StrongEuro and Dollar Depreciation Make European Retirement Travel More Costly
Affordable European Destinations for Budget-Conscious Retirees in 2021
In the face of a weaker dollar and rising travel costs, retirees seeking unique and budget-friendly European destinations this year have several options. Domenick D'Andrea, Co-Founder and Financial Advisor at DanDarah Wealth Management, suggests exploring lesser-known towns and islands in Mediterranean and Eastern Europe.
For those who want to experience the Mediterranean without breaking the bank, Greece, Portugal, Croatia, Bosnia and Herzegovina, Montenegro, Albania, Romania, and Bulgaria offer affordable living costs, pleasant climates, and rich culture.
Greece stands out with its "Golden Visa" program, which allows residency by investment. Affordable, quieter places like Lefkada Island, Corfu villages, Corinth, Kalavryta, and less touristy cities like Patras offer low rent (as low as £250/month outside city centers), year-round sun, Mediterranean diet benefits, and welcoming local communities.
Portugal offers locations around Lisbon (Sintra) and Porto (Gaia), which are popular but still more affordable and quieter than European capitals, with a good mix of culture and cost-effectiveness.
Croatia and Bosnia & Herzegovina provide budget-friendly living with beautiful natural landscapes and a slower pace of life. Cities like Split, Omis, Sarajevo, and smaller coastal towns offer an affordable alternative to more touristy destinations.
Montenegro and Albania are lesser-known destinations that combine affordability with charming seaside or historic village atmospheres.
Romania & Bulgaria offer low living costs with rich history and less tourist congestion. Cities like Timisoara, Alba Iulia, Sibiu, Brasov (Romania) and Veliko Tarnovo, Nesebar/Sunny Beach, Varna (Bulgaria) are worth considering.
Malta vs Gozo: While Malta is livelier and more expat-focused, Gozo offers quiet, rural charm with lower costs and tranquility ideal for retirees wanting peace and nature.
D'Andrea also advises traveling at off-peak times as a way to save money. He suggests considering cutting back on other expenses or delaying travel if necessary. If a European trip is over budget, he recommends sitting down with a financial advisor to find ways to make it work.
In some cases, it might be worth making sacrifices to take a European trip if you're in good health and the dollar is weak, according to D'Andrea. He even suggests getting a part-time job to help make up the difference in funds.
Kendra Guild, vice president of North America at Solos Holidays, agrees that economic uncertainty is reshaping summer travel plans this year. Travelers to Europe are now more open to new locales like Umbria or Puglia in Italy, the Alsace region in France, lesser-known islands and the mainland in Greece, and the Baltics.
However, it's hard to predict when the dollar will regain its strength. Retirees who were hoping to take a European vacation this year might run into issues with what they can afford. In such cases, exploring these affordable destinations could be the perfect solution for a memorable and budget-friendly European adventure.
In their pursuit for affordable European destinations that offer unique experiences and a lower cost of living, retirees might consider exploring 'Greece', with its "Golden Visa" program and affordable, quieter places like Lefkada Island, Corfu villages, Corinth, Kalavryta, and less touristy cities like Patras.
For those who prefer the charm of lesser-known locations, 'Montenegro and Albania' can provide a budget-friendly experience with their picturesque seaside or historic village atmospheres.
