While the United States has a life expectancy of 76 years, according to the World Bank, Italy reaches 83 in 2021.
The Moving to Spain report shows that Italy has a higher percentage of people aged 65 and over than any other country in Europe. Rent in Italy is nearly 55.3% lower than in the US, and the total cost of living, excluding rent, is 14.7% lower.