Social Security is in the news this week, thanks to its announcement that the agency will not be increasing benefits next year. No cost-of-living adjustment (COLA) for 2016...
Not from the Social Security Administration, maybe, but you could create your own cost-of-living adjustment... by taking your retirement on the road.
No matter how much you're earning from Social Security each month, it'll afford you a whole lot more in key places around the world. You could reduce your cost of living by 20%, 30%, 50%, or more, supercharging every Social Security dollar you do receive.
Retirees Peg Fairbairn and April Hess have done it. These ladies did the math. In Austin, Texas, where they had been living and working, their cost of living in retirement was going to add up to a whopping $5,260 a month. Whose Social Security income supports that? Not Peg and April's.
These two ladies took control of their situation and their retirement future by high-tailing it out of Austin and heading south to Panama, where they've now living the coastal retirement of their dreams on a budget of $1,500 per month.
Where else could your non-COLA Social Security check buy you the retirement you want rather than the retirement you're stuck with? Here's a sampler of non-COLA-friendly retirement havens I strongly urge you to consider if you're looking for options for rescuing your retirement. A couple could retire in all of these places on as little as $1,000 per month or even less:
Granada, Nicaragua: The oldest city in the Americas and one of the most romantic cities in the world, colonial Granada is a jewel of a town that is also home to an established and welcoming community of expat retirees. In addition, Nicaragua currently offers the most affordable retiree residency program in the world. And, despite what you may have read and what your friends and family may insist, Nicaragua is safe. It's also beautiful with a Pacific coastline to rival the best of southern California.
Cuenca, Ecuador: One of the best-known retire overseas options is also one of the most affordable. Like Granada, Cuenca is a Spanish-colonial city that has attracted a big number of foreign retirees thanks to its great weather, city amenities, and low cost of living and of housing.
Chiang Mai, Thailand: Chiang Mai has been luring expats from the West since the 1800s. About 435 miles north of Bangkok, Chiang Mai is nestled in a fertile river valley surrounded by mountains and enjoys a more temperate climate than other parts of Thailand. It's an area rich in history with a culture distinctly different than central and southern Thailand.
Cebu, Philippines: Cebu City, capital of Cebu Island, is a busy, vibrant place and the commercial hub of the Visayan Islands. Outside the city are some of the most beautiful natural landscapes in the world, including narrow coastlines with bright blue waters and limestone plateaus offset by rolling hills and rugged mountains. Cebu is protected by outer lying islands from the fierce typhoon winds that beat on some parts of these islands most years. Winter in Cebu (October to February) can be delightful; temperatures are about 75 degrees Fahrenheit and accompanied by gentle breezes. Expats in Cebu come from all over the world and include good numbers of men aged 45 to their mid-60s who've sought out Cebu so their pensions will stretch much further than they would back home and, often, to restart their lives with new wives and new families. It helps that English is an official language of the Philippines.
If your retirement budget stretches a little further (to, say, $1,500 per month), you could add these also appealing destinations to your dream list:
Note that your good options for living well in retirement even on a modest and non-COLA Social Security income include beautiful, welcoming, and exotic choices in the Americas, Southeast Asia, and, yes, even Europe. Thanks to the roaring, soaring Greenback, more of the Old World is more affordable right now than it's been in a long time.
Our 2024 Coverage Needs You
It's Another Trump-Biden Showdown — And We Need Your Help
The Future Of Democracy Is At Stake
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
The 2024 election is heating up, and women's rights, health care, voting rights, and the very future of democracy are all at stake. Donald Trump will face Joe Biden in the most consequential vote of our time. And HuffPost will be there, covering every twist and turn. America's future hangs in the balance. Would you consider contributing to support our journalism and keep it free for all during this critical season?
HuffPost believes news should be accessible to everyone, regardless of their ability to pay for it. We rely on readers like you to help fund our work. Any contribution you can make — even as little as $2 — goes directly toward supporting the impactful journalism that we will continue to produce this year. Thank you for being part of our story.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
It's official: Donald Trump will face Joe Biden this fall in the presidential election. As we face the most consequential presidential election of our time, HuffPost is committed to bringing you up-to-date, accurate news about the 2024 race. While other outlets have retreated behind paywalls, you can trust our news will stay free.
But we can't do it without your help. Reader funding is one of the key ways we support our newsroom. Would you consider making a donation to help fund our news during this critical time? Your contributions are vital to supporting a free press.
Contribute as little as $2 to keep our journalism free and accessible to all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you'll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.