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

Retiring in the U.S. 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 U.S. at the end of 2021, up from 307,000 in 2008, as reported by The Wall Street Journal. 

GOBankingRates looked at the 20 safest European countries, as measured by the Global Peace Index — a composite weighted on a scale of 1-5 (lowest being the most peaceful) — and picked the ones from that list that had the most affordable cost of living.

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.

• Global Peace Index: 1.850 
• Average Monthly Cost of Living: $982

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. Cost of living in Bosnia and Herzegovina is, on average, 50.5% lower than in the U.S., according to Numbeo.

• Global Peace Index: 1.838
• Average Monthly Cost of Living: $1,610

Greece has been the target of some big economic shakeups 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 U.S., according to LivingCost.

• Global Peace Index: 1.832 
• Average Monthly Cost of Living: $1,136

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

• Global Peace Index: 1.801
• Average Monthly Cost of Living: $1,243

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 U.S.

• Global Peace Index: 1.761 
• Average Monthly Cost of Living: $1,112

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

• Global Peace Index: 1.724 
• Average Monthly Cost of Living: $1,554 

In Lithuania, you can live on $1,554 a month. In this country, the cost of living is 54% less expensive than in the U.S., according to LivingCost. 

• Global Peace Index: 1.704 
• Average Monthly Cost of Living: $889

The average cost of living in North Macedonia is 74% less expensive than in the U.S., 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.

• Global Peace Index: 1.673
• Average Monthly Cost of Living: $1,475

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

• Global Peace Index: 1.662
• Average Monthly Cost of Living: $1,694

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 U.S. 

• Global Peace Index: 1.643  
• Average Monthly Cost of Living: $1,941 

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 U.S. — by 40% according to LivingCost.

• Global Peace Index: 1.640 
• Average Monthly Cost of Living: $1,126

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 U.S.

• Global Peace Index: 1.603  
• Average Monthly Cost of Living: $1,708

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 U.S, according to LivingCost.

• Global Peace Index: 1.552
• Average Monthly Cost of Living: $1,294

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

• Global Peace Index: 1.541
• Average Monthly Cost of Living: $1,205

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

• Global Peace Index: 1.499  
• Average Monthly Cost of Living: $1,406

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

• Global Peace Index: 1.440  
• Average Monthly Cost of Living: $1,406

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

• Global Peace Index: 1.411  
• Average Monthly Cost of Living: $1,210 

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 U.S.

• Global Peace Index: 1.318
• Average Monthly Cost of Living: $1,615

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

• Global Peace Index: 1.316
• Average Monthly Cost of Living: $1,601

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 U.S., according to LivingCost. 

• Global Peace Index: 1.301
• Average Monthly Cost of Living: $1,587

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 U.S. touts. It’s also the safest European country by the Global Peace Index.

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 19, 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.