Living on a pension

[Nephi]

2 hours ago, mogo51 said:

......

We can spend years procrastinating about what we will or won't do, but I prefer to make a decision one way or the other, live by it whether right or wrong.  But not later wishing I had made the decision when I was able.  

But we are all different. 

Exactly and this is why I made the decision and moved here when I was just 50yrs old. Quit my job, packed two suitcases, one carry-on, and one box and I was off. Moved here for the second time to get married while I was young enough to really enjoy life. I committed financial suicide to do it but did it anyway.

We spent the first 12 years of our marriage living on just P12,000 per month. That was just over $200us dollars until our retirement pensions and social security started. We ate fish and rice and just about anything that couldn't get away and even raising 4 children at the same time. We did without many things. Even electric power when we just could not make ends meet -- but we lived through it and they were some of the very best times of our lives.

We are doing okay now and my wife still works her full time job that she enjoys. We still believe we did the right thing and is has given us more years together than we would have had otherwise. That's a blessing as I have COPD/Emphysema that is starting to make life more difficult and a pain in the tail with hospital stays and doctor bills. I would not change a thing in the timing of the move to the islands. Sure, the lung  disease I have will shorten my life but it would be the same back home. Better here where life can be enjoyed and stress is a thing of the past.

Many would and did say that doing what I did was irresponsible and a bad mistake. If is was, it was the best mistake of my life. If anyone is considering making an early move to these islands, I say do it! If you are married to the right person it will work out and you won't die. Tomorrow has no guarantee; we only have today and life is meant to be enjoyed, not just be endured and a slave to money or money for the future. If there was one thing I could change about my early move, it would be that I would have done it even years earlier than I did.

 

Nephi

 

Edited December 8, 2016 by Nephi

[Nephi]

10 hours ago, Dave Hounddriver said:

I just did it and worried about it later.  That was 9 years ago.  Would have been nice if I had stayed on the job as I would have had more money now but I don't regret it and would make the same decision again if I had to do it over.

Amen!!!

[jpbago]

12 hours ago, bob1965 said:

Ain't that the truth. But it is a tough call. If it was just how much is enough ...we'll even that isn't easy to decide. That's why I've been scouring the forums. Ultimately it's a trade off. Time really enjoying life vs security. I think what's causing me a concern is I know I'll be ok at 55 if I retire then.

I retired at age 54 with no regrets. Some of my co-workers died before they retired. You said "time enjoying life vs security" but you can have both if your pensions are secure. 

Indexed pensions will almost keep up to inflation. My private pension goes up 1.7% next year and I don't know yet what the CPP increase will be.

Edited December 8, 2016 by jpbago
more info (or slow thinking)

[Dave Hounddriver]

3 hours ago, Mike J said:

The decision would be SO MUCH EASIER if we just knew how long we had to live. 

Some guys seem to have that figured out.  Live well, spend all the money, and when it runs out just jump off a bridge, or the 3rd floor of SM Mall. 

[stevewool]

8 hours ago, mogo51 said:

 

 

 

 But he does not seem by his photo to be a 'spring chicken'?  I thought he was in his 50's?  

Remind me to change my picture

[stevewool]

This has got me thinking again about what we have in cash and what we may have later.

If retiring early that means no state pension until i reach 66, and thats a long time 8 years time infact, yes i can get my private pension but again thats not much at all.

So i have to plan what savings i have what rent i may have coming in and what i can draw from my private pensions.

So if i have to budget just like everyone on here in some sort of way, we could live quite well, so what happens once my state pension kicks in, well we are rich and what they hell do we do with all this extra money coming in in 8 years time.

We have enough right now, but my head is saying its not the right time just yet , plus the wife is too, and really thats all that matters

[Kuya John]

39 minutes ago, stevewool said:

 so what happens once my state pension kicks in, well we are rich and what they hell do we do with all this extra money coming in in 8 years time.

 

Give it to me!

Steve, only you and your wife EM can decide in the end. Yes we can share our own circumstances but we are all different with different needs and expectation's.

My own circumstances, is not about living in Philippines on my pension, but health issues now and as I get older.

At 58 I was reasonably fit and would of enjoyed these last 12 years living there, but there was all the "What if's".

So if your reasonably fit and so is Em's go for it, you have your house to come back too. Just my two cent's

 

[Dave Hounddriver]

1 hour ago, stevewool said:

my head is saying its not the right time just yet , plus the wife is too, and really thats all that matters

If your wife ain't ready to retire and you want to stay married then we will see you in 2027 

[stevewool]

5 hours ago, Dave Hounddriver said:

If your wife ain't ready to retire and you want to stay married then we will see you in 2027 

I bet you it will be sooner then that date

[PaulB]

Steve

I am not at pensionable age yet but do receive a pension from medical retirement from the Police. I am not going to type about being able to live off a Pension but would like to pass on my experience and thoughts on how I believe you can make life a little more affordable for when you do retire full time to the Philippines.

I am still working so set myself a plan to get the expensive Life Support items out of the way whilst I could still afford them so when I do retire I only need to pay the daily life costs.

The Plan consists of the following items:

• House (shelter is a basic human need and if you can finish buying/building it before you retire helps)
• Business (to start to build an income to pay bills and your pension is extra)
• Garden (again better to pay for it before you retire)
• Transport (Car and mobility in province is important. Don't want to feel a prisoner in my home)
• Generator (for Brown outs. Especially when they approve the death penalty which will cause 200 brown outs a day if electric chair)
• Security (CCTV and Safe)
• Bank Account (Pay in a bit every month to build up credit history. Just in case)
• Visa (Sort yours out so you can move forward with the above)
• Insurance (house. Just in case)

Now if you are able to get the above out of the way so not rent or mortgage, no car finance, no large outgoings for generator and CCTV etc. then I believe your pension can go a lot further and you could have a good life.

As I have said I am not there full time yet but have checked off the above so when I am in Max 3 years I only need to worry about bills.

To add to that I also bought a mobile home in UK so when we do visit to see children and grandchildren we will stay in there as cheaper and also as on a holiday park they will rent it to cover the site fees.

I know the above may not be possible for all but for my wife and I it has given us a fun few years to prepare for our life ahead and we have enjoyed sharing the achievements each step of the way.

I forward just as a thought but am sure you will manage a comfortable life. Use your working time left now to prepare for that time as it also makes the work days more worthwhile.

I wish to also wish ALL members a Very Merry Christmas and may it treat you well and often!

 

Paul & Princes