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

[Bundy]

Retirement age for an Australian is 67! and no pension payable before that.Having worked for myself all my life i will be a "self funded" retiree this year and i am 54 now.The decision for me is a very easy one, either retire to the Philippines now or keep working till i drop or become a cripple due to the physical nature of my work.I won't have as much money available to me as a lot of you here, but then again i don't need it. I would rather enjoy what's left of my life while i can. :hystery:

[Bruce]

Abourt your pension....Kodak announced they are AGAIN reducing pension payouts to their retired workers..... to save money, of course! Is your pension tamper proof? Set for life! No matter what Obama does??? I think you should also look at your family history. What chance do you have to hit 80+++?Remember that inflation is not concerned about your pension! While you may be ok for the next 10+ years... what happens when rice is 3,000+++P a sack (currently 1550-1850p) When Jollibee spaghetti (now 46p) is 130p???Do the math that way and see if there is a middle ground to meet as a target date. Will you inherit money / property that may make a difference.... OR will your parental units out live their money and fall back on you to help them?People seem to fail to plan using numbers other than the current numbers available. With out being obsessive..... what are the reasonable variables you may encounter in retirement?

[bows00]

There is no way to predict the exact future, but you can plan based on best guess estimates. I have used numerous retirement planners, even paid $99 US for a download program, but it is all boils down to your best guess estimates. I plan for retirement with very conservative numbers, 5% inflation rate, .5% pension increase and 4% investment growth - and the numbers are ok, unless I live to be 95 years old. But my life in the Philippines should not require as much $$$, with twice the happiness..

[Bundy]

So the house is the only thing keeping me here. And it will take a year just to get all my crap sorted out and sold.

Hahaha yeah, i can believe it!We just got a buyer for our house last week and all being well we will be out at the end of the month. Just started going through my "crap" and Holy Sheep, where did all this stuff come from i don't know!

[Art2ro]

I worked for Civil Service in California at an Air Force base as an aircraft mechanic! I was offered an early retirement at age 49 in 1997 with 30yrs service combined with my military time! I took their offer and became a "double dipper" in the beginning! Then when I turned 60, my military reserve pension kicked in now making me a "triple dipper"! Last year I turned 62 and started collecting my U.S. Social Security pension now making me a "quadruple dipper"! Did you notice that there was an 11 yr gap from age 49 to 60? That 11 yr gap with the annual COLAs, I recouped all the penalties that were initially deducted from my early retirement pension and now is up to par which would have been the same had I retired at age 55! Also, upon my demise, my wife has Survivor's Benefits! So now at age 63, all is well that ends well and I'm now smiling all the way to the bank! Life is truly grand when a plan comes together! As I always say, "It's Always A Matter Of Money"! Either you have it or you don't and if you don't, better continue on working to make ends meet or die trying!

Edited March 2, 2012 by Art2ro

[SubicSteve]

Retire now, move to the Philippines, marry a girl 30 years younger than you, put her to work so YOU can drink beer all day. :thumbsup: :thumbsup: :thumbsup:

[newexpat]

Turning 50, I just completed a required federal retirement class this afternoon, and I am in contemplation...The class covered all the income scenarios based on when you retire, and I just couldn't get over how much our pension (in addition to Social Security) jumps at 62 years of age. Our pension multiplier becomes 1.1% of basic pay for every year in service (vice 1% of basic below 62 years of age). I currently have enough years in service to retire at 56 and start my second life in the philippines, and that is still my current plan. And this plan was solidly planted in my mind, especially while nursing my Post Philippine Depression (PPD) from my 2 week vacation in Olonganpo. And the decision is validated when I see friends (and celebrities) dying in their 50's and early 60's (i.e., Steve Jobs, Davy Jones - which just happened today for example). But the class got me thinking...At 56, I will be comfortable at retirement, but it won't compare to 62. So the question is one of time and money. Keep working and put off my dream till 62? Or give it a shot at 56 while I'm still young(er) to get a faster start at enjoying the PI life style...I also realize you only live once...so maybe I already answered my own question, but I just want to be sure I am not justifying my decision with desire only... any feedback from retired expats will be appreciated.

It looks like you are truly undecided . Work one more year and you will know for sure then .

[Art2ro]

What I've noticed concerning this topic, is there's a 10 to 15 yr gap amonsgt those posting their experiences especially in my situation retiring at age 49 with a small pension in the begining, but took 11 yrs to catch up in making our life better with more money in my pockets, which is unheard of today, unless the money is already there to live comfotably in the Philippines today! Remember also, that the cost of living was way lower then than it is now! One's desirs to retire now between 55 and 62 is different for those who retired10 to 15 yrs ago! We're talking about dollars and cents here and it matters. My question is, what were the wages 10 to 15 yrs ago compared to this day and verses with the cost of living today in the Philippines? Now we can truly have a discussion when those questions can be brought out and do a comparison which may help those today in deciding when is it really a good time to retire! You guys understand what I'm getting at or does it really matter or not from when us older guys retired compare to you younger guys wanting to retire today? You tell me, because I don't know all the facts, but just my observation after reading all the comments here!

Edited March 2, 2012 by Art2ro

[daisy]

Maybe you need to look for a Filipino who doesn't know any better like me, I saw Alan's name in a cherry blossom magazine and it said:" I'm 56 years old and willing to live in the Philippines for good...." and I told myself, this is it!!!! I will write to this guy and pray I will get a reply" ! Indeed he replied via snail mail and that's our love story! He was my ONLY penpal. :thumbsup:

[Old55]

Good answer Daisy. :dance: We all need to stop and listen to our heart too! It's not easy to take a risk into the unknown but the rewards can be worthwhile.