To Retire At 56? Or Rough It Out...

[Dave Hounddriver]

savings till my state pension kicks in but thats at 65

Same here but Canada Pension kicks in at 60 for me. The savings are the result of the retirement plan my employer built up for me over 28 years.

[earthdome]

I just had my last day worked Dec 6th and am taking vacation until my official retirement Feb 1, 2013. So I get my regular salary until Feb 1. Then I start getting monthly pension from my employer. I have a home in a good location in the USA and will turn that over to a property management company to generate some extra cash from turning it into a rental. I can also start taking monthly distributions from my retirement savings and will try to only draw on the interest and leave the principal alone. Then at 62.5 years of age I can start receiving US social security.

In the Philippines I may start an internet consulting service to do sub contracting for US web design firms to outsource some of their work to the Philippines, not because I want to work or need to work, more for my girlfriend and perhaps her oldest brother who have or are finishing their IT degrees. The kind of work that doesn't require regular work hours and would let my girlfriend work and earn while still being flexible so we can travel.

[bows00]

Based on what I have read on various interet sites, it is very difficult to earn any money by getting a job in the PI. But I have heard of people making some income through the internet, but I dunno about that ...your best bet is to set up something from your own country before taking the plunge.

[earthdome]

Based on what I have read on various interet sites, it is very difficult to earn any money by getting a job in the PI. But I have heard of people making some income through the internet, but I dunno about that ...your best bet is to set up something from your own country before taking the plunge.

Correct. The IT consulting will have a website virtual presence in the US but all the employees will be in the Philippines. My background in IT, the internet and open source software give me some credentials which can be leveraged to market IT services as a sub contracter to larger web design firms in the US. Allowing those US web design firms to outsource some of their more time consuming tasks for their web design projects to the consulting firm I will create.

[stevewool]

i dont intend to do any sort of work when i am in the phils, its time to relax and when i am ready, then look into keeping myself busy

[i am bob]

You know, Steve, that relaxing can be hard work! Perhaps a mid-afternoon siesta would help?

:mocking:

[bows00]

Wow, I can't believe it's been 3 years since I started this thread. And I am that much closure to my retirement age of 56 (2 and 1/2 years left). Unfortunately, I am more on the fence now than I was three years ago. The money I would have at 62 would be ridiculous, I don't think I would be able to spend it all.

At 56, my plan is to rely solely on my federal pension, a special annuity and 2 rental incomes (and let my federal TSP account (401K) continue to grow until I reach that magic number which I estimate will be around the year 2023). In the meantime, I think the income would be enough for me to survive the Philippines, but I maybe I am just not ready to retire. Dunno... but at least I still have 2 and 1/2 years to make up my mind, but I know it's going to come by really fast...

[WordsandMusic]

bows00 this has been a good thread to read. I didn't notice how old it was until I was knee deep in others opinions. I retired this year at 56 from Uncle Sam and was only able to do that because of Military pension. But like so many on this thread I knew I had to jump ship or die trying. Having a Filipina wife here in the states and a small child , makes you really weigh things out. Schooling for my wife here in the states seemed unreasonable for the return on the investment and time investment. The economy being as it is, stiff competition for any kind of work that payed anything, I decided an education from the Philippines would have to do. I felt I could help her get the right tools to be competitive if and when things got better with the job market. As for the little one, he is smart, good looking and a talker, I'll groom him to be president of the Philippines someday. The schools in America are a disaster and getting worse. The young people are in my humble opinion lost. It's as if the entire country is trying to make lemonade from lemons. The country is so divided like nothing I have ever seen. politicians are ruthless, anything goes to conquer and destroy an opponent. Entire states are getting high, now they are surprised that 4th graders are coming to school high. So the little guy gets to explore is other half and maybe get an understanding of both worlds. Philippines isn't perfect by any means, but for now I think I can accomplish more by being there than I can here, and do it a little cheaper in the end. 

[sonjack2847]

i dont intend to do any sort of work when i am in the phils, its time to relax and when i am ready, then look into keeping myself busy

Sometimes trying to relax here can be very hard work just like bob said.

[sonjack2847]

bows00 this has been a good thread to read. I didn't notice how old it was until I was knee deep in others opinions. I retired this year at 56 from Uncle Sam and was only able to do that because of Military pension. But like so many on this thread I knew I had to jump ship or die trying. Having a Filipina wife here in the states and a small child , makes you really weigh things out. Schooling for my wife here in the states seemed unreasonable for the return on the investment and time investment. The economy being as it is, stiff competition for any kind of work that payed anything, I decided an education from the Philippines would have to do. I felt I could help her get the right tools to be competitive if and when things got better with the job market. As for the little one, he is smart, good looking and a talker, I'll groom him to be president of the Philippines someday. The schools in America are a disaster and getting worse. The young people are in my humble opinion lost. It's as if the entire country is trying to make lemonade from lemons. The country is so divided like nothing I have ever seen. politicians are ruthless, anything goes to conquer and destroy an opponent. Entire states are getting high, now they are surprised that 4th graders are coming to school high. So the little guy gets to explore is other half and maybe get an understanding of both worlds. Philippines isn't perfect by any means, but for now I think I can accomplish more by being there than I can here, and do it a little cheaper in the end. 

I came here to retire when I was fifty because I was fed up with the situation in the UK. I rented my house out there and live on that money. I will get a small pension at the end of this year and have another 2 which I can collect before my state pension kicks in in 14 years time.Myself I would retire at 56 with a smaller pension than wait for the big one which may never come through various reasons.

I`ve been making inquiries about education here for my daughter. The doctor(who lives next door) has given me some advice which is apt at the moment and for now I will be sending my daughter down the same route as the doctor`s daughter. When she reaches university age we will decide then which one.

Edited April 22, 2015 by sonjack2847