8 Cities in Europe That Are Becoming Retirement Hot Spots

If you've ever dreamt of strolling around a European city, baguette in hand, then you'll be delighted to find out that retiring abroad can be one of the best ways to avoid wasting money in retirement. Many European cities have a lower cost of living than major metropolitan areas in the United States, and you'll also enjoy other ways to save money, like lower health care costs and reduced need for a car.

This affordable, slower way of living is attracting expatriates, also known as expats, from across the globe. These are people who live in a country other than their home country, and, for retirees, becoming an expat is an appealing way to live out your golden years. Ready to buy a one-way ticket? Here's a look at eight European cities to consider.

Editor's note: All cost-of-living data pulled from Forbes unless otherwise noted.

If you want the quintessential French experience, try out retirement in the Southwest of France, otherwise known as the Dordogne region. Bergerac, a medieval town situated along a river, is as picturesque as it gets.

While you can, of course, fill up on all of your favorite French breads and pastries, this region is known for its incredible wine. And who doesn't want to spend afternoons in retirement sipping on French wine? The best part is that a couple can live for $1,500 a month here.

Portugal has become one of the hottest places to visit, but it's also a wonderful place to put down roots in retirement. Bragança is a city in Portugal's north, and it has everything retirees could want, both incredible historic architecture and the natural beauty of mountains and national parks, like the Parque Natural de Montesinho.

You can rent a fully furnished apartment in this medieval town for $400 to $500 per month, making it a budget-friendly place to live the expat life. Plus, there's a modern hospital here amidst all the history, so you'll be well taken care of if anything happens. Worried about settling down in a country where you don't know the language? The government offers free language classes.

Granada is a city that's rich in culture and history, with influences from both Moorish tradition and Spanish geography. But it's also a city that's affordable for those looking for a European escape in retirement. You can rent a one-bedroom in Granada for $450 a month, meaning you'll have disposable income leftover for enjoying the rich culinary traditions of Spain, where you can get dinner for two for around $25.

How do expats retire to Spain? Many of them come on a non-lucrative visa, which says they will not pursue work activities while in the country.

Oviedo, Spain is a university town, and that makes it a wonderful place for retirees thanks to the culture and lively atmosphere that comes from the student environment. This historic town has a mild climate, which is a welcome respite for those coming from hotter regions. Plus, a one bedroom apartment rents for an average of $630 a month, which feels like a steal when you compare it to cities in the U.S.

For retirees who choose to move to Spain from the U.S., they'll still be eligible for their retirement benefits, including Social Security and disability benefits. They'll lose access to Medicare, but with Spain's world-class health care system and affordable private health care, that won't be a huge issue.

One of the reasons tourists love visiting Portugal is for its affordability, so why not move there full-time so you can enjoy the low cost of living on a daily basis? In Covilhã, a three-course dinner for two will run around $35, and you can rent a one-bedroom apartment in the heart of this medieval walled village for just $500. There are few places in the U.S. that can beat that!

This town is also high above sea level, close to the Serra da Estrela mountains, meaning you'll have mild summers, a welcome respite from other areas in Southern Europe where the temperatures soar in the summer months.

If you're dreaming of a retirement that combines European charm with the beauty of the sea, then Alicante is the place for you. This Mediterranean coastal town is where you should spend your golden years if you plan on waking up each day in awe that you've found yourself in a city that feels like it's straight out of a movie.

This bustling, vibrant metropolitan area isn't small. It's home to a population of 330,000, but the architecture and culture of the region make it feel approachable and welcoming. The monthly cost of living for a single person here is $1,824, according to the Expatistan calculator, which is much lower than the average in the U.S., which the Motley Fool Money puts at around $6,500.

Belgium isn't known as an affordable country, but the city of Ghent is a good choice for expats from the U.S. looking for a more budget-friendly way of life. This port city is both historic and modern, with a major university contributing to its bustling nature, and a UNESCO site, according to the U.S. News & World Report, giving it historic credentials.

You can easily get around Ghent via public transportation, and grabbing lunch while you're out will only run you $20. While the average rent is a bit higher than the other affordable cities at $926, you can still expect to pay just $1,679 in monthly expenses.

Zagreb is a medieval town that's rich in modern culture, art, bustling markets, and museums. This picturesque city also has a strong café culture, which encourages slowing down and watching the beauty of your surroundings, a pursuit well-worth getting used to in retirement.

The Travel blog says the cost of living is $1,221 a month for a single person, with $750 of that going towards renting a one-bedroom apartment in the heart of the city. Health care is easy to access in Croatia, with both public and private health care available, helping you keep more cash in your wallet. 

Moving abroad is one way to prepare yourself financially, particularly in light of recession worries across the United States and the world.

While there are a few places that would be safe from the risk of recession, moving to a country with a lower cost of living will certainly provide a cushion if there is a downturn. Just be sure to pay close attention to the financial situation in the cities that you're considering, and verify what you'll need to do if you decide to become a resident, before making a move.