My Plan Is To Live Until 100.

[JJReyes]

We will be gone one day.  The difficulty is when.  Will it be when we are in our 70s, 80s, 90s, or 100?  So how do you calculate how much is needed so that your wealth is sufficient to last a lifetime?  I am curious to hear from others how they prepared for their retirement in the Philippines.  So far, the best I heard is this person during a cruise dinner who said, "My ideal goal is to spend every dollar before the end, with a check mailed to the IRS (Internal Revenue Service) to pay taxes that will bounce."

[Dave Hounddriver]

25 minutes ago, JJReyes said:

So how do you calculate how much is needed so that your wealth is sufficient to last a lifetime?

Just a little bit more.

[Mike J]

My plan is to protect the financial future of my Filipina spouse.  I am 16 years older than my wife.   At 72  years old, I have already exceeded my expected lifespan by quite a few year (family medical history).  My plan quite simply is to provide an income stream after I die, and also to protect our 401K as much as possible by limiting drawdown.   I won't go into detail because it is not wise to post financial information.  That being said, so far the plan is working. 

Edited August 21, 2022 by Mike J

[Snowy79]

Probably taking a chance but my family tend to live to a ripe old age, my Father is 89 and still running around after the neighbours and extended family, he does the neighbours gardens also so pretty fit. 

I planned next to nothing when I came here, just decided I'd had enough of the rat race even though I had a good life and wage.  Literally woke up one morning and thought fnuck it. I had vaguely discussed retiring to Asia with two friends and going out with a bang so I phoned them and they back tracked.  My next call was to my boss telling him to shove his job and as soon as I'd sold up I'm out of here. 

Spent two days tidying the house and garden and put it on he market, it sold within a week with a one month turn around so I started selling everything I couldn't carry and most went for pennies in the pound. On move out day my garage still had lots of stuff in it so I told the new buyer to have it.  

It was also my final day at work and my boss came up from England to do a handover of my works vehicle and stock. Quickly handed him the keys and told him see you. walked off carrying a backpack with everything I could carry in it, my ex girlfriend put me up for the night and took me to the airport next day.  

I had a girl in Manila sort me out an apartment for a few months while I got settled and did my research, rented in a few places for a couple of years and bought my own condo which has now paid for itself, six years down the line I think I'm lucky, sussed the scammers out that many of my friends fell for and the usual pitfalls due to them not doing their homework.

Financially I live comfortably on my military pension due to owning my condo and have a private pension I'm holding off claiming as it makes sense not to claim due to taxes and early claim fees. Aiming to hit the 67 mark when I'll claim it plus my state pension when my income could triple then I'll be more than happy.

Edited August 21, 2022 by Snowy79

[Possum]

4 hours ago, JJReyes said:

I am curious to hear from others how they prepared for their retirement in the Philippines.  So far, the best I heard is this person during a cruise dinner who said, "My ideal goal is to spend every dollar before the end, with a check mailed to the IRS (Internal Revenue Service) to pay taxes that will bounce."

I did not prepare for retiring in the Philippines except for my last 5 working years, I prepared to retire in the USA. Therefore I can live quite well in the Philippines.

I heard one fellow say he wanted to live until about 90. He was asked how he wanted to die ? I'd prefer to be shot while in the act by a jealous 30 year old husband.

[hk blues]

I don't give it any more than a passing thought - We live well within our means and have never had to scratch our heads wondering how we're going to make the money last to the end of the month. Having been on this forum a while I suspect most members are similar. 

Simple philosophy for me - spend less than you earn and you'll never have a sleepless night worrying about money. 

P.S. And don't buy super expensive TVs either! 

[Freebie]

Retired on the day that I had planned to retire 5 years previously. My new condo wasnt ready so found a nice airbnb and got myself organised. Condo eventually became ready, moved in and did all the things needed.. get shipment from Beijing , and Taipei where Id worked. Fridge , wash machine etc etc.

Calculated expenses, many of which were annual ie insurance, association dues, real estate tax, med insurance etc.

Calculated income from dividends. Figured an age of 88 would be about right given family history and figured out how much I could spend daily/annually.

I keep a record of most expenses daily so I roughly know where Im at costs wise. Spending about half of what Im allowed to spend daily despite 3 international trips a year each for 5-6 weeks plus a few domestic trips.  So, so far all is good and according to plan. Im happily single so I more than enough to take care of gf, daughters , sisters etc in case something happens.

Hopefully if anything its long and slow so I have  sufficient time to divest of assets. hopefully.  I dont worry about money these days, I worked for 40 plus years trying to have enough. I dont live extravagantly, so its a case of so far so good.

[BrettGC]

1 hour ago, Snowy79 said:

Financially I live comfortably on my military pension due to owning my condo and have a private pension I'm holding off claiming as it makes sense not to claim due to taxes and early claim fees. Aiming to hit the 67 mark when I'll claim it plus my state pension when my income could triple then I'll be more than happy.

Pretty much my situation as well.. Own the house, military pensions (I have two, one for 20 years service, the other a disability payment) until I die.  Compulsory retirement contributions I've been (well my respective employers) paying into my entire life which I could access at 60 as either a lump sum or another pension or a combination of both, but given we probably won't have any urgent need for that we'll probably defer that for a few years, or not, depends on what the future holds.  Australian age pension kicks in at 67 as things stand now, but they keep bumping up every couple of years and given I'm 53, I suspect I may be chasing that for life.  I have some real estate in Sydney but that's "Break Glass In Case Of Emergency" status and will be divided between my wife here and my children from my first marriage when I depart this mortal coil.

I guess the to address JJ's initial question, my military pensions alone hold me in good stead if I stay here until death.  In Australia, I could survive, but it would be a more frugal lifestyle.  That and the age pension and I'm good without busting those retirement savings open or selling the real estate.  

[Kingpin]

14 hours ago, Mike J said:

My plan is to protect the financial future of my Filipina spouse.  I am 16 years older than my wife.   At 72  years old, I have already exceeded my expected lifespan by quite a few year (family medical history).  My plan quite simply is to provide an income stream after I die

Does she have a SS#? Much easier if she does, if not that's where the challenge for expats is. Some info here:

 

[Viking]

I may think a bit different about these things, but to me it's more important to live a good life now instead of saving a lot to when (if) I get old.

I think of my old parents, they are in a very good financial situation now, but they can't enjoy the money because they are old, tired and have pain in their bodies from many years of hard work. I wish they had enjoyed more earlier when they had the chance.

I retired myself last year, at an age of 50. I have now been at home for a year and I really enjoy owning my  time. No more stress!

Me and my wife don't need much to be happy, so it didn't make any sense to stay in the ratrace longer than necessary. It's of course necessary to have the financial funds to support your way of living, but living a simple life makes it easier.

If you realise that the money go faster than expected, it's always possible to start working again, but you can never get back the days that are already gone.

Take care and keep safe.