Cynthia and Edd Staton are thoroughly enjoying retirement in their 3,000 square-foot penthouse apartment. They have a housekeeper, eat out frequently, never fret about health care costs, and indulge in yoga classes and visits to the gym. It's a fine way to spend their golden years — in Ecuador.
The Statons said the decision to retire outside the U.S. came in the wake of the financial crisis a decade ago, when their retirement nest egg lost value and they were faced with retiring at a lower standard of living than they had expected. More Americans have followed their lead. The number of retirees who draw Social Security outside the U.S. jumped 40%, to more than 413,000, between 2007 to 2017, according to the Social Security Administration.
To be sure, that's a fraction of the nation's 42 million retirees. But it reflects the financial realities for a growing number of baby boomers who are hitting 65 without enough money stashed away to maintain their standard of living. The median retirement savings for people in that age group is $152,000 — the highest of any working generation — but 1 in 5 say they haven't yet recovered from the recession and never may, according to the Transamerica Center for Retirement Studies.
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8 comments:
Oh how sweet is obama , I could puke on him. 8 years of terrorist leadership .
Go to yet another country where they HATE AMERICANS. BRILLIANT. All to save a couple of bucks. Until they slit your throat while sleeping.
What the hell does this have to do with Obama? Lol talk about deranged.
When obama took office a bank CD was .04%! After printing billions and forcing them into the banks my cash reserve earning rates fell to .0015% Why pay you interest when new money needs to be loaned out. Great for a new mortgage but not a savings account. Thanks obama can vary in meaning, depends where your looking from.
I guess real estate is super cheap in Ecuador since all the people from Ecuador are now living here.
So you do know the Fed reserve, you know those folks who set interests rates, are not controlled by POTUS. And you do understand that you can NEVER expect to grow wealth through your savings account. Its a reserve. Had you put that into stocks when the market bottomed out, you would have enjoyed that over 100% increae that occurred under Obama.
Did any of you read the article at all? How about trying that instead of knee jerk hating on Obama.
They are moving because their dollar goes further. Cost of living is lower, prices on goods and services is lower. The healthcare is single payer... better care for less money. No pouring money into insurance companies that do nothing for us to pad the pockets of their CEO's and shareholders.
Like it or not, the profit motivated insurance company beholden to shareholders model of healthcare is broken, and not working. We need to catch up with the rest of the modern world and move to a single payer system.
I hate Obama whether my knee jerks or not.
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