US Retirement system equal to Kazakhstan? Really?

[GypsyT]

I don't thing it's that bad.

But then I didn't count on it nether. I worked hard, made good money and saved and saved... and now I'm well off these remaining years I have left.

I'm very happy for economical things I got out of the US. Political BS not!

https://www.yahoo.com/finance/news/the-us-retirement-system-gets-a-c-in-global-study-230119976.html

 

"This year, the index score for the US decreased to 60.4 from 63.0, putting it in the same grade tier as the United Arab Emirates, Kazakhstan, Hong Kong, Spain, Colombia, and Saudi Arabia, though each of those countries had a higher overall score. "

 

Edited October 15 by GypsyT

[Kwaibill]

All I know is that my retirement income is roughly 2X what I was earning on average when I started to plan for retirement, which allows my Thai wife and I to live moderately in Thailand.

She wants to go to the U.S. and is willing to work, but not sure how long and what wages she can get. I could possibly work at something PT as a Walmart greeter e.g. Been on SS disability since 2005.

I have my doubts that we can make it these days

[GypsyT]

2 hours ago, Kwaibill said:

I have my doubts that we can make it these days

That's very sad.

US has SO MUCH money but it goes to war, jail system, politic BS and other expensive nonsense.

They can go to moon but Government still use FAX machines... and Collect Call system worldwide 😉 Name a country where that will work?

 

[Wrwest]

4 hours ago, Kwaibill said:

All I know is that my retirement income is roughly 2X what I was earning on average when I started to plan for retirement, which allows my Thai wife and I to live moderately in Thailand.

She wants to go to the U.S. and is willing to work, but not sure how long and what wages she can get. I could possibly work at something PT as a Walmart greeter e.g. Been on SS disability since 2005.

I have my doubts that we can make it these days

Retired on a sustainable $2400 a month %$1570 from SS). I cannot afford to live on that in USA (my own country). So on my 65K+ each month here in Thailand my Thai Wife and stepdaughter have a 3 bed, 2 bath house, 2 cars, motorbike and, as you say, live a working middle class retirement. If you have not done so I strongly urge a trip to the USA with your Thai Wife. Thais oft have a rosy picture of high salaries in the USA in comparison to Thailand without getting any appreciation of the cost of living there. We made a monthlong trip to the SE states in 2023 ... Atlanta, Disneyworld, St. Augustine, Cape Kennedy, Savannah, Charleston, Monticello, Williamsburg, Jamestown, Washington, DC (driving in monthlong rental car). Total - $19,000--- usd.

[Pib]

Yea, but, the countries generally rated with the best retirement/pension systems are also generally the countries with the highest taxes.   Easy to fund retirement systems if they are funded by high taxes during a person's work career. 

 

 

Snapshot of the report ranking the best retirement systems....see weblink for entire report.

https://rpc.cfainstitute.org/-/media/documents/article/industry-research/mercer-global-pension-index-2024.pdf

 

 

Snapshot of "HIGH" tax countries

https://worldpopulationreview.com/country-rankings/highest-taxed-countries

 

 

 

 

Edited October 16 by Pib

[GypsyT]

I know, quality cost money. But you also get a lot back. Security, stability etc.

 

NO country in EU ever stalls pension and salary payments etc like the US!

I has happened many times.

Bunch of selfish crooks spending time and money to prove THEY are in power. Like little kids in sand box.

Some are senile and fellow party members are holding them up and guiding finger to press right button....

 

Edited October 16 by GypsyT

[still kicking]

I don't know about the US I live in OZ I live on the OAP no super left since I got paid out before I moved to LOS. So moved back to OZ worked for a while and applied for my pension which was granted. My rent payments for the 2 bedroom unit is 240 AUD per week, 8 years in a row. And no I don't live in the sticks I live in a city of 2 million. My pension income is about 2700 AUD per month water rates included in the rent. Just a small Electricity bill every 2 month (about 90 AUD) no car payments anymore just a small payment for internet and food. So I have money left to travel to Thailand anytime. Being pensioner I get doctor for free and free hospital and cheap medication. My pension gets increased twice a year so I can't complain at all.

[Kwaibill]

21 hours ago, Wrwest said:

Retired on a sustainable $2400 a month %$1570 from SS). I cannot afford to live on that in USA (my own country). So on my 65K+ each month here in Thailand my Thai Wife and stepdaughter have a 3 bed, 2 bath house, 2 cars, motorbike and, as you say, live a working middle class retirement. If you have not done so I strongly urge a trip to the USA with your Thai Wife. Thais oft have a rosy picture of high salaries in the USA in comparison to Thailand without getting any appreciation of the cost of living there. We made a monthlong trip to the SE states in 2023 ... Atlanta, Disneyworld, St. Augustine, Cape Kennedy, Savannah, Charleston, Monticello, Williamsburg, Jamestown, Washington, DC (driving in monthlong rental car). Total - $19,000--- usd.

More or less the plan. We have a grand child due soon and herself is thinking about getting an initial residency presence   and then coming back for a while. I also am thinking in terms of obviating tax residence status here. Sometime here and sometime there.

[GypsyT]

1 hour ago, Kwaibill said:

Sometime here and sometime there.

Smart!

US gives EU to Putin.

China invades Taiwan. US gets involved. Sh*t hits the fan.... Good to have home in LOS.

 

[KhunLA]

Anyone that depends on something or someone else for a comfy retirement, is a fool when it comes to managing their finance  ...  or any other aspect of their life  

 

I learned that early on, after deciding on a career path, when the 2nd & 3rd airlines I worked for, went belly up & filed for bankruptcy, respectfully.  

 

Didn't need to be shown a 3rd time, their is no income security as an employee, for anyone.   After that ... time to be self employed.   

 

Of course if you managed to get one of them good jobs, for 10-20-30 years, then you should have quite a bit set aside, or vested elsewhere.  As you never know when that gravy train might come to a screeching halt.  As my 4th airlines filed for bankruptcy, which was my last job.

 

After 30 yrs of being an employee on & off, time to retire, at 46, as had enough with having to be somewhere at any time, for any reason.  Time for 'me time', 100% of the time

 

If I relied on the corporate world, I'd have be a slave for 20 more years, w/crappy pension & Soc Sec to live on ... NO THANKS

[KhunLA]

19 hours ago, Pib said:

Yea, but, the countries generally rated with the best retirement/pension systems are also generally the countries with the highest taxes.   Easy to fund retirement systems if they are funded by high taxes during a person's work career. 

 

 

Snapshot of the report ranking the best retirement systems....see weblink for entire report.

https://rpc.cfainstitute.org/-/media/documents/article/industry-research/mercer-global-pension-index-2024.pdf

 

 

Snapshot of "HIGH" tax countries

https://worldpopulationreview.com/country-rankings/highest-taxed-countries

 

 

 

 

With those tax rates, USA ain't looking so bad  

[jas007]

On 10/16/2024 at 11:10 AM, Kwaibill said:

All I know is that my retirement income is roughly 2X what I was earning on average when I started to plan for retirement, which allows my Thai wife and I to live moderately in Thailand.

She wants to go to the U.S. and is willing to work, but not sure how long and what wages she can get. I could possibly work at something PT as a Walmart greeter e.g. Been on SS disability since 2005.

I have my doubts that we can make it these days

If  I were you, I wouldn’t go anywhere near the USA right now.  Lots of people out of work, people having great difficulty finding a job, runaway inflation, etc.

 

As for you disability payments.  If you return to work, they’ll eventually figure that out and you run the risk of having your benefits terminated.  Look into that before you make any rash decisions.

[GypsyT]

2 hours ago, KhunLA said:

With those tax rates, USA ain't looking so bad

Nobody who works pays 50% tax on earnings. That for super rich and even them knows loop holes to get half or more back.

US used to be cheap to live, like when I moved there in 1979. Way better than any country in the EU.

Not so any more. And the way it's getting worse fast is alarming. Like Florida now - no insurance for houses! They are worthless.

 

[KhunLA]

4 minutes ago, GypsyT said:

Nobody who works pays 50% tax on earnings. That for super rich and even them knows loop holes to get half or more back.

US used to be cheap to live, like when I moved there in 1979. Way better than any country in the EU.

Not so any more. And the way it's getting worse fast is alarming. Like Florida now - no insurance for houses! They are worthless.

 

Not super rich, but did break that top 5% ranking a couple times, but I've paid 37% fed. income tax also.  Only because I didn't have deductions. 

 

Super rich with assets & loans, have deductions, and if smart, no taxable income.   On average, they pay 25%.

 

 

[GypsyT]

I made to 4% group one year. Just to show off and get my ex and my bean counter off my back.... They always nagged how I spend my time and money foolishly.

But I had FUN, I was living my DREAM! Just to have big numbers on account didn't mean much to me.

Then I got ulcer twice and near died for bleeding. Started to drink too because I could not sleep. I worked day and night. No sleep.

That was it - one year in "4% club" was enough. Actually, I thought it wasn't that difficult. I just didn't know how to manage my time and take care of my health.

I went back to old spending ways and happiness returned 😉 

In America you can write off many hobbies and trips when you are in business. I has sales to 10+ countries so foreign trips were OK too.

I still saved more than most and did great deal on the house. Now am comfortable till I die.

For me this is/was possible only in the U S A.

 

[Kwaibill]

14 hours ago, KhunLA said:

Anyone that depends on something or someone else for a comfy retirement, is a fool when it comes to managing their finance  ...  or any other aspect of their life  

 

I learned that early on, after deciding on a career path, when the 2nd & 3rd airlines I worked for, went belly up & filed for bankruptcy, respectfully.  

 

Didn't need to be shown a 3rd time, their is no income security as an employee, for anyone.   After that ... time to be self employed.   

 

Of course if you managed to get one of them good jobs, for 10-20-30 years, then you should have quite a bit set aside, or vested elsewhere.  As you never know when that gravy train might come to a screeching halt.  As my 4th airlines filed for bankruptcy, which was my last job.

 

After 30 yrs of being an employee on & off, time to retire, at 46, as had enough with having to be somewhere at any time, for any reason.  Time for 'me time', 100% of the time

 

If I relied on the corporate world, I'd have be a slave for 20 more years, w/crappy pension & Soc Sec to live on ... NO THANKS

I “ retired” because I pretty much worked myself half to death. I just loved the experience of learning new “stuff” all the time, having as many as three jobs at the same time; one full time and usually two part time.

Had my first “ cardiac event” in 1996, and by 2000 was adjudicated “disabled, not expected to recover” by the government docs.

I kept trying until 2005 to find something I could still do, but on “ bad “ days literally could not stand for more than a couple of minutes. Used up too many resources trying to “ tough it out”.

Finally began moving to LOS in 2015, married my Thai FB friend in 2019, and now pretty much happily retired here.

My darling is having her Embassy interview today for her US visa/ green card. I am not that excited by the idea, though it would be good to visit some. It is really not possible to communicate just how expensive it is to live there now. I know my one sister complains seriously about how difficult it is and by my standards she and her husband are quite well off.

[Kwaibill]

15 hours ago, jas007 said:

If  I were you, I wouldn’t go anywhere near the USA right now.  Lots of people out of work, people having great difficulty finding a job, runaway inflation, etc.

 

As for you disability payments.  If you return to work, they’ll eventually figure that out and you run the risk of having your benefits terminated.  Look into that before you make any rash decisions.

I have been “converted” to regular SS due to my age. I would have to earn quite a lot to have my benefit reduced, now.

[gamb00ler]

On 10/16/2024 at 1:13 PM, GypsyT said:

US has SO MUCH money but it goes to war, jail system, politic BS and other expensive nonsense.

They can go to moon but Government still use FAX machines... and Collect Call system worldwide 😉 Name a country where that will work?

 

Most people don't understand that the US SSA is not funded by income tax.  The other expenses you mention in your post are funded from US government general revenue.

 

All SSA expenditures (retirement, disability, medicare benefits and administration expenses) are funded from employment and medicare taxes that are split between the employer and the employee.  No other governmental programs take money from that source of SSA funding.  However the US government does borrow from the trust funds that are accumulated from those employment taxes.  As of Sep. 2023 the US government owes those trust funds $2.9 trillion.

 

The US congress has occasionally temporarily adjusted the funding described above during recovery from a recession.

[newnative]

       I'm one of the lucky ones, with an increasingly rare traditional pension and social security.  My salary was low the 30 years I worked for the state of Virginia but the traditional pension has certainly been good in retirement.  Along with the SS, I make more retired than I did working.   And, the COLAs for both are keeping up with inflation, at least here in Thailand.  

[bunnydrops]

I'm afraid I have to disagree that there aren't any jobs in the US. My Thai wife and I go back every year. I am 78 and still can find work. I'm just finishing building a pole barn, one of the other guys is 81. I have a friend back in S.C. who gets bored sitting at home and goes out and gets a job that he gets bored doing (forklift driver, meat cutter, bussing tables, to name a few this year) and in a few weeks finds another, he is 67. My wife got a job doing lawn maintenance for 22 an hr. Housing has gotten expensive, but where I live you can get a two-bedroom apartment for 1400 a month. Even with the high price of food and rent, my wife and I save more money in 5 months than we spend in Thailand in over a year.

On 10/15/2024 at 9:10 PM, Kwaibill said:

All I know is that my retirement income is roughly 2X what I was earning on average when I started to plan for retirement, which allows my Thai wife and I to live moderately in Thailand.

She wants to go to the U.S. and is willing to work, but not sure how long and what wages she can get. I could possibly work at something PT as a Walmart greeter e.g. Been on SS disability since 2005.

I have my doubts that we can make it these days