20 Safest Places To Retire in Europe For Less Than $2,000 a Month

ViewApart/iStock.com

ViewApart/iStock.com

Retiring in the US is an expense that many can’t — or fear they can’t — bear. On average, Americans will need 70%-80% of their pre-retirement income in order to comfortably afford retirement.

Given that the amount needed for retirement can be prohibitively high, plenty of Americans relocate not only to cheaper cities, but also, in some cases, to cheaper countries. According to the Social Security Administration, nearly 450,000 people received their retirement benefits outside the US at the end of 2021, up from 307,000 in 2008, as reported by The Wall Street Journal.

Which are the most relatively peaceful countries to retire to that boast a cost of living of less than $2,000 a month? Read on to find out.

Boomers Prefer To Retire Abroad: Top 5 Places To Retire Outside of the US
Learn: 3 Ways To Recession-Proof Your Retirement

Greg Sullavan/iStock.com

Greg Sullavan/iStock.com

1.Bosnia and Herzegovina

An American can get by on barely over $980 a month in Bosnia and Herzegovina, making this country one of the most affordable retirement destinations on this list. The cost of living in Bosnia and Herzegovina is, on average, 50.5% lower than in the US, according to Numbeo.

See: 10 States To Avoid If You’re Living on Just a Social Security Check
Read More: 6 Types of Retirement Income That Aren’t Taxable

borchee / Getty Images

borchee / Getty Images

2. Greece

  • Global Peace Index: 1,838

  • Average Monthly Cost of Living: $1,610.33

Greece has been the target of some big economic shake ups in recent years — and defaulted on its debt in 2015. Economic turmoil aside, Greece is a relatively peaceful place to retire, and you can get by on a little over $1,600 a month. It is 54% less expensive to live in Greece than in the US, according to LivingCost.

Retirement Savings: Experts Say This Magic Number Is the Key — and It’s Not $1 Million

Vesnaandjic / Getty Images

Vesnaandjic / Getty Images

3. Serbia

  • Global Peace Index: 1832

  • Average Monthly Cost of Living: $1,135.61

Living on under $1,200 a month is totally doable in Serbia, where the cost of living is 62% less expensive than in the US, according to LivingCost.

rusm/iStock.com

rusm/iStock.com

4. Montenegro

  • Global Peace Index: 1,801

  • Average Monthly Cost of Living: $1,242.65

A retiree can float on under $1,300 a month in Montenegro, where, according to LivingCost, the average cost of living is 65% less expensive than in the US

Alla Simacheva / Getty Images/iStockphoto

Alla Simacheva / Getty Images/iStockphoto

5. Albania

  • Global Peace Index: 1,761

  • Average Monthly Cost of Living: $1,112.33

The average cost of living in Albania is 70% less expensive than in the US, according to LivingCost. A retiree can live sufficiently on just $1,112 a month.

Related: I Lost $400K of My Retirement Savings in a Roth 401(k) — If You’re Not Careful, You Could, Too

ewg3D / Getty Images/iStockphoto

ewg3D / Getty Images/iStockphoto

6. Lithuania

  • Global Peace Index: 1,724

  • Average Monthly Cost of Living: $1,554.48

In Lithuania, you can live on $1,554.48 a month. In this country, the cost of living is 54% less expensive than in the US, according to LivingCost.

Gogosvm / Getty Images

Gogosvm / Getty Images

7. North Macedonia

The average cost of living in North Macedonia is 74% less expensive than in the US, according to LivingCost, which is why a retiree can get by on just $889 a month. This is the most affordable country for retirees on this list.

South_agency / Getty Images

South_agency / Getty Images

8. Latvian

  • Global Peace Index: 1673

  • Average Monthly Cost of Living: $1,475.36

In Latvia, a retiree can expect to earn by on under $1,500 a month. In this country, the cost of living is 56% less expensive than in the US, according to LivingCost.

Read More: 10 Brilliant Ways To Reduce Your Taxes in Retirement

LeoPatrizi / iStock.com

LeoPatrizi / iStock.com

9. Estonian

  • Global Peace Index: 1,662

  • Average Monthly Cost of Living: $1,694.10

Just shy of $1,700 can get you a decent life in Estonia, where, according to LivingCost, the average cost of living is 50% less expensive than in the US

roman_slavik / Getty Images/iStockphoto

roman_slavik / Getty Images/iStockphoto

10. Italy

  • Global Peace Index: 1,643

  • Average Monthly Cost of Living: $1,940.77

In Italy, the average monthly cost to get by is just under $2,000. It’s not cheap, but it’s certainly cheaper than in the US — by 40% according to LivingCost.

Janoka82 / iStock.com

Janoka82 / iStock.com

11. Romania

  • Global Peace Index: 1,640

  • Average Monthly Cost of Living: $1,126.30

In Romania, a retiree can coast on not much more than $1,100 a month. This is thanks to the low cost of living here, which is 68% less expensive than the US

Social Security Schedule: When Benefits Will Arrive in June

Xantana / Getty Images/iStockphoto

Xantana / Getty Images/iStockphoto

12. Spain

  • Global Peace Index: 1,603

  • Average Monthly Cost of Living: $1,708.06

Spain is a great place for retirees who have under $2,000 a month to live on. This country’s cost of living is 44% less expensive than in the US, according to LivingCost.

espiegle / Getty Images/iStockphoto

espiegle / Getty Images/iStockphoto

13. Poland

  • Global Peace Index: 1,552

  • Average Monthly Cost of Living: $1,293.85

In Poland, you can get by on under $1,300 a month. The cost of living here is significantly cheaper than in the US — by 59%, according to LivingCost.

Kisa_Markiza / Getty Images/iStockphoto

Kisa_Markiza / Getty Images/iStockphoto

14. Bulgaria

  • Global Peace Index: 1,541

  • Average Monthly Cost of Living: $1,205.42

In Bulgaria, the cost of living is 67% less than in the US. No wonder you only need scarcely over $1,200 a month to live there!

Read More: Latest Social Security Proposal Would See Millions ‘Receive More, and No One Would Receive Less’

martin-dm / Getty Images/iStockphoto

martin-dm / Getty Images/iStockphoto

15. Slovakia

  • Global Peace Index: 1,499

  • Average Monthly Cost of Living: $1,405.54

Slovakia is another great choice for a retiree looking to earn by on under $2,000 a month. Here, the cost of living is 54% less expensive than in the US

rusm / Getty Images/iStockphoto

rusm / Getty Images/iStockphoto

16.Croatian

  • Global Peace Index: 1,440

  • Average Monthly Cost of Living: $1,405.54

Beautiful Croatia is also beautifully affordable. The cost of living here is 53% lower than it is in the US

Yasonya / iStock.com

Yasonya / iStock.com

17. Hungary

  • Global Peace Index: 1,411

  • Average Monthly Cost of Living: $1,210.07

Just a hair over $1,200 a month will get you far in Hungary, where, according to LivingCost, the average cost of living is 61% less expensive than in the US

Social Security: You Could Get a Second Check in June — Here’s Why

18. Czech Republic

  • Global Peace Index: 1.318

  • Average Monthly Cost of Living: $1,614.98

The cost of living in the Czech Republic is 47% less expensive than in the US, according to LivingCost. Thus, it makes sense that you need well under $2,000 a month to get here.

kasto80 / Getty Images/iStockphoto

kasto80 / Getty Images/iStockphoto

19. Slovenia

  • Global Peace Index: 1.316

  • Average Monthly Cost of Living: $1,601.02

In Slovenia, about $1,600 will be enough for you to get by. Here, the cost of living is 46% less expensive than in the US, according to LivingCost.

Rrrainbow / Getty Images/iStockphoto

Rrrainbow / Getty Images/iStockphoto

20. Portugal

  • Global Peace Index: 1,301

  • Average Monthly Cost of Living: $1,587.05

Portugal is a wonderful choice for a retiree on a tight budget. This country boasts a cost of living that is 52% less expensive than what the US touts. It’s also the safest European country by the Global Peace Index.

More From GOBankingRates

Methodology: In order to find the safest places to retire in Europe, GOBankingRates started by using the United Nations Eastern and Western European Region Groups to determine the countries that qualify. For each country, GOBankingRates found [1] the GDP as sourced from WorldPopulationReview, [2] Cost of Living as sourced from Numbeo and [3] Global Peace Index sourced from the Institute for Economics and Peace Global Peace Index 2022 Report. The cost of living was filtered for places costing $2,000 and under per month on average. All information is up-to-date as of June 19th, 2023.

Photo Disclaimer: Please note photos are for representational purposes only. As a result, some of the photos might not reflect the locations listed in this article.

This article originally appeared on GOBankingRates.com: 20 Safest Places To Retire in Europe For Less Than $2,000 a Month