To Retire At 56? Or Rough It Out...

[i am bob]

4 minutes ago, Jack Peterson said:

 

Me too..!  My pension cheques..!  Direct deposited...!

[canadamale]

Turned 60 on the 12th, retirement hahaha, somehow I will make it work

[sonjack2847]

On 4/13/2017 at 8:50 AM, RBM said:

In my opinion, Dumaguete is the most congested, dirty, crowded and has the status of the worst behaved traffic I have experienced in any city here of a similar size. I emphasize this my opinion based on extensive motorcycle traffic throughout the country. The only time I enjoy here is leaving. Even the famed boulevard  unless one walks it at full or close to full tide the stench is over powering, as for the the restos here, over priced and there is far better just south of Robinson, if one cares to play Russian roulette to get there.

 

Sorry dave Jack kev and others how ever this as said is my take and relates to the city only.

I live nearer to Valencia than Dumaguete.I go down there sometimes but it is twat traffic.Anyway Bruce one mans meat is another man`s poison.

[Jack Peterson]

To Retire At 56? Or Rough It Out...

  Maybe it is me but I am confused, at what is meant here, Most of us that Retire at 56 and with no pension for a few years, would have to Rough it anyway (Unless you had a Big nest egg and then would not need to worry about retiring early with No pension)

 Just asking 

 

[bows00]

12 hours ago, Jack Peterson said:

To Retire At 56? Or Rough It Out...

  Maybe it is me but I am confused, at what is meant here, Most of us that Retire at 56 and with no pension for a few years, would have to Rough it anyway (Unless you had a Big nest egg and then would not need to worry about retiring early with No pension)

 Just asking 

 

Working for the US government grants you a pension when you meet two criteria: (1) 30 years of service, and (2) Age 56.  The pension grows by 1% of base pay per year of service.  For most, 62 years is the magic number when you receive 1.1% per year of service. 

I have calculated, and recalculated my spending needs and have concluded I will have enough money to live indefinitely.  However, retirement is still a difficult jump when leaving something you have been doing all your life.  It helps when you focus on what your running to - a chance to start a new life in the Philippines...  

[Kuya John]

I retired at 56, married a filipina and had to  find another job sharpest!

Finally retired again at 66, now I am the oldest houseboy outside the Philippines!

Enjoy life while you have got your health and strength, if possible retire early, you never know what the future holds.

Edited April 14, 2017 by Kuya John

[i am bob]

One thing many forget to consider...  What if the value of the foreign currency you will retire on drops in value to the piso..?  Do you still have enough..?

[Maxheadspace]

On 4/12/2017 at 9:16 PM, OnMyWay said:

I'm very happy I pulled the trigger at 56, and my savings have held up reasonably well.  The saving took a hit to buy my long term lease here in the freeport, but it looks like that will be a good investment.  I'll start SS at 62 in about 18 months, and it should be smooth sailing after that, as long as my health is good. 

Yeah, I'm 59 now and have been torn over whether or not to retire now, or soon.  Truth is, I have a great job and I'm not really looking at retirement as an escape, I see it more as the next chapter in my life.  My wife and I are thinking about keeping a small house in the US and have the main house in the Philippines, sort of keep one foot in each world.  I talk about retiring now, but in reality I'm locked into child support until I'm 62, so I might as well just sit it out to that Social Security milestone.

[Maxheadspace]

7 hours ago, bows00 said:

I have calculated, and recalculated my spending needs and have concluded I will have enough money to live indefinitely.  However, retirement is still a difficult jump when leaving something you have been doing all your life.  It helps when you focus on what your running to - a chance to start a new life in the Philippines...  

Bows00, your member label says you live in Hawaii!  That is THE MOST expensive state to live in in the USA!!!  I suspect you'll do OK in the Philippines!  

[bows00]

3 hours ago, Maxheadspace said:

Bows00, your member label says you live in Hawaii!  That is THE MOST expensive state to live in in the USA!!!  I suspect you'll do OK in the Philippines!  

That is not all true.  Once you acquire real estate, I mean your own home, the cost of living in Hawaii is not too bad.  Property tax is still reasonable here compared to the east coast.  But that is not an easy task.  Most Hawaii residents spent at least %50 percent of their take home pay on their mortgage or rent - and that is a conservative estimate.  Once my mortgage was paid off, life became really easy for me, even as a single bachelor.