Can I Retire on Social Security $3000 a Month? Retire Abroad
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- Опубліковано 21 вер 2024
- In this eye-opening video, Can I Retire with just $3000 a month while traveling the world with minimal savings we discuss the realities. Join us as we break down essential tips and strategies for managing your finances, choosing affordable travel destinations, and living a fulfilling life on a budget.
We'll cover:
- Creative budgeting techniques to stretch your dollars further.
- How to find low-cost accommodations and food options while traveling.
- Real-life experiences and stories from fellow travelers who have successfully navigated retirement on a limited income.
- Top destinations where your money goes further and how to enjoy them without breaking the bank.
Whether you're dreaming of a beachside retirement or an adventurous journey through foreign lands, this video is packed with valuable insights that can help you make it a reality. Don't forget to like, share, and subscribe for more tips on budgeting, travel, and retirement!
#Retirementoverseas #TravelOnABudget #FinancialFreedom #TravelTips #budgettravel #travelcouples #slowtravel #retirementtravel #expatlife #liveabroad #liveineurope #expatcouple #retireabroad #expattravel #digitalnomadlife
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I retired at 55 to SE Asia. Live very comfortably on 2-2.5k a month
. Have more available but at this level as said live very well..Split time between both Thailand & Malaysia...Top healthcare and much more...
Well said! Thanks for watching:)
If you are American, are you able to spend the entire time year in these two locations or are there time constraints on your visa? Thank you!
Warren and Julie this is one FANTASTIC video for all "wanna-be" travelers. I am 53 and I started my journey some 2 years ago under influence of people like you! I visited 30+ countries so far. SLOW traveling is a key (to avoid expensive airline tickets).
I would not take 7-8% return for rent, considering all potential risks, worries and expenses! Some extremely stable banks are still paying great dividends and they never missed a single dividend payment for over 100 years (for example BNS @ 6.2%)
I am glad you took the leap and are enjoying the nomadic experience.
I agree that the ROI isn’t worth the risk
Thanks for watching.
Survival spouse can start early as 60 years old but she would get 71% of the 3,000
We have seen mixed messages on this.
I am a widow and had a recent conversation with the Social Security Administration. They confirmed that I would be eligible for survivor's benefit at 60 although he didn't tell me what percentage. Then at 65 I would be eligible for my own and would get whichever benefit is greater.
Depends on age. Born 1964. Mine frt is 67.
Thank you for the information.
I’m a widow. I became eligible to receive a Survivor’s benefit at age 60 (husband died at age 31).
I was advised to go ahead and take the Survivor’s benefit now that I’m 60 and to allow my own benefit to just keep growing until age 70 when it will be at the maximum, THEN I can switch over to my own maximized benefit. That’s what I’m doing.
So I’m collecting the Survivors benefit AND working part-time to supplement my income. I’m currently 62.
HOWEVER, the SSA limits how much you can EARN each year (this year the limit is around $21K) UNTIL you reach your own FRA. If you go over the limit, they will penalize you $1 for every $2 that you earn over the limit, which they will “claw-back” from future SS checks/deposits.
As for the percentage that I receive of my husband’s benefit… (Remember that he only lived to age 31) I was told by the SSA that I would receive “nearly 100%” of whatever benefit he would have received, and that does indeed appear to be the case, because I’m receiving MORE now than I did when I was raising our minor child until she turned 18.
Everyone’s situation is somewhat unique. When it comes to the SSA, it’s probably best to talk to them directly to get the most accurate info.
Yt = Time consuming. THANK YOU for your transparency. Thank you for your hardwork!
Your response was spot on to the retirement scenario.
You are very welcome! Thank you for watching:)
If her husband dies, she's looking at living on a lot less than his "guaranteed" income. As a single person, I have crunched the numbers and she will need to wait until she can do it solo, IF something happens to him. Earliest SS is 62. I would not wait until 67. The financial advisors she has is living in a dream world.. suggesting someone at 72 to keep working!!!!
Agreed. Those financial advisers are nothing for guys like Warren. I fired 3-4 of my financial advisers and I never regretted it.
I completely concur
At 72 it’s time to relax and enjoy life
I really hope they can make their dreams a reality but very cautiously going about it
What is wrong with working until age 72? Depending on your genes this is a great plan
@@jackthoma3600 when you are 72 you will feel different
To me, these plans seem unrealistic for them given their history of saving almost no money. It’s very unlikely they can cut their spending by 90% and be happy.
@@BrianAnother these folks are big time spenders and not savers. With that income their net worth is pretty low. Financial irresponsibility.
They explained it in our FB group. Second marriages and too much spending. They are working hard to repair their finances.
You two do a wonderful job, providing lots of great information and food for thought. Really appreciate your efforts and always look forward to each video!
Our pleasure! Thank you for watching:)
Hello Guys, We are leaving Neum tomarrow and for Dubrovnik and taking the Bari, Italy Ferry on Sunday morning.
I remember some advice you have had in the past, take things slowly and also an extended trial trip. Look to non-touristy destinations. Instead of Dubrovnik or Split in Croatia... maybe Pula. You could live in Trebinje or Neum and still be near Dubrovnik if you needed more medical help. Niksic or Kolasin are only an hour away from the hospital in Risen or Podgorica. Prices in Bijela or Igalo (near Herceg Novi) can be cheaper than Bosnia & Herzegovina. Alot to think about. Step 1 go on a trip (2-3 months)and see if living together as best/sometimes only friend in a foreign country 24/7 is even doable.
@@tioriccopuravidatrader121 enjoy the ride 😁
My first trip to Europe was a wake up call. It was to Ireland. I know it’s one of the more expensive countries, regardless Europe is much different than living in the US. Not so great things I remember; no ice, no air conditioning (yes it was warm and humid when I was there), accommodations and cars are smaller, and no top sheet. Good things I remember; absolutely beautiful, very nice people, no sales tax, no tipping, very fresh food, and low crime. I admire those of you who live abroad full time. I need a US home base and would prefer to slow travel. I was so thankful to come back home.
@@scotts2448 try some other countries. I’m not sure why anyone would want to return to the americas. Ridiculous cost of living, political turmoil, poor food supply and lack of social network in communities. Let’s not get into the need for cars and such. Anyone who wants to go back to that, has never seen enough of the rest of the world in my opinion.
I do not miss the US. I love Europe and I agree with Jay:)
Thanks for watching. -Julie
Great conversation, thanks for doing this.
Our pleasure! We really enjoy helping others.
Really enjoyed this real life scenario video format! Highly recommend doing more :) Great job!
Thanks! Will do! We have one we are working on.
AGREE! I started my new channel for me to have fun planning my low-budget/low-retirement fund retirement to France. VERY narrow focus, so not many people (at least thus far) are interested. And that's okay! If I ever get to the stage of making money, I'll be 1) surprised, and 2) delighted.
Also: HI PUPPY!!!!
Best of luck to you! It’s a tough way to make money especially now everyone is trying to do it and it’s over saturated.
Katy was the star is this video!
Interesting scenario…Excellent advice & very well-put! 🥇
Thanks for watching:)
I’m trying to understand how a couple making 140k a year at this age, have a net worth of $200k. That is mind boggling. A decade of that income and savings should make them millionaires, not where they are at. Must be blowing money like crazy.
And the equity in their home is barely $100k? What have they been spending their income on!?
@@fdm2155 who knows. Lots of wasted money on stuff no questions asked. These folks should be wealthy beyond belief, instead they are pretty asset poor for their ages
They explained it in our FB group. These are second marriages and the income was lower years ago.
We shouldn’t judge others about not having enough savings at their age
you never know what they had to do in their life, like helping other family members with their medical bills or maybe they have had children with special needs .. or lost it all in the market ! who knows! He has beat prostate cancer ,which quite an accomplishment.
@@FotosLostnFound fair enough, I sounded more judgmental than I was trying to be. Retiring early (half of them) is a goal that requires financial planning and resources. I hope it works out for them.
2:30
Spoken like a usual financial advisor.
lol, yep
You can live really really really well in SE Asia. Thailand and Malaysia has some of the best healthcare in the world. Cambodia is lovely to stay in for 3 - 6 months a year too. You could just surf on tourist visas between these 3 countries alone. Your $3,000 USD goes very far in lots of parts of the world. Keep the house and rent it out would be my vote. It's hard to get a house in the US now.
We completely agree. I think they may have Thailand as a first stop.
IMHO
Wifey can start collecting his social security at 62 - 4yrs from now if hubby passes. Hubby is only 72 people! Lots of time left!
Sure, probably best to sell the home or get a trustworthy property manager to rent it out and collect a commission... Scratch the RV idea altogether unless you only stay in north America. 200k in good dividend stocks could net you $1k - $1.5k per month. Great idea for the UA-cam Warren!
72 just doesn’t seem old to me at all.
I think they can make things work but need to be careful and definitely no RV!
It’s hard to say about the real estate
If they aren’t happy abroad and want to return they could be priced out.
We enjoyed this video.
Thanks for watching:)
Widows can collect SS Survivor’s benefit at AGE 60, not 62! Don’t make the same mistake that I did! I thought I wasn’t eligible for the Survivor’s benefit until age 62, but you can begin receiving it at age 60!
Thanks for correction!
Go Panama, go... $3000/mo ? You will be happy there. just do your research.
That could be a good start for them.
I agree with Julie, for someone who is 72 years old and has not done any travel, they should do a 3 month stay in one of their top countries and see if they even like the food , weather, language, customs, etc. We know couples that moved to Hawaii and bought a house only to turn around and leave after 3-4 months because they missed family, and other issues. That wasn't even another country! When we tell friends we want to retire not just travel to another country, they look at us like we are nuts.
@@cl2385 I find it it incomprehensible how you can go 72 years and never leave your country but then somehow think travelling the world will be a good idea. I would say probably impossible at that point. The world is so different to America. At 72, you are statistically on borrowed time as a male.
We have had friends who moved to Europe and had travelled very little in their lives. They lasted less than 3 months. We don’t want to see this happen to others.
Thanks for watching:)
I believe they can do it on $3000 in many low cost safe foreign locations, like Asia, which you can get everything you need. Do it while your health is in tact. There are a few Medicare advantage plans that cover health expenses abroad. I have BCBS which does that. I left a high paying job due to health issues and able to live easily because I sold my house. I've rented my home before and would never want that worry again.
Great input:) Thanks for watching.
Wow! This is sooooo close to home for us. I'm 57 my husband is 71. His SSN is a little higher than theirs and we are in the process of moving to Portugal. It is no small undertaking. I have a lot of input here, but it's too much to write in the comments. Bottom line is at our ages, if you need medical care or will in the future, our healthcare system will bankrupt you and you could lose everything. And when you don't have a lot, you have to protect it with every wit you have. The stress of this can be unbearable here in the US 🇲🇾 I am happy to provide more insight if interested. It takes courage I'll tell you that!
We would love to interview you. I think your experience would be great for others. If you are interested please send us an email at warrenjulietravel@gmail.com
Best of luck with your move! Thanks for watching.
Really good advice and coverage of the critical points for the questioning couple. I would focus on saving, investing and paying off any debts while downsizing as much as possible for a year or so. Then consider a careful move with some job in country where possible or digital or remote work for added income for a few years. It seems as the couple is right on the edge of making a move and any unforeseen issue could push them over the edge. That is not a great place to be financially nor for mental well being. I wish them the best of luck but it may not be for them right now.
Really well said:) Thanks for watching. We wish the best for them.
If staying in SE Asia ia the goal, choosing Thailand or Malaysia as the base and rotating is a good choice. Both countries have very high medical service at about 30 - 40% of the costs relative to US. Malaysia also has Visa for MM2H in Sarawak or Sabah only requiring to stay in the state for 30 days per year. It is a good jump off point to visit asiaian countries around. i saw many couples living in these 2 countries around 3,000 a month comfortably.
Great advice. Thanks for watching and sharing.
I think they should.atart local to see how hubby does....like rentingnin Puerto Rico which is a good intro to foreign culture
This may be a good start for them.
Hi Warren and Julie. If the husband is a RN he can find remote work as a online pharmacist or medical biller and wife can do online admin assistant. They can make it work. Just a thought thats why I'm getting my self together also. I love your inforamtive videos. Thank you for all you do to give us more knowledge . Many blessing to you and your wife.
Absolutely, we concur. I hope they do have the opportunity to realize their dream.
I would say work one more year and track your expenses. If you cannot save a great deal of your income, you may have difficulty living off $3,000. You should be able to save a very large amount of all disposal income. If you can, go for it. You can always find a part-time online job to supplement any needs. I agree $3,000 is more than enough if you find the right country.
Great advice:) Thanks for watching.
The answer is a big big yes. That is more than enough money. Many, including myself have done it on a lot less.
They have been living large on six-figure incomes with very little saved. Cultural shock isn't the only big change they will have to live with. With the right attitude and budget, they will be able to pull it off. However, life will be very different.
We concur. Life is too short to wait.
Thanks Warren and Julie. This couple does have a very thought provoking dilemma 🤔. I hope they will take your advice regarding you tube! My husband and i stated achannel that is not only time consuming but also costs us money from our savings. We only do it because we love stray cats 🐈 and dogs 🐕. If we make any money we will use it to feed more cats and dogs 🐕 but again we do not expect anything.
What is the name of your channel?
I hope they listen as well. Some people do well, but it’s over saturated now and cannot be counted on for income.
@@WarrenJulieTravel Thank you for asking! Our name is krazy kitty tailz. We believe it helps us maintain purpose as we travel, please check us out.
@@WarrenJulieTravel the channel name is krazy kitty 😺 tailz, thanks for asking!
Julie and Warren, why not Albania? Is the political situation still somewhat unstable? Perhaps the economy too unstable to retire? They have inexpensive private insurance. It is supposed to be one of the least expensive areas in Europe. And Americans can stay one year without a Visa, and apply for long term visas which last five years, then renew.
@@janroach1852 Albania is fine to retire in. We like Sarande, but haven’t experienced Tirana ourselves and know many people like it, Vlore also is fine, and we know Duress is a mess to avoid. We felt since neither of the couple have travelled much, that Brasov or Novi Sad would be easier year round places to live and travel from. We also liked the ease of access to the Health System, and path to permanent residency.
We are not, not recommending Albania to be clear.
It is also a viable landing spot, with easy access to Greece, Montenegro, and Macedonia.
$50k RV to travel as a 72 year old? Nope!
Sink or swim. If you want to live on $4k or so a month, and actually enjoy things, sell the house, put the $200k into a ladder CD, and move to Mexico, Thailand, Vietnam, etc.
She's delusional. She can start drawing a survivor benefit at age 60, but it won't be $3k. I hooe the guy lives until he's 99, but come on.
I think they should try a month long trip or longer to see if they actually like living outside the US. Also what places do they like?
I completely agree:)
Great content, thanks
Glad you liked it!
They should keep what they are doing now until the wife hits 62. Then give retirement a go. She should draw her social security then switch at 67 to take the larger of the options. Hers our draw off her husband. At 67 that will give her possibly the biggest amount. Once you are both retired husband at 75 wife 62 then you can travel give Belize a try short term 2 months or Mexico Panama. If it seems like you would adapt to this move to another country do 2-3 months etc
House sitting in th US makes more sense than $50k on an RV for occasional visits.
Completely agree!
Depends on what you’re willing to give up in America. The infrastructure is not so good in these third world countries or any country you can live in 3k.
@@billestep6804 i’m assuming you’re new to travel, please look at our videos where we show what it’s actually like to live in these countries. They’re quite civilized, they are not equivalent to Somalia or Syria. Please also look up the word and review the definition of third world.
Do it! I am now 2 months into my European adventure with similar numbers (age, income, savings) but solo. If they get the travel bug, it will eat away at them if they don't at least try it.
We concur. I think they can make it work.
Hi guys, Why do you guys not include Mintenegro to the same category as Serbia and Romania? I understand they are very similar in terms if cost of living but Montenegro has got the sea, striking nature? Perhaps medical care is not at the same standard? 🤔
Montenegro is a bit more expensive so we chose to eliminate it this time. Real estate prices have risen a lot.
Medical care is not as robust as Serbia and Romania.
Montenegro has a lot to offer and we show this in 41 videos on this stunning country.
We own a home there and have since 2016. We almost added it into this mix as well.
Thanks for watching:)
Seems like they are jumping the gun a little bit. If the husband has never traveled outside the US (and she has never been to Europe), maybe they should take a few trips over the next year to see if he even enjoys being in a foreign country. Vacation is not the same as moving there, but they can stay in an Airbnb, take public transport, shop for groceries and get a feel for what it might be like.
I concur! I say this all the time, vacationing and living somewhere are two totally different things.
I do think they need some exploration before jumping too fast.
That life expectancy chart you showed in the video is from birth. From age 65 that average goes up to the mid 80's. For men about 83 and women 85...except in my family. 😁
That’s good news! Thanks for watching:)
Great video addressing some interesting viewer questions. I’m a USA citizen and this made me wonder of all the Schengen countries, which might have the shortest residency requirements. It seems that if one can eliminate that time based restriction then all of Europe is truly open for you.
Do not bother with residency. You have many CHEAP airplane destinations near Schengen zone (Morocco, Tunisia, Serbia, Montenegro,...). Stay 3 months in one country, move to the next destination. Take into account "90 days in every 180 days" Schengen rule and enjoy
@@prika2000 hmmm this makes a lot of sense and Montenegro is another destination that has been high on my list.
But it requires moving every 3 months.
@@user-pt-67066G I was under impression that they want to travel and see the world as long as they physically can.
Good advice especially when you factor taxation in your equation.
Wow! All other things aside...in Canada we dont make close to $3k in retirement benefits 😢..i would be living in poverty if i had to survive on only a government pension. Probably why im still working 🤦♀️
That’s a shame, not everyone makes $3k it depends on many factors.
That isn’t much savings/equity to fall back on!
Very true but you do only live once.
@@WarrenJulieTravel totally agree! I retired at 47 with enough savings to support me forever. Only because I saved and lived well below my means for my entire adult life. But, damn……they make a decent living and have virtually nothing to show for it. WTF have they blown their money on their entire lives?
I know a few ytubers that do ytube for a "job," all of which have 250k-500k++ members . Also, their channels have rich content. They do fund raisers and huge huge meet ups with members . I'm not sure why this couple needs 3k a month to survive. I live and work in the US , my job pays 85k-90k a year . I live off of 1,500k a month , easily. I still invest 600$ a month in my 403b and save 600$/a/month in personal savings . I couldn't image spending 3k a month for living expenses!?😳 I am a pretty frugal person, though. If I'd move Europe, I'd be buying a house cash deal ,no mortgage . Just utilities and food , which isn't 3k a month😳
@@Kim-J312 you should probably watch a few of our videos and find out what we’re about.
Where R U leave on 1500$ per month?. What is your rent and car insurance
Many people do have successful YT channels. We have friends who are very young and have 500k subscribers or more now, but certain YT markets are becoming over saturated and this type of travel is one of them. It’s possible to do very well, but the odds are stacked against people now.
Please advise: should I ship my car from US fo Montenegro or just get one there? Thanks a lot
Shipping will be expensive due to import tariffs.
I suggest you get a quote.
Sell care and take your time buying one in Montenegro, you may find public transportation and ride-share options easier
Question. SS payments are automatically deposited. With that in mind, hubby kicks it, how does SS know to stop payments? In theory if they had a joint account wouldn’t the SS payments continue and she could live off of them? Probably some sort of fraud in this scenario, I’m just curious about how it works. Thanks
That’s fraud and a felony offense punishable by law.
They send out a questionnaire every year or two to see if you are still alive. It used to go through the mail, now it's electronic from what I've heard. So yeah, she might be able to do it...but it would be fraud.
Is 140k for the age decent money these days?
No, unfortunately not.
Not totally correct… she would get like 60% of that $3000 if husband dies
We tried to verify this and couldn’t find anything that was a 100% definitive answer.
Better to be conservative and plan on not having it until she's at least 62.
Widows become eligible for the Survivors Benefit at age 60. I know from experience.
The Survivor’s benefit is a COMPLETELY SEPARATE and DIFFERENT benefit from the spousal benefit. Completely different rules apply.
Absolutely not! Financial Repression & capital controls will rule.
Travel insurance for those once they hit 70 is 1,000 PLUS a month. I will stress the plus. Fifty eight it would probably be 300 a month. So, 1,300 a month in travel insurance. Retire long term in France by getting a Part D long term visa before you leave the U.S. because France allows you to get on their national health plan after three months of residency. The approval take nine months typically. I would talk to one of the French UA-camrs who specialize in immigration because the health insurance you need in order to qualify for this is FRENCH insurance, not Schengen which is less expensive until you get residency. There are places in France you can live for 3,000. Most of the French do. Great idea to go to Serbia. You can still travel three months a year to Schengen zone and if you need more travel, Albania is inexpensive and allows Americans to live there for one year solid, then renew. They love Americans in Albania. In Serbia they like the Irish. Romania is more difficult as they don't have a retirement Visa, but it is Schengen. Great video. Ecuador, beware of the new political situation.
@@janroach1852 please come to me next time you need International Medical Coverage, I haven’t ever sold a policy in the ranges you are speaking of. There are less expensive programs. As a couple Julie and I spend $250 a month, at 56 and 49.
It depends on the company and what kind of coverage you are electing, deductible etc.
One quick correction you had mentioned they could go to Schengen 90 days a year, they could go into Schengen twice a year for 90 days every 180 from Serbia, however to get permanent residency in three years it’s 90 days a year. Of course they have Schengen access with Romania Residency.
Thanks, for the comment.
@@janroach1852 another quick note, we just did a six part series on France not sure if you saw them. If not we cover residency, medical and taxes. We just finished a trip through France ourselves. We do like France as a destination for them also. However they have kids from different marriages I believe from additional comments made to us, after the video. So inheritance law may impact their nest egg.
just spend 90 days in EU and decide for yourself. nobody can tell you what you would experience
Very true!
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