When to move with details inside.

[usa32]

As my last post stated, I took my first trip in feb of this year, had a good time, and plan on another trip next year.

The question here is when to move permanently? And what would you do if you were in my shoes.

Im currently 38 from usa, with a decent job. Single, never married.

If I were to cash out everything now, I may have somewhere between 900k and a million dollars in the bank.

My idea was if I was able to get a 4 percent return off that money, that would give me approximately 2-2500 usd a month in the Philippines after taxes etc.

I "might" in 10-15 years also get a decent sized inheritance, that could double the money I have.

The question to you, is would you move to the Philippines based on my situation and if so, how long would you wait to retire there? It would be nice to retire and not have to wait until 65 and enjoy while i am reasonable healthy.

I know some are older gentlemen here, already retired,  if you could turn back the clock and were in my situation, what would you do?

Obviously i am giving up a good job and living in a first world country, which has many benefits. But dating options are limited here, and its expensive to live.

 

Any advice is appreciated.

 

 

 

 

 

 

 

[Explorer]

I was in your shoes many year ago, currently retired living in Cebu.

So you have a million dollars "in the bank"? I don't know how much interest the bank is paying you but if it is less than 7-8% and you are withdrawing 4% sooner or later you are going to run out of money.

[usa32]

This would be a conservative mix of investments   stocks/bonds,  no just a money sitting in the bank

4 percent seems like a reasonable long term withdrawal rate, and if you have a bad year in investments you obviously have to dial back your spending there.

 

If i may ask when did you retire? How old?  Thank you

[Dave Hounddriver]

2 hours ago, usa32 said:

if you could turn back the clock and were in my situation, what would you do?

I did what you suggest when I was 52.  I had half your money.  It went faster than expected.  But I enjoyed every minute of it.  If you live long enough you will be on a smaller budget than those around you.  But while you have your health and some money is a good time to enjoy life.  Some enjoy life by partying it up in the Philippines.  Others enjoy life by working until they are in the grave.  I don't understand those latter types but I know some.  Up to you what you enjoy doing.

[fillipino_wannabe]

I did that 2 and a half years ago when I was 27, got pretty boring after a year though so I help my wife out with (my) her business here now.

I don't really find it much cheaper here though to be honest, if you want to go out a lot then yeah. If you like good quality home cooked food and want to blast the aircon like me then nah.

[Explorer]

2 hours ago, usa32 said:

This would be a conservative mix of investments   stocks/bonds,  no just a money sitting in the bank

4 percent seems like a reasonable long term withdrawal rate, and if you have a bad year in investments you obviously have to dial back your spending there.

 

If i may ask when did you retire? How old?  Thank you

I am 62, semi-retired at 52, fully retired at 60.

You are 38 so retiring now you could have another 40 years on this planet, just ask yourself how do you want to live these 40 years? Do you want to have a comfortable life or just get by? It depend of the lifestyle you are looking. Comfortable life for me is living in major city, in centralize location with easy access to supermarkets, dining, etc, no noise, stable internet, water and electricity, having healthy food and doing travel. I don't think you can do this on 2000 usd in Manila or Cebu.

[usa32]

3 hours ago, fillipino_wannabe said:

I did that 2 and a half years ago when I was 27, got pretty boring after a year though so I help my wife out with (my) her business here now.

I don't really find it much cheaper here though to be honest, if you want to go out a lot then yeah. If you like good quality home cooked food and want to blast the aircon like me then nah.

May I ask how you afford to retire at 27?  Do you see yourself rejoining the workforce ever back on the usa, or are you totally done?    Of course it gets boring there, but hey it gets boring in the usa, as well. You have to deal with that no matter where you are.

 

[usa32]

2 hours ago, jaybee said:

I am 62, semi-retired at 52, fully retired at 60.

You are 38 so retiring now you could have another 40 years on this planet, just ask yourself how do you want to live these 40 years? Do you want to have a comfortable life or just get by? It depend of the lifestyle you are looking. Comfortable life for me is living in major city, in centralize location with easy access to supermarkets, dining, etc, no noise, stable internet, water and electricity, having healthy food and doing travel. I don't think you can do this on 2000 usd in Manila or Cebu.

Thank you. What age did you move to the Philippines ?

 

The amount one needs over there, appears to be all over the map, you see the guys, that say they live on 500 a month, but to me thats not really living.

And others that say they need 5k a month, well i can live much better in the usa on 5k a month than there.

I looked in cebu and manilla and found decent condos with pool/gym etc, for 300 or so a month. add in 50 for visa fees, say 150 for utilities. That's 600 bucks, that gives you 1400 a month for transportation,food, dates and beer, or whatever else you want. Sure if you got a girlfriend, that adds to the expenses, and of course if you are going out to TGI fridays or some western restaurant every night, thats going to get pricey.

But knowing your rent,utilities and visa fees are paid in 600. I don't see how you could not live comfortably on another 1400 usd a month. What am i missing?  Thanks for the reply

[Mike J]

13 minutes ago, usa32 said:

I looked in cebu and manilla and found decent condos with pool/gym etc, for 300 or so a month

That rate sounds quite low for Cebu or Manilla, especially for a decent place.   Realize also that a condo here is not like a condo in the USA.  Many are the size of a hotel room.

[Gary D]

You could live on $2000 a month now, how about 15-20 years time or even 40. Inflation is a lot higher in the Philippines than most western countries.