Retirement

[Thundra]

I was having lunch at my fave Thai restaurant today, and gabbing with the woman that owns the place and doubles as head waitress. Their family plan is to make beaucoup $$$ over ten years or so, and then return to Thailand (Bangkok) for retirement.

Apparently, the exchange rate is so out of whack, that you could live for about a month on about 200USD, if you know the right people and places. She suggested that I think about retiring overseas where $$$ goes a long, long way. Seeing as I am poor as hell, and older than dirt, I have to consider the idea.

Anybody else ever consider something like this? Are there obvious pitfalls? The Thai people are wonderful, and the country is beautiful, but moving there permanently is a whole 'nother level.

[Cindi Jones]

I've considered moving out of the country for retirement.  But I still have family ties that I'm not willing to sacrifice.  I'm also worried about my insurance paying for health care outside of the country. I'm sure that is not an obstacle.

So for now, we may move to someplace cheper within the US.

Cindi

[J.T.]

A lot of people are moving down to Mexico.

[Kimberly]

I have considered moving out of the country to survive until retirement, does that count?


Personally, I would really like someplace that isn't so keen on trying to dictate to me how I should live my life as this little place.

[Thundra]

Thundra, I'm sure that by the time I retire, Social Security will have gone bankrupt, so needless to say, I am not counting on any of it.  I do have a very good 401K plan though and save as much as possible.  Usually a 401K plan which offers $1 for every dollar you save is an excellent way to prepare for retirement, wouldn't you say?

Yes, there is definitely that argument! Who knows whether any of us will collect SS in our lifetimes? Ironically, I would collect more on SSI than SS? I have always lived for the day, and since I am older than dirt, I have to think about it sometime. It seems like your plan is similar to what that woman proposed to me, but in a different country. Anywhere that I could stretch my $$$ would be great. I have no family or attachments of any kind to hold me back, other than my kitters.

I would agree that any kind of plan where your employer agrees to match your personal savings is awesome. Since I have NO personal savings, the point is moot for me. Without SS or SSI, I am homeless. And so are a hell of a lot of other uneducated people.

Oh well, there is always piracy or transporting work available.

[Autumn]

I made money in Texas, then went to live in Washington.

Talk about ass-backwardsness. Food that's $2.50 here is $4.50 up there! Minimum wage down here in texas is almost half of what it is up there O.o

Lots of people on either coast sell their modest homes for a million or more, then come down here and buy a house that's REALLY worth a million dollars. There are LOTS of cheap places to live in the US, where a modest sum of money goes miles. The problem is most of those places have rather poor economies, so unless you bring your own wealth, you're just as sunk as the rest of them.

I can definitely see how going to another country would be quite comfortable. But can you forsake your culture, ties, and take on whatever risks are present in the new location?

[katia]

that's why i'm stingy with money.  my savings account has to be fed on a monthly basis.  truth is, we can't count on our government for anything these days.

[Cindi Jones]

that's why i'm stingy with money.  my savings account has to be fed on a monthly basis.  truth is, we can't count on our government for anything these days.

Especially since they've already spent ALL the money they've collected on other things.  The SS piggy bank has nothing but IOU's in it.

Cindi

[SusanK]

Thundra, I'm sure that by the time I retire, Social Security will have gone bankrupt, so needless to say, I am not counting on any of it.  I do have a very good 401K plan though and save as much as possible.  Usually a 401K plan which offers $1 for every dollar you save is an excellent way to prepare for retirement, wouldn't you say?

I did retire in 2005 to pursue two goals in my life, photography and my life/transistion. Fortunately I do have a good annuity w/o SS and modest savings to life comfortably but only by managing things. I would agree with anyone who says retiring in the US takes money. There isn't anywhere you can live that isn't really cheap anymore because the common costs are always continually rising (food, gas, energy, housing, healthcare, etc.).

As for SS, it's not going bankrupt and is healthly for the next 60+ years if Congress would stop using its reserves. An excellent article in The Atlantic a few years ago showed SS is fine and only needs some minor tinkering (adding workers) to make it soluble for the longterm future. The problem is Congress has written a lot of IOU's from the reserves, which is why someone will have to pay that back some day from taxes outside of the SS taxes.

And now Congress is eyeing the Civil Service retirement which is profitable and has a huge cash reserve. But laws now protect that reserve Congress won't change to tap it knowing the millions of active and retired federal employees are voters. It's also strange Congress won't touch their own retirement system either which also is in good shape. But they'll touch SS anytime they need money. They'll borrow from the people to pay for themselves.

I can't say enough to young people to save money and have a retirement plan. You don't need a lot to start, because over time, it will do well, but you have to start young. I didn't start one aside from my employer plan until my 40's, and while it's good it's not enough if a catastrophic event happens in my life.

Good luck to all, and while enjoying life, save some money.

--Susan--