Can We Afford Retirement?

[Steven Bolin]

Hi you guys! Here is our situation. I went on disability in 9-3-2010. We had to use all of my pension to make ends meet. I am 54, and Joanne is 61. Joanne has not invested very much at all at her job. We own our house in Kent Washington with a monthly mortgage of $1291.00 and the property is worth around $1900.00. We obviously have no equity in our home.

What can we do to retire at all? I've been looking at other countries to retire to, in the hopes we may better afford living. I understand many of the parameters involved in making such a huge decision. What can we do? I thank you all for listening to my concerns. : )

[Bill Gulley]

Steven, that's not near enough information to advise anyone concerning their financial planning.

Consider selling or leasing the home and scale down. I'm assuming you meant your cash balance is 224.

Get rid of debt!

I doubt you want to dump your personal life and situation on the internet. You may not be old enough but your wife (?) is at 61 to seek advice at senior centers, free counsel by volunteer professionals, I have volunteered, there are generally no income restrictions, just be a senior. Next year you can join AARP, LOL.

Your SSI can have supplemental income earned, but limited before your benefits are reduced. If you make too much you can be disqualified and lose your medical benefits, keep that in mind. Contact Social Security for details at your benefit level.

Many move out of country, while the living standards may be lower and your money goes further, the living standards are lower, language isn't a huge barrier but for safety you should learn the lingo. Belize is nice. What about family, sure makes visits less often and coming back for a week or two can blow the savings difference, consider health issues out of country and where are you going to end up, shipping the casket sure increases final expenses.

The question isn't really can you retire, yes you can retire, the question is more to the quality of life to expect. :)