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When is enough, really enough?


Paul

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I have been planning retirement for a few years and plan to make it in less than 1 year as of now... to the Philippines. These posts are a great way to hear like minded folks. Thank you all.

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ellenbrook2001

well did plan too retired at 65 or i did but an unfortunately divorced hit me hard on my bank account so had no choice too go back too work but did set up a limit on my 68 birthday i say too my boss bye for ever.

then did sold all my possession,house ,car etc then put all my assets on a good retirement plan then 5 weeks later was here in CEBU all my friends say i am, crazy i do not know what i am doing but i was determined nothing will stop me that me then ,i am here already for 2 years never regret it the best move in my life but he take gut too do it ,then make sure you have enough money behind you what ever happen.. of course the dollar goes a long way here compare too AUSSIE land so i live very well.

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I have been thinking about this myself in a way although I'm too young to retire, I'm not in the US and I don't have any military benefits available to me. What I do have is some investments though. Due to the world economy these are not making me hardly anything now.

 

So in summary, I could cash up my investments and have about $100,000 to put in the bank. I could then go to the Philippines and live out in the province with my girlfriend for about 5000 pesos a month. Add some luxury now and then like a trip to the city or a night out so say 6000 per month, maybe add visa renewals and any other things and it could become around 8000 per month. I would still have some income at around a min of 30,000 per month after any expenses. I'm starting to think I might be better to do a semi retirement instead of being over here in Australia and not been very happy without my gf. I'm just worried that I might not have enough to live long term but I guess looking at it now it should be more than enough if I can live cheaply.

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Retired at 48, got some land in the PI on the beach, built a house, then a small bar, then a karaoke room to go with it, and finally built hotel rooms. Manage it all but I still consider myself retired. Ain't going to get rich but I am not going to go broke. Sure the occasional problem comes up, but dam, living on the beach and my uniform everyday is shorts, tanks tops and flip flops is my kinda life. P.S. All done with the help of a dam good wife.

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I have been thinking about this myself in a way although I'm too young to retire, I'm not in the US and I don't have any military benefits available to me. What I do have is some investments though. Due to the world economy these are not making me hardly anything now.

 

So in summary, I could cash up my investments and have about $100,000 to put in the bank. I could then go to the Philippines and live out in the province with my girlfriend for about 5000 pesos a month. Add some luxury now and then like a trip to the city or a night out so say 6000 per month, maybe add visa renewals and any other things and it could become around 8000 per month. I would still have some income at around a min of 30,000 per month after any expenses. I'm starting to think I might be better to do a semi retirement instead of being over here in Australia and not been very happy without my gf. I'm just worried that I might not have enough to live long term but I guess looking at it now it should be more than enough if I can live cheaply.

 

I think you're kidding yourself if you think you're going to live on P6000 to 8000 a month. When I moved there 13 years ago to live with my wife, I was struggling to live on P15,000! And inflation in PI runs at around 7% p/a! I made the mistake heading over there too early and pissing away 10's of thousands of dollars setting up 'home' there, only to find boredom and costs (there are always extras) eating away at my life and bank balance. I had plans a year ago of moving back there with my family on an income of around P80,000 (derived from conservative investments), but decided in the end to hold off until my super reached a decent level and we have paid off our home here. Then we'll have a choice where we want to live post retirement.

 

Stay 6 months in the Philippines and you'll find life in Australia is not so bad.

 

Andrew

Edited by abw
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........ I could then go to the Philippines and live out in the province with my girlfriend for about 5000 pesos a month. Add some luxury now and then like a trip to the city or a night out so say 6000 per month, maybe add visa renewals and any other things and it could become around 8000 per month. I would still have some income at around a min of 30,000 per month after any expenses. I'm starting to think I might be better to do a semi retirement instead of being over here in Australia and not been very happy without my gf. I'm just worried that I might not have enough to live long term but I guess looking at it now it should be more than enough if I can live cheaply.

 

If you were to attempt this scenario I think your love affair with RP would end pretty quickly... you would probabely be living with the squatters, if you can handle that fair enough I suppose.... My wife and kids live in the province, my step daughter just got out of hospital yesterday after 5 days... thankfully she is going to be fine, the cost was almost 40,000 Pesos..... approximately six months of your budget, how will you go if you were to get sick...????

 

 

I think you're kidding yourself if you think you're going to live on P6000 to 8000 a month. When I moved there 13 years ago to live with my wife, I was struggling to live on P15,000! And inflation in PI runs at around 7% p/a! I made the mistake heading over there too early and pissing away 10's of thousands of dollars setting up 'home' there, only to find boredom and costs (there are always extras) eating away at my life and bank balance. I had plans a year ago of moving back there with my family on an income of around P80,000 (derived from conservative investments), but decided in the end to hold off until my super reached a decent level and we have paid off our home here. Then we'll have a choice where we want to live post retirement.

 

Stay 6 months in the Philippines and you'll find life in Australia is not so bad.

 

Andrew

 

I am in a similar position, when I can access my Super in approximately 3 years I will hopefully be making the move, I should have a sufficient income by then, however it will be many, many, times greater than 6 to 8000 per month... I would not recommend any single foreigner to try and get by with less than $1,000 per month..... and even then to ensure there is access to sufficient funds in case of emergency.....

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Good advice Andrew and ILPI.

 

I intend moving to PI in a few months now, but I'm definitely going with my eyes open with no delusions of paradise there. My longest stay in PI has been 6 weeks and while I enjoyed my time, living there full time will be a an entirely different situation.

 

That's why I'm not selling everything and will keep my property here in Oz as a fallback option just in case I don't like it or I develop medical problems.

 

You do realise that you can't access your superannuation in Australia until you are at least 55 (longer if you were born after 1960) and not in gainful employment?

 

Cheers

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USMC-Retired

I retired 5 years ago at the young age of 38 been here ever since. I have not been back to work since. Though at times I can find life boring but I have no responsibilities except to my wife and child. Well for now I love it though at times money can be tight.

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You do realise that you can't access your superannuation in Australia until you are at least 55 (longer if you were born after 1960) and not in gainful employment?

 

I was born in 1959...so I just made it.....believe me I have been over all the different options and scenarios with a fine tooth comb.... Doing it with sufficient income and plenty in reserve is the only way for me personally...

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I was born in 1959...so I just made it.....believe me I have been over all the different options and scenarios with a fine tooth comb.... Doing it with sufficient income and plenty in reserve is the only way for me personally...

 

Yes I'm in a similar situation and have been planning my retirement to PI for nearly 3 years now.

 

I never knew why I contributed to a supernnuation plan for 40 years, thought it was a waste of money .............. until now!

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I'm not relying on any retirement from Australia at least not for the next decade and besides I won't be eligible for many years yet. On that subject, isn't there a requirement that you must stay in the country for a certain amount each year?

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I'm not relying on any retirement from Australia at least not for the next decade and besides I won't be eligible for many years yet. On that subject, isn't there a requirement that you must stay in the country for a certain amount each year?

 

If you're talking about super, then there is no requirement to stay in Australia. The only exception would be if you had a Self Managed Super Fund, though not sure of the details. As for the Australian Age Pension; yes, you normally have to have lived in Australia for two years continually prior to moving overseas (for it to become portable).

 

Andrew

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I'm not relying on any retirement from Australia at least not for the next decade and besides I won't be eligible for many years yet. On that subject, isn't there a requirement that you must stay in the country for a certain amount each year?

 

I think in the main we are talking about self funded retirees here.... there are no stipulations on where a self funded retiree must live, there is a rule at the moment that says that eligible applicants for the OAP must reside in Australia for 2 years prior to or upon application in order to be granted full portability, in my case that's not for another 15 years and I suspect that all the rules will have changed by then....

 

 

 

 

edit..... just saw your post, obviously we are on the same wave length ABW

Edited by ILPI
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