Dave Hounddriver Posted June 27, 2013 Posted June 27, 2013 In other words, the state can force sons and daughters to pay for their fathers and mothers. This is just getting started. Wow. Who would have thought that the Philippines was leading the way for Americans. They have been doing that here for years. 1 Link to comment Share on other sites More sharing options...
softail Posted June 27, 2013 Posted June 27, 2013 I also doubt that anybody will get $1200/mo out of social security. Right now my social security statement is telling me that I will get $1500 out of it. I have friends that have retired and got only 1/3 of what the SSA was telling them that their benefit was worth. Where does the rest go? People that never paid into it, government borrowing from it, etc.. So if you are being told that your benefit is worth $1200/mo, plan on getting MAYBE $400. I couldn't agree more with MikeB. SS is a supplement only and you can't count on it as your sole pension plan. My plan is to have a couple of rental properties by the time that I am fully retired, to supplement my military pension and MAYBE SS (if it's still around in 15 years). I got what I was promised, have also had a couple of cost of living adjustments as well, and it is quite a bit more than the $1200 dollar amount being thrown around here. Doug 5 Link to comment Share on other sites More sharing options...
brock Posted June 27, 2013 Posted June 27, 2013 Some Americans live in America on $1200 a month...Well if they do, They can live in the Philippines on less, I am not talking about being ill and needing medical treatment. I know people who have a decent life on a lot less than that,.If people can live in my country on less than that amount, then they can live there in the Philippines. Link to comment Share on other sites More sharing options...
jon1 Posted June 27, 2013 Posted June 27, 2013 I also doubt that anybody will get $1200/mo out of social security. Right now my social security statement is telling me that I will get $1500 out of it. I have friends that have retired and got only 1/3 of what the SSA was telling them that their benefit was worth. Where does the rest go? People that never paid into it, government borrowing from it, etc.. So if you are being told that your benefit is worth $1200/mo, plan on getting MAYBE $400. I couldn't agree more with MikeB. SS is a supplement only and you can't count on it as your sole pension plan. My plan is to have a couple of rental properties by the time that I am fully retired, to supplement my military pension and MAYBE SS (if it's still around in 15 years). I got what I was promised, have also had a couple of cost of living adjustments as well, and it is quite a bit more than the $1200 dollar amount being thrown around here. Doug Doug, I am glad that you are getting the advertised benefit. It gives us hope. I am not sure why the other people told me what they did. I am too young to apply and get the scoop first hand. Maybe the payout is dependent upon any other retirement plans that you may have (State, Federal government)??? Maybe my friends were trying to prepare me for no SS. Right now it will be gravy $ for me. I am trying to prepare myself to be independent of it. Thanks again, Jon Link to comment Share on other sites More sharing options...
Curley Posted June 27, 2013 Posted June 27, 2013 I really don't see why anyone could not live on that figure, of course if you are a top earner then you would never lower your standards to live in the Phils. Yes, there is the medical issue but surely Blue cross or similar would have to be part of the monthly costs? Anyone know offhand what the charge would be for a healthy 65 to 70 year old? 1 Link to comment Share on other sites More sharing options...
Curley Posted June 27, 2013 Posted June 27, 2013 Just had a look at Blue cross, they only quote online for 61 to 65 and with their middle cost plan it seems to be about 3,000 pesos per month, not cheap but still possible on JRs budget I think. Link to comment Share on other sites More sharing options...
Mike S Posted June 28, 2013 Posted June 28, 2013 Just for the record I took early SS retirement at 62 instead of waiting till I was 66 .... and because of that I was penalized about $400 per month .... I am presently getting something around $1300 per month so at my present age of 68 I would be getting $1700 something .... it all depends on the last so many years salary's you were earned .... :cheersty: Link to comment Share on other sites More sharing options...
Jollygoodfellow Posted June 28, 2013 Posted June 28, 2013 I am in Aus living on the disabilty pension receiving about $1,600 per month with a small allacoated pension from super, i said small but it helps, how would i go in the Phills??? I have a caravan that i have done up with inverters, battries etc and don`t have to pay rent to anybody as i mostly travel and find a nice area near a river or such to stay and just relax, do a bit of fishing and umm just relax again, i really am interested in heading to the Phills but am haveing trouble working this forum out as i want to learn a bit about the place, I have been to TH and maybe have to end up there, I will not go there on a holiday on a tour package as you don`t get to see the real world..... You would go well except if you're thinking of caravanning around the Philippines. You would also need to do some checking as I Believe you will not get the same disability pension while living overseas from the Australian government. There are plenty of cheap ways to travel around the Philippines and tour packages are not one of them. :thumbsup: Link to comment Share on other sites More sharing options...
JJReyes Posted June 28, 2013 Author Posted June 28, 2013 Just for the record I took early SS retirement at 62 instead of waiting till I was 66 .... and because of that I was penalized about $400 per month .... I am presently getting something around $1300 per month so at my present age of 68 I would be getting $1700 something .... it all depends on the last so many years salary's you were earned .... The Social Security website has a calculator. You can determine benefits paid based on different ages. Should you earn taxable income before reaching 66 years, there is also a formula to pay back Social Security some of the money received. This pay back formula does not apply to taxable earned income after 66 years, except you do continue paying to the Social Security and Medicare funds through FICA deductions. The good news is any additional payments may push you to the next bracket resulting in increased benefits. Link to comment Share on other sites More sharing options...
RickRoy Posted June 28, 2013 Posted June 28, 2013 The key to living on 1,262 a month in the Philippines.... 1. Do not own a car, buy a motorcycle or even motorized bike (See them advertised at 20k Peso new) 2. Try and find somewhere rent free. Live with family friends,or buy a container home brand new 150K. 3. Limit helping too many family members. I been researching container homes and am thinking that I can put it on friends or family land. Then my wife and I will be around and can help the people there IE tie into their electric and pay the full bill. Get internet and let them use. Buy food and help feed everyone sometimes. Etc... I'm almost 55 and plan to retire in Philippines with my wife at 60 or 62. Never been a big wage earner, but managed to own my condo here and a rental condo too. Its all about lifestyle and choices. If you don't earn a lot then learn not to spend a lot. I currently live in US on 1150 bring home a month. I would go to the Philippines by the end of the year if I had 1,262 a month in income to live on there. Link to comment Share on other sites More sharing options...
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