Future Of The Philippines...

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Tatoosh
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Slow failure of the USA? I dunno I'd call it slow. And sadly, my retirement is pegged to the USA so I'm kinda phuq'ed. Oh well, so it goes. I am pointing all my in-laws toward Australia or Canada, which may have problems but they sure aren't in the same place the USA is. Too bad, millions ... maybe billions spent on boondoggles by ... oops, no politics, right. S'okay. All's a bowl of cherries, I'm sure. When I go back in a couple of years, it'll be interesting to see what the changes are like.

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bows00
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Based on a careful review of my situation, I'm afraid my plans to retire at 56 does not look so good. I may have to work another 3 years to be sure. It's amazing how much secure the pension and 401K becomes with just 3 more years of employment.But money isn't everything. Time is just as important. Do I want to wait till I'm 59 to start living my second life there? There is much to contemplate here.

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i am bob
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Don't know if Canada will be any better for anyone... It just keeps going up and up and up... Hey! I got a "COLA" on my pension... After taxes I get a whole $49.50 a month more.... That might cover the taxes on what it's going to cost me more now and a bowl of soup... God how I love Canada.... Where's the bus stop for the Philippines?

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MikeB
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Based on a careful review of my situation, I'm afraid my plans to retire at 56 does not look so good. I may have to work another 3 years to be sure. It's amazing how much secure the pension and 401K becomes with just 3 more years of employment.But money isn't everything. Time is just as important. Do I want to wait till I'm 59 to start living my second life there? There is much to contemplate here.
It's a tough decision, there are many factors such as, is your current job adversely affecting your health, how much better off financially will you be in 3 or so years? if your health is good 59 is not old. I opted to wait till 62 because I wanted to at least have minimum SS. At the rate I have spent money since I got here last May, I don't regret it. Health considerations is the big factor imo.
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Jake
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Based on a careful review of my situation, I'm afraid my plans to retire at 56 does not look so good. I may have to work another 3 years to be sure. It's amazing how much secure the pension and 401K becomes with just 3 more years of employment.But money isn't everything. Time is just as important. Do I want to wait till I'm 59 to start living my second life there? There is much to contemplate here.
It's a tough decision, there are many factors such as, is your current job adversely affecting your health, how much better off financially will you be in 3 or so years? if your health is good 59 is not old. I opted to wait till 62 because I wanted to at least have minimum SS. At the rate I have spent money since I got here last May, I don't regret it. Health considerations is the big factor imo.
Totally agree with you Mike B,Number one priority would be my overall health. I could be a multimillionaire but won't be ableto enjoy life if I'm in my death bed no matter where I retire.
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Dave Hounddriver
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Don't know if Canada will be any better for anyone...
Just keep in mind how we don't know what we've got until its gone. Should you ever be living here on a tight budget and get sick or in an accident you will be reminiscing fondly about the problems with the Canadian Health Care system. It gets more important as we get older.
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Bundy
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I have a slightly different outlook. I don't see the sense in working your arse off in the vain hope that one day you'll have enough to create this wonderful retirement when by then you're gonna be too bloody old to enjoy it.For a bloke like me who is easily satisfied with the simple things in life, my idea is to retire early and ENJOY living in the Philippines while i still can.Once i become and old fart requiring constant medical attention, then it is my idea to return to Australia. That is why we will be maintaining our 2 bedroom unit in Australia. It's located close to the local hospital too so they won't have far to wheel me!

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Tukaram (Tim)
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Bundy I agree. I travel a bit and so I stay broke. But I am enjoying life while I can. My dad's 2nd wife always bragged about all the money she had saved, it was over $500,000. But instead of enjoying any of it she had a stoke in her 70's and went downhill from there. When she needed to go into a home a few years later my dad found out that her daughter stole all the money. The daughter is a banker and had her mom sign all the right forms - but she was senile. Forget that! I'm enjoying life as I go.I plan on living pretty simply. I'm looking at apartments now just to see some pricing. I'm looking at 1 bedroom, 20-30m² My big splurge will be A/C. So if the PI's grow economically (which I doubt) it think will take a while before the little houses are affected to much.But I still have to figure out how much will be comfortable for me. Even if the PI's stay relatively the same inflation will eat up the value of my money. The cost of beer has almost tripled in 20 years.

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Jim Sibbick
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If you think the Philippines economy will improve, change your dollars into pisos now.Some one elswhere asked what if the Philippines became like Singapore.The current rate USD to SGD is $1.26 SGD for usd $1The current rate USD to PHP is PHP 42.85 for usd $1So if you had say USD $300,000 and converted it to pisos, you would have PHP 12,855,000When the rate reaches 1.26, convert your PHP 12,855,000 back to dollars. You will have more than usd $10 millionThen the fact that the econommy has improved will be irrelevent.Regards: Jim

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i am bob
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I can remember 50 years ago sitting on my grandma's knee and listening to everybody saying that, with the way the economy was going, there was no way they could ever retire... Yet they did... And the ones after them did... And the ones after that... And though they may not have been rich, they all did reasonably well.... Er, except for that old guy who lived down the dirt road in an old beat up bus and who talked to his trees... :kidding:

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