HOW TO LIVE ON YOUR SOCIAL
More and more Baby Boomers are approaching retirement and according to reports many of them are heading for a grim future. According to Northwestern Mutual’s 2018 Planning & Progress Study, their median retirement account balance is less than $20,000 and a frightening 21% have no savings at all.
A recent Gallup poll shows that 36% of near-retirees are counting on Social Security benefits
to be their major source of income in retirement even though, according to the government, that monthly check is intended to supply only 40% of the average household budget.
How to resolve this profound disconnect between perception and reality? Uncle Sam provides a bit of a boost in the early retirement years by allowing you to earn up to $17,040 annually ($1420/mo.) and still draw maximum benefits. When you reach full retirement age your earnings no longer reduce your benefits, no matter how much you make.
But being “retired” while still working is a bit of a disconnect of its own. Is there a way to actually retire and have a good quality of life funded only by Social Security?
Fortunately there is. We know because we’ve done it, and so have thousands of other retirees. Living in the U.S. on the average Social Security check of $1309 would be better described as barely “surviving.” But by moving abroad you can easily enjoy a fulfilling lifestyle beyond your dreams.
Our housekeeper just left a few minutes ago. She faithfully comes each week to clean our 4 bedroom, 4 ½ bath, 2-story penthouse rental apartment. In the next couple of hours a food delivery service is bringing us delicious completely prepared meals for the next three days. This weekend we’re off to see a recently released blockbuster movie at the local cinema. In English. Our Social Security checks cover all this and so much more.
We live in Ecuador, and a similar quality of life on a Social Security budget is available in many places around the globe. Latin America—Europe—the Far East—choose whatever location suits you. Excellent affordable health care and outstanding weather are part of the bargain as well.
Don’t despair if your retirement savings aren’t where you wanted them to be because there’s not much you can do about that now. Focus instead on determining your best options going forward. Retirement abroad may very well be the answer you’ve been looking for.