turn $65.00, and as the baby boomers retire, there will be a significant demographic shift, often referred to as the grace unami. i'm christie ein, you're watching the cost of everything more today. we're going to be looking at the cost of retirement. living in a foreign country offers a chance to see more of the world as well as lower the cost of living. but there are multitude of factors to consider before making such a big life decision. things like the ease of buying and own property and the value of property investments, the cost of renting health care systems, the cost of living in groceries, language barriers, climate and the stability of the country's political situation. the social security administration has stated that the number of americans drawing their benefits from overseas grew from 413002760000. in the last 3 years,

the state department's estimate that 9000000 americans live abroad and suggest that 5000000 of these have retired abroad or 12 percent of the nation's 45000000 retirees. baby boomers are increasingly understanding the advantages of living abroad, given the rising energy and living costs at home, while returns on investments and asset values fall. the 1st driver of retirement or receives is usually finance. an income that is comfortable or tight in the us can often give a lifestyle. consider luxurious overseas in countries like the caribbean or southeast asia, as a cost of living is significantly less. the average cost of retirement in the us is $700000.00, which is considered a fortune in places like pakistan or thailand. for example, a one bedroom apartment and a city in portugal is 57 percent cheaper. then in an american city, costing a little over $500.00 a month. in thailand,

it is 80 percent less. this extends to the overall cost of living. we're closing prices are cheaper by 30 percent and food by up to 80 percent cheaper. meanwhile, on the other half of spectrum, singapore is the most expensive country in the world to retire costing an average of $1100000.00 over a 15 year period. inflation has been particularly high now costing over a $171000.00 more than it did 2 years ago. meanwhile, pakistan is the cheapest place to retire at a little over a $100000.00. older adults are projected to out number children under the age of 18 for the 1st time in us history by 2034 according to the census bureau. projections and this mismatch will have implications across the coming years, as there will be an increasing need for caregivers. and health services for those over $65.00,

there will also be less than young people in the labor force to generate enough tax revenue to provide social benefits to the older population. and for more or less bringing matthew sinclair, financial advisor and new england advisor groups a. so matthew, what are the key factors to consider one planning for retirement? well, generically, uh, uh, is really just 1st of all is you want to 1st take a look at what your cash flow is and that's a combination of figuring out what your budget is and what, what you spend. so is there going to be and then what's your good, what you're going to have in terms of a cash flow coming in is it didn't come from investments, is attention, income is social security, income. those, those are the $36.00, that's the 1st and foremost the secondary one which is prop park your primary to a lot of people needing to save enough money for retirement. they just got a can accumulate enough money so they can retire. you know, and we usually use

a deal when you're talking about your investments. if it's a younger person, they don't have, they typically don't have a pension plan, right? they might have social security. so you want to have minimally, i think if you live on the east coast of the west coast, you know, $11.00 and a half to $2000000.00. think you're talking about living and traveling. you want to talk about what kind of confused if it's likely to austria or a switch. so you might be $3000000000.00. if it's good to these, you know, let's assume it's, um, a mexico or like, you know, the central american country, like you know, course, the rica you might need a little bit less than that depending on what your, your, what the cost of living are. so it depends on a lot of factors and how kind of want to estimate the amount of money needed for a comfortable retirement when inflation and the cost of living just keeps on going up and up and an accelerated rate. well, here's the good thing is that we do a lot of modeling on retirement projections. so we could say ok,

this person makes x amount of dollars. now they're assuming they're gonna, they're, they're bills or let's say 60 or 70 percent of what they, you know, what their income is. and then we can say, ok, what's the number we need to save to, to get it enough money to generate that money. so they don't want to work for us and we just put we model different rates of inflation is 3 percent, 5 percent, 7 percent. the average we model is about 3. uh, but sometimes it is hyper inflationary periods. you might say the 1st 7 years might be 5 percent, and then it drops to 3. what are some of the advantages of retiring internationally? well, but again, depends on where you're going to go internationally. if it's so we are the east coast, have a, a good group of people are thinking about of retired to europe, one popular places, portugal right now, because it doesn't cost a lot to live there. but there's other factors, right? that there might be,

if you'd like to move on 50 percent of what you need in the states to retire there, but you need to figure out ok, can i even own a home there or how am i going to live like by real estate or really the big questions in, when you're moving to those kind of countries in the secondary one would be, is what's my hot water, my medical services gonna be available. so those are factors that we've taken to a lot of consideration or talking to pre retirees about this. and what about the challenges of retiring internationally, especially as an older person who can not pick up languages and adapt as quickly anymore? oh, yeah. well i'm, i'm assuming the person who wants to retire internationally has gotten like a call. they've got a spirit of like our to learn more about the culture. right. so they want to do a lot of pre education about what the cultural norms are, especially if they go visit their once or twice before you really got to stay there for a period of time. so i normally recommend, if you're going to go anywhere that you're not, not currently living now you spend 3 months there and just do an air

b and b and kind of put yourself in a day to day of living there. you know, pick you out. what's the, you know, where am i going to do my laundry? where am i going to do a dry cleaning? where am i gonna boot where, what activities, where i want to be part of and with language, which is great, you know, the internet and, and, and just using apps on your phone. you've got like trans, like doc. com, which you can start with basic conversational things like, you know, how do you say, uh, let's go to, i wanted to find where the, with the train station is, you know, and the tire, that's the village stuff to you on a federal body. and you know, you need to know like you want to learn some of those key phrases to kind of get through your day if you will. what are some of the benefits and drawbacks of downsize saying or relocating after retirement? but i'm not really familiar with that as much. a lot of my clients were retiring to . those countries have been, had worked, had lived and worked in that country before they were from that country. and now

they go to go back to that country. so they might be getting a social security. busy page for government pension from that country um other cartridge encourage american dollars to go to their country. so they're going to get some people favorable tax rules. that's a key issue for a lot of. i called the ex pap retirees. story is, i'm looking at what all the tax rules and what are the agreements between the united states in that country. you want to do your research before you go. you might have been doing your own taxes for years. i might recommend you find a firm that has a relationship and knows those tax rules between because you're going to that's, it's just it's good tax policy. it's great. it's just good for you to be ahead of the problems. not all of a sudden be surprised if you will, a low plate. the makes a lot more sense. i get i can't emphasize that enough retirement homes like

assisted living facilities and the america is a very big business. so how big is the retirement home market internationally? i don't, i mean, i don't know that 1st, i don't have a specifics that what do you mean retirement home, are you talking about a assisted living facility? are you talking about retirement home like i'm in and out? i had i lived in new york. i have a house in florida. i'm now selling the house in new york to live in florida. that's the case. there's a lot of that. oh, that's expensive. so that can start anywhere from $6000.00 a month, up until $12000.00 more depending on the level of care that the leaves need. so that's also what we're seeing a lot of these parents, let's say for instance, the children, the parents, you know, the children moved away and they now live in a different state. the parents want to move closer to them. um, so the pitts children could check in on them everyday, you know, and flip a local facility versus having in the home power preference. and most of my college

preferences has to be in their homes is as long as possible. so you could make adjustments like making so you might create the ramp. so you might create a, a elevator in the house. we get to up the stairs, so you'll make some adjustments through the house so they can stay the longest. and hopefully the children live locally so they can check that for my mom and dad all the time. thank you so much for your time and inside today, matthew. and when we come back, the notion of retiring and places like italy and france is appealing to the benefits those country offers. the retirees are threatened, we'll have more on that after the break. the

i look forward to talking to you all that technology should work for people. a robot must obey the orders given it by human beings, except we're so shorter is that conflict with the 1st law show alignment of the patient. we should be very careful about our personal intelligence, and the point obviously, is to create a trust rather than fit the various jobs. i mean with the artificial intelligence we have summoning the theme and the robot must protect his phone. existence was alexis, the some of the cheapest places to live in europe during retirement, our friends, italy, and cyprus. these countries enjoy great health benefits,

lower costs of living, and a relatively stable political landscape. that is, until their great benefits are now threatened. france suffered fears, protest when president micron raised the retirement age from 62 to 64. the french are very protective of the countries, the universal health care system and generous social security system. and the idea is that you pay very high tax during your working years, but then you get to retire at a relatively young age to enjoy these benefits. this compare to most of europe where the retirement age is still 65. unfortunately, many governments in the developed world are in similar situations as population growth is down, people are living longer, medicine is better and benefits cost more. so government attempt to balance budgets by cutting benefits, particularly in countries with generous plans like france, the president macro and argue that the reforms are essential to prevent the french

pension system from collapsing. and in the us, the full retirement age was 65 for most a social security's history. but the 1983 overall gradually raised the age is 67, which it reached in 2022 for those born and 1960 or later. which effectively cutting benefits by 13 percent as compared to benefits if the retirement age has remained 65. each one year increase in the full retirement age is equivalent to roughly 7 percent cut in monthly benefits for all affected retirees. so if the full retirement age were raised to 70 current, social security benefits would be reduced by nearly 20 percent. essentially raising the retirement age amounts to an across the board cuts and benefits. regardless of whether a worker falls for social security benefits before upon or after reaching the full

retirement age, that means that the younger generations will receive benefits for a smaller number of years and their lifetime benefits will be much lower. meanwhile, china has the world, the youngest retirement age, according to the o. e cd with women retiring at 50 and men retiring at 60. but while retiring young is the dream, the reality is that many will not be able to in order to maintain a certain lifestyle. in china, government funding hasn't kept up with a number of people entry retirement. so they have to remain in the workforce for longer to now let's take a closer look at what does it cost to retire an african countries like cameras, and for that, well, assign mach waiting to can radio journalist and community mental health experts and joins us from cameron to discuss their perspective on african retirement dynamics. so how does the concept of retirement vary across different cultures and regions?

are there any notable cultural differences and how retirement is perceived and experienced in committee room time? it was like something which is a burglary. it's up to some things to shift because people feel like they have to have seen practical. somebody's been retire mean or they have to go go sleep about to go. no, she's very much, i mean, but i don't know why doing so much to my roaming around. we have a best bet today before it gets to enlighten the bubble jennings about how to have a family plan and also how to get it ready for you based on so it's not like they used to use before. as long as i took d o. tammy, i'm the, you know, well, the idea of more than you're fine, i think maybe because or send it back to the germans team. so they thought that

when the 8 weeks there's having a that that seems for them and the end of their lives. i'm, you know, been actually faster we 2 years. okay. i mean, further today, some of that is, is scenario. and can you share insight into the retirement systems as social support structure as an african countries and how they differ from other parts of the world? um, so a come around just couple years ago in the past, actually we had them in time in ages from from east dietz farm. that's what categories b, a, b, c, d. so category a mean back to a senior level staff category. do you mean, you know, any level staff as go see for executives and category g for somebody needs to category and do the tire at the age of 55 and category c energy and the agent pc. but on the 2nd of december,

swing between those at the stage has decreed that when nice retirement is increased and come in. so 3 nights we now have a diamond, it use 4 categories, these and these wants to 60 is a category c. and d 5 is, or if someone writes where every call and kind of hard for me to service. okay, discuss any cultural norms or traditions related to retirement in african countries and how they shape retirement experiences for individuals. i mean to not be that you work for a certain number of years, reading the way to accept these and i'm waiting you your class. you're also getting on the call. you find yourself in so either you'd be had people as a business medical pick to add those email addiction sick. so i know guys are retiring and had those in on. i do have

a do mean and then they're not there. and i've reached back to me, today's stuff you're seeing, there's a lot of a time now. we have people to be waiting on them to retirement. you know, you know, i said to your, to work for 20 years. you're interesting about how i feel free to take your brands here to, tammy is going to have your pension. but um, like i mentioned in the past when i like to go, 1st of all people do not the druggist you know, read about what's the diamond entails and patients. so they will not be what i have to find out what the brain damage schemes available for them, or what's a patient skiing and how windows 10 know 2 but 2, yet when they're tired and that is the cheapest for you. the next day i have to have, i have no m saves, i have nothing. who in the settings are on their

pension and famines being, but today there is information out there on the internet everywhere. so people can actually go to office. i mean, i talk to this guy about every time in man or having the intentions team. i talked to danny, how does the emphasis on intergenerational support and family dynamics impact retirement planning and lifestyle choices in african culture in terms of the family dynamics route? and i just want some time between 3 and 3 is not so what we're going to finally because you know, people understand that expecting to be on time. and we need to get around, you know, be around the right, at least the lead sites which are also boards. you don't need to be in class within just to be available for them on the show before someone retire and the person who,

the less, you know, they have to have gena, i only got people in the house, you know, to be as tough as died. there's literally nothing that goes through tammy, is because they're like, yeah, no bogging on the house or they're just being used to around. so in the past, the board was not date, but more and more we're seeing that families are fixing to get back to you as this long term and to provide the family off to them kinase. and just being there for the space for them to stay. i think it should be under the basic needs and then it's and get her. uh, i'm it. so how many sense of what see for a long time, i mean my context is trying to in fact in my culture. and normally, you'll realize that we have to look to be around all that people. we have the means to join and stick tendencies. so if you need to retire and you don't have to get

somebody issued in your why your band or this, well, you know, directly related to you, you have a cost when you have a, an offer you have no, it just doesn't list it. see that stays in your house, or you can go by and type in their fees. so more and more, we are having these scenarios, like what we can say. i mean, i've done a to receive and i'm going to stop watch when they need to. if they need it, can you provide some examples of countries in africa that are popular along retirees and how retirement life differs in these particular regions? is also that this will retire from civil service. my country because international jobs, maybe from the u. a client in your that international organization. so yeah, that person, so people that with that level of experience and um, with the website and able to take off his job because i have this draw tv and i

5560 i think is too strong enough to work. because assume that it's not even supposed to work, so there was definitely space for them to get to see the national and saturdays all aspects due to some of that kind of i live on the right area because it is, i'm actually the much now the insurance team so yeah, it's possible is doing well actually there are many people that i know we need my phone fixed. well next phone coming. okay. it just keeps dan international jobs and they retired and had that and that's enough. asians came. so it just depends on where you want to go from way when your emotional level and the how fi um, once you receive access to is the international curry and i informed you about, you know, the international patient's team and how you can benefit from that. thank you so much. well assigned for all your time today. retirement is an availability for

everyone eventually, but some will retire in better shape than others. the winners are going to be the ones who planned properly for their retirement and saved up a decent next day in order to provide them with the same lifestyle that they've become accustom to. on average, retirement is about 20 years. so there has to be enough saved a way to live, to enjoy the latter years. unfortunately, most people wait until it's almost too late. the millions of americans are still financially unprepared for retirement as nearly 50 percent of women and 40 percent of men between the ages of $55.66 have no retirement savings. as a culture has adopted a live for now, philosophy which can become a burden onto the younger generation. i'm christy. i. thanks for watching and we'll see you right back here next time on the cost of everything.

the pain is the aggressive today. i'm authorized. is additional strong site today, russian was the country with the most sanctions imposed against it. a number that is constantly growing. but i think the pitch of the just a couple seniors, just click on the leasing and we'll see more in the we'll shift for banning all in portion of russian oil and gas is suffering the price for t hope all's well. we're going to use just the phone service involved, the little joe by imposing these sanctions on russia has destroyed the american economy. so there's a boomerang. the piece

is a youngsters of today because there's a lot of censorship on many topics in schools that start to just the migration topics to my impression it's find on this atomic change, gone back and spend almost send them a call. you see, it's, i mean, there was no, there was no way of debated, was idle, but never spent. and now it's about russia and it's about, yes, we have to find russia and russia has to be taken off the map. the, the, the swedish embassy and bug davi storm done torch by protestors that had of another, a plum burning of the crumb installed. we've got live reaction and not in minutes. also a head on the program. 6 the

board flushes in the end. buffalo westbank city of novelist says one palestinian is reported killed and $35.00 more people separate injuries during clashes with it's really horses rushes, defense, ministry saves any vessels, not troubling to you. printing in ports in the block c will be considered as potentially carrying the electric cargo offs in the wake of moscow coming out of the rain deal initiative over the field. and an african island opposition. protesting can yet devise public opinion with demonstrators southern crippling price rises, others say closing on rest is very well the cost of living is high and the majority of us cannot cope with a situation process or not a solution to the high cost of living. we need peace, the

across the world, or run the clock. this is our to international coming live from russia's capital city. furious cried some storm, done, set fire to the swedish embassy in baghdad. and protest over a plum burning of the crown in stockholm footage, reportedly from the scene, shows people a mustang around the embassy and storming the complex with smoke rising from one of the swedish foreign ministry. sit embassy stuff, something taken to safety, on christmas, the rookie of socrates for failing to protect the diplomatic mission. rocks for administrative condemn be instead of the perpetrators will be held accountable for by doing and security forces had been deport inside. the complex, using water accounted to disperse the crowd while firefighters had i phones. most protesters had withdrawn with only a few dozen remaining in the area. the 2nd plums burning of the crown in sweden and just a number of weeks was officially sanctioned by the courts. again,

a public meeting outside the rocky embassy and stuck home was authorized, which will include the burning of islam totally book along with the iraqi flag. the laughter believe to be in response to the printing of the swedish by earlier in iraq less get to more on developments and speak to write her a list. ali risk ali, you're very welcome to the program. so the swedish embassy has been stormed on set a life that's before the plan, correct.