Could you actually retire abroad on one Social Security check?
The average retired American worker receives about $2,081 a month from Social Security. In many U.S. cities, that may barely cover the basics. But take that same check abroad and suddenly the retirement math can look dramatically different.
The catch? Cheap doesn’t automatically mean retire-able.
A city might have $300 rent, fabulous food and gorgeous weather, but if you can’t qualify for legal residency, access quality healthcare or comfortably live there as an LGBTQ+ person, you haven’t found a retirement destination. You’ve found a vacation.
In this episode of Queer Money®, we rank five gay-friendly cities where an average Social Security benefit could potentially support a modest retirement, while also considering LGBTQ+ acceptance and whether there’s a realistic path to legal residency.
Our countdown takes us from Medellín, Colombia, to Coimbra, Portugal, Montevideo, Uruguay, Cuenca, Ecuador, and finally, Chiang Mai, Thailand.
And some of the numbers may have you checking airfare before the episode is over.
🌈 Takeaways from this episode:
- 💰 Why $2,081 a month may go considerably further abroad than it does in the U.S.
- 🏳️🌈 Why affordability alone isn't enough when choosing where to retire as a gay person
- 🌎 Five cities that combine lower costs, LGBTQ+ friendliness and retirement practicality
- Why Medellín offers strong healthcare and affordability, but has a noticeable gap between LGBTQ+ legal protections and public acceptance
- How Coimbra can offer Portugal's LGBTQ+ protections and residency opportunities for considerably less than Lisbon or Porto
- Why Montevideo may offer the strongest queer confidence on our list
- Why Cuenca combines exceptionally low costs with an established expat retirement community
- How Chiang Mai could potentially leave someone living on average Social Security with $700 to nearly $1,000 left each month
But Social Security alone doesn't mean Social Security without a backup plan.
You'll still need to plan for visas, healthcare, flights home, currency fluctuations, emergencies, taxes and the occasional fabulous decision that somehow didn't make it into the budget.
We also share the three steps to take before retiring abroad on Social Security, including calculating your real Social Security income, putting every destination through our Three-Gate Test and test-driving your potential new home for 30 to 90 days.
Ready to start exploring? Download the Queer Money Retire Abroad Checklist
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It's time to create your retirement abroad plan
What if your retirement plan included a backup plan outside the United States?
The Optimize Portugal Golden Visa Fund may give you the opportunity to invest existing IRA assets while also pursuing residency in Portugal for you and your family.
That could mean greater flexibility, access to living and potentially working in Portugal, and a pathway to spending more time throughout Europe.
Your retirement savings may be able to do more than fund your future. They could help expand where that future happens.
Click the link below to learn how the fund works and request additional information.
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With political uncertainty growing in the U.S., now is the time to build your Plan B.
The Optimize Portugal Golden Visa Fund may let you invest existing IRA assets while pursuing Portuguese residency for you and your family.
Don’t wait until you need an escape plan to create one. Click below to learn more and request information.
Get Your Portugal Golden Visa Here!
