Retirement for many, will be anything but the golden years. Retirement remains a big unknown to many Americans – particularly with respect to retirement income. 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.
Many Americans will find it impossible to maintain their current lifestyle after retirement. It was difficult enough to make ends meet on your regular paycheck. How will you make ends meet on just social security alone? 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.
The cost of elder care continues to rise and may cost you all of your life savings. In the worst case, you will not only utilize what little wealth you have but will have to turn to your children to supplement your finances.
Farfetched? Most middle aged workers probably know of colleagues who are facing a great deal of difficulty in providing long term care for loved ones. It is not unusual for some to be paying as much as $7000 a month for long term care for just one parent. Others take their parents in and struggle to pursue a career while working equally hard as a healthcare provider for their parents.
In addition to the challenges of finances and healthcare, the retiree also is confronted with issues of self-worth and purpose. For years you were a productive worker with a purpose and mission in life. Unfortunately, it is common for many to lose their sense of purpose and value after retirement. Unfortunately, for many Americans, retirement will be nothing more than sitting in front of the television set. Is this what you have toiled all your life to achieve?
Retiring overseas is one viable option that a retiree should consider as part of his or her planning portfolio. An overseas retirement cannot be recommended for everyone because some life adjustments will have to be made. 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.
If you are willing to open your mind, you will discover that there many options for retirement. If you so choose, retirement will be the start of a new life, not the end of living as you know it. Retiring overseas is not without its own challenges. A better life in retirement will take some work on your part. However, if you still have some adventure in your heart, you might discover that living overseas might actually improve your standard of living and your sense of well-being.