The Blubber

"Boomers are leaving America to retire abroad in droves because the US is too expensive," per FORTUNE.

Fawcett is part of a growing trend of retirees, driven by America's retirement crisis, who are opting to move abroad instead of spending their golden years in the U.S. In December 2022, over 700,800 people were receiving Social Security payments abroad, according to the most recent data from the Social Security Administration. This figure was less than 400,000 in 2000.

Many retirees move abroad because they cannot comfortably live on a fixed retirement income in the U.S., where housing and healthcare costs are becoming increasingly unaffordable. A significant number of retirees rely almost entirely on Social Security payments, which average around $1,900 per month, to make ends meet. An increasing portion of elderly Americans live in poverty, with limited access to social services.

Some retirees move abroad to fulfill lifelong dreams of travel and cultural immersion. Others, who could afford to stay in the U.S., realize how much more value their money has overseas.

'It costs us next to nothing'
This is the case for Susan Keenan Sweeney and her husband, Joe, who moved to Hungary in 2015. Although Sweeney, 69, had a successful career in banking software in the U.S. and retired early in Florida, she was disheartened by the rising costs of housing and healthcare.

When she and her husband visited Hungary before their move, they were struck by the affordable cost of living and the slower pace of life. They decided, almost "on a whim," to relocate. They now own a home in the countryside, about two hours outside of Budapest, surrounded by vineyards. Sweeney enjoys gardening and making jams and jellies from the seasonal fresh produce available at the nearby market. The couple spends their winters in Spain and travels extensively around Europe throughout the rest of the year.