Mr Lee Posted November 14, 2011 Posted November 14, 2011 Many of us have pensions and or social security of one countries form or another but what about those who have worked their whole lives and wish to make their own pensions. One thing I had been discussing with some financial advisers was creating a monthly income for my wife, but anyone can create it for themselves if they wish. There is an item called immediate annuities and I wonder if anyone has tried these and has any feedback they could provide us with? Immediate annuities is a steady steam of income from a set amount of money. Here is a site where you can punch in numbers and get an approx figure as to how much you would get out monthly, so while this is not a perfect solution for everyone, it might be for some. http://www.immediateannuities.com/ My only advice would be that if someone were to take out an immediate annuity would be to spread the risk between a few insurance companies, so instead of one large one, possibly a few smaller ones, that way if one goes belly up, all would not be lost. Any form of investing can be risky, but at least this form gives a reliable income stream but usually with no increases over the lifetime. Anyone have any other ideas for income????? 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted November 14, 2011 Posted November 14, 2011 Apart from the obvious, I have no idea on innovative income sources. If I did, I would get one. I am amused and confused at the convoluted ways that foreigners here earn income. One common way is with a small restaurant or bar. And yet, there is a lawyer at this site who repeats over and over (reading through the question and answer section on the page): 2. Foreigners may not own any part of a small restaurant business. In fact, research has shown me that most avenues to earn modest income in the Philippines are thwarted by law. I suppose most of the guys put things like this in their wives name and yet I know of at least one unmarried foreign restaurant owner and everyone in authority looks the other way. Its good that the powers that be allow some people to slip through the cracks as I cannot recall a filipino restaurant that can prepare and serve authentic International cuisine. 2 Link to comment Share on other sites More sharing options...
Bruce Posted November 14, 2011 Posted November 14, 2011 (edited) A (damn) foreigner may not own a restaurant... but he can be the controling member of a corporation and the corporation owns the restaurant. I had spoken to different attorneys and the corp is set up with presigned voting and stock sales certificates giving the (damn) foreigner control and the ability to remove other members if a problem arises. The is NO NEED to try and reinvent the wheel. It has already been done. REMEMBER.... 'we" are mostly very small players in a long term vacation or retirement mode... BELIEVE ME that the Japs and Chinese BIG MONEY investors have it all wrapped up so do not try to compare your rinky dink retirement money and 9 seat resto bar dream with the 'big boys' from Japan or China with millions upon millions invested in land and developments in the Philippines. "We" are simply minnows in the world of finance... But there is a well established way to have foreigners do many things, IF you want to pay the big time attorney to set it up. Is it worth it? Not for most of us. We just use the wife or GF name and hope for the best...... Edited November 14, 2011 by Bruce Link to comment Share on other sites More sharing options...
Bruce Posted November 14, 2011 Posted November 14, 2011 (edited) Many of us have pensions and or social security of one countries form or another but what about those who have worked their whole lives and wish to make their own pensions. One thing I had been discussing with some financial advisers was creating a monthly income for my wife, but anyone can create it for themselves if they wish. There is an item called immediate annuities and I wonder if anyone has tried these and has any feedback they could provide us with? Immediate annuities is a steady steam of income from a set amount of money. Here is a site where you can punch in numbers and get an approx figure as to how much you would get out monthly, so while this is not a perfect solution for everyone, it might be for some. http://www.immediateannuities.com/ My only advice would be that if someone were to take out an immediate annuity would be to spread the risk between a few insurance companies, so instead of one large one, possibly a few smaller ones, that way if one goes belly up, all would not be lost. Any form of investing can be risky, but at least this form gives a reliable income stream but usually with no increases over the lifetime. Anyone have any other ideas for income????? Lee, we have been friends for many years.... don't worry about all this financial crap, you will just get a headache. Just leave all your money to me and I 'promise' to make sure your wife never lacks for balut or bangus........ It is no problem... relax... I got it covered. Edited November 14, 2011 by Bruce Link to comment Share on other sites More sharing options...
Art2ro Posted November 15, 2011 Posted November 15, 2011 Many of us have pensions and or social security of one countries form or another but what about those who have worked their whole lives and wish to make their own pensions. One thing I had been discussing with some financial advisers was creating a monthly income for my wife, but anyone can create it for themselves if they wish. There is an item called immediate annuities and I wonder if anyone has tried these and has any feedback they could provide us with? Immediate annuities is a steady steam of income from a set amount of money. Here is a site where you can punch in numbers and get an approx figure as to how much you would get out monthly, so while this is not a perfect solution for everyone, it might be for some. http://www.immediateannuities.com/ My only advice would be that if someone were to take out an immediate annuity would be to spread the risk between a few insurance companies, so instead of one large one, possibly a few smaller ones, that way if one goes belly up, all would not be lost. Any form of investing can be risky, but at least this form gives a reliable income stream but usually with no increases over the lifetime. Anyone have any other ideas for income????? Lee, we have been friends for many years.... don't worry about all this financial crap, you will just get a headache. Just leave all your money to me and I 'promise' to make sure your wife never lacks for balut or bangus........ It is no problem... relax... I got it covered. And my SS Buddy and business partner/entrepreneur Jake will be selling those balut after midnight anywhere, even via FedEx or LBC and guaranteed fresh and warm, including rock salt at no extra charge! :( 1 Link to comment Share on other sites More sharing options...
Bruce Posted November 15, 2011 Posted November 15, 2011 Many of us have pensions and or social security of one countries form or another but what about those who have worked their whole lives and wish to make their own pensions. One thing I had been discussing with some financial advisers was creating a monthly income for my wife, but anyone can create it for themselves if they wish. There is an item called immediate annuities and I wonder if anyone has tried these and has any feedback they could provide us with? Immediate annuities is a steady steam of income from a set amount of money. Here is a site where you can punch in numbers and get an approx figure as to how much you would get out monthly, so while this is not a perfect solution for everyone, it might be for some. http://www.immediateannuities.com/ My only advice would be that if someone were to take out an immediate annuity would be to spread the risk between a few insurance companies, so instead of one large one, possibly a few smaller ones, that way if one goes belly up, all would not be lost. Any form of investing can be risky, but at least this form gives a reliable income stream but usually with no increases over the lifetime. Anyone have any other ideas for income????? Lee, we have been friends for many years.... don't worry about all this financial crap, you will just get a headache. Just leave all your money to me and I 'promise' to make sure your wife never lacks for balut or bangus........ It is no problem... relax... I got it covered. And my SS Buddy and business partner/entrepreneur Jake will be selling those balut after midnight anywhere, even via FedEx or LBC and guaranteed fresh and warm, including rock salt at no extra charge! :( Actually, here in Davie Florida (close to Ft. Lauderdale) there is a supermarket selling balut! I am not sure if chicken or duck eggs are used. And I have no intention on finding out! hehehehehe Link to comment Share on other sites More sharing options...
Curley Posted November 16, 2011 Posted November 16, 2011 (edited) Many of us have pensions and or social security of one countries form or another but what about those who have worked their whole lives and wish to make their own pensions. One thing I had been discussing with some financial advisers was creating a monthly income for my wife, but anyone can create it for themselves if they wish. There is an item called immediate annuities and I wonder if anyone has tried these and has any feedback they could provide us with? Immediate annuities is a steady steam of income from a set amount of money. Here is a site where you can punch in numbers and get an approx figure as to how much you would get out monthly, so while this is not a perfect solution for everyone, it might be for some. http://www.immediateannuities.com/ My only advice would be that if someone were to take out an immediate annuity would be to spread the risk between a few insurance companies, so instead of one large one, possibly a few smaller ones, that way if one goes belly up, all would not be lost. Any form of investing can be risky, but at least this form gives a reliable income stream but usually with no increases over the lifetime. Anyone have any other ideas for income????? I've been looking at this as a way to let me spend a good chunk of my pension pot but my feelings are that with interest rates so low at the moment they do not represent good value if as is more than likely we get rampant inflation and high interest rates in a few years time. The payments may look good NOW but there's no provision for keeping up with the ever increasing cost of living. I'm still looking but my feeling for now is to stick it in several unrelated banks and bear the crappy interest rates till this incredible printing of money takes it's toll. When I started my first business I was paying 18% on my loan and 17% on my overdraft but managed to survive.... mow that I have some money 4% is about as much as I can get! There's no justice :thumbsup: Edited November 16, 2011 by Curley Link to comment Share on other sites More sharing options...
Art2ro Posted November 21, 2011 Posted November 21, 2011 Immediate annuities is a steady steam of income from a set amount of money. Here is a site where you can punch in numbers and get an approx figure as to how much you would get out monthly, so while this is not a perfect solution for everyone, it might be for some. http://www.immediateannuities.com/ I punched in the numbers! Looks like I don't have enough money to contribute or years left in my life to make it worth while! Anyway, my U.S. government pensions have "Survivors Benefits" and also I have a small life insurance policy and our P.I. home is paid off which should be adequate for my wife to live on comfortably after my demise! So, I'm not going to worry about it anymore! It's a done deal whenever I kick the Bucket! Link to comment Share on other sites More sharing options...
bows00 Posted December 8, 2011 Posted December 8, 2011 There are annuities that adjusts for inflation, but they cost more - heck, all annuities cost an arm and leg! That is why I am going the route of purchasing real estate and renting them out for steady monthly income. 1 Link to comment Share on other sites More sharing options...
Cebudick Posted December 11, 2011 Posted December 11, 2011 I have been thinking about this subject myself because my Filipina wife to be wants children by me...I am 62 never had kids, want at least one, but my fiance is only 33 so I want to provide for my demise, not sure about survivor benefits for US social security or military disability...anyone have any input on that? Link to comment Share on other sites More sharing options...
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