Can you really live off Social Security for the Rest of your Life?
I hope you can understand what mistakes the Americans are making by depending solely on social security for financial backup upon retirement, as it was never meant to be. There are several other reasons and situations which make it more dangerous.
Why Do You Need a Retirement Home in the U.K.?
Whether you live in the U.S. or the U.K., if you have retired, the odds are definitely not in your favor. Sure, social security benefits include tax cuts, but the cons far outweigh the pros.
Do you know the average benefit that a retired worker generally receives from social security?
Don’t be alarmed, but the amount is just $1,355 per month. If you turn it to yearly income, it comes to $16,260.
Maybe you should be alarmed! As a general rule, you can expect to live a somewhat comfortable retirement life if you can manage 80% of the income you used to earn before retiring.
Now it is natural to be very, very alarmed! The annual income from social security will not even cover the basic expenses so you can forget about living a life free of worries.
Do you realise how serious the situation is?
Cost of things and living will certainly go up and become more expensive in the future. You will need more purchasing power to lead a life following the same lifestyle you are doing now. As you age, you will also expect other expenses for healthcare and challenges that one comes across in life. But for that, you need to have substantial income, not the mere one you can get from social security.
With defined pension out of the equation, you thought of social security as your main source of income like the majority of other Americans. But now you know the truth!
Social security is fine for supporting your main income upon retirement, but it can never be the primary source.
If you are looking to save money on housing costs as well as get a cheaper place to live, you might just want to get yourself a retirement home in the U.K.
Where Can You Live?
You need to find the best places to build a retirement home in the U.K. If you are looking to live in the Greater London area, try out places like Orpington. Derby, in Derbyshire is another great choice for you. You could even try living in Swansea in Wales or Dundee in Scotland.
Some other great places to save on money, with low rents and a good real estate price are Cardiff and Leicester. Both of them offer great housing and you have access to all the sops you need at a stone’s throw – making this a good bet for all aged people.
And if you are looking to make some good money even after retiring, you can always try out Onlinebingochoices.co.uk – it’s a great way to play casino games online and make money right from your home.