| Lord Larehip |
11-14-2013 04:59 PM |
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Originally Posted by Unknown Soldier
(Post 1384445)
You've clearly not read what I've written. Firstly, I've stated that 250K minimum is certainly not essential, as thousands of people retire on less than this and live reasonably well. Also your logic goes from the ridiculous to the cor blimey concerning this 250K figure, in that those that don't have that amount are virtually going to be penniless and starving.
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If you retired at around 62-65 and you live another 20 years and you don't have that much, you WILL be penniless and starving.
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Secondly, I also said that Turkey was ONLY for the adventurous and has become popular with its cheap flights from the UK and is in fashion here as a location.
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It's only for the stupid. But go ahead and live in a Muslim country. I already did. You'll LOVE it.
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Nobody's debating that money is not needed,
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You are.
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only that 250K is not within the grasp of a lot of people and doesn't stop them retiring to a reasonable level.
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You can't retire in the US without it. These people are not spending their lives in Costa Rica because they want to--they have to. Because like most people they thought retirement was this magical thing that happens when you reach a certain age and you can just stop working. They didn't save enough and they didn't invest it. $250k is not hard to reach provided you start saving and investing early enough. Not when you're 58. Late 30s and early 40s.
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Also you need to take into things like pensions and things like equity release etc which here is a popular option for retirees. As for running out of money, sure that's always going to be a concern and that's where budgeting comes in anyway. Also most elderly people regardless of how much money they have tend to be frugal in their spending as well and quite often they fear what often never happens, other than the inevitable passing away of course.
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If you haven't saved anything, none of that will do you any good. Save as though social security isn't there and hold off using it. The longer you hold off, the more the payments are. They are significantly higher if you start collecting it at 70 instead of 62. Much higher at 75 than at 70. But most Americans start collecting it at 62-65 and it comprises 80-100% of their retired income. Then, yes, you're going to be living frugally.
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Well if you've decided that you can only retire to the level that you require abroad in the first place and things go badly there, then sure it's going to be hard to return home, which is why a detailed plan and decent knowledge of the proposed location is needed.
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If you were any good at planning, you wouldn't be running off to a 3rd world country to retire because you didn't plan well enough to stay where you're at. I'm not saying everybody who moves screwed up. I'm sure a lot of them wanted to move. BUT they saved up and so have the option. They're not stuck there.
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If you're talking about somebody with virtually no savings then yes that's true, but if you're talking about people with limited savings then that in itself is the reason why they often retire to a cheaper country in the first place, so they can have the level of life that they want.
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But you still have to have saved a significant amount of money to do that. And a lot of those people can't come home! Even an annual trip back to their home country to visit family can cost them more than they save. Any country with a cheap of cost of living is a developing nation. That means they are unstable and you have to count on them remaining unstable because if they become stable, the cost of living rises and there goes your comfy retirement. Stable countries I've been to are often WAY more more expensive than America--Japan, New Zealand.
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Now the medical issue doesn't affect most Europeans as it does Americans. For example Brits moving abroad of retirement age to another EU country have their bills covered anyway by the social security system here (despite the fact there are some loopholes and exceptions) and quite often the speed of treatment they get abroad is actually quicker than if they were in the UK, making a move to another EU country an attractive option for some.
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That's why most Americans move--the medical.
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Americans abroad if they've done their homework, will be in a country that offers good quality medical care at a fraction of what it would cost in the USA. There's actually a lot on this subject in certain latin American locations as an attraction for retirees.
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Most Americans go to Central America or Southeast Asia. The biggest reason is the medical. Virtually, anywhere you go in the world has cheaper medical and better care. That's the only homework they have to do. If I had medical conditions, I'd leave too.
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We will when we reach your age.
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Nobody retires at my age unless they're rich or crazy. |
