Get smart with your money
The world is full of tropical paradises and other exotic places where a couple can live comfortably on $2,000 a month or less. Plus, good health care abroad can cost a fraction of what it does in the U.S.
If living more cheaply is the only reason you’d retire to another country, though, you’re likely to be unhappy.
In my latest for the Associated Press, the potentially high price of becoming an “economic refugee.”
Reuters news service has posted its “Retirement Roadmap 2014,” a collection of good advice on topics that don’t get as much attention as they should. My favorite of the bunch is Beth Pinsker’s piece on choosing a rehab facility after surgery, either for yourself or a parent. It’s not a sexy topic, but if you’ve ever been in this situation you realize how little information is out there to help you choose well. Another important topic is choosing a new Medicare plan, since open enrollment is coming up and most people just stick with what they have–not realizing they’re paying more than they should. This would be a great article to pass along to anyone you know who’s 65 or over.
And then, for fun, read about a couple who sold their house to travel the world…and dream a little.
Here are the links you’ll need:
Video: Guide to Healthcare Costs
From Medicare to long-term care to health savings accounts. We explore the options – and the possibilities – in episode one of our 12-part series.
Stern Advice: Should you tap your 401(k)to buy a house?
Why it pays to pore over your Medicare drug plan – every year
How to choose the best rehab facility after a hospital stay
It happens: Seniors with student debt – and smaller Social Security checks
Extreme retirement abroad: How one footloose couple sees the world
Reuters has a nice package of retirement stories that are worth checking out:
Ecuador seen as new retirement hot spot
I mentioned Ecuador in my column “Retire overseas on $1,200 a month,” and now it’s been named a top spot for bargain-seeking retirees, according to International Living magazine’s 2012 Global Retirement Index.
What retirees wish they’d done differently
Reuters asked several retirees what they would tell their 40-year-old selves if they could go back in time. Interestingly, the answers aren’t all about money–they’re about quality of life. (A great book on this topic is Ralph Warner’s “Get a Life: You Don’t Need $1 Million to Retire Well.”)
How low must retirement withdrawals go?
Linda Stern tackles the tricky math of how much you can afford to take from your retirement savings to have a reasonable chance of making your money last as long as you do.
Growing numbers work into retirement
I’ve written about “When only one of you can retire” and the huge numbers of people forced into early retirement by layoffs, but this article picks up the flip side: people who keep working because they want to. If that’s you, you might also want to read “Retire without quitting your job.”
Is an annuity in your future?
One solution to the risk of outliving your money is the income annuity (also known as the fixed annuity). Learn more about it here.
When to start tapping Social Security
Some people have little choice but to take Social Security benefits early. But if you can wait, you probably should.