This article takes a look at the 12 best places to retire in Romania.
Americans Increasingly Seek Retirement Abroad: Trends and Insights
According to a 2024 Monmouth University Poll, 34% of Americans would prefer to go and settle in another country if they were free to do so. Fifty years ago, this percentage stood at a low 10%. So, who’s looking to travel? Apparently, one age group keen on moving is the early retirement crowd. Between 2008 and 2022, the number of Social Security recipients living outside the US has risen at a staggering rate. Back in 2008, the number of recipients was only 307,000. This number shot up to 450,000 in 2022. Rising costs of living, healthcare accessibility, and better quality of life have been provoking many Americans to seek retirement havens beyond the US borders.
While the median retirement savings across households has been steadily growing, it is yet to achieve the ideal number that Americans think they need to live a comfortable lifestyle here in the US. According to the Motley Fool, the median retirement savings for American households is $87,000 only. On the contrary, a survey by The Charles Schwab Corporation (NYSE: SCHW) reveals that Americans think they need at least $1.8 million to live a comfortable retirement. Even though survey participants may be overestimating how much they will actually need once they get there, the reality is that they aren’t aptly prepared. To make things worse, Social Security funds are now predicted to be depleted by 2035, although one year later than the predicted date made a year ago by the Trustees report from the Social Security Administration.
The Charles Schwab Corporation (NYSE: SCHW) recently reported its second-quarter results on July 16th, 2024. Net income for the second quarter totaled $1.3 billion, or $.66 diluted earnings per common share. According to data from S&P Global Market Intelligence, the company’s stock was down 17.5% this week, with many analysts changing their price targets for the company. Back in the pandemic when interest rates were near zero, the company bought a couple of loans for its banks at extremely low interest rates. Currently, Charles Schwab has $154 billion in “held to maturity” loans with a 1.7% yield. On the other hand, the benchmark rate for the Federal Reserve is over 5%. Due to increasing payments needed to retain depositors, Schwab has the loans negatively impacting its earnings. The company paid an average interest rate of 1.31% in the last quarter, up from 1.1% the prior year. The upward trend is likely to persist while held-to-maturity loans remain stuck on the balance sheet. At Insider Monkey, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than The Charles Schwab Corporation (NYSE: SCHW) but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
On Retiring to Romania
For those contemplating retirement outside of the US, Romania can be a beautiful place to be for your golden years. Not only is it affordable, but also offers modern conveniences and easy access to rest of Europe. Unfortunately, Romania doesn’t offer a retirement visa. Individuals from EU countries do not need a visa or a permit to retire here. For non-EU residents, a residence permit is required in order for them to stay in the country. Long-term stay in Romania for such residents requires them to find a legal purpose to retire here. Anything from family reunification (in case of family ties), to business, or some other special conditions of establishment for people over 65 can help seniors move to the country. According to RR Partners Bucharest, American, Canadian, and Japanese citizens can also obtain a visa for economic purposes quite easily. For those concerned about health, public medical care is overlooked by the National Health Insurance House (NHIH), providing free or subsidized health care to residents and expats. However, the standard of healthcare may not be up to standard for expats, which is why it’s advisable to buy private healthcare. Private medical facilities are usually available in the larger cities in Romania, such as Bucharest.
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Methodology
To compile the list of best places to retire in Romania, we employed a consensus-based methodology. Each recommendation from credible sources such as expat forums, Romania travel guides, and credible websites, was assigned a point. Scores were summed and places were ranked in ascending order from the lowest to the highest scores. It’s important to note that the cost of living figures provided are average estimates and may vary based on individual lifestyle choices.
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Here are the best places to retire in Romania:
12. Sinaia
Insider Monkey Score: 3
Cost of Living: $1,200
Average Rent (1-bedroom): $270
Situated in central Romania’s Bucegi Mountains in the Prahova valley, Sinaia is a town and mountain resort revered for its stunning mountain scenery, mild climate, and tons of historical attractions. Besides its small-town mountain vibes, retirees love Sinaia for its extremely relaxing environment. There’s so much to explore here, but Peles castle takes the top spot and looks as if it has been taken straight out of a fairytale movie. There’s the Sinai Park, “Dimitrie Ghica”, for walks on summer days, a beautiful trail that takes you up to the Sinai Monastery, and the Stirbey Palace, amongst others. Residents enjoy traditional Romanian cuisine, and there are Indian restaurants too. Healthcare facilities are also available, and Bucharest is a short drive away, providing access to additional healthcare services and amenities.
11. Iași
Insider Monkey Score: 5
Cost of Living: $1,100
Average Rent (1-bedroom): $270
Iași is known as the cultural capital of Romania. It is one of the best-kept secrets of the country, ideal for history buffs who get to explore the city’s fascinating history as they learn to call it home. Also known as Romania’s historical capital, Iași is a clean and safe city to live in and boasts numerous historical buildings, monuments, and beautiful churches. From visiting the Neo-Gothic style building called the Palace of Culture to being in awe of beautiful medieval churches such as the Saint Nicholas Church, retirees will find themselves occupied most of the time. Healthcare facilities and infrastructure are well-developed, allowing retirees to live a good quality of life here.
10. Oradea
Insider Monkey Score: 6
Cost of Living: $650
Average Rent (1-bedroom): $250
Oradea is one of the most affordable places to retire in Romania, so much so that retirees will find it easier to live on their Social Security checks. From its well-preserved Art Nouveau architecture to shopping galleries, Oradea is a city bustling with life. There are plenty of English speakers here, and retirees will be at peace knowing it’s one of the safest cities to retire to. The star-shaped building called Oradea Fortress is definitely the highlight of this town, so make sure not to miss it while you’re there. The healthcare system is easily accessible and quite modern, and retirees will be able to find English-speaking professionals.
9. Bacău
Insider Monkey Score: 6
Cost of Living: $1,100
Average Rent (1-bedroom): $350
For those looking to avoid the tourists, Bacău is a much more peaceful place to call home. Bacău is the main city in Bacău County, lying at the foothills of the Carpathian Mountains, overlooking the Bistrița River. Retirees will love it for its peaceful atmosphere, its well-maintained green spaces, the rich cultural heritage, and the many cultural events and festivals that grant it a unique local touch. All the essential amenities are easily available here, from healthcare to shopping and recreation. This small city also boasts a much more affordable cost of living, a plus point for those looking to retire on their SS checks only.
8. Sibiu
Insider Monkey Score: 7
Cost of Living: $1,100
Average Rent (1-bedroom): $300
Known as the cultural capital of Romania, Sibiu is a town that lies in Transylvania, central Romania. This town is bustling with medieval buildings, cobblestone streets, and colorful buildings. The best thing about this town is that it offers the perfect amalgamation between historical charm and modern amenities. There are notable landmarks to explore, from the Brukenthal National Museum featuring numerous art galleries, to the Saint Mary Evangelical Cathedral, revered for its striking Gothic architecture. Overall, retirees can enjoy a high quality of life here, enjoying excellent healthcare, shopping, dining, and recreation. Rich cultural heritage, friendly community atmosphere, and abundant amenities make Sibiu one of the best places to retire in Romania.
7. Târgu Mureș
Insider Monkey Score: 8
Cost of Living: $1,150
Average Rent (1-bedroom): $375
Situated on the Mureș River, the second-longest river in Romania, Târgu Mureș appeals to retirees with its historical charm and vibrant cultural life. This place is known to be the melting point of Romanian and Hungarian cultures, and this cultural fusion is reflected in everything from the city’s diverse architectural styles to cultural festivals and local cuisines. There are beautiful, boxed gardens dotting the city, and the floral gardens have even earned it the nickname “City of Roses”. Traditional Romanian festivals, including music and dance, as well as cultural festivals and events, add to the city’s lively spirit and youthful energy. The Cultural Palace is the most famous building to explore here, but there are plenty of others for those who love history and culture.
6. Sighișoara
Insider Monkey Score: 10
Cost of Living: $1,100
Average Rent (1-bedroom): $400
Lying on the Târnava Mare River in Mureș County, Sighișoara is a municipality located in the historic region of Transylvania. This well-preserved medieval town has earned it the prestigious designation of a UNESCO World Heritage Site. The town’s medieval architecture, friendly people, and rich cultural heritage make it worth exploring as a retirement destination. There are plentiful attractions here, such as the Clock Tower with a history museum, The City Square, and the Scholars’ Stairs, a stair passage built for school children to walk through during wintertime. Besides historical monuments, retirees and tourists alike find Sighișoara appealing for its colorful buildings, bustling streets, and festivals such as the annual Medieval Festival of Sighisoara.
5. Cluj-Napoca
Insider Monkey Score: 11
Cost of Living: $1,150
Average Rent (1-bedroom): $450
Cluj-Napoca is the unofficial capital of the Transylvania region. Cluj-Napoca is one of the best places to retire in Romania owing to its vibrant arts scene, rich cultural heritage, and modern amenities. Expats regard the city as one of the most beautiful and the most civilized, besides Bucharest. There are many universities here which makes it a lively place to be, and there’s always something fun happening like concerts and festivals. The restaurant scene is just as dynamic, and residents here are spoiled for choice between traditional Romanian dishes and international cuisine. There’s a fun “Green Friday” campaign where people can get a free bus ride if they squat 20 times in 2 minutes in front of the camera. Let’s not forget impressive castles and fortifications, green parks and botanical gardens, and the welcoming and diverse community which make it a nice place to call home.
4. Timișoara
Insider Monkey Score: 13
Cost of Living: $900
Average Rent (1-bedroom): $400
Another ideal retirement destination in Romania is Timișoara. This city in Western Romania is a nice mix of Secessionist architecture, rich culture, and modern amenities. Also known as “Little Viena”, Timișoara is home to stunning architecture, lush parks, and an extremely vibrant cultural scene. There are well-regarded healthcare facilities, an efficient public transportation system, and a friendly local community. Since it’s a prominent university city, it also boasts a youthful atmosphere, as well as several recreational and educational opportunities. The picturesque Bega River further adds to its charm, creating the perfect backdrop for retirees to call home.
3. Constanța
Insider Monkey Score: 15
Cost of Living: $1,193
Average Rent (1-bedroom): $413
Lying on the shores of the Black Sea, Constanta is situated in southeastern Romania. Constanta offers retirees a beautiful coastal lifestyle, offering an ideal blend of rich history and modern amenities. Stunning seaside views, beautiful beaches, and a pleasant climate offer several recreational opportunities for retirees. The cultural scene is quite vibrant here, the infrastructure is well-developed, and there is a bustling port as well.
2. Brașov
Insider Monkey Score: 16
Cost of Living: $1,200
Average Rent (1-bedroom): $486
Lying in the heart of the Carpathian Mountains, Brasov is the ideal place to be for active retirees. There are abundant opportunities for trekking, climbing, mountaineering, mountain biking, and even paragliding. The city’s well-preserved medieval architecture, such as the famous Black Church and Council Square, adds a unique historical charm to the city. As a popular tourist destination, Brașov has a vibrant cultural scene with numerous festivals, theaters, and museums as well. The cost of living is relatively affordable, with reasonable housing and healthcare services. Brașov’s welcoming community, coupled with its safe and serene environment, makes it an ideal spot for a tranquil and fulfilling retirement.
1. București (Bucharest)
Insider Monkey Score: 18
Cost of Living: $1,250
Average Rent (1-bedroom): $500
Based on our methodology, the best place to retire in Romania is Bucuresti (Bucharest). This up-and-coming European city is a beautiful place to call home in one’s golden years. Adorned with French-style Art Nouveau and Art Deco architecture, this once-known Little Paris of Eastern Europe still enchants anyone who visits it. As of today, it is a vibrant mix of culture, unique artistic expression, and rich historical charm. There are many things to do around here, from visiting the many museums and theaters to festivals and historical landmarks. The city is very dog-friendly too, and they are allowed in parks, public transport, and rented apartments. The transportation system is well-developed, and there are abundant amenities to enjoy a good quality of life here. The city’s extensive green spaces, such as Herăstrău Park and the Botanical Garden, further add to the appeal of retiring here. All in all, this beautiful city offers the best blend of urban living and Eastern European culture, making it one of the best places to retire in Romania.
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