Retire overseas on $1,200 a month
You can live well -- even in luxury -- if you're willing to leave the US. Yes, it's a big move, but here are 5 places where a Social Security check goes a long way.
By Liz Weston
VIDEO ON MSN MONEY
Currently I am living off of less than $1000 per month (disability). It is impossible in this day and age to do so - at least for me. It's been a very humbling experience for me. I've used all my savings on bills and just surviving! And the interesting thing is that people who are not in this situation, just don't get it.
It really is a shame that people get down on this who have no sense of adventure, interest in other cultures or (apparently) the capacity to at least try and learn a new language. If you love America, stay here. No one is telling you not to. This is a fun slide show presenting a different option. And clearly, if anyone is seriously considering it they'd have to do more research than just this slide show.
It seems a lot of posters on this thread assume that everyone SHOULD and WANTS to stay in America. I'm sure there are people who would love to live in another country for a few years, to have an adventure before they're too infirm to travel and experience new things.
Personally, I don't understand the myopic view that America is "THE BEST!" and one should stay here, at all costs, living the same day over and over and over and over and over and over and over again.
I would be careful on what it seems to be "guided" advise, specially Panama. In my opinion the government is trying to "sell" the country to expats and it is using certain marketing techniques to achieve it.
Before you do any move, I strongly recommend you take a trip and try to see as much as you can, price real state and make sure you like the area, visit supermarkets, restaurants, ride a taxi,etc. you will see that the cost of living is not as mentioned in some articles, although I know that in general, with some adjustments, cost of living is cheaper than in the USA.
It's really not that hard. I retired at 56. Had all of my stuff paid off. (vehicles, home, never used credit cards). I can live on $700.00 per month if I have to and that includes every thing. I never have been one to keep up with or look rich to others. My savings rate is 70%.
I was in an other country in the early 70's. You all can have that. I will not leave the U.S. for any reason again. With all of it's problems, this is still the best place on earth.
By the way, I was taught by my grandpa about living with in my means and credit while I was growing up in the 60's.
I agree, we are under the poverty level, but to be covered by medicaid, we would have to be living in the states. Catch 22, as we cannot afford to live in the states with the same level of living as we have here and we have medical coverage here. If we lived in the states, it would cost us more than $300 deducted from our SS check to cover medicare, leaving us an income of $820/mo. Our combined medications, we are old folk, costs us about $140/mo. here and in the states, just triple that amount, leaving us with $400/mo. for food, rent, and all of the other daily living expenses.
It really is a shame that our senior citizens can't afford to live in their country and have to look for a cheaper place after giving their best years to working for the good of the US of America.But it's awesome that when my employer closes in 14-16 months, I'll have the option to move to one of these places and live for free for 99 weeks. Thanks guys.
I've been living in Thailand for over 11 years and
am married to a Thai lady.
The prices quoted here seem about right, however
expect to "live on the economy." That is, shop where
and buy what the locals do. You can get western
goods, but expect to pay western prices.
In order to get a retirement visa in Thailand, you
must show either 800,000 baht (~$25,184.95) in
a Thai bank, 65,000 baht (~$2,046.28) verifiable income
per month OR a combination thereof. Additionally, you
must renew your visa every year and report to immigration (or
leave the country and return) every 90 days.
ChiangMai is a nice place, however, the air is very polluted.
Trust me, that's where my wife is from (and I've been there a lot).
Outside of The greater Bangkok area, ChiangMai and tourist areas
(like Phuket, Phi Phi, Pattaya etc.) practically no-one speaks
I love it here, but go into it with your eyes open.
I don't know about disability SS, but I am on regular SS and have lived outside the US for 8 years and have my check sent to a bank account in the US, where I have access to it via ATM card in wherever I live. Medicare is of no good, unless you return to the states for medical care. Medical care is good and available in most places in the world and at a far less cost than in the US. As for having a boat in the Caribbean, I had one there, a 44ft. sailboat, for 15 years. They are not cheap. My annual expenses on the boat for maintaining it and insurance run around $15,000/yr. and that does not include immigration and customs costs and that was with doing a lot of the maintenance myself. Add your personal needs and you are looking at about $30,000/yr. I now live in Mexico, own my home and live here for about $800/mo. for the 2 of us, including property taxes, health insurance, cable tv, internet, telephone, entertainment, food, clothing, transportation, etc.
If the people at Medicare covered retirees in a foreign country, that would slash those costs and save millions in the medicare system.
I notice no mention of how safe these places are. Also no mention of getting set up what the costs are. Costs for getting furniture and appliances to these places can be quite costly. I know because I moved to a rainforest in Panama where it is fairly safe. However other parts of Panama do tend to have a bit of crime. Smaller communities lot of the houses have bars on windows, doors and around the yard. Crime can be a problem in all of these countries you mention and when you are older safety is very important.
Second their can be lot of fees to get the proper visa but your article mentions nothing about things like this. There definitely are standards in the US but not in these countries so you never know what you are getting when it comes to housing, utilities and clothing. Food in other countries on a daily basis quality can be errratic and here in Panama outside of the main city their restaurants are just so so. In other countries it is Hurrry up and wait on everyday procedures.
so we stayed in Michigan my ss is $1579.00 mo +$67.00 my wife get $670.00 we had no liabilty
for 15 years, but now have bought a car and are doing just fine house is paid for no credit card debit no revolving accounts no charge cards, I think this is the way to go if you plan it is not too hard,
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.