The rising cost of healthcare and an ageing population are leading many Americans to search for the best places to retire overseas. New data by Galaxsys reveals the European countries that score highest for financial and social well‑being and also offer many of the ingredients retirees look for: strong healthcare systems, safety nets, and a comfortable cost of living. Luxembourg, Denmark, and the Netherlands ranked in the top three, followed by France and Germany.

Why Americans Are Looking For The Best Places To Retire Abroad

Retirement across the U.S. is increasingly out of reach for many Americans. The New York Times wrote this week about the seven numbers that are changing retirement for Americans nationwide, noting that while “savings have hit unprecedented levels,” retirement remains out of reach for many due to rising healthcare costs and growing poverty.

According to the Census Bureau, one in five Americans will be over 65 by 2030, and by 2034, older adults will outnumber children for the first time. Across the country, many are able to retire in financial security, but many more are struggling as long‑term care and everyday living become more expensive.

The average cost of a private nursing home in 2024, according to CareScout, was $10,650 per month. Assisted living care averages around $5,900 a month, and a full-time home health aid is $6,500 a month. All three figures, as per The New York Times, are “well beyond what most families have planned for”.

For many Americans, that reality is prompting a search for retirement options overseas, where surveys show that a lower cost of living and more affordable healthcare are the main reasons people consider moving.

Social Security Administration data shows a growing number of Americans are receiving benefits abroad, and an increasing number of these are retirees. In 2024, the SSA estimated that these accounted for 12% of the nation’s 45 million retirees (it’s an estimate because overseas cash withdrawals are invisible to their data).

European Countries That Best Embody The New American Dream For Retirees

The new data points by Galaxsys offer a top ten of European countries that rank highly on economic and social well‑being. While the research is not retirement‑specific, the same ingredients—strong incomes, social safety nets, and high quality of life—are exactly what many retirees look for when choosing where to spend their later years. The top ten are:

  1. Luxembourg
  2. Denmark
  3. Netherlands
  4. France
  5. Germany
  6. Sweden
  7. Belgium
  8. Austria
  9. Ireland
  10. Finland

The research analysed data on life expectancy, average monthly after-tax salary, cost of living, quality of life, median net worth, number of millionaire households, and personal savings rates. These metrics were then used to determine the final ranking, with higher scores highlighting nations that offer the best balance of financial prosperity, affordability, and overall quality of life. The study also incorporates data on digital entertainment spending as a proxy for prosperity and lifestyle.

For would‑be retirees, these indicators matter. Higher after‑tax salaries and median net worth suggest stronger economies with more generous pensions and savings environments. Countries with higher life expectancy and quality of life scores also suggest better healthcare systems, public services, and possibly social cohesion, all of which are desirable for a comfortable retirement.

Hayk Sargsyan, CEO at Galaxsys, says of the study that “the concept of the American Dream has always been about achieving a good life through opportunity and hard work. Today, we’re seeing a shift in Europe, where success is no longer defined by how much you earn, but by how well you live. People increasingly value balance: being able to enjoy what they earn, live comfortably without financial strain, and feel secure about the future. The nations that best represent this dream are those where people can build prosperity without losing their peace or balance in life”.

For retirees, that balance is precisely what makes these countries appealing places to consider.

Healthcare And Retirement: How Other Studies Back Up The Best Places To Retire List

This research supports a recent study by International Living on the best global healthcare for expats, which found that France topped the list.

Italy and Spain, which ranked 11th and 12th in the Galaxsys data, also ranked in the top ten on International Living‘s best places to retire globally, which also considered visa accessibility.

This data also chimes with the 2025 Natixis Global Retirement Index that highlighted several reasons why more people are looking to move outside the U.S., chiefly that people won’t have enough money to enjoy retirement, partly because savings have dwindled due to inflation. Many are also worried that government benefits might be cut because of growing public debt and because people are living longer. In this index, Norway came out top as the best all-rounder for providing retirement security.

Taken together, these rankings suggest that Western and Northern European countries—especially France, Germany, the Netherlands and the Nordics—offer the mix of stability, healthcare access and everyday comfort that many might associate with a “new American dream” in retirement.

The Golden Rules Of Retirement Travel

CNTraveler recently published a code of travel for retirees—the golden rules of retirement travel, if you like. The advice, collated from a select group of enthusiastic travelers in their retirement, encourages not overscheduling, packing light, learning a few words of the local language, and traveling more slowly, and could be useful for anyone looking to retire overseas and looking to ‘test drive’ potential retirement destinations.

The idea of avoiding travel on Sundays is a good one, too, as it’s unlikely to apply to the working population and can be one of the busiest days to travel.

The Best Places To Retire—Weighing Up A European Retirement

As retirement becomes increasingly challenging in the U.S., Europe offers another possibility for expats seeking an affordable, balanced lifestyle. Relocating is not without its challenges; however, and the ease of obtaining visas for retirees needs to be explored, as does the distance from the U.S. and the local language.

For those willing to navigate those hurdles, however, the European countries that score highest on financial and social well‑being—and that also offer strong healthcare systems and solid quality‑of‑life rankings—are some of the best places to retire.

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