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Living on Social Security Alone

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This video discusses FIVE powerful ways to make living on Social Security alone work for you. It addresses housing, debt, cost of living and several other key areas where people spend the bulk of the money in retirement. The video ends with what I call "the nuclear option," which will work most of the time for those receiving an average or above average social security payment.
45% of single Social Security filers and 21% of married filers rely on Social Security for 90% (or more) of their total monthly expenses. Social Security was not designed to be the primary source of income for those that want to live a financially abundant lifestyle; however, done right, and with a little ingenuity, Social Security can help ensure the recipient lives a comfortable life.
Important Links:
Cost of Living by State
worldpopulatio...
38 States that Don't Tax Social Security
www.kiplinger....
Cost of Living by Country
www.worlddata....
Social Security Administration Application for Benefits
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Current Social Security Cost of Living Adjustment
www.ssa.gov/cola/
Social Security Payment Estimator
www.ssa.gov/be...
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

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23 дек 2020

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@stevec3872 3 года назад

I am 68, retired at 62, SS is 80% of my monthly income, and I am under the 100% Federal Poverty Level, and I live just fine, not simply survive. The number one reason I'm doing fine with my income is that I live in my own mobile home that was paid off 20 years ago and my lot rent is just $260/month and in my city of 50,000 I couldn't rent a room for that amount. If you add utilities and insurance to that amount it probably comes to around $420/month, still very low. Oh, you're thinking, "well he lives in a trailer court". Yes I do, and it's 2.5 miles to the downtown, 2 miles to a supermarket, and just 4 miles from a large mall area. I live a block from a small river and next door on one side is a large apartment complex with boat docks, there a hotel on the other side, also with boat docks. Across the river from me there are 1/2 million dollar or more houses, and yes, with boat docks. I can walk out my door and it's not uncommon to see a bald eagle or 2 or 3 circling in the sky. So I think this is a nice place to live, I'm content here. Now my philosophy is like rich people and businesses and corporations: I go after every benefit that I can legally get and I jump through all the hoops to get them. That's why I get energy assistance which pays my power bill for 4 months of the year and apply for my state's Homestead credit which gives me another $400 a year. The second reason I live comfortably on my limited income: I HAVE NO DEBT! And surprise, surprise, I have a credit score of over 800, the highest it's ever been. After I pay all my monthly bills I have $400 left over to save and spend. Those COVID stimulus checks we've gotten and will get, well that's an extra month and a half income for me and I saved $1000 from the first one. A roommate? I'd just as soon live in my van as to have a roommate. I think people are just fine, but I never want to live with any of them. Waiting to retire at 67 or 70? Yes I would get more money but what does that mean if I don't live to 67 or 70? Sorry, I'll take the life I have even with my smaller income because it beats working all day long. Plus, I see a lot of people dying each week my age or younger, including some classmates and friends growing up. If they were waiting for age 70 to retire, well that didn't work out so well for them, did it? So retire as soon as you can because you can live within your income but you can't live without your life.

@2legit2Kwit 3 года назад

Agreed! I will do this!!!! No roommates!!!! Use the bennies the government provide. Amazon paid no tax in 2019. Never feel bad about using the services available. Get housing assistance to. They will pay your lot rent. Get on food stamps! It’s a debit card now.

@stevec3872 3 года назад

@@2legit2Kwit Being poor is no reason to fall in the depths of despair. I am poor but I'm smart about it. I've used food stamps for years and every time we get a COLA for SS they cut my food share some. The last time I was recertified for food stamps I told the woman that if this keeps up that I will owe you money. Yes, I take every government benefit for which I qualify and I don't have any false pride about doing it.

@prieten49 3 года назад

Congrats on your retirement. Mobile home parks are a big target for "investors" these days. A hedge fund will buy the park up and start raising lot rents. If you don't like it, they say you can move your mobile home somewhere else. Often their real target is the land on which they want to build luxury high-rent apartments. America is the home of predatory capitalism where the powerful will pounce on the powerless for profit. Which category do you belong to?

@stevec3872 3 года назад

@@prieten49 Yeah, if this park was purchased it would be "everybody out when your lease expires" because the land is that valuable. That has been my worry, but I'll stay as long as I can. The family that owns it has been committed to running the my mobile home court, but the son has taken over for his mother in running it and he is getting closer to retirement age. To sell wouldn't be his decision alone, but his mother is getting into her 80s so that all could change when she dies. Most of the homes here are so old that they could not easily be moved and also no other court would want any old, single-wide mobile homes.

@prieten49 3 года назад

@@stevec3872I sincerely hope you can stay there forever. However, dollars speak louder than people these days. I don't have any answers, except for voting for politicians at the local, state, and federal levels who care more about people than money. Good luck with that!

@dougmoore5252 3 года назад

That’s right! The strategy of being debt free, including no mortgage is the way to live on social security.

@BrianTaylor1645 3 года назад

Paying off all debt including the mortgage is the way to really make your money go a lot further.

@jamescalifornia2964 3 года назад

Yes indeed. And _take care of your health !_ 👌

@beautyRest1 3 года назад

I retired a month before my 64 th birthday. No debt, will pay my condo off. Car paid off. I’m doing well, but I do have less, but it beats not having to go to work!

@christopherhennessey8991 3 года назад

I agree.

@mae9064 2 года назад

@@beautyRest1 congrats 👏 you’ll love retirement

@rchydrozz751 3 года назад

I tried retirement and hated it. I now work part time doing something I enjoy. I still like getting up and having to be somewhere, just a few days a week. A win win for me.

@wex2808 2 года назад

why did you hate it

@beautyRest1 3 года назад

I paid off my condo yesterday! I’m happy and relieved. My husband passed away in October and I got paid out some money from life insurance, so That’s why I did it. I retired at age 64 last year, sure, I lost money, but I’m doing ok. I have no debt, good credit score and will purchase my last car later this year, which I pay cash. If you can, don’t wait too long to apply for SS, you never know what could happen to you. Live now, live for today, tomorrow is not guaranteed

@feetincheseighths 3 года назад

Many retire at 62-65 and live to 82-85 20 years that can mean a few automobiles. and more if you buy Nissan's ( CVTs Junk ). Unless you have seen the future and know it was your last car. Sorry. It just struck me funny but it's entirely possible if you live in a small community and naturally keep the mileage down. Had I failed driver's education in high school I would be a lot wealthier today. I've owned a few too many automobiles these last bunch of years. Lots of things change in retirement. freedom to travel means putting money somewhere else.

@beautyRest1 3 года назад

@@feetincheseighths true, but I have everything close by, and I will take good care of the car. I think it could last me 20 years. Who knows how long I can drive, that’s also something to consider.

@mae9064 2 года назад

@Besuty Rest. Condolences to you on your personal loss. You are right. Live life to the full

@mae9064 2 года назад

@@beautyRest1 in 20 years time you may not want to drive , even if able, your plan is a good one.

@beautyRest1 2 года назад

@@mae9064 thank you. I’m slowly picking up the pieces. Still miss him.

@carolsydney6905 3 года назад

The key for me is owning my own property.. I could never get o.k. with 9 to 5, felt like I was in prison. I played, traveled worked here and there and prayed that I could live on very little when I was older. I like living simply and my little 3 acre property has no mortgage! I use wood heat from downed trees on my property and that covers my expenses. I took care of an elder friend for years. When he moved into assisted care he gave me the deed. It was a great blessing to us both. (I still play, travel...and climb mountains!) 😍 God Bless all of you who are on limited income.

@spankynater4242 2 года назад

How can you afford all those adventures with such a meager income? It does not sound like you live simply.

@deecee901 2 года назад

I despise that sch. Too. Ugh. Awful way to live imo.

@sz4179 2 года назад

Blessing to you too, so glad your friend helped you back. 💛

@JP-te7kd 3 года назад

We are in our 50's. We'll have the house paid for in the next couple years and have more savings than the average retiree. We have no other debt. We are not college educated but worked our way up into higher wages. We have been planning for our retirement since we immigrated to the USA and it's working out for us very nicely. We can afford to retire now, if we chose to, but we both enjoy our jobs. The expensive yearly vacations and big houses are not worth it. Peace of mind is health and happiness.

@Mpompadour 3 года назад

That's right J P. As a single mom with 2 children, I bought my house at 30 years old and paid the 30 year mortgage off last year and paid my newish car off last February. The key is to have everything big ticket paid off when you retire. I retired Jan. 2020 at 62 and I get a nice S.S. income. I can live comfortably on it and even save money for unexpected expenses. Planning when you are young can save you many headaches when you are a senior. Like you, I was not college educated, just a high school diploma. I had a trade which served me VERY WELL as I was never without a job. As a matter of fact, I still get offers to come back into the workforce with the trade I have. My advice to any young person who does not want to go the college route is to get a trade. You'll have a lifetime job if you are good at it.

@karenbolton9526 3 года назад

Naw will die penniless having lived in 4 homes and did bucket list and travelled over 40 countries and lived in 3 no pockets in shroud

@acajudi100 3 года назад

I have had friends, whose homes were destroyed, so be ready to deal with disasters, like floods, fire, tornadoes, etc.

@cheftonydog 3 года назад

@@acajudi100 INSURANCE.

@feetincheseighths 3 года назад

@@Mpompadour I have been retired for 4 years. My father said a long time ago if people find out you have skills they won't leave you alone. He said this about his retirement. He was very successful and had a lot of friends. In my retirement. He was right. Being a diplomat while turning down work is not always easy.

@lindabrown8421 2 года назад

No mortgage is the way to go. We were paying a mortgage on a SoCal house when we decided to retire. We sold that house, paid off the mortgage, and with the remainder purchased outright a small farm in Oregon. It is the opposite of fancy, but it is all we need. The farm keeps us busy and provides us with a small harvest. We grow apples, peaches, strawberries, tomatoes, potatoes, squash, onions, garlic, beets and eggplant. We are able to live on our SS.

@mae9064 2 года назад

@ Linda Brown your life now sounds happy and lovely

@bernie9728 3 года назад

There is no "secret formula", all you need is grade school level math skills. I retired in 2015 at age 62. So far my wife and I have had no problem living on just SS. Everybody wants to talk about how much income you have. Th.e thing that holds you back is not how much income you have, but rather how much debt you have. When I was in my 50s we set our goal to be debt free by the time I reached age 62. I am not rich by any definition that I know of, but being smart is better than being rich sometimes. One thing I am proud of most is the fact that I never paid rent until after I retired. I had to find a place to store my new RV when it wasn't in use so I pay 20 dollars a month in rental to the storage place. I purchased my first home at age 20. I moved directly from my parents home to my home. Keeping your debt under control is the single most important thing you can do to achieve financial security. Never forget that.

@The-Last-Winner 2 года назад

Thank you for this information sir,enjoy your retirement.

@Tom05181961 3 года назад

I had to work until 70 to have a decent Social Security payout. It is 100% of my income. My first five and half years of retirement were in Costa Rica, where I could hardly make ends meet each month. Then two years ago I moved to Medellin, Colombia and got a 45% bump in my monthly buying power. My monthly health care is $55 UDS per month for everything through the national health care system because I am over 75 yo and also a resident of Colombia. I now have the middle class living style which could never achieve in Costa Rica nor in my hometown of Portland, Oregon.

@mae9064 2 года назад

@TomnCosta Rica well done on having the courage to move twice to further your retirement $$s wishing you health and happiness

@user-qc8vj3vp9v 2 года назад

I agree Mae, he showed courage to move again so that he could enjoy the remainder of his living years -- The USA is just way too expensive for even a upper middle class person to live comfortably as health insurance and even a minor health situation, can set you back to poverty levels. He did the right thing by moving. Kudos to him.🤗👏🏼👍🏼❤

@mylazydaygarden2628 3 года назад

I decided when I was in my 40's that the only way I would be able to live decently in retirement was to pay off my mortgage. I just retired a month ago at 62! SS puts me a smidge above the poverty line but I'm living mortgage and debt free. It's great!

@mae9064 2 года назад

@My Lazy Day totally agree. I retired at @ 58yo and have a good quality of life because the mortgage is paid off. It’s the only way.

@spankynater4242 2 года назад

I own two homes, One of which the mortgage is paid off. My plan when I retire is to sell my paid off condo, and use those proceeds to pay off the balance on my other home, which is not that high right now (about 90,000).

@batman6540 2 года назад

why did you take a mortage in the first place?

@BirdDogey1 3 года назад

I've had multiple friends who have retired to Mexico and Central America. They had enough money to retire in the US but chose a home on the beach outside the US and couldn't be happier. A flight back to the US is only a couple of hours.

@MysticButterfly9 3 года назад

I live only on SSI, which is $690.00 a month total. I have to say I have taught myself a lot and consider myself the queen of below poverty living !😁

@HolySchmidt 3 года назад

Well done!

@moltres234 3 года назад

I get $794 a month and while that seems like a lot. It’s not. I’m waiting for the disability people to help me get a job like they promised now 3 years ago.

@PInk77W1 3 года назад

That is hard core

@mikeraz594 2 года назад

what region of the country do you live in?

@moltres234 2 года назад

@@mikeraz594 Louisiana or are you talking to another person. It’s hard to tell sometimes

@Skott62 3 года назад

SS was never meant to be the only source of retirement. It was meant to be supplemental. Each person is expected to save and/or invest and build a nest egg over their lifetime. Many people don't bother or just cant do it. Its easy if you can discipline yourself to live within your means. Disciplining yourself is probably the hardest part though. Sooo many temptations out there to buy sooo many things. The banks and lending institutions don't help by getting you onto their credit cards and keeping you in a endless cycle of debt. If you can get that house, car/s, and CC debt paid off by the time you retire you should be in a really good position.

@TheDano1947 3 года назад

Government generosity is great, I took SoSec at 66, wish l coulda waited till I reached 70 but l needed the money.

@pedroarmenta6439 3 года назад

Excellent video, it's good to know. Next year I'm turning 62 and I'm planning to retire in México, and I have a son, he's 21. I already qualify for 1200 a month on my SS. What I plan to do is still helping my son with about 500 dollars a month and with the remaining 700 is going to be enough to live there. I already have a house there so no rent needs to be paid. With $700 and minimum bills to pay that money can last for food, going to sports venues to watch soccer, football, bullriding and Lucha Libre. I've seen videos of thousand of Americans living in paradise in places like Huatulco, Puerto Vallarta, Chapala, Ajijic, San Miguel de Allende on just SS. So I'm hoping to be in México City next year and live there.

@clarkclarke 3 года назад

So I'm a bit confused., you son is younger than you but you are giving him $500 a month 🤔. not judging and don't need a response .. I'm sure a lot of details are missing .... Be well ..Be safe 🙏🏾

@lauraz2896 3 года назад

@@clarkclarke I was thinking the same. Maybe he is disabled or something, 🤷‍♀️

@KvichakSmith 2 года назад

Thats what we decided to do (Mexico) our cost of living is low. Healthcare is abundant and affordable. Yes we pay out of pocket. Quality of life is amazing.

@daleboris-kane313 2 года назад

@@clarkclarke my sons are growing up slowly and still at home so maybe that person feels he wants to help his son until he's on his feet... just guessing

@stevenmarquis2073 2 года назад

Trying to hold out until 66.5 for full retirement. SSN check should be 3000. Union check for 40 years of work only 1350. Have houses in Paraguay but going to by small home in Florida panhandle. Going to travel back and forth as we have family in PY. Easy to live there on what we have. I wish everyone all the best during your retirement. Stay active and enjoy what you worked so hard for.

@jeffdunnell508 3 года назад

Failure to plan is planning to fail,save at least ten cents of every dollar you make,pay yourself

@Juan_Hernandez_Jr. 3 года назад

I'm 54. When I turn 60, I'm selling house, cars and everything that isn't tied down, and I'm leaving the U.S. Most likely somewhere in Asia. Live off the 401k until I can apply for SS. I will live fine off the money I will be getting from my 401k/Roth 401k. "If You Fail To Plan, You Plan To Fail" Good luck all!!!

@gullrockgeorge9057 3 года назад

Well done. Totally agree that the key to making it on Social Security is settling on an appropriate lifestyle. I know someone who does it and makes it work exactly the way you describe. Modest paid off home that costs them less than $500/mo in taxes, utilities and maintenance. No credit card debt - period. In touch with reality in terms of what can be afforded in hobbies, travel, etc. Very little "dining out".

@kw7292 3 года назад

Schmidt great info, straight forward, excellent. Thank you for what you do.

@chrisdekeyser549 8 месяцев назад

I have my retirement plan... I am 62 years old ,I plan on working till 65 and I have 20 acres in West Texas desert that I plan on homesteading. 🤠

@honestabe5087 3 года назад

One of your better videos. Keep pumping them out. 👍☺️

@oldtymer9106 3 года назад

Did I miss it or did you not mention "getting a part-time job"? Plenty of jobs a senior can do that don't require much energy and that young people get bored with: phone jobs, guard jobs, paper pushing jobs, driving jobs like Lyft or Uber eats. Many of these jobs let you set your own schedule! Just a thought.

@BillyT531 2 года назад

Absolutely. Seems like a lot of people on here want to sit in the rocking chair and give up.

@europeon2wheels89 2 года назад

When I decided retirement was on the horizon I shifted gears into retirement mode. I'd traveled internationally extensively, had a place picked to settle and prepared as an American to retire from a job in Portugal with little savings and US SS. I quit buying "wants", started only buying "needs". I began paying off debt and stocking up on and storing nonperishables. 20 pr jeans, 2 pr hiking boots, 20 pr socks, etc. The month I retired I bought a new inexpensive, 45-50 mpg, uncompllicated diesel automobile for cash and I kept my '07 Harley bought new in the US for cash in '06. After 4 years retired I decided to move east to Serbia. Serbia has been a great decision. First 5 years rented a large 2-bdrm apt w/garage for €110 ($112.09) a month. Landlord raised rent to €150 two months ago. Great food, people, English is commonly spoken, low taxes and mild weather. Just bought a 2-bdrm old farm house in the country w/about a hectare of flat land for cash saved from SS. People are moving into the area and prices are rising. My next door neighbor was born in his house, moved to Philly, worked and retired to move back here in retirement. Nice guy but at 68 he's a bit of a youngster., Just wrote my last rent check as I'll be out in August. Now I'm reading a possible 10.5% increase in SS next year. 10.5% increase plus no more €150 rent will mean about $315/mo extra spending money next year. Yabbadabbado!!

@WeTHINweekly 2 года назад

What a marvelous way you help others. Thank you for your dedication to this endeavor. ✨MJ

@HolySchmidt 2 года назад

Thanks for the kind words MJ

@davidbuchanan9812 3 года назад

Excellent advice. Mention International Living Magazine. It contains a wealth of information. You’re the first advisor I’ve seen recommend the expat route. Bravo! Go where you are treated best! Overseas is the ticket for retirees.

@orlymarq6238 2 года назад

Exactly

@jwrn4u 2 года назад

My 1bedroom is cozy comfortable and cost 425 a month, East Tennessee, my local Walmart stocks about 80% of what I need and the rest is out of stock. I’m getting most worried about inflation due to a oil shortage when Putin cuts euro oil supply, it turns out Russia is the number 2 oil producer and could put a serious hurt on everyone. The USA is way too dependent on otr trucks.

@geewhiz6598 3 года назад

Excellent, detailed info, as always. I was surprised by the “nuclear option” you provided at the end - very creative. Also, I like the statistics you give about social security, including receiving 77% more by waiting until you are 70 years old to receive it.

@HolySchmidt 3 года назад

Thank you for the kind words

@eddiekulp1241 3 года назад

I live off just S.S. live in senior housing rent 25 % of income owe no money no car payment not well off but dont struggle.

@ernesthanks6125 3 года назад

Moving overseas is an excellent and fun option, but don't forget that Medicare is not covered overseas - so you should buy international or country-specific medical insurance (and add that to the cost of retiring in another country). Nice video, Mr. Schmidt. Thanks for doing these.

@spankynater4242 2 года назад

And also, if you move to another country, it’s like they have a different word for everything.

@europeon2wheels89 Год назад

Most countries where I've lived in Europe medical costs are so inexpensive most pay cash. I just got a medical/dental insurance plan for €1019/year. And I'm 71.

@harveyh3696 2 года назад

Another A+ presentation.

@HolySchmidt 2 года назад

Thanks Harvey!

@PInk77W1 3 года назад

I rode my bicycle across India. I love it there. It’s crazy but so cheap

@jwrn4u 2 года назад

You’ll get run over,

@PInk77W1 Год назад

@@CzechtoU about 1 block from the Taj Mahal There’s a pile of trash about 50ft tall

@dougmoore5252 3 года назад

Mr Schmidt, you are a big help to us, Thank you!

@HolySchmidt 3 года назад

You bet.

@ala-mikehopkinsmichaelhopk8154 3 года назад

I am 80, retired in 65. SS is all my income --- own my house with a mortgage....Doing fine as long as I watch my extra spending....

@ChipKingsbury 3 года назад

I'm just over 65 and I live in Kenya. I'm a dual citizen, with both USA and Kenya citizenships. My wife and I will retire, and live out our days, here in Kenya. The cost of living here is lower in many ways than in the USA. In other ways it ismuch more expensive. Imported manufactured goods are expensive, locally produced/grown goods are less expensive. Hiring help is less expensive here than in the USA. Our big concern is over healthcare. Medicare does not cover one living outside the USA, even if one has paid into the system for many years as we have. My brother and his wife retired to France. France has an excellent public healthcare sysytem that covers everyone residing in France - reguadless of citizenship. Retiring overseas can be a real money saver, if one stays healthy and/or if one goes to a place with great public healthcare systems. Thanks for your channel. It is very helpful.

@Observer82AB 3 года назад

Medicare blows anyway and only pays 80%. That leaves lots of individual medical bills that want to be paid all at the same time.

@peternorthrup6274 Год назад

Are home is paid for. At 62 I receive $2343.00 per month. My wife gets a little less. We do fine. Moving away from NYS high taxes was smart move. We moved to NC.

@davidelliott9609 2 года назад

I live in Southern California. For us the nuclear option was a reverse mortgage. Historically the values have stayed strong here, And we are comfortable with it.

@marydonaldson1483 3 года назад

I stepped out and moved to Colombia. My social security works for me. And the food is inexpensive.

@MissouriPrepper64052 3 года назад

Just turned 44 yesterday plan on taking the nuclear option moving to Tunisia or even back to Italy

@jamescalifornia2964 3 года назад

I don't blame you . Best wishes ✌

@hereBDBD 3 года назад

GREAT ADVICE!!! ...start renting rooms now in your 50s while you're still earning and payoff everything and maybe start a retirement company - it's important to retire TO something and not just FROM something.

@eckankar7756 3 года назад

Perfectly said, retire TO something, not FROM something.

@sct4040 2 года назад

I rather live tiny than with same crazy roommates who may or may not pay up.

@jamescalifornia2964 3 года назад

Ecuador is also popular for retirement - I believe 60% cheaper than U.S.👌

@LB-ty6ks 3 года назад

Another very useful video. Thank you.

@HolySchmidt 3 года назад

My pleasure LB.

@suen5006 3 года назад

Great to see you promote living abroad - takes planning but can be a huge savings and great adventure for the right person. I want to explore the Eternal Springtime area of Mexico as a possible part-time living option - the high country. San Miguel is a bit pricey but there are other affordable areas.

@DavidEVogel 3 года назад

Possible but not probable. Parents want to live close to their children and grandchildren. At least in the same country.

@suen5006 3 года назад

@@DavidEVogel it depends, it's only a flight away. We don't have any kids. Millions of retirees are already living abroad.

@jonathanleonard1152 3 года назад

When you say living in NY PLEASE differentiate where in NY. NYS has many varied CoL situations. In Troy NY, in a senior coop I pay rather small one bill monthly fee. This fee covers all expenses and is much less than our single family detached house in the same city. As owners we still pay local and school taxes. We are close enough to the city center to be able to catch a bus to shopping and entertainment. Thus we do well with one personal vehicle. NYC on the other hand is very expensive. Though we might be able to live without any personal vehicles the cost is so much more it would eat the savings.

@HolySchmidt 3 года назад

The numbers reflect NY State. NYC would be much higher.

@bettyhirsch-klein1701 3 года назад

Westchester cost of living high. My brother moved to ecuador to escape this problem.also being alone is hard. During quarantine very hard

@madambutterfly7513 3 года назад

I have invested all my life, owned three homes, retired at 62 , being debt free is key to success & happiness! I'm doing fine just on SS, receiving almost $2,000 per month, plus investment dividends

@beverlyweber4122 3 года назад

I am going NUCLEAR....and so excited to begin that journey. I spent one year in Chiang Mai, Thailand at a cost of $1100 per month from my late husband's retirement. Lived like royalty. Now that the 'situation' has sadly decimated their economy, the exchange rate from USD to THB is heading in a favorable direction and homes I only dreamed of renting now run less than $350 per month. Working overtime to pay off all my debts and save enough to pay a full year's rent up front and thus live well on $600 per month for my returning year (2023) is the goal.

@ohiopat 3 года назад

It's scary that so many don't have any savings. Early on I got terrified of not making next months rent and started by getting ahead just one paycheck so I had that cushion. A little at a time.

@trumpisaconfirmedcuck5840 3 года назад

I have almost half a million retirement savings and home equity at age 40. I'm just a teacher.

@ashleybosvik3031 3 года назад

I bought a house 10 years ago and paid cash. My Bill's which includes taxes is 600 a month. This is where I am staying. Not a mansion but a house in a small town with a large lot.

@HolySchmidt 3 года назад

Good strategy. It sounds like you have thought this through.

@aspensulphate 2 года назад

Sounds like me. Bought a 2-bedroom house in '05, and paid it off just recently. RE taxes this year: $420 (not a misprint!) Planning to retire next year at 66, in a safe, friendly, small town. Car paid off, no debts. I think I'll do fine on SS.

@2legit2Kwit 3 года назад

My mom did it. Had a paid off everything.

@Joeelectronicschematicsforauto 3 года назад

Renting a room to a tenant is not easy if they don't pay their rent on time it is not easy to evict people not a good idea

@sangroncito7551 3 года назад

Negativity won't get you very far. Don''t be a victim of "what ifs".

@blacktara3936 2 года назад

Ahhh, another realist. Have also had bad (and dangerous)experiences with the room-mate situation. BAD idea for a female especially. I'd sooner live in 1 room eff apt, alone.

@London100 2 месяца назад

I have been researching retiring abroad. However, important factors that only afew are talking about are health care systems for expats, assisted living, and use of health insurance in these countries. It's OK to believe you want to have a higher quality of life as an expat, but these concerns are real and should be examined fully before making any decisions. Thanks for your video they have helped.

@colleenconger5265 11 месяцев назад

Unfortunately I rent and live in a very high rent district and I do not want to move and purchase at 64 years old as it would deplete a lot of my money, and then I would have property taxes, and everything else. So thank goodness I have a 401(k) and some savings as well, and have not started to collect yet.

@ws775 3 года назад

If property taxes, insurance and upkeep is less than renting you can stay in your home. That is if your home is compatible with the older years. (Stairs etc...)

@sct4040 2 года назад

Housing is #2 of expenses. Living small in a 1-bedroom apartment that's all paid. #1 is healthcare including health insurance, even while I am healthy.

@TheWilferch 3 года назад

Or (my example)....move away from NY State....where we paid $10,000 a year in house taxes....and moved to South Carolina, where the tax would have been $1300/year.....but at our retirement age,...ends up $600 /year. Right..... NY costs 17X as much.

@uncareid5557 3 года назад

WOW! Common sense and great advice overload. Short and to the point. Worthy of a second listen, two thumbs up! Other benefits of waiting until 70 to collect SS- Four less years of retirement to finance, four more years to pay down debt and build the nest egg. That did not work for me, we lost our jobs to the commie virus and will hopefully be able to live off savings until we hit the big 70. Moving out of NJ sure helped!

@timw.9466 3 года назад

Let me guess property taxes? Same problem here in illinois. Im moving to the southeast part of the states to avoid taxes that approach the mortgage! Ridiculous here in illinois as well!

@uncareid5557 3 года назад

@@timw.9466 Property taxes in Bergen Cty. NJ: $7400.00 (cheap for the area). Property taxes in Rutherford Cty. TN: $1800., relatively high for the area, new construction. State income tax NJ: 6.37% (avg.) in TN: 0%. Gasoline is cheaper, sales tax is higher, food is about the same. BUT, I sold a 60 year old NJ house for 600K and bought a bigger one in TN for half that. And it is bigger, and brand new.

@frankellis9627 3 года назад

You read my mind! That's exactly what I'm going to do! But, I'm thinking about Colombia or Costa Rica! I don't know why most people don't think about this! I will not live in poverty in my country when I could live a better life elsewhere! Becoming an expat is not the end of the world!

@zzanatos2001 3 года назад

I served in the military for 20 years and paid into Social Security the entire time. Now I teach high school and am exempt from paying into Social Security. (Instead, the money goes into a public employees retirement plan.) When I retire in another 12-15 years, I will qualify for a teaching pension in addition to my military pension - but I don't think I will ever see a single red cent of what I paid into Social Security from age 16 - 40. That's more than 24 years of contributions with absolutely nothing in return.

@susanbanyai8251 Год назад

Same. It sucks. Something needs to be done about this.

@Inseparable724365 3 года назад

We are doing just fine. I retired May of 2018 at 62 1/2 to take care of my parents. We went back to work during the pandemic and socked away 50k in 10 months before our company sold out. During that time we refinanced our mortgage from 750 a month (P&I) down to 515 and then threw in the 50 grand down to get it to 300 a month (HELOC). We live in a 10 year old colonial (that we bought from the builder), both our cars are in great shape and paid for. We are living off of 1500 a month, and enjoy just hanging around our house. No desire to travel, take a cruise. Our retirement is exactly what we said it would be when asked what are you going to do when you retire, "not come to work anymore". With no concerns for leaving an inheritance we are considering a reverse mortgage. My wife is only 42 but wants to stay in our current home until she dies. It would pay off the mortgage and leave us with 30k to draw. Right now we have way more than that to draw from, but it will need to get paid back at some point ???

@JO-gr5bp 3 года назад

I live in san diego, moving to mexico, can live well on navy pension and social security.

@christopherhennessey8991 3 года назад

I claimed at 62.The Social Security benefits that supplement my pension really paid off ! I just became credit card debt free today.Should be mortgage free by the end of the year.

@johnathonbells532 3 года назад

I live on SSI and SSDI and bought a 10k house fixed it up and sold it. SSI took every penny of profit from that house which I'm still repaying it back and now I'm forced to live mainly off my SSDI because SSI is still collecting from me. I wasn't trying to get rich from that house but I was trying to have an investment to buy another home in a safer neighborhood. Everyone knows with low income and no down money it's super hard to get a decent home to purchase. Now I'm forced to be a roommate in someone's home. I have learned that SSI can completely trap you down financially but it's a blessing too have Medicare/Medicaid in the USA. I wish I could live overseas but I would only have my SSDI to live on and no health care..

@sallyclay1974 3 года назад

I'm retired in Danbury, CT. I worked for May Company, in NY, Fla, and CT. My last position, was at Filenes, at the Danbury, CT mall. We went through a bankruptcy where May Co went out of business, and Federated Macy's took over. I worked there 16 yrs. That's when, I threw in the towel. I'm glad I did. Malls r dead now. People shop on line. I went through my stock money,in about 8 yrs. Since retirement, in 2006, I've learned how to live on a budget. Good luck retirees!

@CarbageMan 3 года назад

Sadly, property tax is about 1/4 what my mortgage was.

@govinda102000 3 года назад

In CT, I pay yearly property tax of 5500. for 900 sq feet. Wife has no interest in going elsewhere unfortunately for retirement.

@mtadams2009 3 года назад

@@govinda102000 I live in Westchester NY and pay 32,000 per year. I have friends who pay 85,000 per year. Crazy town. I will be moving soon. Taxes on my rural house in Mass is 5,800 which seems cheap to me. I love my small rural town and we have no business to offset the tax base. No crime and very quite. It works for me.

@sct4040 2 года назад

@@govinda102000 How would she know unless she has been there? Try a cheap vacation and see how you like it.

@govinda102000 2 года назад

@@sct4040She actually liked the visit. I even thought of buying one of the small studio condos for sale roughly 10 years ago when we went to South Beach. The market was down and they were going for 25-30k with taxes of 200 per yr and also common charges 100-200 per month. 3 years later, prices jumped to over 250k.

@JaneK6557 9 месяцев назад

In some states, once you turn 65, you no longer have to pay property taxes. Check with your county’s tax office. My sister in law worked for the county tax office or I would have never known this. Bet there are thousands and thousands of people paying property taxes who are actually exempt. The counties don’t exactly advertise this…

@MiHiHemi 3 года назад

As an Architect, I’m lucky to be able to keep doing something I like until I can’t walk, talk or think. S.S. is fun money for my race car right now :-)

@jamescalifornia2964 3 года назад

Don't lose your teeth ! 😪👌

@johntalley7326 3 года назад

Do your research before going nuclear. Friends bailed to South America and were doing well until he developed heart disease and Medicare would not cover him in a foreign country. They moved back to the US and lived in a small travel trailer until he died. Know what medical coverage and at what price will be available.

@TheDano1947 3 года назад

Doing that since 2018, it works. My overhead is 58 % pf my income and will be 34 % once l pay off my mortgage in 5 years, l still owe over $87,000 but am knocking it down in saved money.

@frankshattuck1975 3 года назад

I live very well on my ss and don't really have any trouble making ends meet.

@jamescalifornia2964 3 года назад

Take care of your teeth ! 😁👌

@AllAroundHnadyMan 2 года назад

Excellent job on all your videos.

@HolySchmidt 2 года назад

Thanks very much!

@timothysmith7080 3 года назад

"Live with a roommate".....ouch! Those 4 words along would make me increase my retirement contribution if I wasn't maxed out already.

@uncareid5557 3 года назад

Hey, it might not be so bad, how about a few college girls? I bought my first house in college and my four tenants paid the mortgage and utilities. I lived for free and sold the house after school for a 25% profit!

@cherylcuttineau7916 3 года назад

LOL--the most small claims cases that come before Judge Judy are roommate and landlord-tenant disputes. Beware: "The Roommate from Hell!"

@lauraz2896 3 года назад

Some of the ladies in my social group have talked about it. It’s definitely not easy

@jakemanchester5139 3 года назад

Being debt free is the key. I paid off my home. I bought a new pickup in 2015 and a leftover 2019 SUV and paid them off. I retired last August at 63 and 4 months and took SS. I also get a pension. That has allowed me to stay in Massachusetts. My 375,000 home costs $4800 in real estate taxes....

@Observer82AB 3 года назад

Excellent planning! You sir are ahead of the game and to be commended!

@STUPIDMEMBER 3 года назад

collect SS from 62, while still working and put it all aside. Check what you gain by waiting vs collecting while able to stash the whole monthly stipend. It's different for different situations, but you'll never know if you don't check.

@karenbolton9526 3 года назад

Owned my home and sold it at 50 did bucket list travelled over 40. Countries .got daughter great education now in corporate world smart set up for her own future .now work less be frugal minimal downsize rent but 1 bed beach apartment on holiday everyday no maintenance costs .pay 100 month life insurance .save in pension fund .keep assets below threshold so will get state pension which will top up to keep same quality of life .now work 30 he weeks instead of 60 .live in moment not waiting for retirement which may never come .glad I saw the world hugely before covid .now just a dream for many .enjoyed lockdown did health education and personal development stuff.if world stops quite happy spend days in Van touring country living till I drop .life is adventure not ratrace work slavery .hopefully die penniless but had amazing ride to the graveyard

@richardburchett 3 года назад

Great and informative video. I like how you give real concrete numbers and great advice to someone in that position.

@feeling23again73 3 года назад

Easy for you to talk and everything going up up up.

@diamond6256 3 года назад

2014-I paid off my house and I am completely out of doubt. The only thing I have a hard time is Property tax. What I paid for the house taxes I could handle, but now I am paying for thin air at $96k. That is so stupid. I don't think market price and property tax should be related. I paid interest on the money paid to the home, that should be enough. Other than Deferred tax, at retirement age, we get a break on county homestead but NOT city. At least that would help. As a Senior now, you think there would be special breaks for working 50 years. Sad.

@gybx4094 3 года назад

It all comes down to your cost of living. If you're happy living a simple low cost lifestyle, then SS could be enough. It would be very tight if you have a low wage history.

@CharlesMuccia 3 года назад

Good video! Thanks for the info! Already got my sights set on Medellin, Colombia for my retirement. Great weather, excellent health care and much lower cost of living. But I haven't ruled out a few other South American cities.

@billyda57 3 года назад

Check out Cuenca, Ecuador. They use U.S. currency.

@DonLounsbury 3 года назад

70% chance of precipitation every day from April 1st to November 30th. Not my idea of good weather. Temps are perfect, but the sun almost never shines.

@Nemo-yn1sp 2 года назад

I'm now looking at the ex-pat option with some excitement! Learning Spanish, preparing to expand my horizons and comfort level to go where I don't speak the language (and solo) to find somewhere I would like to live on my retirement income of $12K/year (only half is SS) if/when I can't continue to generate other cash. I thought I'd start with Mexico, on land, before anywhere I have to fly to. I've a great interest in other cultures, but have never had the opportunity - or courage - to explore them internationally. Not completely debt free, but have a mortgage with such tiny interest & payments that it's not much more than the cost of a storage unit to maintain, even if it's empty. Once I decide where to land, I can sell it. :)

@feetincheseighths 3 года назад

I retired at 61 and then realized what my co-workers will be facing at retirement. Our house is very small but paid for but for many working and renting a place to live it will be imposable with SS and a meager pension described in the company documents. Retiring early and choosing the 100% spouse survival benefit significantly reduces your company pension. Florida is the largest population with the least amount of public transportation. A deal-breaker for many economists calculating wages and cost of living in Florida. Buying a vehicle and having insurance becomes a big piece of the pie while working an hourly wage in the tourism industry. Retirement might be a challenge for large numbers of Floridians in the coming years. We are fairly comfortable and enjoy travel and hobbies.

@bobcourtier4674 3 года назад

Insurance is my biggest expense, my supplemental went up $75.00 this year. My basic liability car ins. is $120.00 per month, I drive 60 miles per month, that’s $2.00 per mile for basic liability, even tho I have a perfect driving record. Cancel your cable and newspaper. It’s surprising what we can do without.

@skibum6422 3 года назад

Why is your car insurance so high. I have full coverage and mine is less than that.

@bobcourtier4674 3 года назад

@@skibum6422 I moved to Oregon from Minnesota a few years ago. The same ins in minn. was around $40.00 per month. Don’t know why Oregon is so high, the insurance people here won’t talk about it except to say that it’s because of uninsured drivers.

@seventhchild7270 3 года назад

@@bobcourtier4674 what car insurance do you have?....I pay my car insurance every 6 months.with Geico..730 to 750 in march when i renew,.... contacted Progressive and given a quote for my full coverage on 2011 Rio Lx..with 61,800 miles......about 400.00 every 6 months....

@bobcourtier4674 3 года назад

@@seventhchild7270 Hartford car ins. and Blue Cross supplemental. Blue Cross is going up $75.00 per month. If we had universal health care the insurance people would have to find honest work.

@davisholman6518 3 года назад

Lisbon, Portugal is where I would go. Most people speak at least some English. Worth checking out.

@wendellwhite5797 3 года назад

I am 69, and I am glad that I got my S/S when I was 67. If I didn't, I'd be homeless now and would have to have wanted until 70 to receive it.

@HolySchmidt 3 года назад

Great story Wendell. Thanks for the comment.

@Brandr1 3 года назад

Sold my larger and nicer house six years ago and paid cash for a much smaller house in the country,,,, thank God! Planning on retiring at 62 (4 years) and working part time. But if I can not work later on,,, I should still be okay.

@jamescalifornia2964 3 года назад

Sounds good. If not in the city keep a gun in the house . Best wishes to you.👌

@roadcruiser2030 2 года назад

If you plan on working at 62 and taking SS, keep in mind you won't be able to earn much or SS will turn off your benefits. Better to wait until full retirement age if you plan on working.

@thelastwrap7756 3 года назад

I had a uncle in the past who lived on a sailboat in the virgin islands.

@PInk77W1 2 года назад

When u say “If u delay SS till age 70, u get 124%” You leave out the last part “-8yrs of checks”

@johngill2853 2 года назад

But the video is about living on social security alone. If would definitely be easier at 70 if your going to live on social security and nothing else. Now if you can live on social at 62 great.

@davidsiemer7578 2 года назад

Good advice- my wife and I definitely intend to retire outside of the USA as soon as possible; for more than just financial reasons

@HolySchmidt 2 года назад

Sounds good

@daleboris-kane313 2 года назад

I wish I didn't have to think about leaving the usa. Same planet and many wonderful places but, gosh

@PInk77W1 3 года назад

I will be 62 in 1.5yrs. I have zero debt whatsoever. I could live off SS. As long as I don’t buy any poogie bait

@alliecat4176 3 года назад

Great video, thanks!

@garlandetheridge9902 3 года назад

Excellent vid. Living in another country is fun. Don't let fear stop you.

@lindajackson4631 3 года назад

I took my ss early and I’m glad because I needed the $

@glenh4971 3 года назад

If you have no other income other than social security a good idea is to immigrate to Panama. You need some money to get started to apply for residency. Its not hard. You can move into the country side of Panama and find a very low cost house to live in. Yes, simple living. Better than staying in the US though. Living in the US takes money. If you are not prepared for retirement, my suggestion is doable for some people.

@Mexicobeanpole 3 года назад

I’m a retired American that has lived In Panama, Costa Rica and Mexico. Panama and Costa Rica are both great countries, but they haven’t been low cost options for at least 15 years now. Mexico is a big country geographically, and still has areas and options for living on as little as 30-50% of what the US costs. Asian countries are even lower costs of living. I just didn’t want to be that far from the US, and I have an affinity to Latin cultures.

@glenh4971 3 года назад

@@Mexicobeanpole Costa Rica is much more expensive than Panama. Real estate is over-priced in Panama. However, you can rent for cheap price. Now is not the time to buy real estate in Panama. If you live in the interior, it is still cheap to live but like everything else, it depends on what your standards are.

@alanraymond1545 3 года назад

Pay off the house, use Medicare, pay off all other loans, live in a no-income tax State.

@judyanne3563 3 года назад

Where would that be?

@alanraymond1545 3 года назад

@@judyanne3563 My wife and I

@alanraymond1545 3 года назад

@@judyanne3563 Florida

@Observer82AB 3 года назад

You will need a Medicare supplement of you will incur a myriad of medical bills.

@robertekis2450 3 года назад

All it takes is one serious illness and you too will end up with all your retirement savings gone to cover medical and living expenses. I used to think there was a safety net for situations like this, but now that I have been caught by extended illness, I know better. Just be aware, if you don't have enough saved to support yourself for the rest of your life RIGHT NOW, you are screwed if you get sick (unless you are like me and have health care coverage through VA). I barely made it to age 62 so I could begin collecting Social Security. Otherwise, I would have starved to death. Anyway, since I'm too sick to work and had to spend all my retirement saving just to stay alive until 62, I'm glad to have these tips on living on Social Security alone. Also, keep in mind, if you have to start using your retirement savings early because of an illness, you will have to pay a penalty for using it as well.

@markbrown5117 2 года назад

Excellent as usual thanks

@HolySchmidt 2 года назад

Thanks Mark

@freebird7284 28 дней назад

insurance and property taxes are my only big ticket items

@donnapatacchiola6942 9 месяцев назад

Yes, got 70 percent

@MrWaterbugdesign 3 года назад

I'm 64 year old guy in the US. Been researching moving to another country, glad to see it suggested here. The other suggestions are great too. My current plan is to move to the Philippines, but Vietnam is also on my list. There are many interesting places to live. And for guys like me in the Philippines I'm likely to be able to find a wonderful wife and eve have kids which is something I wouldn't consider in the US due to divorce laws. I don't need the lower costs of living, but drawn to the adventure and new life. Think out of the box.

@lauraz2896 3 года назад

Um….be careful with that.

@aspensulphate 2 года назад

You look so young for your age!

@MrWaterbugdesign 2 года назад

@@lauraz2896 I'm a now 65 yo man who retired 20 years ago. Married twice, lived with women, dated. Being told in RU-vid comments by an unknown poster to "be careful" is pretty hilarious to me. You may mean well, but still pretty hilarious. "Be careful driving." Oh, thanks. I had been planning to drive with my eyes closed so thank goodness you reminded me to be careful. Hilarious. Let me turn it around...don't be too careful. Take some risks, go on some adventures. Don't be so scared. Make memories...good or bad. My whole life people have been telling me how I should live but I decided to live my own life. I joined the Army out of highschool when my Dad said he'd get me a job at Kodak. Work for 45 years at the same company or risk getting shot at? Adventure. The Army was a very interesting, fun and exciting 3 years. More memories than most have in a lifetime. It wasn't the careful choice. My Army training gave me the chance to get a job with Bendix on the island of Shemya in the Aleutians....way out in the Aleutians. Few people get that experience. Today the public aren't even allowed on the island. What an experience. Then I went to college and was told to "be careful" and study some common thing like medical, accounting, law. I'll go my own way and study something most people had never heard of before....a thing called "computers". Ended up dropping out after 2 years (be careful, don't drop out) to take a job creating video games. Most people didn't know what a video game even was. My Mother thought it has something to do with porn. I created an Atari 2600 game that was the companies best seller and my salaried was doubled after 3 months. My response was to quit and start my own video game company with 2 guys who knew nothing about games. My Dad said "YOU DID WHAT?" That company failed but had been paid a decent salary and as part of the break up I got to keep the game I was working on which I sold to Imagic for $50k (about 2-4x my salary at the time). That lead to a job at Atari and a move to CA. That was a whole adventure but lead to a job at Apple helping to create the Apple IIGS....Apple's first color interface. A couple of my inventions are still used in Apple products. After 5 years at Apple I went out to work at other startups. The careful thing would have been to stay at Apple, make a huge check, stock and go to endless meetings. I wanted adventure. So a bunch of startups where I got to create many products. None hit huge which was OK because the salary and bonuses were high and I was having a ball. A lot of freedom, risks and even some wins. Got to work with some of the greatest people on Earth. Retired at 45 even though I loved my work. Just wanted new adventures and loved the freedom. I didn't have a pile of money....not very careful. Did all kind of fun things, even picked up some cash along the way on from hobbies. This is why I find "be careful" to be hilarious. It get's scarier...I'm not just going to SE Asia to rent a condo on the beach to watch TV, drink and eat. I'm heading to the mountains. Remote type place. Mosquitoes, Dengue fever, long ways from anything to build my house. I may fail. That's OK. It's the journey that matters. I'm 1 year behind my goal of getting my house ready to sell or rent. But that's the beauty of retirement. Goals, not deadlines.

@lauraz2896 2 года назад

@@MrWaterbugdesign I was trying to be funny. 🤷‍♀️