Maintaining Your Standard of Living on Social Security
retirement for many, will be anything but the golden years. Many Americans approach retirement with a considerable amount of fear and concern about their retirement finances. The reality is that the average working American lives month to month on a barely adequate paycheck, and finds it difficult, if not impossible to adequately plan and prepare for retirement in America.
Perhaps the greatest challenge for the average American will be to maintain the lifestyle that you had when you were working. And, it wasn’t easy to make ends meet on your regular paycheck.Is it possible to take care of all of your financial needs on your social security income? The likelihood is that retirement is not going to be possible without sacrificing one’s standard of living. On average, Americans will see their incomes shrink to $20,000 in retirement compared to $50,000 while working.
Healthcare issues can lead to high costs for a retiree that have the potential to deplete your savings. In the worst case scenario, you not only consume the wealth that you’ve accumulated over your entire life, but also begin to tap into the wealth of your children.
Farfetched? If you are middle aged, it is highly probable that you already are beginning to see some of your coworkers struggle to provide long term care for their parents. Some of them are paying as much as $7000 a month to provide nursing home care for just a single parent. Other Americans assume the role of the health care provider a job in itself while still maintaining their career.
Not only must the retiree deal with financial and healthcare issues, but often times the retiree will have to deal with issues related to self worth and purpose in life. For years you were a productive worker with a purpose and mission in life. However, it is not unusual for many to feel unproductive and without purpose soon after retirement. Too many American retirees will end up sitting at home watching Oprah or watching the paint on the walls slowly fade. Does this describe what the golden years should be for you?
Retiring overseas is one viable option that a retiree should consider as part of his or her planning portfolio. If you are adaptable, overseas retirement may be a viable option, but it is not for everyone. But when done properly and with the right retirement destination, it is possible for any retiree to live very well on $20,000 a year in countries where the average income is under $5,000 a year.
There are a multitude of options available to those who are willing to explore alternatives. Most people will allow retirement to be an end, by living overseas, it can be the beginning of a new life. Retiring overseas is not without its own challenges. A good life won’t simply drop into your lap, a little effort is required. But if its a path that you are willing to explore, then the reward might be that you could actually increase your standard of living while having the adventure of a lifetime.
