5 Places to Retire On Social Security Alone.

[ironsides]

"One of the most compelling reasons to consider retiring to another country is the opportunity to reduce your cost of living, maybe dramatically.



As one American I know who retired to Boquete, Panama put it recently, "Back in Tucson, Arizona, where I'm from, my monthly Social Security check might cover the cost of my utilities. Here in Boquete, my income from Social Security is enough to buy me a very comfortable new life."
The average Social Security check is about $1,200. You can receive that payment while living anywhere in the world. In some countries, you can even have your Social Security check direct-deposited into your local bank account. Here are five places where you could retire on your Social Security income alone."

places-to-retire-on-social-security-alone: Personal Finance News from Yahoo! Finance

 

[VanIsle]

I assume that in the USA, social security cheque means what we call Old Age Security? I don't really know what we get paid here. My husband collects it but his is clawed back due to his work pension. Even when it's time for me to collect, I will get less than a single person. Married people get less.

 

[Kreskin]

You have to make about 65k/yr before OAS is clawed back. If you're long time residents of Canada OAS is a standard amount for anyone 65+. CPP is the real variable and depends on contributions made.

 

[VanIsle]

No you don't. You just have to be a retired member of the RCMP

 

[Kreskin]

I suppose it's integrated for military and RCMP.

 

[VanIsle]

I assume it happens to the military but I don't know. I do know the term used is "clawed back" - not integrated but with much the same meaning and outcome anyway. RCMP Vets have been fighting it for years to no avail. Kinda chintzy of the government since they have highly over paid pensions themselves. We don't see why we should be any different than anyone else who has paid into a pension for retirement years.
There are a few on here who should know. Downhomewoman is one who would know in regard to the military.

 

[bill barilko]

The article as linked is a load of bull-Boquete is crazy expensive-any places listed by Forbes as the best place in the world to retire costs a helluva lot more than $1,200/month to live in.

 

[Kreskin]

I assume it happens to the military but I don't know. I do know the term used is "clawed back" - not integrated but with much the same meaning and outcome anyway. RCMP Vets have been fighting it for years to no avail. Kinda chintzy of the government since they have highly over paid pensions themselves. We don't see why we should be any different than anyone else who has paid into a pension for retirement years.
There are a few on here who should know. Downhomewoman is one who would know in regard to the military.

I poked around the internet about this. It looks to be a fairly standard CPP bridging component that is at issue. Most pensions will bridge pensions (make the payment higher) until age 65 to reflect the start of CPP (even though someone may have started CPP at age 60 or elect to wait until 70). Bridging pension for CPP is always to age 65, which coincidentally is the start of OAS, so it appears OAS is being taken away but it isn't.

Often, bridging is optional (might not be with RCMP). I would think if everyone insists there is no bridging then everyone's pensions would be adjusted lower to begin with.

That's what it looks like to me but correct me if I'm wrong about what is being "clawed back" and why.

 

[JLM]

[QUOTEThe average Social Security check is about $1,200. You can receive that payment while living anywhere in the world. In some countries, you can even have your Social Security check direct-deposited into your local bank account. Here are five places where you could retire on your Social Security income alone."

places-to-retire-on-social-security-alone: Personal Finance News from Yahoo! Finance
[/QUOTE]

Oh yeah, just f*****g lovely - all in either earthquake, volcano or flood zones, some politically unstable and none of them English speaking. I'll just hop on the next plane. :lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol:

 

[Kreskin]

[QUOTEThe average Social Security check is about $1,200. You can receive that payment while living anywhere in the world. In some countries, you can even have your Social Security check direct-deposited into your local bank account. Here are five places where you could retire on your Social Security income alone."

places-to-retire-on-social-security-alone: Personal Finance News from Yahoo! Finance


Oh yeah, just f*****g lovely - all in either earthquake, volcano or flood zones, some politically unstable and none of them English speaking. I'll just hop on the next plane. :lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol:

Plus , not mentioned anywhere is the cost of, or lack of, quality healthcare.

 

[ironsides]

You collect full Social Security at 65 and up now. The average person receives anywhere from 900 to 1700 per month. Once you start collecting it you can still work if you want collecting both SS and your salary. Those retired are not penalized for working.
As for health care, everyone collecting Social Security also gets Medicare which they contribute to if they want more than the basic medical care, it will cost about $120 month. Medicare takes preexisting conditions. Comes right off the top of your Social Security.


PS: Social Security is only given to those who have or are working when they reach the age. (disability is also included)

[QUOTEThe average Social Security check is about $1,200. You can receive that payment while living anywhere in the world. In some countries, you can even have your Social Security check direct-deposited into your local bank account. Here are five places where you could retire on your Social Security income alone."

places-to-retire-on-social-security-alone: Personal Finance News from Yahoo! Finance

Oh yeah, just f*****g lovely - all in either earthquake, volcano or flood zones, some politically unstable and none of them English speaking. I'll just hop on the next plane. :lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol::lol:[/QUOTE]Thats why they are so cheap. :lol::lol:

 

[Kreskin]

You collect full Social Security at 65 and up now. The average person receives anywhere from 900 to 1700 per month. Once you start collecting it you can still work if you want collecting both SS and your salary. Those retired are not penalized for working.
As for health care, everyone collecting Social Security also gets Medicare which they contribute to if they want more than the basic medical care, it will cost about $120 month. Medicare takes preexisting conditions. Comes right off the top of your Social Security.


PS: Social Security is only given to those who have or are working when they reach the age. (disability is also included)

Does medicare cover a person who is residing and receiving healthcare out of country, like in China?

 

[bill barilko]

Having travelled/lived and worked in Latin America in the past I've seen a lot of dreams die because someone didn't understand they'd have to learn a new language when moving to another country.

Spanish has quite regular verbs and pronunciation but unless you work at it you'll end up lost and alone with no one to blame but.......:-(.

In defence of Panama there are no active volcanoes and it's a functioning democracy with regular fair elections-corrupt as the day is long though-but that's standard in most places.

Health care is better than many northern communities here in Canada but maybe that's not saying much.

Plus if you can't take tropical weather you should stay in Elliot Lake.

 

[VanIsle]

I poked around the internet about this. It looks to be a fairly standard CPP bridging component that is at issue. Most pensions will bridge pensions (make the payment higher) until age 65 to reflect the start of CPP (even though someone may have started CPP at age 60 or elect to wait until 70). Bridging pension for CPP is always to age 65, which coincidentally is the start of OAS, so it appears OAS is being taken away but it isn't.

Often, bridging is optional (might not be with RCMP). I would think if everyone insists there is no bridging then everyone's pensions would be adjusted lower to begin with.

That's what it looks like to me but correct me if I'm wrong about what is being "clawed back" and why.

This is a thing that I have been over many times with my husband, with people on the forums and everytime I've been given a "slightly" different response. I once said the CPP was clawed back once he went on OAS but I was told that was wrong so - I went with it. Your research is correct. I just sat here and read all you said to my husband and he said "he's right". He used to talk about people and bridging and wondered why they did it. Now he's saying that is exactly what happened so I can only believe that he has spoken to someone who had a better understanding of what was happening and he now realizes all that is happening with his pay. Thanks for clearing it up for me. I won't have to argue the situation anymore. I always look things up but for some odd reason, it never occurred to me to research that. :smile:

 

[AnnaG]

We found Belize was a very inexpensive place to be, but I wouldn't want to live there.

 

[ironsides]

Does medicare cover a person who is residing and receiving healthcare out of country, like in China?

Good question. Looks like it won't pay outside the U.S.

Medicare Coverage Outside the U.S.

 

[ironsides]

We found Belize was a very inexpensive place to be, but I wouldn't want to live there.

Speaking of Belize, I just read this.

How to Retire Comfortably for Under $1,500 a Month

Jason and Elizabeth Pearce moved from Canada to Belize three years ago. They bought a piece of property on the sea. A year later, they built a house. Today, they live in a beautiful Santa Fe adobe-style home with gardens all around.
[See 10 Places to Reinvent Your Life in Retirement .]
The pair lives very comfortably, without wants or financial worries. They've had no trouble making friends in their new community because the folks in Belize speak English. They eat out three or four times a week. They barbecue lobster and filet mignon at home. They have reliable Internet to keep them connected to the outside world. By choice, they do not have a television. "I used to think that the news was important," Jason explains. "But not anymore." The retired couple has a maid and a gardener, each of whom visit once a week.


http://finance.yahoo.com/news/How-to-Retire-Comfortably-for-usnews-2643852806.html?x=0

 

[petros]

How to Retire Comfortably for Under $1,500 a Month?

Build a house, yard, helipad,kick ass garden,orchard and pasture on a barge and live in international waters tax free?

 

[L Gilbert]

Speaking of Belize, I just read this.

How to Retire Comfortably for Under $1,500 a Month

Jason and Elizabeth Pearce moved from Canada to Belize three years ago. They bought a piece of property on the sea. A year later, they built a house. Today, they live in a beautiful Santa Fe adobe-style home with gardens all around.
[See 10 Places to Reinvent Your Life in Retirement .]
The pair lives very comfortably, without wants or financial worries. They've had no trouble making friends in their new community because the folks in Belize speak English. They eat out three or four times a week. They barbecue lobster and filet mignon at home. They have reliable Internet to keep them connected to the outside world. By choice, they do not have a television. "I used to think that the news was important," Jason explains. "But not anymore." The retired couple has a maid and a gardener, each of whom visit once a week.


http://finance.yahoo.com/news/How-to-Retire-Comfortably-for-usnews-2643852806.html?x=0

Yup. It is a very enjoyable place, but both Anna and I would miss the seasons. Belize has two seasons, dry and wet. Wet season goes from about June to Nov., so we went after that. Temps go from about 65 to 85 and the humidity doesn't go away until you get higher up in the hills. There are no mountains, but the forests are great.

 

[YukonJack]

I find across the street from our grandchildren in Winnipeg a pretty good place. And we certainly HAVE seasons here.