Posted on 10/15/2012 8:38:16 AM PDT by US Navy Vet
Many baby boomers who haven't saved enough to retire well are contemplating delaying retirement. But if working into your 70s isn't possible (or appealing), moving to a place with a much lower cost of living can help stretch your retirement savings and finance a better quality of life.
A retirement income of $40,000 per year certainly won't go very far in Honolulu or Miami, but there are plenty of other places where it can fund a comfortable retirement lifestyle. If you're willing to relocate to a place with a low cost of living and affordable housing, this modest retirement income could give you access to interesting activities and top-notch medical care
(Excerpt) Read more at finance.yahoo.com ...
Also an excellent place to live when the SHTF. The same cannot be said for St. Louis, Pittsburgh or San Antonio.
the media says inflation is no big deal (as long as you don’t buy food or fuel)
I’m going to Thailand early next year... I will stay there most of the time. I can speak the language and people are friendly and tolerant of Westerners. I plan on teaching English (one can do this is a number of countries around the word - just have a college degree and take a certification course - fluency in the native language not required)... I also plan to operate a small business using Aquaponics. Cost of living - makes all the difference. A nice modern bungalow - 2 bedroom, 2 bath, patio/garden about $375-$400 a month. Food is cheap - Western style vegetables are available or you can grow your own. I have plans to marry this nice government school officer who has a relatively good income... I do this for a number of reasons, I like adventure, I’m single and don’t get along with American women in my age group. Also, I can’t get a decent job in the USA (mostly age discrimination)and I cannot live on my retirement income in the USA - not easily anyway.
I'm mostly retired and we're fortunate to be above 40k, but I have to say that I think it would be possible to stay right here (Philly burbs) on that amount. We'd have to make some changes for sure - the biggest one being to go down to one car. The next change would be less meals out and much less money to Church and other charities. The change that would be the most difficult from a psychological perspective is we'd have to stop treating the kids and grandkids.
With taxes, food, and fuel going up every year, I don't know how long we could stay here on $40k, but it would be at least a few years, I would think. Once your home and car are paid for, you've got a lot more disposable income.
Shssss
Thailand is a very good idea. I’m guessing more and more westerners are going to land there in their retirement years. Gentle, sweet people.
During the housing boom - many ‘boomers’ who had paid off their 30-year mortgages sold their houses for huge profits and moved to ‘retirement communities’ in warmer Southern climates, featuring golf and other plush amenities. (I know, because I went South too).
This was a good move for many; but as one article commentor noted - leaving family, friends and neighbors of shared memories is a huge jolt. Think carefully before pulling up stakes at an advanced age - it’s a big adjustment.
Many Southern States do have superb medical & educational facilities; plus historic places to visit and enjoy all year long - but it is full of strangers;)
Pittsburgh??? (blink, blink)
Best places to retire and hold onto your wealth...Belize? Honduras? Chile?
Beaver County, PA wouldn’t be bad either. I agree with you on Allegheny County, a tax nightmare!
I knew a guy who went to live in Thailand and said it was wonderful.
Good luck.
Same for Oklahoma. Lots of medium size cities, low cost housing, great outdoor activities.
Did I mention low taxes ?
SSSHHHHH......let's keep it to ourselves.
Actually not worried about most freepers who might retire here; the problems are the libs who want to escaped the hellhole that is St. Louis, move here and vote for the same type of people who ruined STL.
Bttt
Lived in Pittsburgh for 13 years spanning my teens, 20s and 30s. I would never retire there. Winters are gloomy and endless. All the weather that comes off the plains gets to the Allegheny mountains and stops. It’s possible to go three weeks without seeing the sun. Even in the summer, Pittsburgh has what I called the “great white sky.” I never sweated so much in my life as I did in the Pittsburgh summer humidity. Also, it’s a town that’s 100 miles from nowhere and doesn’t know if it’s on the East Coast or the midwest.
On the other hand, it’s a good drinking and sports town. But really — if you’re a retired person, you’re probably past the bar scene and freezing at Heinz Field. Of course, a Pirates game is a good place to take a nap, but you’ll only do that once or twice, and then realize you can do that on your porch with the radio on, so...
While beautiful,Columbia regularly has 100+ summer days without the benefit of a drop of wind. Humidity of about 130 percent and an annoying passion for the Gamecocks.
Quite lovely.
I grew up in Pittsburgh; left to go to college in New England, and except for the first few summer breaks, never went back but to visit family. That’s why housing costs are low — the city’s peak population was in the 1950’s, and has declined to about 2/3 of what it was then.
Agree that Pittsburgh is a good drinking town — Pennsylvania Brewery is one of my favorite stops, and last time I went, they had opened a Hofbraeu Haus franchise that was remarkably authentic. So much of the economy seems to be retail and medicine, though — wonder where the money comes from to sustain these since most of the heavy industry has left.
Can’t say I have any interest in retiring there, but if you can’t make it to Thailand, Beaver County might be worth a look ;)
I have a younger relative whose home office has been moved from LA to Texas due to taxes and the anti business behavior of the liberals. He feels that one of these days, they will close the California offices and have everyone go to Texas.
Apparently due, to some excellent intra state airlines, he can live anywhere with an airport. He has mentioned San Antonio as a possible.
He had talked about Austin, but politically that might be tough for a conservative family.
I will let him know about San Antonio, again.
I have a younger relative whose home office has been moved from LA to Texas due to taxes and the anti business behavior of the liberals. He feels that one of these days, they will close the California offices and have everyone go to Texas.
Apparently due, to some excellent intra state airlines, he can live anywhere with an airport. He has mentioned San Antonio as a possible.
He had talked about Austin, but politically that might be tough for a conservative family.
I will let him know about San Antonio, again.
T: Lurk and Eric... Nothing is perfect and there is no paradise anywhere. But, I know the country of Thailand, the Thai people and culture. It should prove to be a pleasant and workable retirement. Westerners are called Farang (I believe this word is a cognate from the English word ‘foreign’... Farfangs are welcome in Thailand - but one should be a well behaved guest of the country to get along. Go Along to Get Along - Basics of the language are not difficult to learn. Attempts at learning and using their language is much appreciated... Be totally respectful of the King, the Royal Family and of Buddhism. And don’t get involved in Thai politics. All jobs are not fully open to Farangs but there are enough if you keep looking for opportunities. Farangs can start a business with a Thai partner (a wife in my case). I suggest to those interested to research TEFL ... Teaching English as a Foreign Language. TEFL jobs are available in many countries. My fiancee treats me well, she is well educated, respectful and appreciative but not subservient as the stereotype goes. And it doesn’t hurt that at age 49 she looks 29. :)
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