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Without having to pay a mortgage or owning your house outright, any place with low crime, a decent hospital and low property taxes would be a great place to live as far as I'm concerned with only a social security check. You don't need to be exiled to the frigid cold or jungles of Ecuador to live comfortably if you don't have to pay a mortgage or rent. It's kind of a no brainer.
I'm going to guess that - exacerbating the problem described - retirees living only on Social Security disproportionately had low incomes during their working years, and therefore smaller Social Security benefits than the average retiree, and even more so compared to retirees with multiple sources of retirement income.
I must have missed it -- where is that GoFundMe website for your relocation???
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It isn’t easy to live on just a Social Security check. The average monthly Social Security payment was $1,341 in January 2016. A married couple where each member received an average Social Security check would have a retirement income of $32,184, which would be adjusted for inflation each year. “To be just depending on Social Security is really a very difficult situation to be in,” says Alicia Munnell,
$32,184 is like $10k/year more than the average household income in my town.
My military pension is $1,480/month, we do pretty well.
OP, I actually had a mid-life crisis and was disturbed by what I thought were my options in the US, and moved to Mexico.
I ended up staying a year, and I can't tell you how much love I developed for the US over that year. I am so happy to be back, and will never leave again.
It's funny, how you can't see the forest for the trees. It turns out, there are many affordable areas right here in CA. There is no need to move out of state - even a state that is supposedly really expensive - let alone leave the country.
You just need to look at your options in a different light.
If you're willing to leave the country, then you have nothing keeping you where you are now. So, look at other options right here in the states.
The upside with staying in the states, from my experience in having tried moving out of country, is in staying in the culture you know. You have no idea what it's like to try to live in a different culture, whether or not you speak the language, until you move there. You will always be the outsider.
And the medical benefits are mostly better if you stay here. Plus, the court system is better, law enforcement is better. And the cost of living, overall, is probably better right here.
My advice, having tried moving out of country, is to find somewhere you can afford in the US, and then travel to other countries. But, don't move there. There were so many expats who had sold everything and moved to Mexico that I met, who wished with all their hearts they hadn't done that. I also met Canadians there, who had the same experience.
At least, if you sell everything, don't go buying into a new country until you've lived there a couple years. Because selling a property in a different country may not be as easy as you think. And, I had friends who bought a property in Mexico, only to have relatives of the sellers come out of the woodwork after they bought it, saying they had an interest in the property. It was a horrible, expensive mess. Their system doesn't work the same way as it does here.
So, from someone who did what you plan to do, and was thinking like you are thinking, I want you to know that I found a very affordable place to live right here in CA where I have decent healthcare, and police who show up quickly when I call them. I understand all the nuances of the culture around me, I can read all of the signs on the roads and on the shampoo bottles in the stores (the Walmart stores in Mexico have only products with Spanish instructions and employees who only speak Spanish, etc.), I can understand the public transportation, I can trust my insurance company, I can get a phone number in a day (as opposed to 6 months in Mexico, and then only after I met someone who knew someone at the phone company....) just on and on.
Look harder here at home, is the advice from someone who looked outside of the US, and later realized I could just stay within my home state after all.
I have lived in San Antonio for 27 years and can tell you that A/C cost is not that bad at all nor is the cost of living. I only need AC from May until September with August being my highest bill at right under $200 (2100 sq ft home). Winters are so mild, we MAY use the heating 3-4 days. Our property taxes are high but no state income tax helps to balance that out. Day to day living is pretty cheap as is the real estate compared to many, many other parts of the country.
I have a home I purchased in SA and I do believe that its a very reasonable place to retire. I'm only there occasionally but bought the retirement place early. I do believe this city belongs on the list. There are some really inexpensive properties there. AC has not been a problem either and seems in line with my cost in Dallas which at $300 per month (summer) for a 4k sf home with two HVAC units isn't that bad. We don't keep it that cold however (75).
$32,184 is like $10k/year more than the average household income in my town.
My military pension is $1,480/month, we do pretty well.
Submariner, my social security is $1,074 after medicare. It's just me. Could I get along okay there?
My family flinches when I say Maine but really, how much different temperature wise can it be from Minnesota?
Submariner, my social security is $1,074 after medicare. It's just me. Could I get along okay there?
My family flinches when I say Maine but really, how much different temperature wise can it be from Minnesota?
Maine has overnight frosts in August; I doubt Minnesota does.
Submariner, my social security is $1,074 after medicare. It's just me. Could I get along okay there?
My family flinches when I say Maine but really, how much different temperature wise can it be from Minnesota?
meo I am from Maine and can tell you that as far as weather wise Minnesota and Maine are quite similar. My only worry about your potential move to Maine is this. It costs money to do that move. It also will require a plan. If you are selling a home in MN to move to ME that will help but I would not cut ties with that home until you have finalized a plan that has a good chance to succeed. Realize that a move that far away from family and friends will sever ties. You will need to find new support. You will need to start over where you settle. All moves like that all have the same needs. Only if you are moving to family and friends does that become less of an issue. I am not trying to sway you away from your desire. Maine is a lovely state and is very retiree friendly. You just have to really look before you leap. Good luck in your decision.
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