Best place to retire at 35 for ex forces vet in the Philippines and how much do I need a month to live? Tia 😀

[stevewool]

The million dollar question we all have been asking "how much ".

I am cheap but i want to live well, i have my own house over there , but i have a wife and her father to support.

My plan is to give my wife around £400 per month for bills and food, i will keep another £400+ each month for extras like holidays and other things, then there is the emergency fund account for the just incase, now that could be anything that you may want to add into there.

So around £10,000 per year, plus £xxxxxxxx in the emergency fund, these figures are for myself and i am going to retire at 60, so to retire at 35 you will need a lot more, plus if you are single and like the ladies and the beer thats going to cost too.

Can i ask why the Philippines ???

[Snowy79]

I'd guess you would need a minimum of £1500 as a 35 year old retiree to be happy. I'm judging that on you wanting to have an active social life with some female company thrown in. 

There's various places to live from cities, mountains, province to beaches. They all have their benefits and relevant costs,  but the biggest one is a partner. Wherever you end up living you can bet you'll end up budgeting for two. 

If you strike it lucky you'll meet a wealthy independent chef but chances are you'll start off with someone with no job who you'll eat out with 5 times per week. Maybe throw a kid or two and extended family into the equation. 

After a few weeks you'll be thinking whether you can afford to keep her and that maybe there's a better catch out there. If you ditch her you'll end up in the bars spending the same amount as if there was two of you and even more maybe before you find the next partner. 

It really is a minefield. A smart guy who doesn't rush in can survive on £1,000. A not so smart guy about £1500 and someone with more money than sense over £2,000. It's all down to personal needs. 

[Dave Hounddriver]

7 hours ago, Old55 said:

IMO it's a very small budget many members here have less and are very happy.

I met a 35 year old guy on the beach yesterday.  He quit his job and is roaming around on about US$1,500 a month and he has this great idea that he can make money off the Internet whenever he runs short.  He did not elaborate on how.  I have found it possible; but not easy to make any large amount off the Internet.

The problem I see is that he has lived less than half his life.  Surely the cost of living will increase by a huge amount before he reaches "real" retirement age so unless he has an income that adjusts for inflation or is willing to go back to work when he runs out of money then he needs a better back up plan than "I'll just make money off the Internet".

[stevewool]

The back up plan, now i bet most of us have these, what is mine when i retire .

Well its rent from my house but that will only last me for around 20 years, the there is my savings pot, now in my eyes thats a big pot , not as big as some but bigger then others, now that could last me 40+ years, then this is the state pension, well that shall last me till i die.

Now out of all that maybe my pension will adjust with inflation , my rent will stay the same as it involves family and the intrest on savings, well hat may cover little bits and bobs.

After reading this back this is my plan no back up plan at all just enough cash to help in our future where ever that may be.

[Tukaram (Tim)]

"How much" depends a lot on your lifestyle, and where.  I live 20 km outside Iloilo. A small sleepy city (to my American eyes). My wife and I live on $800 (USD) a month, but I would recommend more like $1,200-$1,500 a month.  I am quite comfortable on $800 but it does not allow me to travel as much as I would like.   In the city $800 would be a lot tighter.   

"Where" depends on your wants and needs.   I retired at 48 and would like a more active place than I would probably want at 70. Iloilo is not a party city by any means, so if I were single I would certainly not be here.  If you need to be close to good medical care Manila and Cebu might be good.  If you need lots of foreigner foods you would need a city with a lot of expats - Manila, Cebu, Dumagette, Subic... there are many.

No one can really answer it for you but with more specific questions we can share our applicable experiences. 

[fillipino_wannabe]

Anything over $1000 a month is plenty, I don't know how people manage to spend so much personally. Me and my girlfriend spend around $1000 and feed half her family for that and eat out 3-4 times a week.
Nothing wrong with retiring at 35 either, I'm semi retired at 27 .

Edited September 4, 2017 by fillipino_wannabe

[Dave Hounddriver]

9 hours ago, fillipino_wannabe said:

Nothing wrong with retiring at 35 either, I'm semi retired at 27

If this forum is still around when you reach "normal" retirement age, come on back and re-read this statement and tell the next generation if you still think that way.  Be warned, they won't listen either.

[Tukaram (Tim)]

13 hours ago, fillipino_wannabe said:

Nothing wrong with retiring at 35 either, I'm semi retired at 27 .

I wish I could have done that!  I had to work until I was 48, like a sucker ha ha.  My dad told me to never retire because I would be bored. I had to laugh and tell him no, *he* was bored - I would love it.  So far I was right.  I was always meant to be retired. I don't know how I ever fit work into my schedule before.  Work paid the bills. That was it's only function.  If I stayed in the US I would have had to work until I was like 65.

...BUT... I have 2 retirements and Social Security that will kick in at 5 year intervals.  They should be staggered fairly well to give me an inflation hedge.  We shall see!

[intrepid]

1 hour ago, Tukaram (Tim) said:

I was always meant to be retired.

Felt the same way after my first days work!   Have to say "you the man with a good plan". 

[fillipino_wannabe]

15 hours ago, Dave Hounddriver said:

If this forum is still around when you reach "normal" retirement age, come on back and re-read this statement and tell the next generation if you still think that way.  Be warned, they won't listen either.

Well the money is fine, I just have a small business back in the UK that a family member looks after so there isn't much for me to do. Started one here 2 months ago, I'm not going to do much work when I can pay someone here $100 to do it all for me lol