Retiring on Social Security
How much can you really save by retiring in Costa Rica? For many baby boomers, the question isn’t what you can save -- it’s how you can improve your lifestyle and get more bang for your buck. At present, the average Social Security benefit runs just under $1200 a month for most individuals. Even if you receive the maximum monthly benefit of $2,346, the realities of a fixed income often equate to a lower standard of living, especially in the present U.S. economy.
FAQs
Can I retire on Social Security in Costa Rica?
Absolutely. At present, the average Social Security benefit runs just under $1200 a month. It is entirely feasible to live on such a budget, but you’ll give up certain amenities like car ownership, frequent restaurant outings, and splash outs on imported goods. If you’re retiring with a partner or spouse who also earns Social Security benefits, your housing options will increase dramatically.
Last updated: Oct 22, 2023
Check out our Retiring on Social Security Blog Posts
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