More Americans Are Looking To Retire In Europe. Will You Join Them?

"More American retirees are considering moving to Europe. Polling from Monmouth University and Gallup shows that the percentage of people aged 55 and older who want to leave the country is now 17%, more than four times the level in 1974. The figure has really accelerated since 2017, though, driven in a large part by cost-to live a better quality of life at a lower cost and to have access to affordable healthcare and housing in later years."

"Take Portugal, for example. The cost of living per month for a single person, excluding rent, is around $592, whereas in the U.S. it is around $1,166. Rent in Portugal is about 40-50% cheaper than the average rent across America. In Italy, the cost of living is nearly 27% lower than the U.S. average. In both cases, American retirees can build a high-quality of life close to the Mediterranean coast, culture and climate."

"In addition, many European countries have double taxation treaties with the U.S. (Portugal, Italy and Greece, for example), which help avoid being taxed on the same income twice."

"With increased geopolitical instability, Americans are also increasingly seeking a Plan B for their finances and residency, somewhere else to invest and move to. Countries can change their rules quickly-think Brexit, when all British people lost their European identity and the right to live, travel and work freely in all EU member states-so it can be helpful to have backup plans."

Interest in retirement in Europe is rising as more Americans seek affordability, stability, and a higher quality of life. Polling shows a growing share of people aged 55 and older want to leave the U.S., with acceleration since 2017. Lower living costs, affordable healthcare, and housing drive the shift. Portugal and Italy are cited with substantially lower non-rent living costs than the U.S., along with cheaper rent and overall lower expenses. Double taxation treaties between the U.S. and countries such as Portugal, Italy, and Greece can reduce the risk of being taxed twice. Geopolitical instability also increases demand for backup residency and financial plans.

Read at Forbes