If you’re approaching retirement, like me, you might be worried about what kind of life you can afford in retirement. I know I was.
It didn’t help when I read a column where a financial advisor told a reader with a $1.5 million nest egg that he should keep working because (in his universe) $1.5 million is not enough to retire. WTF?
Well, most of us have far less than that. One study found that the median retirement savings of people in their 60s is only $172,000 (28% of them have less than $50K saved).
The good news is there are many ways to save money in retirement. Because most of us will also get at least some social security, perhaps we can find work we love but could never previously afford to do.
As for me and my wife, we will have to move. We live in the San Francisco Bay Area and rent our home. I do NOT have a million-dollar nest egg. But I’ve discovered there are many nice places to live that will still allow me to have a great life and even travel a few times a year. But I’ve already run into scammers selling pie-in-the-sky overseas real estate. We need to be careful out there.
One thing that has helped me sleep better at night is having discovered an alternate economy that exists in other parts of the world (and a few parts of the United States). An economy where your dollars buy more. Much more.
I know one guy whose life savings got wiped out by a long illness. He recovered and now lives a very nice life in South America in a modern 3-bedroom apartment, in a safe and beautiful city with great weather all year. He eats well, travels a bit, has fiber optic internet, great cellphone service, a car, a cat, friends, and a maid that comes once a week! That’s just on his one social security check.
I haven’t made exact plans yet. I’m still looking and I’ve started this blog and a YouTube Channel to share my discoveries.
There are lots of questions. Where will we go? What can we do to get ready? What will we do when we retire? How can we save money? How can we make some money doing what we love? What about healthcare? How do we avoid all the scammers that prey upon us?
Join me here where I explore these questions as we approach an abundant retirement.
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