WHAT AGE SHOULD YOU RETIRE AND MOVE TO THE PHILIPPINES
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- čas přidán 7. 09. 2024
- WHAT AGE SHOULD YOU RETIRE COLLECT SOCIAL SECURITY AND MOVE TO THE PHILIPPINES @mikesphilippineretirement /MONEY MATTERS/RETIREMENNT/VALENCIA
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Great video Mike. I am planning to retire at 65 which is September next year. Well over $2.5K with SSN, Pension, and 401K, but that dang inflation has got me worried!
The great unknown...wish i had the answer
If your worried about inflation in the Philippines, with that much money you need to rethink because it’s only worse in the US. Or you can just wait until your 67 or 70 or your dead and your relatives get to spend your money. I bet they end up with more than you think regardless what you do.
@@arnoldjohnson3317 Thanks for the advice but I am worried more in thought than action. Nothing is stopping me from going there so I'm good 😉
Yeah, buddy.. the world's economic instability's a real 'wildcard' not to be over-looked.
Keep your house in the USA as an inflation hedge, if you can.
Hi Mike and Janet. I retired in January at 62 years old, sold my condo and most of my belongings and moved to Thailand. I rent a 50 square meter condo walking distance to the beach, restaurants and shops. I cook at home at least one meal a day and eat out the rest of the time. I don't go to bars but like a cold beer at home once in a while. I spend about $1250 a month and that includes my visa, travel insurance, rent, food and utilities. I'm able to live for less than my social security check without sacrificing anything so i haven't touched my savings. I'm planning on traveling to Malaysia and the Philippines in a few months. There is no way I would even be able to live in the USA without spending all of my savings. I'm happy here and wish that i was able to do it sooner.
when you in the Philippines I would love to have a chance to meet you annd talk about life in Thailand facebook.com/profile.php?id=100079610481824 chat me on fb if you have time
If you watch Thailand Bound, he just retired at 62 on $2250 a month. Looks like he’s having a great time and a very comfortable life.
@mikesphilippineretirement I don't use Facebook, but I will send you an email instead.
will check him out
I will watch for you e mail
I really like your honesty and not exaggerating things. "If you have a nice home, job, community... keep working". Couldn't agree more. Throwing it all away just for the CZcams fomo is not wise. Retiring early in a developing country is not as glamorous as some youtubers want you to believe. The novelty settles in very quickly and if you have burnt any bridges, then reality kicks in and life becomes a misery. Just travel when or if you can ...the grass is only greener as a tourist, once you settle, it is a different story
thank you for sharing
Thank you for the information.
I'm 62 and I semi-retired when I lost my soul mate 5 years ago. I guess I'll retire when I hit 65, but I'm not happy if I don't have something to work on.
Stay safe. Be well.
Your advice is well thought out and insightful. you do a better job than most Duma Vloggers.
I appreciate that!
Wise words. I’m Australian & 52 this year and will be a self funded retiree and only this week had a meeting with my new financial advisor. He crunched the numbers and asked me “So why are you still working?”. Ive worked six days a week since I was 19 with very little time off so I’m pulling the trigger in the next two years.
best of luck when you retire
Financial Advisors can kinda tell you what you want to hear. I talked to Fidelity and they said I "Could" retire at 62, but would have to purchase an expensive Health insurance policy to avoid being wiped out by a catastrophic health event. So 65 it is.
@@bigjohnson7415 I've got a few irons in the fire and had a rough idea going into the meeting that It would look good on paper. In Australia there's basically no one left to employ, insurance premiums going through the roof, the months & months of red tape if you try to develop anything, material & labour shortages everywhere. I'm just done & I've had Angina for a while so I'm calling it before I don't have a choice anymore & really looking forward to getting out of Australia.
@@jeremyiles8417 I respect that! It's always a risk, whichever path one takes. Guess all we can do is make an educated guess, after coming to terms with where we are at any given time. Believe me, I've been working in my industry 42+ years, 32+ with my current employer. I fookin hate my job now, wasn't always the case. But my best guess for me is to bank like crazy for the next 3 years and retire with a net worth of around $1 million US, $800k being in cash and investments. I'll get $4,750 a month for SS and my Pension, and not have to touch my investments. THAT makes me feel comfortable as an idea as of where I am today. But I too am to the point where it's very difficult to perform my job. Takes a lot out of me physically. I work 4 days 10 hours shifts, and my 3 days off I don't do shit beyond weekly household duties. My vacation time I catch up on bigger projects around the house. Just trying to make it to that finish line. No one knows how long we will live beyond retirement, but I came from a poor family and inherited nothing from the older generations, so if I leave a butt load of cash to my relatives and make their lives easier than mine, I'm okay with that.
Quit work at 43 five years ago to travel and hike around the US and Asia. I finally made it to the Philippines early this year to try it out for 6 months, stayed in 5 different cities, I think I will settle here…just haven’t decide which city. My average expenses were under $2k a month during the 6 months living out of airbnbs. I didn’t think I was ready when I quit, but sometimes you just need to try it out
thanks for sharing Tony
I retired from teaching at 53 and receive $3500/month. I must be fortunate compared to most that I have such good monthly income from my pension only. I have other investments available but i only use about half of my pension and bank the rest. I left the US at 58 and moved to Latin America. I am physically fit in my early 60s at the moment so l agree with Mike that the earliest a guy can get started the better.
happy days coming soon
Very good advice Mike, if you’ve got enough money and thinking of retiring just do it. Life seems to pass quicker the older I become.
so true my friend
Retired at 59, over $2500 budget. Startup fund was healthy. 3 flights, shipped my dog, bought 2 cars, furnishings and miscellaneous items. We shipped 32 jumbo LBC boxes. Have pension, VA and SS.
love your dog, that is great. Ejoy your retirement
In January 2022, I developed a slight heart arrhythmia, after having the flu at Christmas time. The medications have controlled it well, and my doctor says I might expect another 15 years. But living on my own has gotten a lot harder, even though I hired a housekeeper to come every other week to do the "heavy lifting". So now, at age 72, I am thinking of moving to the Philippines. Since I use a cane or walker to get around, I'm never going to see any of those waterfalls. I don't need to travel. I just want a comfortable house or apartment with room for all my books, no stairs and maybe a pool. Then I can hire a live-in caregiver. I plan on visiting the Philippines next February-March to see. Considering the alternative of a small room in assisted living, I think better now than never.
I am 49 and just made the lot purchase in Mayacabac Panglao Bohol. Plan to have the home completed by 50 and retire 55-60. The dream of a simple life by the waves is rapidly becoming a reality, and I can’t wait. That said, the next year of my life is going to be a whirlwind. Wish me luck!
good luck my friend
I retired in 2011 at 55 and love retirement. I have a work pension and then started collecting Social Security at 62. Both get cost of living increases each year. Most of my income is the work pension. Five years later I moved to Thailand. 🌴
Great enjoy your retirement
I guess I'm taking another route, I spend 6 months a year in Asia and work 6 months a year. Half retired now when I'm young (40's). I already bought a condo in Thailand and my bikes so I can live cheap. I'm not working a day after 62. But ya, I'll have to work 6 months a year till 62.
Hey Mike, been there twice enjoyed both trips as we discussed when we met up, pulling the trigger is not easy ss over 2600, 401k, and saving are great, working on having my Filipina visit as tourist and deciding my next move. Great Video.
Right on
Mike another great video. I'm turned 74 today and already retired in the US continuing to work my plan to retire to the Philippines. The cost of living here has escalated greatly since 2020 making it more difficult have the seed money to make the transition to the Philippines. Budget wise I will have over $3k per month to live on, physically, mentally and emotionally I'm in the best shape I've been in years dropping 33 pounds since September, I walk 4 to 12 miles daily depending on my calendar and weather to stay in shape. Time and inflation are my greatest concerns.
Time and inflation are my greatest concern. As it should be
Started SS 66, getting 2,5+ . Bad problems socially so just getting there (in a week) at 74 there at last.
Multiple pensions and heavily invested, bout 20k a month.
Better than most, but believe 5k monthly is a decent amount to live a good life in SEA.
thanks Robert
Mike, thanks for the information you provide. I'm 55 and hope to retire at age 60 unless my company buys me out sooner; which they've done to my co-workers a couple of times in my career, so I have my fingers crossed; in that case I'd retire tomorrow if they bought me out with a 6&6, meaning 6 years onto your age and 6 yrs on to your time worked for pension calculation. If they did that; or I have to work another 5 years; I'll get around $2900. a month with my company pension. I have other assets plus a 401k to take care of any unforseen expenses, but if you're making out over there on ok on 25 hundred a month; I think you said; then I should be ok too I figure.
Then if I hold out until my FRA with SS, I should get an additional $3300 a month at age 67; God willing; so if and when I ever make it over there I should be alright according the the figures you presented. Thanks again for the information, I'm still praying for a company buy-out because your right the sooner the better.
Good sage advice Mike. You have done it like its supposed to be done - on a solid foundation. Retiring should be as worry free as possible, especially in the dollars dept. Don't forget to do some of your talks outside / I know you do some / Show us that beautiful part of the globe!
we will keep watching inn July we have a big upgrade in equipment
I live here in the Philippines, what I don't understand why come if your sick but you want to start a new family knowing you won't be alive to see your children graduation or wedding. who are you really hurting. now hospitals only a few hospital are up to American standards. health insurance is very expensive after 60 . the best thing to is go back every 6 months for medical check ups. have your PCP write up prescription for six months at a time at lease you know your health issues not going to dirty hospital and the doctor you need is out of town and won't be back till next week that the truth here. it fuckin scary guys. think this through be for you come.
thank you for sharing
Mike😊, one other best vidio I seen. I will be there next June to be with my fiancee and daughter.
Retire 50, never paid social security, good pension from fire department, va disability, 401 k, and paid house
well done my friend
Great summary. After watching videos like yours and others and prepared for over 2 years, I retired at 60 and am pulling the trigger in August. But I try to lower my expectation of how easy or how good a life I would get. I certainly hope to be as happy and as fulfilling as the some video suggested.
thank you for your comment
Hi Mike. As always great points and thanks for the video. Very informative my friend.
Glad you enjoyed it. Are you still comig to the Philippines?
I took the social security numbers at 62 and at full retirement and put them on a spreadsheet. The additional money I would receive by waiting until 65 took until I was 84 years old before I made up, broke even, for the money I would have received between 62 and 65. Then you keep hearing SS won't be there and at 84 will I still be alive.
Yeah that is the way to do it. 3/4 of my grandparents made it past 84, so I'm pretty sure I'll make it past 84...but the issue is quality of life at that point. I doubt many people are healthy enough past 84 to be active enough that an extra few hundred bucks a month really makes a difference, where as you'd have actually enjoyed the money being retired earlier in your 60s. If I make it to 90 its likely the last 5 years or so of my SS will just be going to a nursing home anyhow.
Money is an imporrant factor in any country. But even more important is health insurance, wish we could use Medicare over there
you and me both
US or Philippines if your worried about health issues. There are good doctors and bad doctors everywhere. Yes, even at premier UCSD and Scripps Hospital in San Diego. I know because I dealt with them last year Mar 2022. You wanna enjoy your retirement the fruit of your labor before you die. I concur with Mike. Good job 👍👍👍
thank you
What do you call a medical student that finished last in his class! You call him "Doctor!" 🤣🤣🤣 I crack myself up!😜
funny guy
@@mikesphilippineretirement Funny? Funny how? Like I amuse you? Sorry, couldn't help pulling out the Joe Peshi from Goodfellas!🤣🤣🤣
I ran the numbers and I would be over 100 yrs old to break even on the money I would lose if I didn't collect Social Security Retirement Income at 62 and waited until 65. That is not even considering the raises. Start at 62 you get a little less each month but bank the first 3 years and you will be way ahead at 65. I also have 2 pensions I started at 62. I have been collecting them for a few years now.
Thanks for sharing
Hey Mike. Thanks for the chat. Less than a month to go and me, my wife and daughter will be living in Bacolod City. I'm only 56. We will only be able to live a modest lifestyle, however I want to enjoy life while I'm still in decent health and I want to also be able to see my daughter grow up and spend time with my family. I'm just ready to get out of the rat race and working all the time just to live from paycheck to paycheck here in the U.S. Thanks.
Enjoy you rretiement my friend
Im 49 plan to retire in the Philippines at 55. Already have Condo there all paid off waiting me
great Job
Where did you buy and is it rented atm?
I'm 42 and I haven't had a job for over a year and a half, because I've been able to sustain myself through my investment income. I just checked my S.S. account and it says if I make $0 from now until I retire at 67 I'll still be receiving about $1,132 a month or $1,404 at 70. So basically I can retire now (which I kind of already did) and in 28 years I'll get a bonus $1,400 a month lol.
That's pretty sweet considering I already make more than that without a job, plus the money invested is still growing...I think I might just move out there in the next two years and enjoy my life while I'm still young!
Very good video with some well thought out words! Personally my wife and me are going to retire there when I reach 65. I'm 60 now but I'm going to work till I'm 65. Health wise I'm figuring on staying there until I'm 75, so 10 years there. We will have around 5k a month plus a 401k but the health care costs are what worry me. We go to the Philippines every other year to visit my wife's family, but I like all of your thoughts!!
thank you for sharing
Depends on how much you have saved and what your lifestyle is. There are countries in Europe, Latin, and South America with very similar costs. My friend Rob lives in Medellin in a gorgeous penthouse and a monthly budget of $1500. Portugal is in the $1500-2k range like Philippines. So it’s savings and lifestyle and if the Philippines is your country of choice as there are a lot of great choices.
many beautiful and less costly places to live. Thanks Chris
You are absolutely 💯 right.
My wife and i make our home base here on Samal Island.
2 months a year we live in our home in Florida our house is paid for so the cost of living is comparable.
Food costs are higher in the states but my electricity bill is lower so we probably end up spending $100.00 dollars more.
My first year retired we went to live for 3 months on Okinawa Japan even having to rent a 1 bedroom apartment we still managed on 50 percent of my monthly income.
Last year we lived 3 months in Madrid Spain on you guessed it 50 percent of our monthly income renting a 1 bedroom apartment.
This year we will be going to live in Normandy France, we want to take a trip to Paris for 5 days as a second honeymoon.
Our plans our to spend 2 months in the United States and 2 or 3 months in another country every year until I am no longer physically able to travel outside the Philippines.
We are finding if we are willing to do our research and look for good deals on apartment rentals we are able to live within our same budget that we do here in the Philippines.
@leonardmarlin4330. Awesome that you have a base in the Philippines and FLA and explore other places. So many amazing and affordable places in the world to explore, learn about, and immerse yourselves in those cultures. Sounds like an enjoyable and active retirement.
Good day to you Mike, Great advice as usual from you. In the US you get a lot more pension money each month than we do in the UK. The maximum we are entitled to at state pension in the UK is £880 a month, $1128 and that starts at the age of 67. We do not have the option to retire at 62 like you guys. Have a great day 😊
Thanks for sharing
Im one of the future newer generation expats! As this channel isn't data secured I will not discuss these personal questions as they are not for all publication. Medical in the future will be better then now is, financial secures maybe not the first few years. In the beginning years I really will do the diving around Dumaguetti/Valencia area or South S-W Quezon. Transport and moto riding will not be a problem as I already drive from my 11 years old.
Great info and keep it up!
thanks for sharing
This a nice video for everyone 😍😍😍
thank you
It's different for each situation when to take SS. I was planning to retire to the Philippines since the age of 52 when I married my filipina wife. I made the move(at 62) when I had my Philippine house paid off, an emergency fund, a start up fund, my medical(self insured/philhealth), a good chunk of change in the bank for back up, SS, pension, Dividend income from IRA. It takes planning but do it as soon as you can because it makes the difference when it comes to being more healthy and fit. I'm 66 and can feel myself slowing down each year and with more medical issues. I agree with don't come here with just $800 a month to just exist. Don't come to the Philippines thinking that expats are going to bail you out. I am not going to be apart of your retirement plan. Never.
thanks fo sharing
14:35 I’m retiring at 60 without any penalty. At 60 I’ll be at full retirement. I also retired from the military. I haven’t decided whether to retire in S.E. Asia, Eastern Europe, or Souther Europe. I don’t qualify for SS benefits. My pension is completely separate from Social Security. Staying in the States with how everything has been going is not appealing at all. Thank you for your words of wisdom, Mike!
Thank you for sharing Juan
401k can be accessed at 55- as long as you keep it there. its called rule of 55. IRA's are 59.5
Thanks for the info
@@UHATE4WHAT I should have been more specific. You obviously still have to pay taxes- true regardless of age- but no 10% penalty for early withdrawal.
All bets are off if there is a bankruptcy on the rule of 55 is my impression although my employer allowed me to transfer the amount over after thier bankruptcy filing. They could have just as easily did something else. Roth iras give you that before 59 1/2 after 59 1/2 cash. I am stuck because of the aftermath of tragic events is going to keep me longer than expected but I have a good plan that doesn't rely on being 59 1/2.
Great insight, my spouse and I retire in 3 yrs from the military and we plan on pulling the trigger at 39 yrs old. Im from the Philippines and hes from Texas. I cant wait to enjoy the life back home!
thank you for sharing
Good video Mike. No way possible for anyone to know another person's spending/habits. So ture the earlier you can the more enjoyment you will have. Health/money are extremely close in the packing order
Very true!
Thank you brother. I'm about to turn 56, haven't paid in the social security since 2002 Twenty one years Ago. 🙃
Hoping.. to retire there after 7 - 8+ more years of truck driven. If not before.
Hoping to find my wife there soon.
Maybe see you all in January! 🙏
see you in January Tim
Over 2500 monthly. I'm a little over Two Years before my Pension & Social Security hits 100% [30 Years @63]. Two more years to get my Startup & Emergency Fund up to snuff. Actively working to shorten the "Time-line", in the last year I've cut Nine Months off.
great plan Ted
I retired at 61 and it is my ambition to live in the Philippines, but I don't know if that will ever happen. I think I explained my situation before, being an only child and having to look after my elderly mother. Financially, moving to the Philippines is not a problem and after my mother dies, it will be even less of a problem. But how old will I be? Will I have health issues? These are questions I cannot answer until that moment comes. Hence, whether or not I will ever live in the Philippines is uncertain. I agree with your recommendation: if you want to move to the Philippines, you can afford to move to the Philippines and you have no obligations in your home country that are more important to you, then go as early as possible and enjoy your life.
You have an option to bring mom to phillipine you hire full time nurse. Just an idea don't know the total situation
thank you for sharing
I would say take care of your mother. That happiness will be permanent. The Bible says you will live a long life if you take care of your folks while they live. I guess the long life will come from a clean conscience and the thought that you chose to love your mother till the end.
@@judekidder I understand what you are saying, but my mother is someone who cannot live outside of her own box. Moving her to a country that is so different from Belgium as the Philippines would kill her.
Lots of good info there Mike. I been traveling to Thailand every year and now going to retire there. Just waiting for my daughter to graduate college and then I’m all set. Thank Mike
Thanks Joe, great job raising your daughter
Condos on Jomtien Beach in Pattaya are $150/month. That is 5000 baht.
Hello Mike and Janet, Retiring in less than 2 years at age 62. Income greater than $2,500 usd. Looking at Thailand, Vietnam and now starting to look at Philippines. Enjoy your channel.
thanks Badbrad
My mom and dad divorced when I was young and are now in their early 60's. They never contributed a penny to retirement accounts or invested and have still never bought a house. They said they will be waiting till age 70 to retire, since it is an 8% pay raise every year.
thanks for sharing
Housing Market adds a few wrinkles. I'm planning on 62 but the housing market at the moment is on fire. My House is going up 2% a month and contracts are happening in 3 days. But I feel like it's going to crash and I could lose what could fund years of early retirement.
timing is everything in the housing market
I agree housing market is volatile and can decide a lot on retirement. I sold my house a year ago because the prices were at all time highs, and bought a cheaper house in a retirement community. Im 60 years old now and still working but planning on retiring in the Philippines very soon, possibly in a few months.
My buddy retired in Thailand and is having the realtor in California rent it out for him. She charges him 10% of the rent check and he is very happy with it!
I just retired with a nice pension at 57 1/2. Time to live.
enjoy your retirement
Happy Father's Day Mike! I hope you enjoy your special day.
Thanks so much
I'm planning on retiring at 42. Currently, 39 with a dividend income stream of about 3k per month. Depending on how the markets do, how much OT I want to work the next few years, and how much I can sell my condo for when I take the leap, I should have that number up to around 5k per month. I'll also get a half of a pension as I was in a union from 18 until I was 30, so as long as that pension fund doesn't go bankrupt(which sadly its looking like it might) that will be another 2700 a month at 64. I'll get social security as well...but hypothetically if I retire at 42 and started working at 16 that means I paid in 26 out of my 35 years, so I'll be taking some zeroes in my calculation, but high earning years should offset that a bit so I should average out to close to the average amount.
I'm not really committed to a firm age though, its more just a balancing act at this point. I'm making good money right now, so between stocks/dividends compounding on their own and me continuing to maintain a high savings rate, each additional year of work is adding a pretty decent chunk of change to my nest egg, plus its just one year less I'll have to rely on that nest egg. However, I'd like to also entertain the idea of getting over there young enough to possibly get married and have kids. I think my numbers would be looking stellar if I was 15-20 years older with no desire for kids, but considering walking away from a high paying job so young I really want to make sure I have an adequate cushion that I'm not going to be running out of money 4 or 5 years before I reach social security age which working 1 more year up front could have prevented.
Thanks for sharing
I’m going to retire this December I will be 62, I already retired from my fire department job. I ex has half my pension, but still leaves me with about 5000 a month before taxes and obligations am I also paid in the Social Security that will be about 2100 a month, my plan is to live on 3500 a month in the Philippines and the rest that I have left over after taxes and everything else will go into a savings account
thank you for sharing
I will have about the same monthly income as you and one of the best things you can do is build up your savings. Too many guys blow through it and if/when you need cash, you will have it. I have always felt having $100k liquid, is the standard for emotional security.
Hi Mike, of course you are speaking about Americans. In Australia the Government has lifted the age pension age of retirement to 67. Which I am pretty sore about. I mean, if your getting close to 70, you are starting to get pretty restricted on what you can do with your time. It would be nice to be able to enjoy life at the end of your working life, and if the pension supported retirement age gets much higher, a good proportion of the retirees are going to be dead within a fews years. But maybe that is what the Government hopes, so it does not cost as much in support. But when you work most of your life and pay taxes it kind of sucks. So if Americans are able to retire at age 62 and get a pension - they are most fortunate. I myself am semi retired. I plan to work half the year and spend the rest of the time in the Philippines. That way at least I am only working half the time. Fingers crossed, it works out okay.
Full Retirement Age for full Social Security in the US is 67. Has been for a long time. You can take it at 62, but 35 percent less than Full Retirement Age. That's how it works. And we have Employment based Health insurance. No job, no insurance. Until 65 when we have what is called Medicare that covers 80 percent of Medical Expenses, you can buy a Supplement plan also to cover the 20 percent. Medicare also isn't free, most pay around $200 a month for it and $250 for Supplement. Not sure how it works in Aussieland, but that's here in the US.
Oh, and the majority of jobs in the US no longer have "Pensions", just 401k plans invested in the Stock Market, which can make money or lose a lot any given year and those are taxed as income when you withdraw them. So, many of us US citizens see other First World countries and feel they are more supportive of their citizens, especially older one's. Here, if you get sick, they'll take your house, savings and anything you own to pay the bills.
Hi Mike. Im 62, still work and like my job/coworkers; desk job so not physically wearing. Also have rental income so if I took SS early would be taxed/ penalized cutting it. These factors are holding me back to retire at 65. SS around 2k before tax/penalty but rent income would more than double it so I would be set anyway. W that I can still keep my place in IN while living there is the plan. Also my work skill enables me to be a digital nomad if needed. Prepping now/saving. physically good but had a knee repair recently (a wake up call). Tempting to retire/come earlier- Already have a Phil budget spreadsheet w the vlog help. Be back in a few mo. John Thanks! good video as always👍
thanks for sharing John
Retired two years ago, monthly retirement income, $5,000.
you will enjoy your retirement
Great information Mike, each situation is different. What works for one, my not work for another. Only you yourself know when it’s time and what your financial situation is. Thanks for sharing and blessings to you & Janet.
thanks Troy
Hi Mike and Janet, I’m 57 I’ll be 58 in a few months. I retire at 59 during summer of 2025. I have a great pension. I’ve been in my trade for 33 years now. I got in at early age after serving in the Navy. So I have to get 35 years to retire that used to be 30 or at already. Be there in Southeast Asia. I’ll have well over $2500 coming in then once Social Security comes in close to 70 years old. I should be able to live on just the Social Security. I follow a CZcamsr that lives about 60 to 90 miles south of Bangkok Thailand 15 to 20 minutes from a major airport. I’d like to try that area south of Bangkok to be close to the airport and then fly all over Southeast Asia. My plan is to spend time south of Bangkok and then venture out all over on one week trips maybe even two weeks if I’m going somewhere super special.
I plan on setting up a base, camp condo or apartment and then moving the base camp once every two years .
Hope to meet you in the Philippines someday!!!
I’m going to get everything in order banking my household here all before I leave in late 2025.
I’m going to try to rent my house. I’m looking for a good property manager. I should be able to get $15-$1800 a month in my area for rent.
I’m doing the dreaded selling off my stuff now.
I might change my mind and come to the Philippines instead of Thailand, but right now I’m pointing toward Thailand but that veterans visa sounds pretty good in P.I.
Take care.
yes that visa is a good deal...Enjoy your retiremet and best of luck
After taxes and part B, I'll have 3k a month from SSN. Good video, and they only thing I would add is age is a factor for sure, but we can cheat the age problem with a exercise plan before you go to the Philippines. Most healtcare issues in the USA is from obesity. We do not need to be perfect, but be 10 or 20 lbs overweight and not 30 or 40. Start a walking program of 2 to 4 miles a day, or swimming.,
great advice Matt
If you are really going to live overseas long term then you don’t need to be paying for Medicare Part B. You can decline it.
thanks for the info, That is a choice a person must make for themself
There is a social security office in Manila to sort out any issues. The key is to start your Social Security in one place if you started in Manila don’t deal with US and visa versa.
good info
As always great job Mike. I alway enjoy you wisdom and views. Turning 65 this year really looking at retiring there. I visited there a lot when I was stationed in Okinawa back in the 80’s. Like yourself I was married to a Filipina. I have been divorced for a long time now and just not even trying to date anymore here. Thank you for the hard work you put into your channel.
thanks Neal
You are always welcome Mike.
I'm 63.5 now and planning to come to the Philippines for my first visit (3 months visit to Cebu/Bohol/Dumaguete) when I'm about 64.5 to check it out. If I like it, I'll return and sell my house and car & move out permanently at age 65. My funds will come from my IRA's and I'll set them up to provide me with about $3k/month (more if I need it). My emergency fund will also come from my IRA. I'm holding off on collecting my Social Security until age 70 since that will provide more at that age for the remainder of my years--this is also my "backup" funds source as I can elect at anytime to start collecting. Once I move there, I plan to travel a lot throughout the Philippines and also to other countries like Vietnam, Malaysia, Thailand & maybe others.
thank you for sharing
I stopped working and will be 64 in November. Social Security > $2,825 / month Plus $1,000 in Dividends.
thanks Mark
It also depends on the USD=PHP conversion
yes it looks strong today 55 plus
So true about money and health. Wise words. Everyone's retirement plans and budgets are different based on lifestyle and pensions/savings/investments.
Thank you
13:09 Mike, please! No! Food is either poison or medicine for the body. That junk is simply going to shorten what precious little time remaining.
(Stepping down off soapbox)
It’s difficult to transition from a lifetime of terrible dietary decisions to a whole-foods, plant-based lifestyle, but it’s never too late, until it is.
Health is wealth.
I know several man in their early 70s that can do more physical labor than many 30 40 year old's. Hey Mike, these older guys ride horses with us and go all day and never complain. They're old school and tough as nails, not like the creampuff new generation.
Mike you gave some great advice regarding how people should conduct themselves in Philippines. Mike I'm in my 50s and have a police pension and a comfortable amount of cash and crypto currency. Is there any places that accept cryptos?
not that i know of
Done early.. don't need much.. not looking back.. 😇
Thanks fo sharing
I will take my SS at 70. Meantime I'm fine. Retired at 51 in 2010. Never got married.
you did a geat job
I'm 50 and arriving in Cebu September 15. My monthly income is over $2,500 USD. I hope to have a budget of 2k a month while living in the Philippines.
thanks for sharing
Very informative video. Great point that the US has a safety net. There is subsidized housing, food stamps, medical Care, and grants for education. And heating and cooling assistance. You are doing a great job .💚
thank you so much for the comment
Yes, but having to work thru the Government paperwork to "Qualify" isn't easy. You pretty much have to be dead broke to get all these things.
62 only one year to wait...with $2500. I've been testing the waters over the past two years and to be honest I was spending more than the $2500 a month on the trips I've had so far but that's traveling to see all the highlights.. island hoping day tours ect
vacation is always more costly than living here
Just turned 67 - Still working - When I file - SSI should come in at around 2 plus ? - And pension well over a grand - I don't require much - Live a Spartan type lifestyle - Want to be close to water - But no roosters or Kareoke or 2 cycle engines . . .
good luck. Hope you find the perfect place for you
Thanks Mike - Your comment was well taken about making sure your SSI checks are going into your bank account before you take off - The USA is on a fast track to nowhere with Biden at the helm - Okay - This week he grabs the breast of Mexican actress Eva Longoria - She pushed his hand away - Says GOD SAVE THE QUEEN at a speech - Goes to leave the podium and he gets lost again - Said the spy balloon was no big deal - Hunter Biden business partner going to jail - He's pissed cause they let Hunter off Scott free - So he's gonna spill the beans on him and old man Biden to James Comer - They are getting more bank records on Bidens pay to play schemes - They say he's taken up to 30 million from different countries - Calif Senate just passed a bill where they tell retailers not to interfere with shoplifters - Let them take whatever they want - And another 20 people are shot in Chicago - Dodgers host those sick guy's who dress up as Nuns - What a country ! - Anything I can send you lemme know . . .
hello from indiana you are right about all and 62 im taking it because i dont know when im going to die and the goal is to live full time there but for now go back and forth
Thanks for sharing
Like that you point out there is no safety net in the Philippines. A good future subject is to point out the difference between a $ 800/month province life and living in the US.
I do not know much onn living on 800 in the states
I'm 56 & retiring In September 2023 in Mactan Cebu. Make over $6k/MO net. 😇
You did a nice job I’m considered disable back from my work . I get SSDI I’m 58 . Lot smaller than the amount you get. I do have a big savings and I get a small pension at age 62 . I’m in dumagette but flying out tomorrow heading to tacloban for a week then back to USA . Be back in November. I do like dumagette but find it difficult to talk to the Filipinas there so shy. I refuse on line dating but I’m in love with the Philippines
yes many find it hard to talk with filipinas here in Duma
I am still enjoying my job and had plans to work to 65 - 67. I still have good health and am now seriously thinking to retire next year at 63. I will have the start up $ recommended and with over a $2,500.00 monthly budget to live on.
Thanks Jimmy
Quality of life will always be better at a younger age, as long as you have sufficient income to support your lifestyle.
totally agree with you
Thanks Mike. I have the K-1 visa going now. I’ll probably be one of those 6 months there and six months in the USA types.
so many doing that now
@@mikesphilippineretirement Really? Cool!
My plan is to wait til 70 to start my S.S., then cont to work while i receive S.S., bank that $ into savings for a yr or a yr & a half, use that saved $ for both a start up fund as well as an emer fund, then make my move to PH to retire, then start my RMDs from my IRAs & 401ks at 74. I figure ill have a monthly sS of 2,950 a month plus around 500 a month from my retirement accts.
sounds like a good plan, wprking until your 71 was not for me
For now: $3000 + USD per/mo. We will be traveling and building a home. Plus the relative tax, for goodness sake!🤪
relative TAX love it..hahaha
I just built my home and I’m just a couple of years from retirement. Worried about the relative tax so I need to save more quite a bit for that.😅
i have been going back and forth from the US FOR 6 YEARS AND I RETIRED AT 66 WITH 2000 ss and a l401k plan also i am 72 now and lucky still healthy but yes thats why i have done my sightsseing the last 6years but hopefull canlast there till i am 78
best of luck and thanks for sharing
That was a great video Mike I know what my retirement will be. I will be taking the rule of 55 upon the completion of my home and it is in the province. I think I will do great living in the province but I will also want to go to Cebu every now and then . I go over every six months and I know the family and the friends around the barangay where we are building our house.
Excellent!, Culley see you soon
@@mikesphilippineretirement I hope
Sounds like the avg you should have is $2k a month..
I'm probably going to work until the day I die, for reasons I won't get into in a public forum. However I am able to work remotely. If I move to the Philippines then it won't happen until I am 60yo or older.
No shame in that either. Both of my grandpas worked full time at their jobs until they were 80 years old.
I retired 6 year ago at 47 . I have good passive income I can afford to live comfortably here in NYC suburbs so I’m over $2500. I’ve been checking different countries in South America and Europe. South east Asia is the next area I want to check out .
enjoy your retirement
@@mikesphilippineretirement thanks that’s the plan
Hi Mike and Janet.. Another great and very informative video. Thanks for all the hard work. Thanks again !!! Herb from Cleveland. Coming in January 2024 for a month visit. Hope to do a coffee together.
Glad you enjoyed it. See you soon
Great advice as usual. Excellent video Mike.
thank you
Was in SE Asia for 9 months this year vietnam, thailand and the philipines every country i lived under 1500 but i dont drink or womanize 😂 i just smoke and drink coffee. Im a minamalist and dont need alot of crap but give me cheap rents anyday 😂😂😂😂. I didnt have to watch this video but you did a good job. I watched the whole video and the ads to help out 👍👍👍😊
Thanks for your support Phillip
Hi Mike,
I retired at 62 on ssdi over
And savings
But you nailed it about lonely and bad relationships.
The Philippines and demugette sound good because of all the expats. Need friends and the hope of finding a young lady.
come for a visit and see for yourself
I will can you give me your email again i lost it in the cone comments
@@davidsadowsky6881 mikesphilippineretirement@gmail.com
I’m one of your very few subscribers whose expenses will be higher in the Philippines then living in the USA.
Hi Neil. Can you explain why that is?
@@mikesphilippineretirement
My circumstances are different in the USA since I don’t have rent or utilities at this time, though I have a condo in Baguio and a house with my fiancé in the Philippines. Plus working full time doesn’t allow me much free time to do extra things. I’m hoping a budget of around 100k pesos per month will be sufficient. It won’t allow me to save but I do expect some inheritance in the future and social security at 62.
thanks for sharing
"Don't drink the Purple koolaid," so that's why I keep seeing purple hair in the U.S!
hahaha
I was planning 57 but now thinking 52. I can pull from savings for 10 years till my pension and social security kicks in as long as cost living is 4K or less by then. I’m only 46. It’s inflation I’m worried about
the great unknown
Sounds risky. I think I'd live cheap and save like crazy for a few more years.
I retired at 58 with 17k/mo with passive income from govt pensions and rental income. I'm moving to Thailand.
have fun in Thailand
Thanks Mike great advice I found a good job here in Canada later in life so I know I really don't have enough money and my is rampant with heart disease and my Filipina wife's family thinks that money grows on trees but who cares I am 52 and I am going at 60 when shit goes South I will just go back home life is to short
Thanks for sharing and best of luck
Right now S.S. is based on ones 35 highest earning yrs., but Congress is mulling the idea of eventually requiring 40 highest earning yrs... 😞
thanks for the info
My early retirement is 62 and my social security would be around 2k and full retirement 3k
good to go
Great info, Mike...thanks
thank you
We have 4 years left, I will be 57 my wife 55. My wife has to wait till she is 55 for certain work retirement benefits to kick in. We already have our home and some income generating properties in Iloilo.
great to hear that. How long have you been married
@@mikesphilippineretirement 33 years, the original plan was to do the RV lifestyle but once we started vacationing in the Philippines we fell in love with the country.
wow, God Bless both of you
I am 51 now and with my savings and family home i will have enough to live on this if the cost of living is around 2000$ per month, i wanted to buy a condo but lots of people told me DON'T rent instead.
My plan was to stay in Canada til 60 and request an early pension i know its around 800$ per month but with the rest of my money i will be fine. This was my only fear to get to the PH and not be able to collect my pension.
I know they can hold the money on the check itself not sure i will have to do an income tax return. I plan to leave most of my money here in Canada in my bank. But i need to make sure i can log into my account from the PH and transfer money etc.
it is easy to log into my Ameican Banks and I am Sue same with Canada
I bought a condo in Angeles City in 2018 and I was 48. I was a little worried at 1st but did a lot of research such as learn about everything for sale, how much, HOA'S, location, what others paid, if im the (1st) when and how I get my title-2 years, and a slew of other questions. Ive been going there for 25 years and knew that's where im making my homebase. I short term it out when im not there with is 11 months a year. Doing really well, and im very happy I BOUGHT.
No problem with Canadian online banking if you’re overseas. If your income is mostly CPP and OAS you can file your taxes online and will likely pay very little to no tax from age 65. You can also collect these income overseas.