161–170 of 316 posts
too frugally hmmm...spending habit established over decades is not an easy thing to change, no matter how much money one has. I am not convinced FEAR is a dominant factor. It could simply be that people think there is no need to spend much in order to have a decent life after retirement.
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Most countries with decent healthcare are reluctant to accept retirees. They'll likely have to fund their own health insurance, at least. If you can gain citizenship of such a country, well in advance of retirement, it could be well worth it though.
You can go to developing countries. The health care I received in Southeast Asia was quite good and the full cost was significantly less than just the co-pays on my plan in the US. Thailand has a retirement visa that allows for 6-month stays and you can live quite comfortably there for under $20k/yr.
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The trick is to move to a country with proper healthcare
Most countries with decent healthcare are reluctant to accept retirees. They'll likely have to fund their own health insurance, at least. If you can gain citizenship of such a country, well in advance of retirement, it could be well worth it though.
A lot of countries hunt for wealthy retirees, like Portugal and Australia. Sure you must have your health insurance.
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Oh, if we had high interest rates and inflation, people with fixed incomes and savers would be feeling horrible too. The idea that there would be safe investments with decent returns is inherently ridiculous. The closest one can come is oligarchs buying tax policy, or baby boomers making sure that housing stock is inadequate so the prioe of the their home goes up artificially at the expense of the young and poor.
To me it seems that getting a decent return was a lot easier prior to 2007. Banks would pay interest rates of 6% or so and inflation was low. The stock market only gradually became overvalued.
Savings account rates have not kept up with inflation in my adult life time and I'm middle aged.
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To me it seems that getting a decent return was a lot easier prior to 2007. Banks would pay interest rates of 6% or so and inflation was low. The stock market only gradually became overvalued.
Citation needed. In 2007 a 1 year cd was paying about half of that. Savings account rates have not kept up with inflation in my adult life time and I'm middle aged.
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Most countries with decent healthcare are reluctant to accept retirees. They'll likely have to fund their own health insurance, at least. If you can gain citizenship of such a country, well in advance of retirement, it could be well worth it though.
Not true. Retirees with generous pensions are a great opportunity for any country. They will bring money to your country without the need to produce anything. They won't consume a lot of public resources (no need of school or of police repression). They will reform a house, eat in your good restaurants, and enjoy all the services you can offer. A lot of countries hunt for wealthy retirees, like Portugal and Australia…
If you ignore healthcare, nursing homes, etc., perhaps.
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Most countries with decent healthcare are reluctant to accept retirees. They'll likely have to fund their own health insurance, at least. If you can gain citizenship of such a country, well in advance of retirement, it could be well worth it though.
Not true. Retirees with generous pensions are a great opportunity for any country. They will bring money to your country without the need to produce anything. They won't consume a lot of public resources (no need of school or of police repression). They will reform a house, eat in your good restaurants, and enjoy all the services you can offer. A lot of countries hunt for wealthy retirees, like Portugal and Australia…
Either the host country's end-of-life medical care is not great by American standards (in which case what you write is true, but many Americans wouldn't care to move), or it is, and a retiree would consume considerable public resources. Unfortunately, there's no way to have it both ways.
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Whatever you save with your blood, sweat and tears (if you are lucky) will be blown on medical expenses. The trick is to convert to cash (literal), then give it to your wife, convert medical expenses to debt and die.
The trick is to move to a country with proper healthcare
The old die to make way and free up resources for the young. That's the way it's supposed to work.
As your parents age you get a chance to see how they handle retirement. You may also get to see their critical thinking facilities deteriorate which, I can tell you, is very sad. One of the things my parents get exposed to fairly heavily are stories that our entire financial system is teetering on the brink of massive depression. Often times it comes with an offer for a 'sure fire' investment that will ride out this…
This in itself is poor preparation because it assumes the currency will still be worth something should some financial calamity on the purported scale occurs.