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Old 04-15-2014, 04:23 PM
 
Location: Australia
1,058 posts, read 1,449,582 times
Reputation: 1695

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Quote:
Originally Posted by fumbling View Post
I think anywhere in those countries that are westernized areas will be as expensive as a major city in the U.S. Only local areas of those countries are likely to be inexpensive but then as a non-native speaker you have no one to talk to. I think moving to a low COL part of the U.S. is far better and as cheap as other countries.
The capital cities in those countries still have a low COL with high standard of living compared to the amount of money you'd pay. You could rent or buy a very nice house or apartment for a fraction of what you'd pay for a studio apartment in NYC or LA.
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Old 04-15-2014, 04:48 PM
 
12,705 posts, read 9,972,676 times
Reputation: 9515
Quote:
Originally Posted by s1alker View Post
I'm talking about someone who has made less than 20 bucks an hour their entire life for whatever reason. Places that pay that low generally do not have a 401k or pension plan. A low wage worker will have very little (if any) money to save after living expenses are paid.
Very very small pensions and miniscule savings, plus SS, often also including continuing employment of some sort. Not the lifestyle they would've liked perhaps, but technically liveable.

Also depends on family situations.
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Old 04-15-2014, 05:37 PM
 
Location: SoCal desert
8,093 posts, read 13,232,688 times
Reputation: 14870
Quote:
Originally Posted by andyo4you View Post

USA = best country for people who don't work. hmm the USA even send billions to countries who don't even like us... weird but thats why we pay so much in taxes to help the needed.
When it comes to highest marginal tax rates on working people, be glad that you aren't a citizen of Belgium, Finland, Germany, or Denmark then.
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Old 04-15-2014, 05:48 PM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
8,301 posts, read 12,218,742 times
Reputation: 8054
Quote:
Originally Posted by s1alker View Post
I'm talking about someone who has made less than 20 bucks an hour their entire life for whatever reason. Places that pay that low generally do not have a 401k or pension plan. A low wage worker will have very little (if any) money to save after living expenses are paid.
Get into low-income, subsidized housing or get Section 8 now (yes, you can if your income is small enough. There's no sense in peeing away what little income you have on rent.

Hold off on getting Social Security until you can collect the maximum amount per month.
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Old 04-15-2014, 07:50 PM
 
Location: University City, Philadelphia
22,592 posts, read 12,337,977 times
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Quote:
Originally Posted by Woof View Post
Get into low-income, subsidized housing or get Section 8 now (yes, you can if your income is small enough. There's no sense in peeing away what little income you have on rent.

Hold off on getting Social Security until you can collect the maximum amount per month.
Good post!

In my state there are many affordable subsidized housing for seniors aged 62 and older. Typically the rent is 1/3 of your income ... so let's say your only income is a monthly SS check for $900, then your rent is $300.

Since rent or mortgage is your single biggest living expense it is necessary to find the cheapest possible rent to pay.

I disagree with those who suggest the only way to go is to find some very low cost town in Mississippi, Kentucky, or Nebraska. What is the availability - and quality - of health care in places like that? What about transportation? Here in Philly, the city public health clinics are free to seniors, the SEPTA public transportation is free for seniors, and we have good quality subsidized senior housing like the recently completed John C. Anderson Apartment Building near City Hall that is billed as a "LGBT Friendly Community" (they don't discriminate whoever you are, but you must be 62 or over, and to be eligible you cannot have earned over $32,000 a year.)

My 80 year old uncle lives in lower Manhattan - yes in NYC - and pays about $600 a month rent in his 'Mitchell - Lama scheme' apartment complex. Believe me, he knows all the places that serve free breakfasts and lunches for seniors, and even scores free or very cheap tickets to plays, musicals and concerts. I doubt his income is much more than $1,000 a month. His only complaint is that when he lived with me in Philly his transportation was free but in NYC he only gets a senior's discount.
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Old 04-15-2014, 08:06 PM
 
2,563 posts, read 2,791,070 times
Reputation: 3479
The key is to save a little bit of your money during your working years. Invest in stocks, real estate, or whatever you think might work for you.

Most of my relatives immigrated to America around 1900 or so. They came with little little or no money, and most had little education and never earned much. Without exception, however, every one of those people was able to comfortably retire. They had Social Security, but they also had substantial stock portfolios accumulated over the course of 60 years or so. Several were millionaires.
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Old 04-15-2014, 09:59 PM
 
Location: Michigan
36 posts, read 32,777 times
Reputation: 40
Unhappy low wage retirement

Under 20$ an hour?
I've seen people turn that wage in to a small fortune. The way you shop and live makes a big difference.
Groceries alone: I know women who can shop and buy 500$ worth of groceries and pay 100$. When I shop I pay 500$ for 500$ of groceries. The difference is I am not in a position where I need to save that much, so I haven't put in the effort.
Small intellegent investments get places too. My one friend earns a mint on penny stocks. But, she knows how.
In my home we do all small things, like hair cuts-ourselves, look for sales on clothes, and burn wood for heat. It adds up.
I think you need to make over $100,000 to retire easily depending on your life style and number of dependents.
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Old 04-15-2014, 09:59 PM
 
Location: Tucson/Nogales
17,402 posts, read 21,244,496 times
Reputation: 24236
And what's wrong with working until you drop, if you enjoy your work!!! The restless, can't-sit-still-for-one-minute types would die very quickly if they couldn't work, no matter how much retirement income they have! There's workaholics that'll never stop working, and enjoying every minute of it right up until they die! To not be able to work would be the worst torture you could inflict upon them!

I've never made more than $13.38 an hour, but I do own my home (I'm 64) (renting out a room or 2 over the years has helped) and I plan to rid myself of one constant, unnecessary expense when I retire: my automobile! I'll be one of those making $1200 a month or less and I plan to live quite well on that.

I took care of all my travel dreams long ago, trips to various parts of the world, so very little travel wish-lists left, and I'm an old anti-materialist hippie from the late 60's.

I've done massage, part time, over the years, and when I feel like it, I may do a massage, now and then, in my retirement years for a little extra madcap money. But it'll be work I enjoy!

Last edited by tijlover; 04-15-2014 at 11:22 PM..
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Old 04-15-2014, 10:14 PM
 
Location: USA
6,226 posts, read 5,360,581 times
Reputation: 10643
One thing about being a low wage worker is that you may not live as long as a high earning counterpart. Low wages jobs tend to be very physical work for rotten hours like third shifts. Also they tend to be stressful and the workers jerked around and belittled by the management. A low wage worker won't be able to afford good medical care that can prolong life. A early death could be a blessing for a low wage worker since you won't need to have as much money saved to cover many years.

And forget about retiring even post 60+. A lot of workers are laid off or fired once they get into their 50's and may never work again. Unless you're a lawyer or career politician there aren't too many places that are going to hire a 70 or 80 year old person.

Think about medical care, my grandfather who is pushing 90 retired with a pension and investments. However he still had to pay tens of thousands of dollars worth of out of pocket medical care over the years.
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Old 04-15-2014, 10:29 PM
 
Location: Tucson/Nogales
17,402 posts, read 21,244,496 times
Reputation: 24236
Pray tell! What's good medical care?

The more insurance you have, the more unnecessary medical testing, the more unnecessary prescribed drugs! Having too good of health insurance could shorten your lifespan!

I was recently diagnosed with a Baker's Cyst. Ultrasound, blood test, MRI and they wanted a 2nd MRI with iodine! And all that was necessary was the Ultrasound!

How did I discover that? Frustrated, I hightailed it to Mexico to see an Orthopedist there!

I'll be retiring in Tucson next year, why? Closer to higher quality, cheaper health care across the Border! I can go to Nogales or Tijuana to an Int'l Red Cross Clinic and see a Doctor for a mere $7!
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