Can I Really Live On $1000 A Month In The Philippines

[pokermike]

i agree with you Mike B not a good idea to move there with only $1,000 a month. Unless you have a huge nest egg. I still think a $1,000 a month is a pipe dream. I am coming there with my Social Security of $2,378 a month and a $500,000 nest egg and i am worried.

I am 67 and i know i am way short of what is needed to retire. i am hoping my current good health hangs on for at least five more years then maybe my money just may last.

 

 Poker Mike also a Mike B

[Jack Peterson]

I am coming there with my Social Security of $2,378 a month and a $500,000 nest egg and i am worried.

 

 

sorry PM but with that sort of income and savings, Just What are you worried about?

 

 

I am 67 and i know i am way short of what is needed to retire. i am hoping my current good health hangs on for at least five more years then maybe my money just may last.

 

If you really think your cash Will run out so soon, to me you need to talk to yourself.   but of Course If you are going to continue being dealt another hand then that will be another story :rolleyes:

 

 

JP

[pokermike]

I am worried about medical issues and long term care. It will cost all of us  a lot of money, probably conserative estimate $150,000. I dont want me kids to have the burden of helping me and dragging them down. I have done the math and there is really not much cushion if i live to 90.

 

I figure i only have another few years playing cards because it takes such focus, who knows maybe i will stay sharp , if so if i can stay in the states and i can cover that $150,000 playing cards ,based on my average winnings for the last 40 years, but would not be happy. In the Philippines my poker winnings will be alot less, not as many live ones  , but the play is easier , so far about about $18 per hour but no risk to my bank roll. Really dont want to play anymore unless i have no choice,  burned out on playing its a difficult job.

 

I also plan to travel alot wife my beautiful wife . Have nice condo close to a beach. To life an active life, enjoying water sports, eating well and spoiling my wife.  later Poker Mike

[Jack Peterson]

Now Mike, I smile Smirk here  we are a little off topic I think but it is all Relevant, so I will continue. You are already living in one of the Worlds most expensive Health Care Countries,

Now you say it worries you to move to a country that at the very Costliest, It will be no where near what you will pay in the US. Here, Health care is getting what you can pay for, now to me and it is only My Opinion here, You seem to be going the Wrong way on this, Without even beginning to upset you or anyone else, did you ever stop and consider.

 

 With $ 500k Banked and disposable income monthly of $ 2+k

 

Surely man, you can afford just about the Goddamn best, Health Insurance possible. Now My friend, Sit and explore this as I am sure, this is the way to Go. Doing it now, will ensure the Pre-exsiting clause's does not come in  :thumbsup:

 

 

JP (thinking ahead for others as always. no need for this. When it can be  old age that gets you)

 

Remembering that a ticket Home for both of you, will only be $3k max if it all went wrong. Worry and Stress No one needs, If I were in your shoes, I would  not even  blink an eye. :no:

 

:tiphat:

[RBM]

i agree with you Mike B not a good idea to move there with only $1,000 a month. Unless you have a huge nest egg. I still think a $1,000 a month is a pipe dream. I am coming there with my Social Security of $2,378 a month and a $500,000 nest egg and i am worried.

I am 67 and i know i am way short of what is needed to retire. i am hoping my current good health hangs on for at least five more years then maybe my money just may last.

 

 Poker Mike also a Mike B

Suspect you have added a zero to many.

Nobody with half a mill (unless pesos) nest egg could possibly be concerned.

We would average less than $1000 a month by far, if still living in Cebu not. Once one goes to smaller cities or towns it's amazingly cheaper.

[UnCheckedOther]

Poker Mike, I totally get ya on the worries about retiring with enough money. I'm aboyt 40 years away from retirement, but am maxing out my IRA and matching 401 k retirements AND saving about 40% of my net salary plus all of my consulting fees in an emergency fund. Sounds paranoid android, but I'm working under the assumption that SS will be insolvent/almost dead by the time I retire. When health issues are involved, you can never save or be prepared enough.

That being said, as with all things, you just have to prioritize and plan really well. What's your main priority post-retirement? Is it travelling or living comfortably? It doesn't have to be one or the other, but maybe you cannot have both at the same time for a long time. For instance, maybe you and your wife can travel extensively up until you're 75 or so. So most of your budget would go towards that. You can maintain a cheaper place in the Philippines so you can rest in between travels. Then maybe once you're 77 or 80, you can cut back on the travel to maybe every 3-4 weeks domestic/continental and every 4-6 months international. By then you upgrade to more luxe digs since you'll be in the Philippines more. Invest in a good health insurance policy. Find a good doctor/specialist in three countries: the US, the Philippines, and a neighbouring Asian country like Singapore. I mention the latter justin case the doctors in the Philippines don't cut it for some reason, and you need medical help asap and cannot travel the long distance to the US. This is from experience, when my dad had health issues in the summers we visited Cebu.

This suggestion is so hokey, but it works. Pay yourself, now. Open a Capital One 360 account or any account that you cannot easily withdraw from. Every time you eat meals at home rather than eat out, transfer what you might've spent into that savings account. Do the same whenever you end up not buying something you wanted or if you unexpectedly had a discount. Put it in. Link that savings account with CDs. Once you reach a savings account goal, automatically transfer it to a CD. Mark it as your contingency healthy Mike money.

Adjust your current lifestyle a little bit in preparation for your retirement. I don't know about you, but I love food and eat out a lot because I am mad busy. I ended up still eating well and saving about $1k monthly by doing this thing where you cook all day one weekend and make enough freezer meals to last you a month.

Gah. Sorry for being all "budget chick" in you, but I just get really excited about savings strategies for retirement. (Yes, I am weird.)

[jpbago]

Gah. Sorry for being all "budget chick" in you, but I just get really excited about savings strategies for retirement. (Yes, I am weird.)

 

Ya don't think or act like a Filipina.

[BrettGC]

his suggestion is so hokey, but it works. Pay yourself, now. Open a Capital One 360 account or any account that you cannot easily withdraw from. Every time you eat meals at home rather than eat out, transfer what you might've spent into that savings account. Do the same whenever you end up not buying something you wanted or if you unexpectedly had a discount. Put it in. Link that savings account with CDs. Once you reach a savings account goal, automatically transfer it to a CD. Mark it as your contingency healthy Mike money. Adjust your current lifestyle a little bit in preparation for your retirement. I don't know about you, but I love food and eat out a lot because I am mad busy. I ended up still eating well and saving about $1k monthly by doing this thing where you cook all day one weekend and make enough freezer meals to last you a month.

 

I recently gave up smoking, and at over $20AUD (800PHP) a pack I'm saving about $60/week now and putting into funds I can't easily easily access.  This on top of the approx 30% of my take home pay every week and my rental returns means it's all adding up very nicely.  I can't access my superannuation (401k for the yanks) until I'm 65 - for the Aussies, I miss out on being able to get my hands on it any earlier as I was born one year too late - but that's been going in since I started gainful employment at about 10% of my gross, plus matched by my respective employers (legislated here in Aust) since I was 18.  So when I'm 65 my retirement income will actually go up.  Until then it's just my navy pension and anything I squirrel away. 

 

Yep, do the same as you Leilani, do a big cook up every now and then.  If I don't, all the fresh stuff just goes to waste as well..

[frosty (chris)]

 

his suggestion is so hokey, but it works. Pay yourself, now. Open a Capital One 360 account or any account that you cannot easily withdraw from. Every time you eat meals at home rather than eat out, transfer what you might've spent into that savings account. Do the same whenever you end up not buying something you wanted or if you unexpectedly had a discount. Put it in. Link that savings account with CDs. Once you reach a savings account goal, automatically transfer it to a CD. Mark it as your contingency healthy Mike money. Adjust your current lifestyle a little bit in preparation for your retirement. I don't know about you, but I love food and eat out a lot because I am mad busy. I ended up still eating well and saving about $1k monthly by doing this thing where you cook all day one weekend and make enough freezer meals to last you a month.

 

I recently gave up smoking, and at over $20AUD (800PHP) a pack I'm saving about $60/week

 

Well Brett once you come here you can take it up again, Marvel Menthols at the supermarket 187 pesos carton of 10 :thumbsup:

[BrettGC]

Well Brett once you come here you can take it up again, Marvel Menthols at the supermarket 187 pesos carton of 10

 

Uggghhh, don't tell me that!  It's been hard enough as it is and the financial was the main reason in the end!!  <mutters something about never once saying he likes Chris>