Changes to Social Security Claiming Rules.
Just when you thought it was safe to begin planning on a retirement this year, the government passes a bill which changes the game for many, and specifically for those who will be turning 62 this year. I have attached a link to an article from Money Magazine that outlines how at risk our Social Security System is and how our earned benefits are always in jeopardy, when left in the hands of politicians and the government. These recent changes have been enacted without public knowledge apparently.
For some folks looking to retire in the Philippines, Social Security may be the only source of income that they can look forward to. This is why I stress saving and planning well in advance to to ensure a smooth and more stress-free adjustment. One should know what, when and how much income is needed to enjoy the lifestyle they dream of. More and more, as the U.S. government sees fit, our benefits continue to be eroded. The dream of retiring in paradise that used to be easy to grasp and hold on to may be slipping away faster than many think. Anyone who doesn’t understand that Social Security cannot be lost or benefits substantially reduced should fully understand the SSA. Find out more on the main Social Security Website. Another handy tool is the Social Security Benefits Estimator where you can receive an estimate of what you might earn once you select to retire.
As I always recommend, if you are planning on a retirement in the Philippines, you should begin saving and planning well in advance. The cost of resettlement to this country is ALWAYS underestimated and it is even more challenging when you find yourself short on funds. Happy Retirement! Check out my other articles on preparing to retire below: