She Retired With $1 Million — And Now She's Traveling Europe At 72: 'I Kind Of Went Overboard And Saved More Than I Needed To'

At 72, Nancy Neff is not slowing down — instead, she's crisscrossing Europe, taking lace-making classes in Belgium and planning a train trip to Paris for an antique lace auction. Her retirement looks more like a travel documentary than a quiet life at home, all made possible by a decision she made decades ago: start saving early and live below her means.

According to Business Insider, Neff, a Connecticut native, retired with over $1 million in savings. She built her wealth through a long career in academia and computer programming, eventually earning a six-figure salary. But even early in her career, Neff was contributing about 25% of her income to her 401(k). She also followed a conservative investment strategy — opting for diversified mutual funds over market speculation — which helped her ride out multiple recessions.

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"I was very concerned about being an impoverished old lady trying to live on her own and not having anything beyond Social Security," Neff told BI. "I kind of went overboard and saved more than I needed to."

Living Large Without Spending Big

Neff's travel-heavy lifestyle might sound expensive, but she still lives frugally. She chooses budget transportation, camps when she can, and avoids luxury accommodations. She cuts her own hair, shops secondhand, and sticks to a food budget. "I don't really need a marble bathtub," she said. For her, retirement is about meaningful experiences, not flashy luxuries.

Her Social Security checks — just a few thousand dollars a month — don't fund her travels. Instead, her well-padded retirement savings and Medicare coverage allow her to afford essentials while keeping her travel dreams alive.

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The Minority Experience in Retirement

While Neff's story is inspiring, it's not the norm. According to the Federal Reserve Bank's Survey of Consumer Finances, only about 40% of American millionaires are over age 65. And AARP reports that one in five Americans over 50 doesn't have adequate retirement savings. Many rely primarily on Social Security, which averages about $1,976 per month for retirees, depending on work history.

Data from United Way's United for ALICE program shows that 42% of Americans live paycheck to paycheck or below the federal poverty line, making comfortable retirements like Neff's out of reach for many.

More Americans Are Retiring Abroad

Neff isn't alone in her decision to spend retirement overseas. According to the Social Security Administration, over 450,000 retired U.S. workers were receiving benefits while living abroad as of December 2022 — many of them in Europe. Mexico and Canada are also popular destinations for retired U.S. citizens.

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Retiring abroad can offer a lower cost of living, access to public healthcare in some countries, and a slower pace of life. But retirees should also be prepared for challenges, including culture shock, language barriers, and navigating foreign residency rules.

Advice From Someone Who's Done It

Despite the challenges of retiring abroad, Neff says careful planning made it possible. She doesn't support family or friends financially and kept her expenses low long before retirement. She also advises sticking to the basics: save consistently, don't try to beat the market, and make smart decisions early.

"I've been very lucky — I had enough wits, I was sharp enough to be able to get a degree and work at a challenging job," she said. "But my advice is not just contingent on being lucky."

Whether at home or abroad, Neff's story shows what's possible with a little planning — and a lot of patience.

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