Most expats I know (I'm in Ecuador) shrug and say, okay. No problem. I keep finding ways of reducing my monthly expenses even now I pocket nearly a $1000 a month for medical emergencies, extra trips, etc... I don't know how anyone in the states manages on SS.
Elections have consequences. Free spending by an out of control administration and Congress hurts. Retirees are considered expendable as their electorate number will decrease.
I worked most of my life and I make much less than the "average" amount, which is pitiful. The increase is nowhere near a match for the amount of inflation now.
Thanks!! Living in Florida, and on SS. My car and home insurance have been increasing a lot (% basis) last two years and no end in sight. Groceries have increased too, for various reasons. Non-covered medical like dental is significant. Right now, being single, am fortunate my SS covers my expenses and don't have to touch savings. But looking at larger Euro countries like Germany, France, Spain, and Italy to help provide a better cushion. Semi-rural/small town - no big cities Probably need to put together a COL spreadsheet on them and take a tour or slow travel there to decide.
Great information. If you're relying on only Social Security for retirement, you probably aren't in a good way. You must use investments, real estate, and other things for retirement income. It's been this way since the 80's. If you only have Social Security, and it's a decent amount, you can live overseas on it in many countries. I am living on investment income right now (pre social security age) and doing great slow traveling the world. SEA is always a great option along with some Latin American countries. Balkans good. Turkye used to be good but hyperinflation has taken hold.
Sadly, not everyone has a nest egg. We have met plenty of people who live on their Social Security, but they are living abroad certainly not in the United States. Turkey used to be a great Haven for retirees but unfortunately hyper inflation and some of the new changes to renting, etc. has made it less than ideal Thanks for watching
@@WarrenJulieTravel I started late saving for retirement and I'm the only one to blame for it. I could blame inflation and income, but that would be making excuses. While I won't have a large nest egg, at least I have something plus I plan on working part-time for as long as I can. I couldn't sit at home wasting away.
Great vlog with god info and thanks for enlightening us with informative content. 1. Basic minimal sustenance items food, gas, utilities, insurance, and a place to live have gone up a min 10% and the 2.5% adjustment is a joke. 2. Didn't realize that France had an option for residency permit based on the minimum qualifying income limit with the potential to be eligible after 1 year in their National health system. Looks like a great option to be abroad and enjoy fine life in Europe. While being a good option for those in the threshold income ($1400/$2800) and slightly above, i wonder how it impacts for those in a higher retirement income (investments/SS/RMD all added up). I am sure you will become a French tax entity and may end up paying much higher taxes than US. Even though there is a tax treaty between the US and France any excess tax over the US tax paid abroad can be claimed back but there is a limit on the capture. 3. Nice to know that there are heath insurance options available abroad as an extension to Medicare A/B and Advantage plans. Can you make a video on the scope of coverage with rough cost for some one in 65, 70 and 75 age groups and what countries these options are available. Thank you again for all your Hard work and valuable information!!!
Calculating the annual COLA for Social Security does not even reflect the real cost of living. It's based on the average inflation rate for 3 months (Q3), but if you use the actual average for the first 9 months of 2024, the COLA would be 3%. In 2023, if you used the average for all 12 months, it would have been 4.1% rather than 3.2%.
Your series on France with the expert was refreshing. Yet upon deep diving into the costs and challenges. The main hurdle is renting (high cost), rental application (extensive process), banking (finding a bank to accept foreigners).
Check out Shadowstats which has the correct inflation rate as calcuated according to the 1980 formula and the current inflation rate in the US is around 9% according to that. The government has repeatedly changed the way inflation is calculated so that it artificially appears very low, which is why a direct comparison with the 70s and 90s isn't accurate.
FDR enacted the SS program during the Great Depression. When he signed the bill that put it into effect, he said that it was not a long term solution and would need to be replaced or severely overhauled in the future. Sadly, it never has been. I'd rather the government just let me keep my money and let me decide how best to use it for my retirement.
So let me get some clarification here it’s OK with you. Are we required to hang on the Medicare for living outside of the United States? Can we drop Medicare once living out of the United States and pick up a different policy with your company?
@rjh2772 You are not required to have Medicare, however, if you enroll later you will be penalized 10% per 12 months (year) for Part B and 1% per month for Part D (prescriptions). I say 12 months for Part B as you can only enroll Jan-Mar, which means you're basically waiting out the year until enrollment opens. And the penalties last for life. I've seen people ask, "Can't I just join if I get sick when back or return to the US?" While that may be possible, if you get sick in Apr-May, you'll be waiting until Jan to join and I believe coverage then starts in Feb.
True about the penalties. But why go back to such an overpriced system which has the worst outcomes compared to the rest of the world? Live overseas for the rest of your life. USA is rapidly declining & is not worth you being there. In 10 years, SOCIAL SECURITY goes bust. 2026, Medicare goes bust. USA goes bust too, so make plans to transfer your money elsewhere.
Well I can't afford a house or even renting right now . I live with my nephew after I moved back to Knoxville tn . Houses here are wsy to high as well as rent . So I'm living with him and his family and I work on his house . Fixing and remodeling his house to pay my rent. It's a good trade . He saves thousands of dollars and it helps me out as well.
The Social Security Administration announces its annual COLA each fall based on a metric known as the "Consumer Price Index for Urban Wage Earners and Clerical Workers," or CPI-W, which tracks the average change in prices paid by certain workers for a given basket of goods, during the third quarter, or July through September.
There's a proposal in Congress to use a different metric (CPI-E?) instead which tracks items that more closely align with what seniors buy, such as healthcare expenses. But my understanding is the rate is not a lot different from CPI-W. IMHO, Social Security and Medicare need a complete overhaul to correct the flaws and strengthen the system going forward.
Hellman's mayonnaise. Most of the companies cut the 32 oz down to 30 oz bottles. 10.99 a bottle. Saw it yesterday. Kraft was 5.99. Store brand was only four dollars but it was GONE and it never is there. I didn't get any mayonnaise.
I will not get a 2.5% social security raise, because Obamacare will raise my premium 2.5% and the government will tax 2.5% more of my social security leaving me taking a cut in pay of 2.5%. I would be 2.5% ahead if I didn't get a social security cola raise and the government still has not told us how much they are increasing the Medicare part B premium and also the county is raising my property taxes 25%, my income keeps decreasing
"Is 2.5% realistic?" Well now I can splurge on that extra cup of coffee each week!!...although when I look at my rising bills, I need something stronger...MUCH stronger!!!
You say that over 50% of your viewers are American, which I gather means that nearly 50% aren't... TBH thbias towards the info is a bit off-putting, but somewhat understandable. I watch many similar channels and would love to see someone do a video on the basics of retirement plans, social security in the US so the rest of us could have some kind of understanding of what's going on and why things are done the way they are done... Like for example... Social security... Is it something you pay into at all or nothing, is it something everyone is entitled to or is it means testes.. Just a good overall view for the rest of us would be appreciated
@@Wesna269 dumbest comment of the day. That's exactly my point, people in other countries don't know if social security is something that you pay into because in many other countries 'social security' is what it says. A backup payment for those who haven't saved enough for themselves either inside or outside of the various schemes found in different countries.
People who get to retirement age and expect to live off of SS have not planned well. Even to get 2.9K as a couple is very bad it showed that you did not earn too much when you were working.
Sometimes unexpected events happen and destroy people’s life savings especially in the US. Medical care can wipe out savings. It’s better to not need to solely live off of SS, but for some it’s all they have.
And...some people become disabled during their working years which includes lots of Dr.'s bills. I noticed in your other comment you remarked people didn't plan. Watch your karma my friend. That is why they call them accidents. You just never know when it is your turn. So, I would lose the smug and get humble because karma is a bitch. And will be something you brought upon yourself.
I'm probably the only person in America that has not been affected by inflation. My $1175 rent has not increased since I moved here in 2018, nor have my utilities, insurance, transportation or other expenses gone up. I spend the same amount on groceries and other items that I did 6 years ago and even managed to reduce some costs by shopping around. My total monthly expenses are under $2000 and my income is more than twice that from Social Security, a small pension and side hustle earnings.
Sorry. the 2.5% is all that is left in the budget. The funds were reappropriated to the 15 to 18 million illegal immigrants. They needed housing.... which crushed the low income housing market....France healthcare sucks worse. Long wait times and some common US procedures in France are not covered at all. But, yeah, you can get a policy..... You guys look great for mid 60's.
One of THE major reasons I do not hang out with retirees (I am in my mid-60s) is the incessant whining about SSA the COLA, and "It's my money". Be around people under age 45.
I am thinking your 45 yr old friends will be complaining too but you will be too unalive to care. 45 has little in common with 65. You may identify as a senior on line, but my guess you are about 28 and clueless or 65 and clueless.
The economic number are what they are. Be glad that overall inflation has dropped significantly. As my dad used to say "Quit your bitching" be happy with what you got. France LMAO unless you speak French good luck.
I live in France and have for 18 years. It is your suggestion that a widowed 80 year old move abroad for medical care? There isn’t even travel insurance available for anyone over 79 You have no idea of what you are talking about for elderly retirees.
We actually do have an idea because we have seen plenty of people do this. There are travel insurance programs available for people over 79 years of age. They are much more expensive because they are age banded however if it is for one year to get the visa satisfied it is not insurmountable.
![โรงเรียนห้ามรัก โดนจับได้ตาย...!! [เอิร์นไดเม่]](http://i.ytimg.com/vi/4u02Sbr556Q/mqdefault.jpg)
Most expats I know (I'm in Ecuador) shrug and say, okay. No problem. I keep finding ways of reducing my monthly expenses even now I pocket nearly a $1000 a month for medical emergencies, extra trips, etc... I don't know how anyone in the states manages on SS.
Ecuador was a great place to stretch retirement savings. We enjoyed our ten months there in 2020!
Situation is even worse in Canada where a single person aged 65-74 with no other income receives $1,784 or $1,296 USD.
That’s very 😔 sad
It just seems like a lose lose situation
Canadien pension is pathetically small.
Elections have consequences. Free spending by an out of control administration and Congress hurts. Retirees are considered expendable as their electorate number will decrease.
2.5% COLA increase, and Medicare premium 5.9% increase!? Just not fair!
I worked most of my life and I make much less than the "average" amount, which is pitiful. The increase is nowhere near a match for the amount of inflation now.
The quick answer is “YES”. It’s a joke and the joke is in us!!!
Thanks!! Living in Florida, and on SS. My car and home insurance have been increasing a lot (% basis) last two years and no end in sight. Groceries have increased too, for various reasons. Non-covered medical like dental is significant. Right now, being single, am fortunate my SS covers my expenses and don't have to touch savings. But looking at larger Euro countries like Germany, France, Spain, and Italy to help provide a better cushion. Semi-rural/small town - no big cities Probably need to put together a COL spreadsheet on them and take a tour or slow travel there to decide.
Great information. If you're relying on only Social Security for retirement, you probably aren't in a good way. You must use investments, real estate, and other things for retirement income. It's been this way since the 80's. If you only have Social Security, and it's a decent amount, you can live overseas on it in many countries. I am living on investment income right now (pre social security age) and doing great slow traveling the world. SEA is always a great option along with some Latin American countries. Balkans good. Turkye used to be good but hyperinflation has taken hold.
Sadly, not everyone has a nest egg. We have met plenty of people who live on their Social Security, but they are living abroad certainly not in the United States.
Turkey used to be a great Haven for retirees but unfortunately hyper inflation and some of the new changes to renting, etc. has made it less than ideal
Thanks for watching
@@WarrenJulieTravel I started late saving for retirement and I'm the only one to blame for it. I could blame inflation and income, but that would be making excuses. While I won't have a large nest egg, at least I have something plus I plan on working part-time for as long as I can. I couldn't sit at home wasting away.
Inflation is closer to 20% than it is to 2%.
I concur from what others have said about the cost of everything in the US.
Great vlog with god info and thanks for enlightening us with informative content.
1. Basic minimal sustenance items food, gas, utilities, insurance, and a place to live have gone up a min 10% and the 2.5% adjustment is a joke.
2. Didn't realize that France had an option for residency permit based on the minimum qualifying income limit with the potential to be eligible after 1 year in their National health system. Looks like a great option to be abroad and enjoy fine life in Europe. While being a good option for those in the threshold income ($1400/$2800) and slightly above, i wonder how it impacts for those in a higher retirement income (investments/SS/RMD all added up). I am sure you will become a French tax entity and may end up paying much higher taxes than US. Even though there is a tax treaty between the US and France any excess tax over the US tax paid abroad can be claimed back but there is a limit on the capture.
3. Nice to know that there are heath insurance options available abroad as an extension to Medicare A/B and Advantage plans. Can you make a video on the scope of coverage with rough cost for some one in 65, 70 and 75 age groups and what countries these options are available.
Thank you again for all your Hard work and valuable information!!!
Calculating the annual COLA for Social Security does not even reflect the real cost of living. It's based on the average inflation rate for 3 months (Q3), but if you use the actual average for the first 9 months of 2024, the COLA would be 3%.
In 2023, if you used the average for all 12 months, it would have been 4.1% rather than 3.2%.
I never signed up for Medicare. Always in the French healthcare system.
Hopefully it’s working out well for you.
Your series on France with the expert was refreshing. Yet upon deep diving into the costs and challenges. The main hurdle is renting (high cost), rental application (extensive process), banking (finding a bank to accept foreigners).
Check out Shadowstats which has the correct inflation rate as calcuated according to the 1980 formula and the current inflation rate in the US is around 9% according to that. The government has repeatedly changed the way inflation is calculated so that it artificially appears very low, which is why a direct comparison with the 70s and 90s isn't accurate.
Very interesting information. Thanks for sharing and thanks for watching:)
FDR enacted the SS program during the Great Depression. When he signed the bill that put it into effect, he said that it was not a long term solution and would need to be replaced or severely overhauled in the future. Sadly, it never has been. I'd rather the government just let me keep my money and let me decide how best to use it for my retirement.
I do wonder how that would have worked out for the masses.
Thanks for watching.
regardless we still have to pay Medicaid when living overseas
Do you? Check out Peter Hendrickson’s books. _Cracking the Code_ to start with.
So let me get some clarification here it’s OK with you. Are we required to hang on the Medicare for living outside of the United States? Can we drop Medicare once living out of the United States and pick up a different policy with your company?
@rjh2772 You are not required to have Medicare, however, if you enroll later you will be penalized 10% per 12 months (year) for Part B and 1% per month for Part D (prescriptions). I say 12 months for Part B as you can only enroll Jan-Mar, which means you're basically waiting out the year until enrollment opens. And the penalties last for life.
I've seen people ask, "Can't I just join if I get sick when back or return to the US?" While that may be possible, if you get sick in Apr-May, you'll be waiting until Jan to join and I believe coverage then starts in Feb.
Rjh you nerd to do a week of research and learn this topic.
True about the penalties. But why go back to such an overpriced system which has the worst outcomes compared to the rest of the world?
Live overseas for the rest of your life.
USA is rapidly declining & is not worth you being there.
In 10 years, SOCIAL SECURITY goes bust.
2026, Medicare goes bust.
USA goes bust too, so make plans to transfer your money elsewhere.
Great information
Thanks ☺️ we appreciate you watching
Well I can't afford a house or even renting right now . I live with my nephew after I moved back to Knoxville tn . Houses here are wsy to high as well as rent . So I'm living with him and his family and I work on his house . Fixing and remodeling his house to pay my rent. It's a good trade . He saves thousands of dollars and it helps me out as well.
We are glad you have found a workable solution.
Thanks for watching:)
Keep up the great vids Warren & Julie!...even though this important topic is a bit of a downer( not your fault though!)
Thanks 👍 it is a downer. Thanks for watching:)
What is best international health Insurance for young pro athlete, traveling a lot?
The Social Security Administration announces its annual COLA each fall based on a metric known as the "Consumer Price Index for Urban Wage Earners and Clerical Workers," or CPI-W, which tracks the average change in prices paid by certain workers for a given basket of goods, during the third quarter, or July through September.
There's a proposal in Congress to use a different metric (CPI-E?) instead which tracks items that more closely align with what seniors buy, such as healthcare expenses. But my understanding is the rate is not a lot different from CPI-W. IMHO, Social Security and Medicare need a complete overhaul to correct the flaws and strengthen the system going forward.
Medicare goes up 11 dollars
Hellman's mayonnaise. Most of the companies cut the 32 oz down to 30 oz bottles. 10.99 a bottle. Saw it yesterday. Kraft was 5.99. Store brand was only four dollars but it was GONE and it never is there. I didn't get any mayonnaise.
Wow!! I have no idea what this was priced at in 2019, but this sounds extraordinarily expensive now.
We live on half that - that is budget travel!
Absolutely! We love living abroad. Thanks for watching:)
I will not get a 2.5% social security raise, because Obamacare will raise my premium 2.5% and the government will tax 2.5% more of my social security leaving me taking a cut in pay of 2.5%. I would be 2.5% ahead if I didn't get a social security cola raise and the government still has not told us how much they are increasing the Medicare part B premium and also the county is raising my property taxes 25%, my income keeps decreasing
This is really sad😔.
Thanks for watching.
2.5% is ok. If you thought SS was your ticket to financial freedom, you weren’t thinking.
FACTS
"Is 2.5% realistic?" Well now I can splurge on that extra cup of coffee each week!!...although when I look at my rising bills, I need something stronger...MUCH stronger!!!
lol! A coffee or two out each week would wipe out the increase:)
Thanks for watching.
You say that over 50% of your viewers are American, which I gather means that nearly 50% aren't... TBH thbias towards the info is a bit off-putting, but somewhat understandable. I watch many similar channels and would love to see someone do a video on the basics of retirement plans, social security in the US so the rest of us could have some kind of understanding of what's going on and why things are done the way they are done... Like for example... Social security... Is it something you pay into at all or nothing, is it something everyone is entitled to or is it means testes.. Just a good overall view for the rest of us would be appreciated
if you are not paying into Social Security in the US then it really does not matter if you understand it.
@@Wesna269 dumbest comment of the day. That's exactly my point, people in other countries don't know if social security is something that you pay into because in many other countries 'social security' is what it says. A backup payment for those who haven't saved enough for themselves either inside or outside of the various schemes found in different countries.
@@nathanshane446 almost as dumb as a person who wants to know about social security but don't know how to use Google 😜
Albania!
I like what I'm seeing about Albania.
People who get to retirement age and expect to live off of SS have not planned well. Even to get 2.9K as a couple is very bad it showed that you did not earn too much when you were working.
Sometimes unexpected events happen and destroy people’s life savings especially in the US. Medical care can wipe out savings.
It’s better to not need to solely live off of SS, but for some it’s all they have.
And...some people become disabled during their working years which includes lots of Dr.'s bills. I noticed in your other comment you remarked people didn't plan. Watch your karma my friend. That is why they call them accidents. You just never know when it is your turn. So, I would lose the smug and get humble because karma is a bitch. And will be something you brought upon yourself.
I'm probably the only person in America that has not been affected by inflation. My $1175 rent has not increased since I moved here in 2018, nor have my utilities, insurance, transportation or other expenses gone up. I spend the same amount on groceries and other items that I did 6 years ago and even managed to reduce some costs by shopping around. My total monthly expenses are under $2000 and my income is more than twice that from Social Security, a small pension and side hustle earnings.
Hahaha - we live on $1175
You have managed to do what very few have been able to accomplish.
Thanks for watching:)
Sorry. the 2.5% is all that is left in the budget. The funds were reappropriated to the 15 to 18 million illegal immigrants. They needed housing.... which crushed the low income housing market....France healthcare sucks worse. Long wait times and some common US procedures in France are not covered at all. But, yeah, you can get a policy.....
You guys look great for mid 60's.
I’ve heard just the opposite of healthcare in France.
One of THE major reasons I do not hang out with retirees (I am in my mid-60s) is the incessant whining about SSA the COLA, and "It's my money".
Be around people under age 45.
Will you be whining when it isn’t there for you?
I am thinking your 45 yr old friends will be complaining too but you will be too unalive to care. 45 has little in common with 65. You may identify as a senior on line, but my guess you are about 28 and clueless or 65 and clueless.
or hang out with ppl who actually planned well for retirement and are NOT dependent upon Social Security.
The economic number are what they are. Be glad that overall inflation has dropped significantly. As my dad used to say "Quit your bitching" be happy with what you got. France LMAO unless you speak French good luck.
I live in France and have for 18 years.
It is your suggestion that a widowed 80 year old move abroad for medical care?
There isn’t even travel insurance available for anyone over 79
You have no idea of what you are talking about for elderly retirees.
We actually do have an idea because we have seen plenty of people do this.
There are travel insurance programs available for people over 79 years of age. They are much more expensive because they are age banded however if it is for one year to get the visa satisfied it is not insurmountable.