Living well on less is a constant in retirement planning.
If life in the U.S. seems as if it would overstretch your assets, you might want to consider moving abroad. Moving overseas takes planning and research. You’ll want to check visa and residency requirements, and health-care access. Remember, you’ll still be taxed as a U.S. citizen by Uncle Sam.
International Living, which publishes information about life abroad — including firsthand accounts — has a new report on five European cities where retirees can live large on just $35,000 a year or even less.
Social Security is the major source of income for most older Americans, according to the Social Security Administration, with an average benefit check for retired workers of $1,404.
If a couple brings in two checks per month, that totals $33,696, not including other assets.
So grab your passport and shopping bag for the outdoor markets. Low-cost airlines have remarkably cheap flight deals, making Europe more accessible and affordable than ever. Here are five spots where you can retire on $35,000 a year — or less.