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Paul

When is enough, really enough?

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Rogersea

I have been retired from the US NAvy for many yearsand worked for the civil service for another 10 years, I decided that I wanted to try a different path so I stopped working when I turned 50, and it has been pretty enjoyable so far.

 

I stopped working in May of last year and once in a while I miss it as I enjoyed my job but wanted a different lifestyle... I agree with several posters that money is very important and ensuring you have adequate funds to last the long haul is really important for some of us...

 

My biggest worry now is whether I can count on the source of my retirements to stay solvent (Mil,FERS,SS) as you might notice they are all the US Govt... When I was growing up taking this route was the safest possible path, boy how things change...

 

Cheers

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NoPera

You may or may not have a professional financial planner. Either way, if you know how to create a basic spreadsheet with an application like Excel, you can gain some understanding of what it takes to fund retirement. List out your various bank accounts and investments, create formulas for anticipated ROI whether simple interest, dividends, appreciation, etc. List out your anticipated living expenses factoring in inflation. You can then create various scenarios which may include major purchases (car, house, etc.) or whether or not you can expect some type of pension or social security payment. It may not be CPA-quality but it does get you thinking. There will always be lean years so what will you do when that happens? Are you willing to turn off the air-con or perhaps grow some of your own food?

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fanboat

Unfortunately I have some real debt I have to pay off, not a lot, but it's real and it's not secured by anything I can liquidate. I have less than 2 years left and my slavery to that debt will be over. Above that, there are a few small things but nothing too terrible, and for the last 2 years I've been cultivating a much different view on life. I've gotten rid of my $5000 a month mortgage, I have one simple car, and things like that. I'm rebuilding my savings at a good rate and I have some investments that are doing well. So while I'm not "there" yet, I'm on the road and traveling.

 

Just hope my map is good.

 

Sounds like a California mortgage...The reason I am out of work in California is the sales price of the homes went up double digits each year since 2005?...now the correction has put the nation on a recovery mode...as well as the world!...I am in the Phils waiting out the recession,so when it is over,I can make some more money building homes...un-like alot of you I am self employed and there is no retirement fund to fall back on.I wish I had taken a government job years ago...but that is not what I did...I think even a few months or years here in the Phils is a life changing experience for anyone to experience!...If you have say 300,000 dollars,you can do anything you want for many years.Or say about 3,000 a month living expences will do.

Going out to eat is number one in my opinion...or learn how to cook some excellant food at home is a bonus!

 

Loctite...I'll buy you a beer when you get here

ps...bring alot of beer wraps from the states...hard to find here...need can and bottle zip up's

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NoPera

ps...bring alot of beer wraps from the states...hard to find here...need can and bottle zip up's

 

Koozie a.k.a coozie?

post-5134-125685970345_thumb.jpg

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Paul

ON TOPIC, folks.

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fanboat

Koozie a.k.a coozie?

 

Sweet...love those coolers dude...by the way what was the topic?

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hey joe

I just retired this last spring (end of May) from my full-time job. I still work part-time, however, (and occasionally full-time at my discretion) doing on-line teaching of English to students and teachers in Asia. My wife also works full-time here in the United States. We could actually retire to the Philippines (Cebu) right now if we really wanted to on about $4,000 a month strictly from my retirement income, but we want both of our sons to graduate from high school in the United States first. Our sons also want to do this, as they are both pretty active in athletics and other activities in addition to their educational curriculum. Our youngest son is only in the fifth grade, so my wife and I will not be completely retiring for seven more years after this year. At that time, we plan on putting our sons into one of the best universities in Cebu and having them graduate there. They both have dual citizenship, (as does my wife along with my mother-in-law and father-in-law), so they could easily complete their graduate and post-graduate studies in the Philippines and then move back to the United States to work. The idea that no Philippine universities are any good is bogus in my opinion, and that is based on the fact that two of my wife's uncles were hired immediately in New York state after graduating, one as a structural engineer and one as a nuclear engineer. I also know many other Filipinos who were hired in the United States in their chosen occupations. The best schools here will give you a good enough education to compete economically all over the world, as many Filipinos and Filipinas do right now and have been doing for many years. We have already built my wife's dream house in a suburb of Cebu City, and with our current schedule we are able to visit it every year for three months in the summer. We intend to do this until both of our boys are out of school. This type of planning can really kill two birds with the same stone. We can still enjoy the Philippines for three months each year, and we can continue building up a pretty good nest egg for our retirement (along with a much higher retirement income each month) and to give our two sons a pretty good start in life. One of the points that I am making here is that it is possible and even feasible to have the best of both worlds if you have planned it well enough.

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twostrokes

I'm the same as most. I just retired this year the end of Feb. I was supposed to wait unti June, but just couldn't stand it anymore. I had enough time on the books to stay in a pay status until the middle of april, so it worked out ok. My dad also died early at 62 and my older brother at 41 with a massive heart attack.

 

I did make it a point, with a lot of overtime the last 2 years of working to get 100% debt free including my mortgage. The mortgage really wasn't a standard mortgage in that I built the house myself with one professional and me the goffer.I had a coworker who's husband was a licensed electricion who did the electrical work and I hired a mason to do the outside stone work. So I built most out of my posket. I did borrow about 60k to finish it out and also part of that was to buy my military time into my state retirement. But anyway it was all paid off along with everything else last Dec08. I have put off making the decision to move to the PI for my retirement as I am no longer sure that is the right thing for me to do. The door is still open, but I'm not running out of it yet.

 

For right now,I have sufficient retirement to live where I am at. I say that only because I am debt free. But if inflation goes crazy, which I expect,I don't know how long I will be comfortable here. We will see. There are a number of things I would like to see here in the states as far as traveling is concerned. I really have done very little traveling here in the states. Have been through many states,, but just that, "been through". I was always in such a hurry to get from pt A to pt B that I never saw anything but white lines down the road.

 

But as far as retiring at62, I figured I better if for no other reason than family history, health wise. Couple that with a number of serious medical problems I deal with,I think I made the right choice.

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fanboat

I'm the same as most. I just retired this year the end of Feb. I was supposed to wait unti June, but just couldn't stand it anymore. I had enough time on the books to stay in a pay status until the middle of april, so it worked out ok. My dad also died early at 62 and my older brother at 41 with a massive heart attack.

 

I did make it a point, with a lot of overtime the last 2 years of working to get 100% debt free including my mortgage. The mortgage really wasn't a standard mortgage in that I built the house myself with one professional and me the goffer.I had a coworker who's husband was a licensed electricion who did the electrical work and I hired a mason to do the outside stone work. So I built most out of my posket. I did borrow about 60k to finish it out and also part of that was to buy my military time into my state retirement. But anyway it was all paid off along with everything else last Dec08. I have put off making the decision to move to the PI for my retirement as I am no longer sure that is the right thing for me to do. The door is still open, but I'm not running out of it yet.

 

For right now,I have sufficient retirement to live where I am at. I say that only because I am debt free. But if inflation goes crazy, which I expect,I don't know how long I will be comfortable here. We will see. There are a number of things I would like to see here in the states as far as traveling is concerned. I really have done very little traveling here in the states. Have been through many states,, but just that, "been through". I was always in such a hurry to get from pt A to pt B that I never saw anything but white lines down the road.

 

But as far as retiring at62, I figured I better if for no other reason than family history, health wise. Couple that with a number of serious medical problems I deal with,I think I made the right choice.

 

two strokes...hell man get in a motor home and see what you want...sell it all...save some cash and spend some time in the phils..here you can travel with a nice lady that will look out for you.

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Bonehead

I retired last year at 42. Everyone at work told me I'm too young and think I'm nuts. My response is, "I'd rather retire too young than too old."

 

I have no clue if I have enough money, I actually doubt it. But I'm sure I'll figure something out if I go broke.

 

A guy at work was reading this book, I think it was called "The 5 hour Workweek." It's one of those get rich books. But the guy told me the secret to getting rich is to quit your job. I thought he was nuts, but the idea is, if you're faced with starvation you'll figure out a way to survive.

 

It took a few months to sink in but eventually I up and quit, after 18 years of working at the refinery. I don't think my money will last more than 7 years, so I'm going to school to earn a degree so that I can make a career change. Or maybe teach English. I'd like to do something I enjoy and wake up looking forward to work and not fretting it.

 

I never visited the Philippines before. I've been to Thailand but that's about it. I just knew I needed to find a cheap country to live in, so that I could stretch my money long enough to get my degree and a job I enjoy.

 

One of my coworkers is from Cebu and he told me this is a terrific place to live. So I packed up my things, put it on a boat and caught a plane.

 

It took me a little while to adjust because I'm not very adventurous and I don't get out much. Packing up and moving to a place I never been to before was slightly impulsive. But I like it here. I think I made a good move.

 

We'll see if I still think that when my money runs out. But since I moved here I eat healthier. I don't work shift work anymore. I lost 40 pounds in a few months of getting here. My maid cooks healthy food. I now weigh what I did when I was in my 20's.

 

I'm living the life my coworkers can only dream of, while they are stuck at work.

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ricosadao

Retirement kills more people than all other causes combined..!as-if.gif

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fanboat

Retirement kills more people than all other causes combined..!as-if.gif

 

 

 

 

Could be true....I have gained 15 kilos here in the Phils...blood pressure is climbing like the coconut man.

 

Maybe it is all this cheap booze and cigarettes...and cold cheap beer.

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Headshot
Money is not important, freedom is.

 

Harry

I agree with you in essence, Harry, but in the real world, a lack of money is a serious lack of freedom. Well, maybe not freedom, per se, but the number of options you have are severely limited with no money. So, in a sense, money is very important to freedom.

 

Cheers

Pete of New Hampshire

On this, I agree with you, Pete. Money can only be "not important" if you have some of it (at least enough to meet your needs).

Edited by Headshot

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Shasha

Is 63 the average lifespan of foreigners?

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Siuk

Retirement kills more people than all other causes combined..!as-if.gif

 

 

 

 

Could be true....I have gained 15 kilos here in the Phils...blood pressure is climbing like the coconut man.

 

Maybe it is all this cheap booze and cigarettes...and cold cheap beer.

 

Isn't that true. I came here possibly in the best health of my life, at least since I was kickboxing at 16-17. Year or two of san miguel, pack of cigs a day and unhealthy Filipino and junk food, I felt like shit and had the gut to show it. Pulled myself out of the gutter before I got stuck there, took the training as serious as I was before I came here, stopped drinking and cook mostly for myself now. Still gained 20 pounds, but it's the good kind of weight.

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