It is very hard to survive on Social Security alone, which is why many people retire out of the USA to stretch their retirement dollars…(read more)
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It is very hard to survive on Social Security alone, which is why many people retire out of the USA
Social Security is designed to provide financial support to retired individuals, as well as those who are disabled or have lost a spouse. However, the amount provided by Social Security may not be enough for some people to live comfortably, especially in the United States where the cost of living is high. As a result, many retirees are choosing to leave the country and retire abroad where their Social Security benefits can go further.
According to the Social Security Administration, the average monthly benefit for retired workers was $1,544 per month in 2021. While this may seem like a substantial amount, it can quickly be eaten up by housing, healthcare, and other expenses in the US. This has led many retirees to seek out more affordable options elsewhere.
One popular destination for American retirees is Mexico, where the cost of living is significantly lower. According to International Living, a retired couple can live comfortably on $2,500 per month in Mexico, including rent, food, healthcare, and entertainment. This allows retirees to stretch their Social Security benefits further and enjoy a higher standard of living than they could in the US.
Another benefit of retiring abroad is access to affordable healthcare. In countries like Mexico, Panama, and Costa Rica, retirees can access high-quality healthcare at a fraction of the cost they would pay in the US. This is particularly important for retirees who may have health issues and need access to affordable medical treatments and prescriptions.
Additionally, retiring abroad can provide retirees with the opportunity to explore new cultures, learn new languages, and enjoy a more relaxed lifestyle. Many retirees find that they can afford to travel more often, enjoy local cuisine, and participate in community activities when they retire abroad.
Of course, retiring abroad is not without its challenges. Retirees must navigate the complexities of living in a foreign country, including obtaining visas, learning new languages, and adjusting to different cultural norms. There may also be challenges in accessing certain goods and services that retirees are used to in the US.
Despite these challenges, retiring abroad has become an increasingly popular option for American retirees who are looking to make their Social Security benefits stretch further and enjoy a higher standard of living. With the rising cost of living in the US, more retirees may choose to explore the possibility of retiring abroad in the future.
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No we raise the cap
Funny how Corporate America now controls the government and doesn't offer pensions any more.
To be fair Social Security isn't "Saving". If you save and invest, the same amount you put into Social Security would probably generate a decent retirement. But putting it in Social Security means you don't get any compounding of interest and may or may not get all your money back. And thanks to inflation, the money you "invest" in Social Security was worth more when paid as tax than the dollars paid to you under Social Security when you retire.
I'm doing it..??
As a home care aide I don't get retirement and I don't make enough to to live much less save anything
You can ask for your FICO taxes to be increased by 2/3, but that will not increase your benefits.
would not do that for me
I moved to Ecuador two months ago. My monthly expenses are $1,400.
The government is LOADED!
They don't need your defense lol.
You can live on Social Security if you're open to relocating to a place like the Philippines.
Know one teaches today about saving for retirement. Why? Fortunately, I will get my School Pension, when I retire.
They take enough to be able to. If they would give me the 7% that they have taken from me for 30 yrs and let me invest it I’d have enough
How does an elderly 84 yr old female, who has to sell their primary home due to dementia and needs senior living memory care afford it when capital gains have to be pd – she will have very little assets and then be in financial distress.
I am on Widow benefits until my child turns 16 and then it will stops. Since I am a young widow I have to wait until 60 to get back to it mean while I am only allowed to work 45 hours a month, who the heck is going to hire me 45 hours a month. I don’t understand that a rule that is.
Talking about Defined Benefit pensions make you look ridiculous. Defined Contribution pensions are peanuts.
All there is is Social Security and whatever a person saves.
Most savings are wiped out when a couple goes through divorce.
So all there is for the majority is Social Security. End of story.
Ya I think that’s because most of us don’t have a choice. Life events, divorce, loosing a good job, inflation, children in need of financial support ect . It’s just how it ends up . None of us just thought things would go downhill.
You get sick have a few emergencies and see how long those savings last. Some people get very lucky in life.
I am retiring in the Philippines, and I plan to live on Social Security alone. I’ve already built a house in the Philippines, and my only cushion will be from selling my condo in the United States. I am taking my Social Security at 62 because I’m not in great health.and cannot work anymore at age 61. I’ve applied for Social Security disability, but I’m not sure if that will go through before I make 62. The good news is I don’t have any loans or mortgages.
My youngest daughter and her husband have moved into my house with me…they both work.
I'll be like their child hanging out in a bedroom and keeping the house clean.
It's the only thing I can think of.
Or you have to move to a low-cost country….
No they didn't intend for us to live off s.s .but they sure take our money though !!!
As a 71!year old living on only social security, it would have been nice if someone would have told me 20 years ago how this was going to work when I retired.