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Americans have saved so little for retirement they expect to work into their 80s
- byoung2 13y agoAmericans should consider retiring abroad. It is possible to find a country like the Philippines or Thailand where you can live comfortably on a $1200 social security check.
- ck2 13y agoThere is actually a trend to retire into certain parts of Mexico for those who need living assistance because of "cheap labor". I remember reading about a city built around this concept.
- byoung2 13y agoThat's true in many places. In the Philippines, you can hire a live in maid for $50/mo. Same with drivers, cooks, and caregivers. You could probably hire a full time nurse for less than $200/mo.
- arbuge 13y agoUnless American tax laws and financial regulations are changed, it is not so easy anymore. Americans overseas are subject to many unusual financial reporting requirements imposed by the USA which make it (1) expensive since a tax accountant/lawyer generally has to be retained annually to cope with them, and (2) difficult, since foreign banks are less and less willing to open accounts for Americans (they get subjected to reporting requirements themselves if they do that).
- byoung2 13y agoNot necessarily true. My wife and I opened a bank account with BPI online with no problems. The only US requirement is to disclose the existence of an overseas bank account at tax time. No accountant or lawyer needed.
- ck2 13y agoThe sad part is they really think they are going to be able to find/maintain employment after 50-60 years old. Unless you are self-employed or working as a Walmart greeter, you aren't going to find too many positions maintained for 70-80 year olds.