The dream of retirement on the cheap is darkening.
As MarketWatch points out to "Mo" who writes in, living on $800 to $1,200 monthly can mean high crime and lousy weather. MarketWatch makes suggestions outside the U.S., ranging from Mazatlan, Mexico to Merida, Mexico. Factor in crime and heat.
I would add, within the U.S., cities in Ohio such as Youngstown and Toledo. In the latter, two police officers were fatally shot when doing their jobs. In both, you endure the brutal midwest winter.
Since making it on peanuts is increasingly impossible - at least if you want to be safe and like the weather - an option is not to plan to retire. Instead, when your career is nearing its end, prepare to simply keep working for income. That could include any kind of work or training for jobs in demand. Your new direction could be it freelancing in what you used to do, taking on gig assignments and/or reskilling for long-distance truck driving or being a substance-abuse counselor.
According to the research by ProPublica, the odds are that you will be forced out of that good job - yes, because of age. Also, if you do land another full-time job, it's unlikely to pay what your earlier job had. Only one in 10 match their former compensation.
The good news is that beyond the usual parameters of career paths, work is plentiful. That is, if you are willing to give up on status, high pay and security. Here is my bible on getting, holding and moving on to better work, at any age - a free read Download Outwitting ageism. In addition, reskilling can be low-cost online, at a trade school or at a community college.
For instance, learning to drive a rig interstate can only represent an investment of $1,500. Often, though, it is about $7,000. Loans are available. If you receive financial aid that's free. Also some businesses will pick up the entire expense if you agree to drive for them for two years.
If you are willing to embrace hustling, you have the option of aging-in-place. You don't relocate. Since you know the ins and outs of where you have been living it will be easier for you to find work or start a business. What you avoid having to do is the tough challenge of making new friends. It's documented that with aging it's difficult to acquire a new social network. The reality is that people's social circles rarely change after they are 30.
Should you age-in-place there are myriad options to keep housing costs manageable. One is co-living or renting out rooms in your home. You recruit boarders who can pitch in with maintenance. Among the renters could be a landscaper and a plumber. Another option is to put yourself on the waiting list for subsidized senior housing. A third is to downsize to a studio apartment. Donate your furniture to charity.
Back around 2014, some media outlets were gushing about older Americans living in Ecuador for only $700 a month. It was also possible for retirees to participate in the national healthcare system.
However, International Living now provides the cost breakdown for a couple at about more than $20,000 annually. In addition, there is the matter of crime. Non-natives are targeted. A third issue is the ability to adjust to a very different lifestyle. The strong pro about relocating to Ecuador, though, is that many expats start online businesses.
Retiring used to be an event - analogous to graduating college or experiencing the birth of the first child. Now it is more and more a state of transition. That can be ongoing, extending for the rest of your life.
A typical scenario: The career is losing traction or is already over. Since longevity could go on to over-100, the angst is about running out of money. There are more and more approaches to address that fear. In the process, you could land a solution which makes you a "late bloomer." The ways of earning income you try out could unleash talents you never had been aware you had. After all, traditional career paths can stuff you into a narrow box.
The Future is already underway. Ghostwriting/Marketing Communications and coaching on those issues. Sliding scale fees. Complimentary consultation (janegenova374@gmail.com)
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