Hooked On A Salary... Can't Retire!

[Jack Peterson]

"Hooked On A Salary." Weren't we all, at one time?

 Bows my friend, have you actually done your Pension review and  researched your options on your Veteran stuff? it changes all the time Please don't wait till they hit you with reductions. & restrictions.

 

About all I can offer now, I had two stabs. :)

 

Jack  :thumbsup:

 

Edited cos I am Hungry

Edited December 9, 2015 by Jack Peterson

[Dave Hounddriver]

Here's a thought,  Figure out what you have left of your wages on a monthly average after taxes and other payroll deductions.  From that amount remove any car payments, house payments, insurance payments and other things that you are paying for now that you will not have to pay for when you live in Philippines.

 

For example;  If you earn 100K a year, lose 40K of that to payroll deductions, put another 20K a year on your mortgage, make car payments of 10K a year and then spend another 10K on Medical, Auto, Life and Home insurance, then what you are really "living" on is only 20K a year and you could do quite well here on 20K a year.

[bows00]

But then on $100k, why aren't you hooked up in Hawaii?

Maybe it's an excuse, but after my visits to the Philippines, I find it difficult dating western women. I don't even try anymore. Do you blame me?!!

[bows00]

Define measly pension. Plus any savings you might have....or lump sum gratuity? Most of us will have a hard time relating to your situation

Financially, as measly as my pension will be, I think I will be ok living there since I have no debt - my house and car were paid off years ago. However, I would like to refrain from disclosing the exact amount because it is in my future plans to eventually meet some of you there in the Philippines...

I think it is the thought of leaving my salary, it is difficult leaving all that on the table. I do count my blessing, but I know I am not truly happy. In fact, most days, I dread going to work. The only thing that gets me through the day are the friends I have made.

I know I may sound like I am whining here, but it is another story of juggling money, time and happiness...

[bows00]

Nothing wrong with living in Hawaii. Jake is your neighbor

Would love to have a beer with Jake.

[Jake]

I know this topic has been addressed... many times... but I need a kick in the butt... so here is my story...

 

It all started with a friendly conversation with a friend in a bar, after a few drinks, he asked "so what gets you up in the morning?"  And i couldn't come up with a  half decent answer other than it is what I do... i go to work... for money... at 54, how pathetic is that?  I have no wife, no kids, but yes, I am married... TO MY JOB!!  I have been a mechanical engineer for the Navy for 31 years... although I take pride in my work, I have always felt that it has never been my calling to me an engineer.  I am in it for the money.  I am struggling with leaving a $100K per year job and retire with a measly pension to start my second life there...

 

This website has been an inspiration to pursue my next life there, but I am still struggling to make that jump...  so again, please do some butt kicking here... mine!!

Hello Bows,

 

Sounds like you're civil service working on defense contracts.  Can you retire now?  Do you need to liquidate all your assets (home, car, etc) to make a more permanent move to PI?  Or can you hold off and just go for an extended visit, like 3 months or more?  Get out of the tourist phase asap and see if you can live like a local.  And then make a decision based on your own experience.  It would be difficult to come back to Hawaii when you already burned all the bridges.  

 

Being an engineer, one tends to analyze all situations like a going through a logic flow diagram -- yes or no (true-false) and no deviations on deciding about life's mystery and unknowns.  However, the beauty about life is the curiosity to explore and face any problems as a healthy challenge to figure things out.  

 

Take the plunge, take the leap of faith but give yourself some maneuvering room.  You may have plan A but be prepared to initiate plan B and C.  Just like stress factors in mechanical engineering, you should keep a healthy attitude about life's risk factors as well.  Nothing is perfect in this world, meaning expect to make some mistakes.   

 

And if things does not work out......well, at least you tried.  No one here is going to hammer you because you got a flat tire on your very first speed bump.  Life does continue, does it not?  

 

But with no love life, then you might as well turn to stone.  You will quickly grow older......alone and lonely.  

 

Respectfully -- Jake

 

PS -- the first round of pitchers of MoJo is on me, my friend.  

Edited December 9, 2015 by Jake

[stevewool]

Once i hit £100,000 in the bank i am off, where i have no idea , but no more work  for me

[davewe]

I know this topic has been addressed... many times... but I need a kick in the butt... so here is my story...

 

It all started with a friendly conversation with a friend in a bar, after a few drinks, he asked "so what gets you up in the morning?"  And i couldn't come up with a  half decent answer other than it is what I do... i go to work... for money... at 54, how pathetic is that?  I have no wife, no kids, but yes, I am married... TO MY JOB!!  I have been a mechanical engineer for the Navy for 31 years... although I take pride in my work, I have always felt that it has never been my calling to me an engineer.  I am in it for the money.  I am struggling with leaving a $100K per year job and retire with a measly pension to start my second life there...

 

This website has been an inspiration to pursue my next life there, but I am still struggling to make that jump...  so again, please do some butt kicking here... mine!!

 

I know some cannot relate to this but I certainly can. I work in an engineering environment and most everyone makes excellent money and very few people are preparing for retirement. Many feel they cannot retire. It's easy for the guy, the wife, the kids, the grandkids to get used to the money. And BTW, in many parts of the US, 100k is no longer that much money. And almost everyone I know is working for the money!

 

So while it seems like an ideal situation (and in some ways it is) it's also a trap; work, buy and work some more. I am actively planning to retire to the Philippines pretty soon, but my buddy who I work with has decided to work the job till they get rid of him before moving to PI. Unfortunately I know many guys who I think will end up working till they get canned or until they drop dead.

 

As to the OP, he has to do what is best for him and none of us can decide that. That being said I do understand the trap of "If I work one more year my 401k will grow by x, or my pension will grow by Y." At some point you have to pull the trigger. And everyone should remind me of this if I ever waffle in my plans :)

[Old55]

Bows & Steve I understand your situation only too well. Hooked on a very good job and health care truly a blessing.

In our case we will never be able to move to Philippines full time partly due to my wife's health care is not available in Philippines.

The good news is that I'll retire at 66 in 4 1/2 years. If my wife's health allows we will spend four or five months each year living in the Cebu area.

[intrepid]

Okay, I think you guys do have good concerns.  I had them too but made a plan years ago and planned to retire at age 50.  The first part of that plan was saving money for many of my working years.  Even though I had a retirement plan at work, I decided early on to save, save, save.  I could have retired at 50 but I think I would have had to get a part time job until I could reach SS.  Or, I could have moved to the Philippines and probably made it work there.  But if things did not work out there and I had to retreat, I would still had to return to that part-time job.  Once retired, I didn't want to have to work.  So, with good calculations I decided to work until age 55.   It also helped we had a D.R.O.P., deferred retire option plan.  That just made the savings even better!  My advise as I have advised so many others is to save.  Save more than you think you can afford, and make a good plan and stick with it.  So far it is working for me.  And I hope it continues!