future of social security? do you plan for it?

[old woman]

Since I am 63 I believe what was on my statements but mentally deduct 300 because they will deduct something for medicare.

 

[73ss454]

As all my assets are now overseas, means testing should not present a problem.

Right here.

 

[MichaelB]

NYExpat: maybe we misunderstood. It sounded like you were saying if SS enacted means testing this did not concern you because all of your assets were out of the US so they couldn’t be traced, and they might be in your wife’s name, and because she is not a US citizen she would receive your benefits while enjoying your assets. Apologies if this was a misinterpretation.

My questions on your choice of Peru were unrelated but I am interested, having been there once or twice. Why not Brazil, for example? Latin America is well known for its boom-bust cycles and few have escaped harm financial harm. Not challenging and I am genuinely interested in how/why Peru and also how you protect your local purchasing power intact without excessive exposure to soft currency risk.

 

[NYEXPAT]

My questions on your choice of Peru were unrelated but I am interested, having been there once or twice. Why not Brazil, for example? Latin America is well known for its boom-bust cycles and few have escaped harm financial harm. Not challenging and I am genuinely interested in how/why Peru and also how you protect your local purchasing power intact without excessive exposure to soft currency risk.

Probably, should start a separate thread (when I have the inclination). Brazil, probably would have been a fine choice. I wanted to live in a large oceanfront city (Rio) but prefer Sunsets over Sunrises, I prefer Spanish over Portuguese . At the time the Sol was weaker than the Real (and I was in dollars), rightly or wrongly I perceived greater value in Peruvian real estate. The Brazilian Gov't (at that time) was to far left and had not distanced themselves from Chavez yet. Having worked on Wall Street (in my younger years) I was a great fan of PPK ( what he accomplished in Peru) and wrongly thought that he would be President today! Peru, did not have capital controls (meaning money can flow in and out without reporting requirements). Real Estate could be easily bought/sold on a tourist Visa. CD rates were and still are high at 8.5% and inflation is low.

Central location put all of SA at my doorstep as well as making it the Economic bridge between Brazil and China, Peruvian cuisine is the the best in the Western Hemisphere and considered top 3 in the world. People work to live as opposed to living to work. As a single gent, I found most Women were interested in your heart as opposed to your wallet.

I love the culture, and the fact that everything in Life is within 20 square blocks.

BUT, I came here years ago and Peru has changed a lot. While it works for me in my situation , YMMV!

 

[MichaelB]

Thanks for answering. Brazil was just an example, but when Lula was elected everyone was concerned so doubts were understandable. Do you speak both languages?

Central location put all of SA at my doorstep as well as making it the Economic bridge between Brazil and China, Peruvian cuisine is the the best in the Western Hemisphere and considered top 3 in the world. People work to live as opposed to living to work. As a single gent, I found most Women were interested in your heart as opposed to your wallet.

I love the culture, and the fact that everything in Life is within 20 square blocks.

BUT, I came here years ago and Peru has changed a lot. While it works for me in my situation , YMMV!

Central location and best cuisine were not the first things in my mind when thinking about Peru, although the food is quite tasty. As for Latin women, I married one and fathered two, and have an opinion on the subject. Comparing women in Latin America with the US is a bit unfair because in most LA countries if they are not born into affluent families they have very little resource or opportunity and are easily exploited.

Life in 20 blocks does have an attraction. We can continue on another thread at your leisure.

 

[tmm99]

They way Americans are saving money these days (I cannot remember the exact figures, but I remember reading on this forum some news clips in which many people couldn't even come up with a couple of grand in a short notice), no SS or even drastically reduced SS would make too many people homeless, so I'd dare say SS will stay semi-intact.

 

[Retch The Grate]

I'm 39, for planning purposes I assume I will get no Social Security (which has been my assumption since the 80s), and if it turns out that it is there after all, I will enjoy an extra luxurious old age with fancier travel accommodations than I would book otherwise, more sushi, etc. And if it turns out that it is gone, well, I won't be derailed because I'm working towards a happy and secure retirement without it.

 

[Major Tom]

I'm 39, for planning purposes I assume I will get no Social Security (which has been my assumption since the 80s), and if it turns out that it is there after all, I will enjoy an extra luxurious old age with fancier travel accommodations than I would book otherwise, more sushi, etc. And if it turns out that it is gone, well, I won't be derailed because I'm working towards a happy and secure retirement without it.

Mmmm....more sushi..........

 

[MichaelB]

Probably, should start a separate thread

I started one here, hopefully you can add your views. http://www.early-retirement.org/forums/f28/question-for-the-expats-57697.html