What he didn\u2019t know is that that escape would become permanent. He met his now-wife, Elisabeth, shortly after he retired, and eventually took the leap to move permanently to Spain with her.<\/p>\n
Fawcett, now 67 and a Spanish resident through marriage, couldn\u2019t be happier about his decision. Though his wife still works, he spends his days playing tennis, reading, and going to the beach or caf\u00e9s with expat friends in Barcelona. He and his wife are able to travel around the continent, even planning a trip to Paris for the Olympics<\/a> this year.<\/p>\n The same lifestyle wouldn\u2019t be possible in the U.S., Fawcett says. Housing is much more affordable, food is inexpensive, and the wine is even less so. The mass transit system is a godsend; Fawcett doesn\u2019t have a car and doesn\u2019t need one to get around. Walkability is also a major benefit.<\/p>\n \u201cIt\u2019s a good life here,\u201d says Fawcett, who became a resident in 2019. \u201cOutdoor dining is everywhere, the weather is amazing. Everything is very cheap.\u201d<\/p>\n Fawcett is part of a growing trend of retirees, spurred by America\u2019s retirement crisis<\/a>, who are moving abroad instead of spending their golden years in the U.S. In December 2022, there were over 700,800 people receiving Social Security payments abroad, according to the most recently available data from the Social Security Administration. In 2000, that figure was less than 400,000.<\/p>\n Some move abroad because they simply cannot comfortably live on a fixed retirement income in the U.S., where the costs of housing and healthcare, especially, are becoming increasingly unaffordable. A substantial number of retirees rely almost completely on Social Security payments to make ends meet in the U.S., which average around $1,900 per month<\/a>. A growing portion of elderly Americans live in poverty<\/a>, with social services few and far between, if they are accessible at all.<\/p>\n Others always dreamed of travel and immersing themselves in other cultures. And still others could afford to stay in the U.S. but realized how much more they could get for their money abroad. <\/p>\n The latter is true for Susan Keenan Sweeney and her husband, Joe, who moved to Hungary in 2015 (Joe was born in Hungary, but moved away as a child). Though Sweeney, 69, had done well for herself in a career in banking software in the states and even retired early in Florida, she was put off by the increasingly high costs of housing and health care. <\/p>\n When she and her husband visited Hungary before the move, they looked at the affordable cost of living and slower pace of life and decided, almost \u201con a whim,\u201d to move. They now own a home in the countryside, about two hours outside of Budapest, surrounded by vineyards. Sweeney gardens and revels in the seasonal fresh produce that\u2019s available at the nearby market, making jams and jellies at home; the couple spends their winters in Spain, and travels extensively around Europe the rest of the year.<\/p>\n Courtesy of Susan Keenan Sweeney<\/p>\n<\/div>\n Sweeney also points to the extensive public transit system as a major plus\u2014it is free to use for those over 65<\/a>, and there is a train station at the base of the hill they live on\u2014as is the sense of safety and community they feel. They save thousands a year in property taxes compared to Florida, and expat health insurance is a fraction of the cost of American health insurance, she says. One of their biggest monthly expenses is their U.S. Hulu<\/a> subscription, which they watch via VPN.<\/p>\n \u201cI\u2019d like to think I\u2019m on the cutting edge of where to retire,\u201d says Sweeney. \u201cIt costs us next to nothing to live here.\u201d<\/p>\n There are drawbacks, of course. The rest of Sweeney\u2019s family is in the states, so they need to plan trips to see each other. The cultural differences can be difficult to manage, at least at first, and Sweeney is still learning the basics of Hungarian. There\u2019s not the same level of individual wealth in Spain as in the U.S., Fawcett points out; the typical salary<\/a> is far lower than the six-figure jobs you can find in the states<\/a>. And of course, the income tax burden is much higher<\/a>. <\/p>\n Sweeney and Fawcett wouldn\u2019t have been able to save the amount of money they did throughout their high-paying careers in the U.S. had they spent their careers in Europe. Most of their investments are still in U.S. financial institutions because of the difficulty to move them. And there is plenty of other bureaucracy and red tape to move through to move abroad. Sweeney and her husband enlisted a lawyer to help them buy their home; <\/p>\n \u201cThe first couple of years are taking care of bureaucracy more than anything,\u201d says Fawcett. \u201cAnything you want in Spain requires a ton of paperwork.\u201d<\/p>\n But the standard of living is much better for a wider swath of the population than it is in the U.S., Fawcett contends. There are the small things, like fresher, less expensive groceries and concert tickets being much more affordable and accessible. And then there are the larger benefits, like months of paid maternity leave, inexpensive secondary education, and affordable health care.<\/p>\n Courtesy of Susan Keenan Sweeney<\/p>\n<\/div>\n \u201cIt\u2019s not the U.S.,\u201d says Sweeney. \u201cThey do things differently here, and that\u2019s why we\u2019re here.\u201d<\/p>\n\u2018It costs us next to nothing\u2019<\/h2>\n
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The trade-offs of living abroad<\/h2>\n
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