One couple realized they were never going to be able to afford retirement in the U.S., so they moved to Europe where they can live off social security with plenty of money left over.
What To Know: “Ann,” who requested a pseudonym from Business Insider for privacy reasons, had spent the last four years living in Arizona before she and her husband realized it was going to be nearly impossible for them to afford retirement.
That’s when she began researching affordable places to retire. After exploring locations the duo had already traveled to, they settled on Portugal.
“We’ve always tried to not have debt, and it just felt like as fast as we were earning money, out the door it went on increasing costs over there [U.S.],” Ann said.
“And we talked about it over time and said, ‘We’re never going to be able to retire.'”
See Also: Canadian-Born American Explains Why He ‘Wouldn’t Advise Americans To Move To Canada’
Ann and her husband sold their condominium in Arizona and used the money to buy an apartment in Portugal. Their monthly expenses fell precipitously following the move.
In Portugal, the couple spends approximately $82 per month on a tech bundle that includes TV, internet and cell phone usage. Their water bill each month comes out to around $21 and their electricity bill tends to come in around $55.
“Our quality of life is so much nicer because we’re not worried about money like we were in the States. We were just watching every single penny,” Ann said.
High inflation and interest rates are putting pressure on American wallets and forcing some older individuals to push back retirement. Ann and her husband ran into the same issues while they were living in the U.S. Although they were both working long hours, they weren’t able to save enough on top of monthly expenses.
Making the move to Portugal wasn’t just a walk in the park. The couple explained that obtaining residency, getting driver’s licenses and registering with tax authorities and health agencies was a bit of a challenge. Still, the initial moving challenges were well worth the reward of living comfortably without worrying about income.
“It’s just nice to relax and have things to do and places to explore, and even our Social Security is enough to live on and travel a bit. Our life here is just way better than it could have ever been would we had stayed in the U.S.,” Ann said.
This story is part of a series of features on the subject of success, Benzinga Inspire.
Photo: Loyloy Thal from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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