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

[chimellie]

I am facing the same dilemma here, I will be 53 this coming October . Two or three more years I can get out and collect early pension from my employer. At 59 and1/2 I can tap into my 401k and at 62 I can start SS. If I can come up with money to build some apartments in Cebu to rent out for extra income I will retire in 3 years, I already bought the land and paid it off. My builder said it would cost me about 25k USD to build 1 complete 3 bedroom apartment including A/C units, with a car port and I would like to build 10 units.. If everything goes as plan I will do that, sorry Dave H, here come another young guy...LOL......I was wondering how much I can rent out per unit, the apartments will be in Tanunok, Talisay city, near the market and the main high way.

[Old55]

I am facing the same dilemma here, I will be 53 this coming October . Two or three more years I can get out and collect early pension from my employer. At 59 and1/2 I can tap into my 401k and at 62 I can start SS. If I can come up with money to build some apartments in Cebu to rent out for extra income I will retire in 3 years, I already bought the land and paid it off. My builder said it would cost me about 25k USD to build 1 complete 3 bedroom apartment including A/C units, with a car port and I would like to build 10 units.. If everything goes as plan I will do that, sorry Dave H, here come another young guy...LOL......I was wondering how much I can rent out per unit, the apartments will be in Tanunok, Talisay city, near the market and the main high way.

I know the area well. The mayor of Talisay is on the way out it looks like next election. Right now with all the drugs infestations not sure I would invest that area just yet.

[chimellie]

I am facing the same dilemma here, I will be 53 this coming October . Two or three more years I can get out and collect early pension from my employer. At 59 and1/2 I can tap into my 401k and at 62 I can start SS. If I can come up with money to build some apartments in Cebu to rent out for extra income I will retire in 3 years, I already bought the land and paid it off. My builder said it would cost me about 25k USD to build 1 complete 3 bedroom apartment including A/C units, with a car port and I would like to build 10 units.. If everything goes as plan I will do that, sorry Dave H, here come another young guy...LOL......I was wondering how much I can rent out per unit, the apartments will be in Tanunok, Talisay city, near the market and the main high way.

I know the area well. The mayor of Talisay is on the way out it looks like next election. Right now with all the drugs infestations not sure I would invest that area just yet.

Yes it's bad right next to the market..but my place is in a good area, a few foreigners have homes there. I heard they will clean up the market and Ayala will build something there, maybe a mall ?????

[Tukaram (Tim)]

There's nothing wrong living in a nipa hut!They are much cooler!https://www.google.c...iw=1120&bih=635

If I can get a nipa hut like that, it would be awesome! Nice looking joint.

[Old55]

I am facing the same dilemma here, I will be 53 this coming October . Two or three more years I can get out and collect early pension from my employer. At 59 and1/2 I can tap into my 401k and at 62 I can start SS. If I can come up with money to build some apartments in Cebu to rent out for extra income I will retire in 3 years, I already bought the land and paid it off. My builder said it would cost me about 25k USD to build 1 complete 3 bedroom apartment including A/C units, with a car port and I would like to build 10 units.. If everything goes as plan I will do that, sorry Dave H, here come another young guy...LOL......I was wondering how much I can rent out per unit, the apartments will be in Tanunok, Talisay city, near the market and the main high way.

I know the area well. The mayor of Talisay is on the way out it looks like next election. Right now with all the drugs infestations not sure I would invest that area just yet.

Yes it's bad right next to the market..but my place is in a good area, a few foreigners have homes there. I heard they will clean up the market and Ayala will build something there, maybe a mall ?????

Yea, I read the same about Ayala and I agree in time the area will get cleaned up if mayor soc goes. The mayors son is one of the meth players so what can you say. Good to hear your area is clean our family has had enough is having a house built in the hills above that area now. Over the past fifteen years I've seen the whole place go to hell. Meth sucks.

[Dzighnman]

Does ANYONE know a person that retired early and regretted it? I sure don't.Go for it, start a new chapter and move on man...

Exactly!! I, Like Higg-num, I too subscribed to the corporate success quest, worked like a dog for 30+ years, in factory automation and manufacturing, mostly salaried so worked 100 hours got paid for 40, and got out in 2010. [note: as some know, I needed to attend to family and have had to return to work in the USA while doing so, to preserve my plan when I return to the Phils] When you work that much and have little life outside of work, you save and I did.... at 47 I moved to the Philippines and had a year of bliss, put on hold for the moment and returning to continue that journey soon. :lol:Point is, it took alot to shift my mindset from the status quo and take that leap, but I have no regrets and will pick back up from where I left off soon. A large part of that decision making process can be attributed to the economic crash in 2008ish, and the subsequent and abrupt abandonment and the negating of any promises made to me after years of faithful service to my employer. After some internal reflection on how dilusional I had been.... buying all the promises that a pension would be there for all my hard work. My experience with the corporate world sucked, no pension, I am not ex-military, not disabled in any way (possibly debatable in the mental capacity dept.) so all I have is my savings... of which I never invested into the stock market and thank GOD, my banks of choice never defaulted.... aside from being the working worlds beyatchy all my life, I feel I made the best of it. As the employment world changed so to did I, as a Director level executive with global responsibilities, I then found myself seeking Project Manager positions at a fraction of my previous salary.. .I was lucky, I latched on to a contract with a major aerospace company and though the contracts were hit and miss, for the first time in my life, I was getting paid for every hour and 1.5 over 40... and there were still 100 or so of those hours each week, but the Cha-ching was for every hour now so after decades of donating my time... chasing the carrot...., I appreciated getting paid for every hour and I knew it was not forever, so I saved and saved....I am pleased with not having any loss horror stories (except for my divorce, years ago).. .so what I do today, I do on savings.. am I concerned that it may not cover me if I live over the average... a little, but I too live a relatively simple and practical life so the trade-off/risk is worth the time I can enjoy now... check back with me in 12-15 years and we will see if SS is available to me then and if the savings are still working for me I guess... as others have mentioned, no two situations are the same therefore neither are the solutions, but through hearing a sampling of others situations it does help build or degrade one's confidence in their chosen direction.To the OP: I know the struggle you are experiencing, but you are on the right track as you seek and gain others' experiences you will collect bits and pieces that apply to your situation and will arrive at what is best for you. Good luck to you!! :thumbsup: Edited March 8, 2012 by Dzighnman

[Higg-num]

Dzighman, I'm proud of stories like this. I have folks over to my humble abode & more times than not I get how " Lucy " I am speech. They say things like " Oh I know your home is not as big as most peoples but look at the mountain, water, nothing but nature...you can't even hear anything man made...your sooooo lucky ! " YES, I am overwhelmed at times by my good fortune. However, Here is what some folks do NOT seem to comprehend...This over night success only took my youth, most of my years on this planet and some of my health ! It is NOT that I am wealthy per say...it is I have been released from indentured service ! ( Errr...I mean public service LoL ) Is this not so with all whom have striven to retire ?One of the reasons I like this forum is not only for the info but the people here. Everything I read is about OUR personal struggles to " Make it ". Once we " Arrive " at this success....many posts here are about how to help others. I look forward to giving back. I also look forward to enjoying every single minute of my life ! Just heard back from my attorney. A few more things to get in order and,...God be willing.... I'M OUT OF HERE ! Going to the PHILIPPINES !!!!!!!!!!

[KanoJoe]

You can start taking Social Security benefits at age 62 or double your pension by waiting until 70

Interesting ...... I didn't know that ..... the difference between what I got at age 62 and what I would have gotten at full SS benefits at age 66 was only $400 per month more ..... but maybe that was just me ......

My SS numbers also double if I wait until age 67 instead of starting at 62. It's enough of a difference that I will wait as long as possible before starting to draw SS.

[KanoJoe]

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...

The only thing in your life that cannot be replaced is time.

[bows00]

Based on my recent trip to Cebu, I have a different perspective of my retirement plans. Now if I was 100% confident that I could live there, then my measly pension and annuity I will receive at 56 should be adequate (around $4800/month), but if I should change my mind, I am not sure that would be enough to live comfortably back in the US. And even with that, I am not convinced I could live the life style I imagined to have there.

I still have a lot to think about. This past trip was an eye opener for me. I have seen and experienced the other side of the Philippines that are mentioned all over these forums to which I have been ignorant of - specifically, the traffic, pollution, poverty,etc...

And I think it is very solid advice that many of you here suggest to live there for some time before you make your final decision to move there.

With that said, I have not given up on the country - I have only experienced four areas - Manila, Olongapo, Cebu and Mactan. I still have plans to explore other areas, starting with Mindoro next year.