Retire Here On Just Social Security
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- Опубліковано 6 чер 2024
- Retire here on just social security.
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We break down what it would look like if you retired on social security now using the current numbers released. We will share what your accommodations would look like and what you can expect your life to look like while living abroad on social security.
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You have the best information and that mekes dreaming seem more of a reality.
So excited to watch this. My 5 year plan comes to fruition Oct 2025 and I am on track! Wahoo. Mérida Mexico is my retirement destination. Can't wait.
Awesome! We loved it there, food was amazing!
How long are us as Americans allowed to Iive ie retire to MEXICO ??? Im 65 and need to pay off my brand new car that i am paying on (sigh) when I moved from Hawaii a few months ago. So any POSITIVE reactions are welcome and thank you 😊❤. Deborah
If you fly anywhere in Asia from the US, I recommend you go business class if possible. It's a long flight. If you book at least two, three months in advance you can keep the cost down. It's usually less expensive if you fly out of an airport on the West Coast instead of inland, but that can vary. That also makes for a shorter flight. Based on what I've seen, Asian carriers are less expensive, just like with everything else: cars, electronics, watches, and so on.
Business is amazing if you can get the points.
I was in KL for 2 weeks in March, the heat and humidity were hard for me. I love wandering around outside. But in Vietnam it was cooler in March. I was able to walk around. I never thought I would be that far from the US, but I will be looking at returning to Vietnam next year and staying a little longer. I love it there. I too was in colombia, love the people and yes, spanish is a must. I have survival spanish. I did not go to the coast, but I plan to explore more of the country this fall
I went to KL, Malaysia, and then Thailand (my brother in law has a resort there), Mexico, Turkey, Sri Lanka, England, Canada, BC, Italy and Dubai. Plan to go to Spain, Portugal and Greece. I could only live in English speaking places as I don't know Spanish. I can only live in Malaysia, Turkey, Italy and Spain.
Malaysia is a great place to live on a tight budget. but it's not enough to qualify for a long-stay visa. The MM2H retirement visa programs in peninsular (Western) Malaysia, Sarawak and Sabah all require steep fixed deposits into a Malaysian bank and/or property investment plus a minimum required monthly income. However, you can usually stay up to 90 days on a social visit pass once a year, maybe twice if the immigration agent is amenable. Haven't seen a solution on how to live in Malaysia year-round.
You could live in Malaysia 3 months and Vietnam 3 months and rotate maybe a couple months in Thailand a couple months in the Philippines. Mix it up. No long term visa required.
I would love to retire in Malaysia. That would be my number one spot, however they have unattainable visa requirements. I'm a single woman at retirement age. I'm having trouble choosing where to live
I agree. At least, Sabah and Sarawak are quite a bit less. ☺ For me, the main thing about Kuala Lumpur and many parts of Malaysia(and in S.E. Asia), is the bad air quality. Also, from what I’ve heard from many residents in Malaysia, is if you have a pre-existing condition, no private health insurance is available. One 70 rear old resident in KL, bought a long term plan when he was 60(?), before he had a pre-existing condition. I believe he said he’ll be on the plan until he’s around 80. The thing is, every year the plan has been increasing quite a bit.
@@lisas866 I was thinking the same. I could live in Malaysia, or Turkey. I have been to Thailand, or south america, due to languages.
We budget travel as a retired couple and have found that in most areas we can keep our budget for the two of us under $1500 a month. And that includes seeing some of the sites. That unfortunately doesn't include the flights. We watch flight prices to hunt down the lowest prices, but flights to Asia are just costly, from the US. We usually can do Europe flights for near $550 RT per person and then take trains between locations, or inexpensive jumper flights.
Always great content! Appreciate the information you provide.
Mid-October 2024: I'm headed to Cebu City in the Philippines for a Six Month, Post-Retirement Vacation. $2k Budget, with a $1k Monthly "Pad". By April 2025, I will decide where to go next. I could take another full time job in the US, do some type of part time Digital Nomad work or just relax on a Pool Deck somewhere.
Awesome options!
I love that Columbia is on the same time zone as New York!
*Colombia
Unfortunately, you also need to take taxes into consideration if you want to be a resident. Portugal has extremely high income taxes - even on low salaries. They tax pension and Social Security. You'll definitely be paying more in tax to live there (above what you're paying in the US). For example, Portugal will tax you 33% on $23k. That reduces your income to only about $1,280/mo as a solo and I don't think you can live on that there or it would not be a good life because you could barely afford food. Italy is similar except they have a reduced tax program for retirement income (7%) if you live in certain places that they designate and it lasts 10 years at which time you'll be subject to the full tax rate. These countries are fine for traveling short term of course!
@@janethiggins2725 you won't be double taxed because there are things like the foreign tax credit BUT if the place where you're living has higher taxes, you will pay the difference between your US amount and that country's amount. For Portugal, that can be a huge difference - almost double. I read about Thailand and their rates also seem high even for lower salaries. From what I understand though is that you would only be taxed on money that you bring into the country as opposed to all your income earned for the year. But still - probably not worth the hassle of always worrying how much you are transferring in. And since it is so new maybe things will be adjusted in the future. You should check France - no taxes on retirement income in France if you're from the US.
I hear you guys talk a lot about Thailand and Vietnam, I’m curious if you’ve spent any time in Laos or Cambodia and your thoughts on those countries?
Thank you Allie and Rob! Another awesome and informative video! I am seriously considering Thailand for 2025
Have you ever done a video on Belize? I heard they speak English as well. I would be interested to see all the details on retiring there. Great videos I enjoy them alot!
We need to do one
This is so good. It's funny Malaysia was first on your list because I just saw a creator say it's so underrated and is a wonderful place to retire. Thank you!!
Thank you so much!! It is underrated
It's my first choice but their visa requirements have become stiff. So I need to cross it off my list now. I really wanted to retire to Malaysia 😢
@@lisas866 MM2H new requirements will be coming out soon. Stay tuned.
@@leanaorendain8276 Oh good!! I'll keep an eye out.
Greetings from Atlanta! Looking forward to joining you guys in retirement full time travel mode! Thank you for all the info! Cheers!
While I was recently sick with Covid, I watched many of your videos. I was inspired to do the Empire Builder next year because of your videos. I plan to do 2 - 3 other train trips, too, because of you. What I love about your finance channel is how you took a negative situation of low retirement savings and empty nest and turned it into a positive situation. Love your channels!
Thanks so much!
love you guys 💞 Walking the talk. Legends.
Thanks for another great video!
So informative--love that you price everything out!
Great list. Love when you said you like staying in higher end luxury properties. 😊
Really enjoy your videos and learn so
Much ❤️❤️❤️
Haha, I am still in the early stages of starting a channel like you suggested previously. It looks like you are the main competition for the ideas I have and plug into the research parameters.
I am just a solo guy without the charisma of both of you so I am so leery about putting the effort forth and money for the class.
Hey! Southern Indiana! 🙌
Thank you for the great content!
Thanks!
40 years ago all I knew was that I was divorced, wasn't going to have a pension and no one was going to give me anything. I paid off my car and mortgage ASAP and have been debt-free for 30 years. 20 years ago I moved to an area in the US to a smaller home with lower taxes and stopped working for money. Might I have done things differently if I thought there were other options? Maybe, I don't know.
You mean you were paid in cash?
@@thirstingknowledge I'm sorry, I don't understand your question. Could you be more specific?
Thailand isn't it pretty much hot and humid?
Impossibly hot for a delicate flower such as I.
Another great video. Thanks for the info. I am really interested in travelling to Mexico and Colombia. Wondering how you find places to stay. I use Agoda for travelling in Asia, but there are no great options for Agoda in Mexico and South America (from what I have seen).
We use Airbnb there
Low delivery fees is possible partly because fuel is subsidized in Malaysia.
Would really like an on screen summary at the end.
What about healthcare in Thailand?
Thank you both for all the suggestions and sharing of your travels. I am planning Malaysia, Thailand and Vietnam on a two month stay in that area. What do you think? Doable?
Yes, very doable!
Great stuff guys, Love you r channels. About Vietnam - are there hoops to navigate for entry, whether as a tourist or long term? Any residual anti-Americanism present? Keep up the great work :)
Are you going to mention there’s no retirement visa in Vietnam? Hope you can share about how can you stay there regarding the visa
Also requirements for Malaysia are beyond the beyond for anyone that is looking to retire on S S. Mexico requirements have also priced out the average SS retiree. Thailand visas are a pain in the butt.
Exactly. It's one thing to be able to afford to live there... it's another thing to be ABLE to meet requirements to stay there permanently, or long term. This is why slow travel is far superior to being a permanent expat. You don't need to meet any visa requirements, you don't trigger any international tax consequences, and you can live for cheap and move on... and do a perpetual travel cycle. Some people can't live like that... and so be it. Everyone is different.
@@JayandSarahvery good point
Thanks for the video. Where did you learn to speak Spanish?
Thanks for all the info! I'm enjoying catching up on all of your videos! I have a question about language in the Asian countries. My husband and I would love to go, but worry about communication. Is there anywhere - not just in Asia - you've had problems? Could you do a video about this? Also, have y'all (I'm from Atlanta too!) traveled to the Caribbean? Maybe there's a video I've missed?
Language really isn't much of an issue except in Japan. Most people you'll be encountering in the service industry speak English in most countries.
@@GroundedLifeFinances Thanks! I definitely want to learn some phrases but there are so many languages!
How about the Caribbean
Nothing in Africa?
The expense of flying back home once or twice a year could be prohibitive for anyone on such a tight budget and with low savings.
agree, it would be like 10-20% of an annual income. Plus, staying in the US is expensive.
We put the cost of a yearly flight to the US in this budget
Have you started your newsletter? I signed up, but haven't seen one yet.
The first one is likely coming in the next week or 2.
if it's so great and affordable in all these countries, why do people from there want to immigrate to North America for a better life?
Because minimum wage is less than $1 an hour in some cases. They want to come to make a living. If you are retired that no longer matters.
My wife and I have been watching your videos for awhile now. We have a question. In order to get an upgrade at Marriott, is it better to use a Marriott Bonvoy card or Amex platinum?
The Bonvoy, you can get status with the Platinum but always use the Bonvoy card to pay.
Problem is Americans shove through the throats of other Countries that their prices are cheap and almost encourages to raise the prices. It's a bit counter-productive. Please look at it at a local salary ratio perspective. So when they're prices are cheap, you should even bargain for even lower rates even if you know that it's super cheap so that they won't have any knowledge that their prices are low. Let's bargain more 😁
Is Colombia English friendly at all? It’s a great boon that you speak Spanish. Is there another language that would help you get by in these various locations?
You could get by with English, but there is less English than in Mexico and most of Asia.
In a good way, you two make me feel guilty for waiting... however, I have two aging dogs. I am waiting for their exits. I ran into a couple at the San Jose, Costa Rica airport. They had a lot of luggage and explained that they were leaving to travel the world... and had waited until the passage of their dogs.
I have been considering Mexico but their residency requirements, financial-wise, have gone WAY up. It's like $2600 a month income for a single person and over $3000 for a couple. Or you can prove savings of close to $300k. It used to be $240k.
Their new female President is a green light to me. But now I wonder about Thailand...
Really appreciate your info although my monthly budget is lower than yours.
Thailand seems to always be changing requirements. In the end, you have to first look at tax consequences. People trying to live with nothing more than social security payments have a problem. Wealth buys you access. The best thing going for anyone in America is to just move to Albania. You can stay a year with no visa requirements, the cost of living is cheap, and you can exit for 90 days and come back to live for a year. Easy peasy, no tax triggered. Spend the 90 days in Montenegro, Bosnia, Kosovo, Serbia, Macedonia.. whatever you like. Kosovo loves Americans and it's cheaper than Albania.
Love your content. Such a cute couple. Did you consider assets that a person has to have or invest to get permission to reitre in the country? Ive heard that Mexico requires, for a single person, at least 350k in assets or 4k per month.
I am heading back home after visiting Panama for the first time. You guys inspire me. I bought the course a while ago, but I can't find the login page. Can you help?
Sure, it is here: groundedlife.thinkific.com/users/sign_in
Thank you! Can watch during this long layover.😊@GroundedLifeFinances
No fair switching positiions on camera
Have you ever been to Bali? What was your experience?
Yes, loved it!
I love you guys. But you make additional income through utube
Would you please include where to grow old and die? Many YT'ers talk of retiring as if they're never going to get sick, frail, and the inevitable confined to a bed, a nursing home and taking their last breath. Sure would like a frank discussion. Thanks.
We have an entire video on what happens when we get older.
Thailand is the cheapest high quality care. Can do very affordable daily care at home to help with everything you need.
@@smichael061 thank you... Reassuring and helpful 👍