Viking Posted May 4, 2019 Author Posted May 4, 2019 5 minutes ago, hk blues said: I retired at 50 and moved here with my wife and then 3 year-old son. The numbers added up then, but along came Brexit and that slashed my savings by 15% ( doesn't sound so much but it is significant) and also interest rates didn't go up as predicted. Basically, I have fixed rate bonds and planned to live off the income from them until retirement. Now, I could do so and we'd be ok but I became uncomfortable at the uncertainty of it all and decided to start teaching again. I don't actually touch my teaching salary - it justs sits in the bank but it gives me peace of mind. To cut a long story short - make sure you have way way more money than you think you'll need - the buffer should be 100% at the age of 50 IMO. No fun being retired and having to count the pesos. Honestly speaking, I think it's too young for several reasons, not least financial. Thanks for your advice. It could be that it would not work out in a good way for us but then we just have to go back home. There is no need to wait until the last peso is spent before making that decision. I agree with you on the size of the buffer. 2 1 Link to comment Share on other sites More sharing options...
Rayj Posted May 4, 2019 Posted May 4, 2019 Retired 64 3/4 purportedly to be there for granddaughter getting to and from school, ( mom just newly arrived and no drivers license) . That’s 90% reason but just as importantly to bag my bosses. I was counting time there the last 5 years and it rose my retirement an extra $500 per month. Everyday is a new reason to not be accountable to small minded people. 1 1 Link to comment Share on other sites More sharing options...
OnMyWay Posted May 4, 2019 Posted May 4, 2019 12 hours ago, sonjack2847 said: I take Fish oil capsules for it and it helps How much fish oil are you taking per day? Link to comment Share on other sites More sharing options...
Eddie1 Posted May 4, 2019 Posted May 4, 2019 23 hours ago, Viking said: I am wondering if you guys who decided to retire early ever regretted doing so? I plan to do it next year but there is un uncertainty about if its a smart thing to do? I will be around 50 yo and there will be many years for me to wait before I can get any pension. On the other hand, my woman is 10 years older than me and I feel that if we wait too long it may be too late to go to the Philippines. After all I guess it would feel safer to be in my homecountry when getting older and in need of medicare. I know this is the opposite to what many other people do, but this makes more sense to me. I plan to live of my savings, and if staying within budget, I will still have 50% left, the day I can start collecting my pension. Ofcoarse my pension will not be very high if I quit working 15 years ahead of time but I am not a big spender anyway. My wife will also get her pension after 5 years, so that will help. I dont want to wait too long to do this, life is a one way journey and you never know how long it will last. Have I lost my mind or do you think there is some sense in what I am saying?? Is your wife pinay? It will make a big impact on your budget if she isn't, so I assume that she is. You mention in a later post that you have a good job, I suppose that means that it pays well? My humble opinion... unless you detest your job with a passion I would hang in there for a few more years, it will be worth it in the long term. Unless you have a way of making some extra funds in the Phils what you have now will have to be enough for a long time to come. You mention living off savings and staying within budget, What is your budget? People can say "Yes, just do it" but if they have no idea of your budget the advice doesn't have any substance to it other than good wishes or "they did it so you can". 2 Link to comment Share on other sites More sharing options...
Viking Posted May 4, 2019 Author Posted May 4, 2019 13 minutes ago, Eddie1 said: Is your wife pinay? It will make a big impact on your budget if she isn't, so I assume that she is. You mention in a later post that you have a good job, I suppose that means that it pays well? My humble opinion... unless you detest your job with a passion I would hang in there for a few more years, it will be worth it in the long term. Unless you have a way of making some extra funds in the Phils what you have now will have to be enough for a long time to come. You mention living off savings and staying within budget, What is your budget? People can say "Yes, just do it" but if they have no idea of your budget the advice doesn't have any substance to it other than good wishes or "they did it so you can". Yes, my wife is pinay. When I said I had a good job I meant it was a job i do not dislike and my salary is about average for my country. We can easily live on half of my salary and then the wife also have her income. Life is not bad here but I am constantly thinking that I want to live somewhere else. I am tired of the rat-race, sleep-work-eat and then repeat. We have calculated that we would be ok on 100K pesos a month and plan to live a quiet life with no car, no party in the bars or other expensive habits Thanks for your input and advice 1 2 Link to comment Share on other sites More sharing options...
Tukaram (Tim) Posted May 4, 2019 Posted May 4, 2019 One thing to consider when you retire (at any age) is being on a fixed income. I always here people talk about inflation, but I do not think that is as major as the exchange rates. We live & die by the exchange rate. When I first moved here 6 years ago I was getting about 42:1 (USD). Now it is 52:1. So for every thousand dollars I had p42,000 - now with nothing on part changing the same p42,000 is p52,000. That is a huge bonus to my budget. That makes up for any inflation, and then some. BUT what if drops back to 42:1... or 32:1. Inflation and exchange rates are way out of our control, but I think the exchange could wipe us out much faster than inflation. We just have to hope the economy here does not get too good (sounds horrible, but for us it is beneficial). But since it is completely out of our control I really do not worry about it. Life will come... and we will adapt (or change countries) ha ha 4 1 Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted May 4, 2019 Forum Support Posted May 4, 2019 Viking this topic has turned into a great exchange of experiences. Steve’s sharing his recent retirement Kevin Tim and many others who retired to Philippines early. And the poignancy of Jack sharing we need to live for today let tomorrow take care of itself. 1 Link to comment Share on other sites More sharing options...
Viking Posted May 4, 2019 Author Posted May 4, 2019 6 minutes ago, Old55 said: Viking this topic has turned into a great exchange of experiences. Steve’s sharing his recent retirement Kevin Tim and many others who retired to Philippines early. And the poignancy of Jack sharing we need to live for today let tomorrow take care of itself. Yes, it all depends on how you look on things. Some prefer to save some more before they feel comfortable, others will need so much that they will never make it and some think they can live like a king on 1k $. Much depend on how you choose to live your life and what expectations you have. Nothing last forever and if we come to the conclusion that it wont work, then we will not have to regret that we did not tried it. Atleast we had those months, years or whatever it will be. I Always try to have a positive view on things but also not being naive. I appreciate all info I have got here. Maraming salamat! 2 Link to comment Share on other sites More sharing options...
stevewool Posted May 4, 2019 Posted May 4, 2019 Everyone is different in what they want out of retirement and what funds they will need and you will always get people saying you can’t live on that amount , inflation, stocks and shares going up and down exchange rates and on it goes and shall I stay a few more years or maybe a few months to get that extra amount to last us for the just in case. While you are working all this will go through you mind , but once you have made the choice to leave your paid employment none of those things will matter, you have made sure that you have enough to last and have the extra fore the just in case . As I said in a earlier post it is 6 weeks since I drove out those work gates and if I was still there we would have saved a few more £££££££££££££s , But really we don’t need it , we have had time together which you cannot buy. 3 1 Link to comment Share on other sites More sharing options...
Onemore52 Posted May 4, 2019 Posted May 4, 2019 21 hours ago, sonjack2847 said: I had a problem with my joints and I take Fish oil capsules for it and it helps. My knees were particularly bad as I was working kneeling down a lot of the time. Thanks for the post, my knees are also bad so I have been taking some anti-inflammatory medicines to ease the pain which over a long period is not a good thing, so I will try the Fish oil capsules as well, how much are you taking? Some so called medical experts here in Australia are saying that the Fish oil capsules thing is rubbish, so could just depend on different people? Link to comment Share on other sites More sharing options...
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