We are talking about moving to the Philippines

[AlwaysRt]

4 hours ago, JJReyes said:

The average Social Security benefit in 2016 was $1,341. Assuming most of us have savings; dividends from stocks; an IRA or 401K plan; proceeds from the sale of a home; etc., having a retirement income of $2,500 is not uncommon. 

My research indicates $2,000 is the minimum for a foreign retiree in the Philippines. Less than this amount, a retiree should consider places like Panama. If you can show a minimum $1,000 in retirement income, Panama will grant you a visa. 

You can stay in the United States during your retirement years, but chances are $2,500 won't be enough except for a bare minimum existence.

The thing about the average SSA benefit being $1,341 is that means there are people below (yes, and above too) and not everyone has much savings or other income. I know a few people that are under the US$1,000/mo and do OK, certainly not luxury but have comfortable place to sleep, never hungry, and with a filipina.

46 minutes ago, mogo51 said:

I have some small additional income but this is used for travel costs back to Australia once a year.

I think travel costs are the number one cost forgotten in a budget, Visa costs would be number two.

[Dave Hounddriver]

5 hours ago, davewe said:

I'm curious as to how many expats in the Philippines actually have over $2500/month coming in. I suspect it's a minority

I believe in "watch and learn" rather than "listen and believe"  so while I understand the reasons why many expats claim poverty and try to convince others that they have less than $2,500 a month coming in; I watch what my compatriots spend and they, (meaning specifically the ones with wives who enjoy a foreign lifestyle), are either in HUGE debt or the majority have over $2,500 a month coming in.

Perhaps I just hang out with a higher class of people than the majority? 

[Jack Peterson]

1 minute ago, Dave Hounddriver said:

Perhaps I just hang out with a higher class of people than the majority? 

 Except once a month maybe  Cos we is the Poor end of the Spectrum  

[jpbago]

1 hour ago, AlwaysRt said:

I think travel costs are the number one cost forgotten in a budget, Visa costs would be number two.

For me, the largest expenses are university costs for two daughters and medical expenses for the family. A return flight to Canada for 2 people is in there too.

[Nephi]

On 2/12/2017 at 11:40 AM, fototek1 said:

What advice do you all have to offer? 

Howdy and welcome to the forum. Looks like you're getting some good replies and information. I'm of the opinion that if you will likely not find employment with a good income there and that would put you on a downhill slide to the poorhouse then a permanent move here could be the answer provided you can generate income such as the hotel you mention. I left the States 14 years ago at 51 years old. I worked some and my wife has a full time job. I have never regretted the move except that I waited so long to do it. I guess the hobbies will be location dependent but it's important to find something fun to do as early retirement gets boring. Use caution working at your hotel or anywhere else as there are strict laws on employment that if violated can get you deported. Above all, leave yourselves a financial way out if living in a underdeveloped 3rd world country ends up being more than you can or want to adjust to. Good luck and again, welcome.

Nephi

[Nephi]

9 minutes ago, Jack Peterson said:

 Except once a month maybe  Cos we is the Poor end of the Spectrum  

Same here! One day millionaires when the pensions are direct deposited.We do live on under $1,000us per month and with raising 4 kids it doesn't last long.

[Jack Peterson]

2 minutes ago, Nephi said:

Use caution working at your hotel or anywhere else as there are strict laws on employment that if violated can get you deported.

Which begs the Question, What status will the OP be on when he arrives? as this will have a big bearing on what he can and can't do

[Reboot]

1 hour ago, AlwaysRt said:

I know a few people that are under the US$1,000/mo and do OK, certainly not luxury but have comfortable place to sleep, never hungry, and with a filipina.

From what I've heard, in the US there's no money that can buy the sweet comfort of lying in the evening with a stomach full of tasty rice and lechon next to a lovely Filipina, gently nodding off to the soft sounds of diesel jeepneys, trikes, karaoke, the wife next door arguing with her husband over where he spent his day, punctuated with the noises of bakla lovemaking in the unit on the the other side, and the crowing of the gamey cocks ready to throw their sharp spurs into battle. So there's definitely that.

Edited February 15, 2017 by Reboot

[davewe]

44 minutes ago, Dave Hounddriver said:

I believe in "watch and learn" rather than "listen and believe"  so while I understand the reasons why many expats claim poverty and try to convince others that they have less than $2,500 a month coming in; I watch what my compatriots spend and they, (meaning specifically the ones with wives who enjoy a foreign lifestyle), are either in HUGE debt or the majority have over $2,500 a month coming in.

Perhaps I just hang out with a higher class of people than the majority? 

Well you, JP and Kev are certainly in the above category

[fototek1]

6 hours ago, davewe said:

I'm curious as to how many expats in the Philippines actually have over $2500/month coming in. I suspect it's a minority (and no I'm not asking anybody to reveal what they have coming in).

OTOH, my concern for the OP is that, unlike a retiree who has possibly spent several years downsizing and/or getting used to a more modest lifestyle, he was sort of forced into this decision and may not be ready to live a more modest life. Only he knows if this is true or not. I would look pretty hard at what I spend currently and break it down into essentials, irrelevants or nice to haves, and then try to decide what it will cost in the Philippines, vs. what you actually have coming in vs. what you hope you can earn.

I have several friends who talk about retiring to Ph but are unwilling or unable to give up their higher end habits. 

As for me - I like rice and don't drink Johnny Walker Black.

 Davewe, you have an excellent point and it sounds as though you and I think the same way. I actually have been simplifying life and expenses here in the US for many years. We have enough cash outside of our 401k to live for 10 years in the US......I am 45 and can tap my 401K at 59 1/2 and that in todays dollars at todays expenses would get us another 15 years. Then at 65 I have a tiny pension ($1300/ month that will always be just $1300). Then there is Social security at 68. I have also tried to figure out what things cost in the Philippines "that I can not live without". I am not willing to give up good coffee and I want an American style bathroom . I really dont like the wet toilet and the tabo. I would like to be able to do things in retirement and enjoy life. I am not interested in sitting around and rotting away.

Thank you all again