Germany has a reciprocal agreement with the US which allows you to stay on a visitor's visa for six months.
You might consider an extended trip first to look around, maybe two or three months, to visit a couple of the areas that appeal to you. Also, every time you go the six-month visa is in effect again so that makes things rather easy while you ponder what to do.
CONS:
1. Euro exchange rate is not favorable at present, so roughly speaking $5K is only 4K in Euro - not something you have control over, so it might be smart to build in an extra 10% up or down and think about whether that would be in the budget. Could, of course, one day be in favor of US again.
2. Germany in the 90s and Germany today - you'll notice differences, things change and the recent wave of refugees have impacted the housing in Germany as well.
PROS:
1. Groceries are cheaper and dining out can be dirt cheap, if you know where to go - savings at least 30% on food and 50% on dining out. That's huge.
However, what always surprises me is the ever popular "Bofrost" delivery that my mother had for at least twenty plus years. Excellent quality - semi-and fully prepared meals, roasts, fancy dishes like duck l'orange and all sorts of side dishes to make your mouth water and lots of desserts to choose from. They even put it in your freezer if you're old and feeble.
They have a catalog and are probably online too, the dishes change all the time and they have rotating specials. As much as I like to cook, this stuff is so good, I'd let them cook for me at least half the time.
I guess the boomers in Germany were way ahead of the Millennial order-in groceries in the US:)
Well, you know - you gotta eat:)
Southern Germany:
We spent some time in southern Germany in 2009 and it was still as picture postcard perfect as ever (around Garmisch - Partenkirchen).
My last trip was just about two years ago to the Frankfurt and Heidelberg areas and I loved it. As a retiree with sufficient funds, the area near the Austrian border towards Salzburg is a dream countryside.
It would be a great life, with nature, sports/recreation activities and culture wherever you go.
3. As far as phone service - same as here, home phones are not the thing anymore unless you are an old fogie. The good news - cell phone coverage is excellent everywhere and there are tons of cheap phone plans to be had everywhere at little kiosks.
Mobile service overall is better and cheaper than in the US by far.
Every gas station and grocery store or kiosk has cards to reload your pre-paid phone plans.
Not so great - hook-up for your home computer/TV may take a while, depending on - something to do with not all places having the hook-ups and week-long wait lists to get new service. However, wi-fi is everywhere and most apartments are set up for service, still it may take 4-6 weeks for hook-up in some areas.
4. Dual citizenship is possible and should not pose a problem.
5. Transportation
You'll most likely be fine without a car, although most people own one or two. (Car ownership will be more expensive, because of the mandatory state inspections, also, fuel is more expensive.)
Trains, buses, streetcars are as abundant and efficient as ever and everyone uses public transportation and it is reasonable, especially if you use weekly or monthly train/bus/streetcar passes - often good for all three.
BTW - two people are considered a group and you'll get a group discount for most train tickets.
Just learned about a new city to city bus tour service - twenty Euros from Munich to Hamburg - no joke:) No stops along the way either, these are specific city to city within Germany - we'll definitely make use of that cheap travel alternative when I visit.
Walking and biking everywhere is normal.
(I always lose weight when I visit, because I have to walk so much more than I do here:)
6. Medical Insurance - I don't know anything about that in your situation. When I lived and worked there it was Universal Health Care and still is.
(I have GEHA insurance and it automatically covers me while I am traveling in Germany, just have to let them know and send in the claim.)
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I'll be in Germany and visit other parts of Europe this summer and I confess I am curious to see how the refugee crisis affected life in Europe overall. The best thing about Germany, in my opinion, is that there is always a restaurant or beer garden at the end of your bike path or hiking trip or walking the dog trail:) and I truly enjoy sipping a Capucchino at the inner city cafe watching the world go by.
If I had my choice of places to live in Germany - small town living - it would be Heidelberg. Great University town always a fresh vibe, Gemuetlichkeit and Joie-de-vivre all rolled into one. I visit there every time I go to Germany.
My other choice would be somewhere near the Woerthersee in Bavaria - talk about picture postcard scenery and if you like nature it is a dream come true. Munich is close enough for an occasional trip and Austria and Italy are not that far either.
Good Luck with your research.