How Can I Retire If I Am 62 and Broke? by Dale Maley

Author:Dale Maley
Language: eng
Format: epub
Tags: broke retire retirement social security
Publisher: Dale Maley

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CHAPTER 7

Move to a Lower Cost State

There is a wide variation in the cost of living by state. Some of the states with relatively high costs of living include New York and California. States with lower costs of living include Texas, Tennessee, and Georgia.

There have been many studies made comparing the cost of living between states. Do a Google search and you will find the latest comparisons between states.

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CHAPTER 8

Move to a Lower Cost Country

The U.S. has a relatively high cost of living. There are many countries that have a lower cost of living and are attractive to Americans.

Many Americans choose to live in South American countries. The local population of these countries speaks English and some have excellent medical facilities. Some of the more popular countries include Panama, Malta, Mexico, New Zealand, and Uruguay. [7]

Each year, International Living magazine produces a list of the best places to retire abroad. [8] Starting with 195 countries, International Living factors in safety, infrastructure, climate, culture, real estate and special benefits, like discounts for retirees. With the countries that score the highest, they add in first-hand reports from correspondents and contributors who live in these countries.

Kathleen Peddicord was the editor of International Living magazine. She has lived in several foreign countries. Her book How to Retire Overseas is an excellent guide to retiring overseas. [9]

Peddicord points out the average Social Security check is $1200 per month or $14,400 annually. Most of the 14 countries that she reviews in her book have living expenses below this $1200 per month threshold. The 14 countries reviewed include Argentina, Belize, Croatia, Dominican Republic, Ecuador, France, Ireland, Italy, Malaysia, Mexico, Nicaragua, Panama, Thailand, and Uruguay.

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