Lead In: Roughly 9 million U.S. citizens were living abroad in 2020, according to estimates from the U.S. Department of State. – CNBC, 4/3/2023
Hello and welcome to an audio introduction to EP004, where you and I cover the 3 Places to Stretch Your Retirement Dollar Abroad.
I’m Winn, the leader of the Retirement Revolt.
Let me help you achieve retirement security
Facing limited savings and rising costs, many older Americans are choosing to retire abroad.
With living costs often significantly lower, like $600 a month for an apartment in Puerto Vallarta compared to $1,595 in Minneapolis, retirees can stretch their savings further.
More than 760,000 older Americans receive Social Security benefits abroad, highlighting the growing trend. However, retirees should be mindful of the bureaucratic and tax challenges that come with moving overseas.
Many seek affordable healthcare and a higher quality of life. It’s essential to research thoroughly and plan ahead to make the transition smoother and more enjoyable.
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In Episode 3, you got 3 ways to beat the disastrous US Retirement Crisis.
Did you miss Episode 3? Go read it at https://bit.ly/rrv003a
If you have – and I hope you have! – read the first three articles on the Retirement Revolt Substack; you already know I reject the conventional wisdom of a US-based retirement.
In today’s episode, you and I discuss the pros and cons of retiring overseas and 3 suggested locations.
Here’s an excerpt:
Why abroad?
There are 3 immediate pros and cons.
First, the 3 pros.
Cost of Living – I know this from my own experience teaching English abroad in Latin America for a decade – the dollar is king.
Remember, the US dollar is the key currency—that is, it’s acceptable in almost every country in the world for business because so much of global commerce takes place in the dollar every day. That’s a distinct advantage Americans have when they want to retire abroad.
Now, as the US national debt continues to accelerate, given the exuberant government spending in Washington, the country’s financial stability could be at risk.
The president of J P Morgan bank and highly-acclaimed smart money man – Jamie Dimon – is quoted by CNN Money in a May article saying – the problem will be caused by the market, and then you’ll be forced to deal with it.
That is, if the two parties in Washington do not come to a resolution about overspending, the financial markets will deliver the blow to the US credit rating and that will severely impact the currency.
Heck, inflation right now is reducing the value of the currency. So, yes, the dollar right now helps retirees, but there is a cloud in the future, given the sorry state of the national finances.
And here’s an added thought – Taking into account that the average monthly Social Security check in December 2023 was $1,767.03…
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Thus, today’s article is a natural follow-up to the retirement crisis we talked about in our previous article.
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Remember – Information provided by the Retirement Revolt is for educational purposes and is offered “as is.”
Be sure to do your due diligence before making any decision to live abroad and consider all factors before making a final determination.
Please consult your financial and/or tax advisor before making any financial or investment decisions.
I’m Winn, your devoted leader of the Retirement Revolt! 🚀✨
p.s. Are you ready to ditch the traditional retirement plan and design your dream retirement?
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