The retirement system in the United States is without a doubt broken. Americans have to work well beyond retirement age to afford basic needs. Even so, they still struggle after retirement. The problem is getting worse and is leading more and more older Americans to plan to live out their golden years overseas.
Why It’s Hard to Retire Comfortably in the U.S.
It’s no secret that our nation has faced economic challenges over the last several years. A pandemic, civil unrest, and raging inflation tend to do that. However, these issues are not the root of the problem.
The fact is that Americans have been getting short-changed for decades. This is, perhaps no more clear than in our Social Security system. These benefits are insufficient and do not keep up with actual retirement costs.
Why More Americans are Retiring Abroad
In the past, most Americans probably never really thought about retiring outside the U.S. It might even sound like a luxurious lifestyle for the wealthy elite. In reality, more and more Americans are looking at entering abroad as a more affordable option.
Popular retirement locals like France and Portugal offer a much lower cost of living, accessible healthcare, and a more relaxed environment for seniors—no wonder so many retirees are looking outside the U.S.
CNN recently spoke with one of these retirees. “We’ve done everything they told us to do,” she said speaking to the fact that Americans like her spend a lifetime working and then can’t afford to retire.
While there are so many benefits to retiring abroad, there are certainly challenges as well. There is certainly a lot of bureaucratic red tape for those looking to head overseas. Nevertheless, more Americans are ready to accept the hassle for a happier retirement. Read the full CNN Article about this increasing trend here.
It’s really sad that so many Americans who have been instrumental in building and growing this country are forced to leave for greener pastures. The sad fact is that Americans do not get what they earned in retirement. We say this needs to change.
A bill in Congress we call The Elder Relief Act would drastically increase Social Security benefits and help offset inflation. learn more about this important legislation here.