Snowy79 Posted March 23, 2019 Posted March 23, 2019 1 hour ago, fillipino_wannabe said: It's free in the UK, even the dentist is subsidized, comes from taxes. I tend to look at is as not free as you pay for it through taxes. If you put the equivalent away each month in the Philippines I'm sure you'd get better and quicker treatment. 3 Link to comment Share on other sites More sharing options...
Heeb Posted March 23, 2019 Posted March 23, 2019 December 31st is my last day, retiring on 50% of income but we will be paying less taxes, no more money going to 401k's and all the bills will be payed except for the mortgage, our disposable income will be about the same in the end. The dilemma is what to do with the house here since we still owe on it. Do we rent it out, leave it empty or sell? The home prices in my neighborhood are going up on average 15% per year and that's almost triple what my mortgage payment is per year, if I sell and decide to come back after a few years I would probably be priced out of the area. Everyday I think about the different scenarios in my head and it's driving me nuts. 2 Link to comment Share on other sites More sharing options...
Gary D Posted March 23, 2019 Posted March 23, 2019 3 hours ago, Snowy79 said: I tend to look at is as not free as you pay for it through taxes. If you put the equivalent away each month in the Philippines I'm sure you'd get better and quicker treatment. Yes but when I retire it becomes free because it's everyone elses taxes that pay for mine. 1 Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted March 23, 2019 Forum Support Posted March 23, 2019 1 hour ago, Gary D said: Yes but when I retire it becomes free because it's everyone elses taxes that pay for mine. Can’t argue with that logic.🤔 1 Link to comment Share on other sites More sharing options...
JJReyes Posted March 23, 2019 Posted March 23, 2019 1 hour ago, Gary D said: Yes but when I retire it becomes free because it's everyone elses taxes that pay for mine. This is called, "Pay for it forward." You pay for medical and social security when young through taxation with the hope of becoming a recipient later in life. There were news articles sponsored by the Social Security Administration that stated you shouldn't start collecting benefits until age 70. The monthly checks will be much, much larger whereas some Americans start collecting as young as 62. Then I looked at actuarial tables. 7% of Americans age 62 would be dead by age 70. Therefore, you paid into the system your entire lifetime without ever receiving any benefits. There is also a percentage of American who paid into the system who died before reaching the age of 62. 1 Link to comment Share on other sites More sharing options...
stevewool Posted March 23, 2019 Author Posted March 23, 2019 6 hours ago, Heeb said: Everyday I think about the different scenarios in my head and it's driving me nuts. And I thought it was just me thinking like this. 3 2 Link to comment Share on other sites More sharing options...
graham59 Posted March 24, 2019 Posted March 24, 2019 9 hours ago, Heeb said: December 31st is my last day, retiring on 50% of income but we will be paying less taxes, no more money going to 401k's and all the bills will be payed except for the mortgage, our disposable income will be about the same in the end. The dilemma is what to do with the house here since we still owe on it. Do we rent it out, leave it empty or sell? The home prices in my neighborhood are going up on average 15% per year and that's almost triple what my mortgage payment is per year, if I sell and decide to come back after a few years I would probably be priced out of the area. Everyday I think about the different scenarios in my head and it's driving me nuts. DON'T sell the house in your home country. I have made that mistake before... and have very much regretted having done so. 3 Link to comment Share on other sites More sharing options...
Mick Posted March 24, 2019 Posted March 24, 2019 Well in October last year my contract ended, which is quite normal working as a contractor on 12 month renewables, so I thought right, I'm going to try this retirement larky, I had lots of work to do on the house and the new garden, so was very busy, the last month, I have had the chance to sit back and enjoy it, and reflect on life, I have realised, I need to work, need something to keep the grey matter working, so I'm going to look for another contract maybe not as intense as other contracts I have had, but Im not ready to retire, I always planned to retire at around 56,..... 51 is too early, its not about the money, its more boredom at the moment, and missing the crack, as the last 23 years only worked in the Middle East and Africa, so starting Monday, I will spend an hour each morning seeing what's out there. 2 Link to comment Share on other sites More sharing options...
Popular Post manofthecoldland Posted March 24, 2019 Popular Post Posted March 24, 2019 11 hours ago, Heeb said: December 31st is my last day, retiring on 50% of income but we will be paying less taxes, no more money going to 401k's and all the bills will be payed except for the mortgage, our disposable income will be about the same in the end. The dilemma is what to do with the house here since we still owe on it. Do we rent it out, leave it empty or sell? The home prices in my neighborhood are going up on average 15% per year and that's almost triple what my mortgage payment is per year, if I sell and decide to come back after a few years I would probably be priced out of the area. Everyday I think about the different scenarios in my head and it's driving me nuts. Sounds to me like you want to hold on to it for awhile for your sense of a possible return security and/or potential financial gain. Not a bad idea, since such a large percentage of ex-pats throw in the towel after several years of living abroad. You can sell it anytime, barring a local area real estate market collapse or a major economic recession in your region. If you leave it empty, you will have to be sure that it is secure. Like with a condo or in a very safe neighborhood. Even then, you'd have to have a friend or relative make regular checks on it in case of plumbing , heating or electrical problems that might develop, despite it being empty. Your insurance costs will be ongoing, as might your property taxes (some states have age qualified exemptions).... so you will be paying for those when not living there. Homes require periodic maintenance since time and use wear them down. Even when empty. (e.g. roofs and things subjected to weathering and aging) If you rent you run the risks of having destructive or dead-beat tenants, unless vetted and covered by sufficient deposits, etc. You can hire a property manager to avoid or decrease these risks somewhat. I hear that most charge 10-15% of the monthly rent. It might be well worth it if your asset is appreciating well, and it would simplify rental collection for you. After you do your arithmetic and have run the numbers, you can see if you will financially win, lose or draw. Even if you end up keeping it with an ongoing loss each month, it might well be worth it for your peace of mind, knowing you have a good escape plan to fall back upon in case living in the PI doesn't suit you for the long run. Maybe this will help you a bit in your quest to find a solution to what you're facing. Good luck and best wishes. 6 Link to comment Share on other sites More sharing options...
Heeb Posted March 24, 2019 Posted March 24, 2019 1 hour ago, manofthecoldland said: Sounds to me like you want to hold on to it for awhile for your sense of a possible return security and/or potential financial gain. Not a bad idea, since such a large percentage of ex-pats throw in the towel after several years of living abroad. You can sell it anytime, barring a local area real estate market collapse or a major economic recession in your region. I'm considering letting my sister stay at the house so she can watch our cats, the problem is she's a complete mess, she's an unemployed ex flight attendant who can pound twice as many beers as I can, and we're talking double IPA's, none of the airlines will hire her anymore because she has two DUI's. The last time she watched our house for us when we went on vacation she burned the kitchen down, my one experience with renters was even worse. I'll probably go with the psycho sister plan. 3 1 2 Link to comment Share on other sites More sharing options...
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