It's happening all the time. Aging Lawyers are losing it all, including their nest egg. Yet, there is not enough opportunity or time to recover financially. I met several at recovery meetings in Central Pennsylvania. A number are refugees from BigLaw.
Some members of the media are hyping the financial advantages of relocating outside the U.S. for the retired and semi-retired. Ecuador is a favorite.
But those of us who have researched that option know that the Promised Land of Affordable Living could be right in the U.S. The supposed paradises like Ecuador really aren't as inexpensive as they are depicted. For example, clothes can be expensive in Ecuador. And the cost of an apartment was about as much as my rental in 2014 in Tucson, Arizona.
Members of the media, such as this one, have been reaching out to us about staying in the U.S. Sure, we might have to still relocate but it won't be to the unknowns of a foreign land.
There are five cities in which the cost of living is affordable for those simply existing on Social Security. They range from Akron, Ohio to Buffalo, New York. And these recommendations are on the money.
When I got it that Tucson, AZ was not where I and my business could thrive, I researched where else I could parachute into. The small city of Austintown, Ohio fit perfectly. It is less than an hour's drive from Akron. Some of those in my Socrates Group commute there for work.
Here is Austintown, a 600-square-foot apartment, with utilities all covered, rents for under $600. A pet-rental fee and a fee for trash are added onto that. If the renters are a couple, that comes down to about $300 a month.
Here in eastern OH, my car and renters' insurance is even less than it had been in AZ and about a third what it had been in the central Connecticut. Food purchased at the supermarket had gone down across the nation. But there are always attractive specials around town. Dollar stores increasingly carry grocery items. And there are plenty of them here.
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