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| Enjoy Life! Retire in the Philippines! |
The cost of living is much lower than in the USA. For example, the cost of a visit to a doctor or a dentist will be about $10 to $20. Medical and dental services are much cheaper. In fact such services will cost from 5% to 10% of the price for the same services in the US.
Rental rates: I paid $70 a month rent for a 2 bedroom 1 bath apartment which had private parking with a gate in front of our first floor unit. In the US the average cost of rent for a similar unit would be $1,205 a month (as of this date June 12, 2015).
Cable TV and Internet service will cost about $20 a month each.
The cost of auto repair can be significantly lower than in the US.
One can live comfortably on Social Security income of $800 or less a month. A family of 2 or 4 can live well on about $1,200 to $1,500 US a month. Of course it depends on where you live. If you live in a big city, like Manila, you can expect to pay considerably more for rent. But even there, a taxi will cost you only about $3.00 US to go about 5 or 10 miles. Living in more isolated places can lower your expenses considerably. I have read of families of 5 or more who live on $1,000 US a month or less.
There is a way to engineer an extra steady income "by buying an immediate fixed annuity. According to ImmediateAnnuities.com, a 65 year old man who puts $100,000 into an immediate annuity today would collect about $500 a month throughout retirement."(from article 'Retire, Live Happily Ever After' in the Jan-Feb 2015 issue of Money magazine. Website: time.money.com)
There are plenty of American fast food restaurant chains in the Philippines. Most are in the larger cities like Angeles City, Cagayan de Oro, Cebu, Davao, Manila and many more.You can find a good selection of American and European foods at grocery stores in the malls.
Shopping malls are world class! Visit a cinema in a mall and see first run movies for about $3.00 each. Get a haircut for a dollar or two. Your girlfriend or wife can get a manicure for a dollar or two.
If you are not yet married check out ladies of the Philippines. Many ladies are waiting to meet you. A good place to meet ladies is at food courts in the malls. Other places include the beach, church, grocery stores, department stores, in jeepneys, tricycles, buses and almost anywhere else.
As for health insurance, there are many options, many health insurance providers in the Philippines.
Medicare will not cover you when you are abroad, but, you could fly back to the US if you should want to use the services of the VA or use Medicare at other hospitals. There is a VA outpatient clinic in Manila and another on Guam. "Only Veterans who have a service connected disability of at least zero percent and registered with VA OPC are eligible for care and services (at the clinic in Manila)."
It will be a good idea to get travel insurance before you travel.
Taken from the Manila outpatient website, "U.S. Veterans that live in another foreign country should coordinate their medical care and medication refills with the Foreign Medical Program (FMP)."
As a foreigner you will not be permitted to work for remuneration in the Philippines unless you become a Permanent Resident and make application requesting to work there. You may not purchase a home unless you are married to a Filipino. You may, however, purchase a condo.
Before you leave for the Philippines be sure you have a financial cushion. You will need to have money for deposits on cable, internet, water, electric, rental deposits, deposits before being admitted to hospitals, etc. and money for return flights to your home country. The more money you have in reserve the more comfortable you will be.
Oh, if you are a gambler there are a lot of casinos in the Philippines. It is possible to lose a lot of money. I have met Americans begging on the streets in Manila. The US Embassy will not give you money to fly back to the US and neither will the Philippine government. There are no free living quarters, no soup kitchens.
You will need to extend your tourist visa regularly. Check with the US Embassy in Manila or with branch offices of the Embassy. Don't overstay your visa, you could wind up detained by immigration. Be sure to extend your visa in a timely fashion each time it is required. Do not leave it to the last minute. Especially at holiday time. Immigration offices close for the holidays. I once had to book tickets online to leave the Philippines at the last minute, at a huge expense, because immigration was already closed when I had planned to go to renew. It was a good thing I managed to get that flight, immigration arrested about 20 foreigners, in the area where I had been living (Paranaque in Greater Manila), on or about Christmas day.
I spent 5 years living in the Philippines.
Check out US State Department site pages about travel to the Philippines.
You may want to check out the Philippines Private Discovery website and this New York Times article about retiring in the Philippines.
Visit the Philippine Retirement Authority website.
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This post will be expanded. Check back for more information about retiring in the Philippines. Updated June 19, 2016.
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