I'm not talking about undeveloped countries in Africa or Asia. I'm referring to retirees in fully developed countries like America, Australia, U.K. and all other western developed nations.
Retirees - In Australia, U.K. and most of socialised western Europe, government pensions are pegged to equal a fixed percentage of the national "minimum wage" and sometimes with the "average personal earnings".
The percentage varies from 50% to 75% but remember, we are talking about the minimum wage, so 75% of that can be a very low income.
Those on private pensions, retirement funds, annuities etc, fare a little better.
The situation in Australia is probably no different to most other countries.
If you don't own your home, by the time you are forced to depend on retirement funds, you'll be living far below the poverty level.
But, there is a solution.
It puzzles me why so many people refuse to leave home and migrate to another country where their foreign currency will afford them a substantially higher living standard.
There are so many countries that welcome retirees and offer highly attractive benefits of permanent visas to bring their foreign currency and retire.
I'm going to tell you about one of those countries - Malaysia.
Despite what you may have heard in somewhat biased and un-knowledgeable media, Malaysia is a politically, religiously and socially stable, secure, friendly and open country.
Yes, like most developing countries, there is a degree of corruption that effects most local business people, but certainly not expats living here under the special retirement plan known as "MM2H" or Malaysia My Second Home.
I personally migrated from Australia and have lived here since 1995.
I venture to say that there are more Churches and Temples in Malaysia than there are Mosques in the whole of America (for example).
Freedom of religion is enshrined in the constitution and respected by all, from the Prime Minister down.
The average retiree can and does live in this country on less than US$700 per month even if they rent a house.
Generally however, the Government encourages some degree of permanency with special deals to purchase a house and a car.
US$700 = RM2,500 per month which will place the expat family of 2, in the top 50% of wage earners in the country.
When I have seen retirees in Australia eating tinned dog food because their pension was not enough to afford them the luxury of meat, I am saddened by their reply "oh, my children are here" and "oh, I've lived here all my life, I couldn't leave".
That is what can only be described as "self-inflicted poverty".
I have discussed this subject in much greater detail on our web site.
If you want to know more, go here.
Happy retirement.
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