“Living in Thailand offers numerous benefits, including amazing weather, great food, friendly people, substantially reduced costs of living, and greater opportunities for adventure or a change of pace from one’s home country.”
“The funds hitting their go-broke dates doesn’t mean that there won’t be any funds to cover any benefits after that point. After 2034, Social Security would only have enough funds to cover 81% of benefits. After 2033, Medicare’s hospital insurance trust fund would only be able to pay 89% of costs.”
“The not-quite-so-good news is that for many of us, no matter our age, reaching a goal of early retirement will take some major mindset adjustments and lifestyle changes. Think cutting back on expenses and getting our income up. Will it be easy? Probably not. Will it be worth it? Absolutely.”
Here’s how to estimate your monthly Social Security income in retirement.
In 2024, the average Social Security benefit is $1,862 per month, while the maximum for those retiring at full retirement age is $3,822. Achieving the maximum requires earning the taxable maximum for 35 years.
“Living in Thailand offers numerous benefits, including amazing weather, great food, friendly people, substantially reduced costs of living, and greater opportunities for adventure or a change of pace from one’s home country.”
