“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 bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.”
“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.”
“Traditional headline economic indicators like GDP and unemployment tell us the economy is thriving, but they don’t reflect the lived reality of most Americans,” Ludwig said in a statement. “Americans are working harder than ever, fueling our economic growth, but the benefits of that hard work are not being distributed in a way that supports upward mobility for too many middle- and low-income Americans.”
“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.
