Economy Deterioration Makes European Retirement Journeys Costlier Due to a Plummeting US Dollar
Affordable European Travel for Retirees: Navigating the Dollar's Decline
The dollar's decline against peer currencies during the first half of the year has made travel to Europe more expensive for retirees. However, there are still ways to enjoy a European vacation without breaking the bank.
Financial advisor Domenick D'Andrea, Co-Founder and Financial Advisor at DanDarah Wealth Management, advises retirees to seek out local restaurants instead of tourist traps to save money. Proper planning, research, and working with the right professionals can help make a European vacation affordable.
Affordable and attractive destinations for retirees on a budget include Crete, Greece, Portugal, Malta, Latvia, Albania, and less-touristy regions in European countries like Italy (Umbria, Puglia) and France (Alsace). These locations offer lower living costs, good healthcare, pleasant climates, and rich cultural experiences suited for retirees.
Crete, Greece, for instance, offers significantly lower costs than the US, especially in housing and dining, making it an affordable lifestyle choice for retirees. Portugal provides mild weather, a relaxed lifestyle, and affordable monthly expenses (around €2,634 for a family excluding rent), particularly around Algarve, Lisbon coast, the Silver Coast, and Madeira. Malta is English-speaking with affordable living costs, healthcare, transport, and dining; requiring about $3,075 per month for basic expenses for a family of four.
Latvia is very affordable with low costs of living, safe and peaceful towns, and access to nature. Riga offers city living at modest rent (around €800 for a three-bedroom city-center apartment). Healthcare is public and affordable, though private insurance may be needed initially. Residency permits can be obtained via a residence permit or golden visa routes.
Albania is noted for its affordability and appealing landscapes, offering significantly lower prices than neighboring Greece. For retirees preferring cities, The Hague (Netherlands) and Brussels (Belgium) provide high quality of life and excellent healthcare but generally have a higher cost of living than the other options, though with many retiree-friendly amenities.
To save money, retirees may also consider less-visited regions within popular countries, such as Umbria or Puglia in Italy and Alsace in France, which have fewer crowds and lower price tags while offering rich culture and scenery.
When planning retirement travel or relocation, retirees should consider visa requirements (some countries require specific residence permits or investment visas), local healthcare accessibility, and personal lifestyle preferences like climate and community.
For those who are health conscious, it might be worth making sacrifices to take a European vacation now, as a European vacation could be more economical than domestic travel when the dollar is strong, especially during peak seasons.
D'Andrea also suggests traveling at off-peak times to save on a European vacation, exploring Europe using local public transportation to save money on tours, and renting an Airbnb with a fully stocked kitchen to save on food costs.
Kendra Guild, vice president of North America at Solos Holidays, notes that economic uncertainty is reshaping summer travel plans this year. Some travelers are pivoting by sticking to their top destinations but taking shorter, more affordable trips.
In conclusion, the dollar's decline against the euro does not have to deter retirees from enjoying a European vacation. By considering affordable destinations, travelling during off-peak times, and being mindful of expenses, retirees can still enjoy the rich cultural experiences Europe has to offer.
- Seeking local restaurants instead of tourist traps can help retirees save money on their European vacation, as advised by Domenick D'Andrea, a financial advisor.
- Retirees on a budget might find Crete, Greece, particularly attractive, due to its lower costs, especially in housing and dining.
- Portugal offers affordable monthly expenses, with popular areas like Algarve, Lisbon coast, the Silver Coast, and Madeira providing mild weather and a relaxed lifestyle.
- Those considering Malta for their retirement travel or relocation will find it an English-speaking destination with affordable living costs, healthcare, transport, and dining.
