Retirement On Pension

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Posted

Hi my name's Mike

 

In 9 years I'll be eligible for a retirement pension of about $4700 U.S. Dollars a month. From what I've read this will be more then enough to retire in the Philipines. What worries me is getting medical coverage. Can anybody give me some ideas about getting medical insurance in the Philipines ? What does it usually cost?

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Posted

You can surely live well on that sum, but who knows what will prevail in Philippines or anywhere else in the world

in 9 years. Too far into the future for sound advice. The same applies for health insurance, other than to say

it will be expensive, like it is now.

My advice is look to start a savings plan or add to your superannuation as the case may be and maximise what you

will receive when the time comes. In the meantime, enjoy life and stop worry about 9 years time - you seem to be

well situated even with your current situation - life it too short.

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Posted

Just as a comparison, I did a quick search, the average salary for a lawyer here in the Philippines is around 2K a month.

 

Unless you are a top hat, caviar and champagne type, you will be just fine :cheersty:

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Posted
In 9 years I'll be eligible for a retirement pension of about $4700 U.S. Dollars a month

 

Man, that is long ways away.  I started counting down from around 6 years and I have a grueling 2 years left.  I feel for you.  Will you have enough?  Well, it depends on the life style you choose and how the Philippine economy will be in 9 years.  Even if you were to make the move now with $4700/month, you could spend it all... I can think of several scenarios...   

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Moved topic, introductions are for just that and introductions automatically close in 72 hours so please choose a category that suits the question if you have others.   :cheersty:

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Posted

 

In 9 years I'll be eligible for a retirement pension of about $4700 U.S. Dollars a month. From what I've read this will be more then enough to retire in the Philipines. What worries me is getting medical coverage. Can anybody give me some ideas about getting medical insurance in the Philipines ? What does it usually cost?

Why don't you retire earlier with such pension???   :)

 

In my case I can get back in the Swedish (much subsidised) health care system again by just spend 3 (?) months in Sweden. In Phils I will just get PhilHealth mainly to get their assistance to negotiate bills and get health care FAST,

plus some more (Blue Cross?) insurance with HIGH self risk = low fee to get small assistance easier, and ok economical cover if I get some URGENT big problem.

 

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Posted

Hi my name's Mike

 

In 9 years I'll be eligible for a retirement pension of about $4700 U.S. Dollars a month. From what I've read this will be more then enough to retire in the Philipines. What worries me is getting medical coverage. Can anybody give me some ideas about getting medical insurance in the Philipines ? What does it usually cost?

I hate to hit you with the standard cliché of do a search but there are plenty of discussions here about medical insurance and medical care in general. Like everything else in life there are a variety of ways to go. Check out Philhealth which is very cheap but modest in coverage, to International medical insurance coverage, to US-based insurers.

 

As to your income in retirement, you might want to keep that figure to yourself. When you go to the Philippines and let it be known that you get 4700/month you will be inundated by marriage requests :)

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Posted
In 9 years I'll be eligible for a retirement pension of about $4700 U.S. Dollars a month

 

 

s to your income in retirement, you might want to keep that figure to yourself. When you go to the Philippines and let it be known that you get 4700/month you will be inundated by marriage requests

 

 

Forget davewe.......................

 

MARRY ME

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Posted

 

Hi my name's Mike

 

In 9 years I'll be eligible for a retirement pension of about $4700 U.S. Dollars a month. From what I've read this will be more then enough to retire in the Philipines. What worries me is getting medical coverage. Can anybody give me some ideas about getting medical insurance in the Philipines ? What does it usually cost?

I hate to hit you with the standard cliché of do a search but there are plenty of discussions here about medical insurance and medical care in general. Like everything else in life there are a variety of ways to go. Check out Philhealth which is very cheap but modest in coverage, to International medical insurance coverage, to US-based insurers.

 

As to your income in retirement, you might want to keep that figure to yourself. When you go to the Philippines and let it be known that you get 4700/month you will be inundated by marriage requests :)

 

Davewe is right about medical insurance and the cost. He is also right about keeping the amount of your income secret. I am not retired and I have an income that not even my wife knows the amount. She has never asked.  Yes, many have inquired but I never disclose it. 

Just like anywhere else, they will want to see you part with it by offering you real estate property to opening up a joint business venture. 

Others will just want you to spring for drinks, a party or entertainment for the g/fs family and relatives. 

Hey, I'm not exagerrating. 

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Posted

Ok Mike, now about medical treatment. From my experience, medical and dental treatment is very inexpensive. It just all depends on who and where you are being treated. 

I've had excellent treatment here. My wife is a semi-retired RN Unit Manager from a big hospital here. Whenever I need a checkup or treatment, she sets up an appointment with a physician that she knows personally. The lab work is unbelieveably cheap and very modern. My meds are cheaper here than in the states with my HMO. Now, with dentists. You have to find a good one who will not rip you off. Many will try. The treatment is cheap and the work is good but like I said, some will try to rip you off. 

Good Luck and remember keep your money secret. 

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