Revised Cost

[stevewool]

After weeks and months of adding and subtracting i have come up with a new figure to have each month to live on when we make it over to the Philippines,

I shall have income coming from many places but it will not be enough to see us through to my state pension, so we will have to go into our savings,

The amount that i think is comfortable rather then thinking we can manage shall be added from the saving pot, not a lot and maybe we may not have to use it either, but i am counting it in,

While we are still here in England we do save a very good amount  each month and not having a fixed date to leave here too that will give us a better chance to enjoy our retirement not having to worry about funds,

So i will have to wait till i am 66 to receive my state pension and being a very very young 57 this coming November i shall have to fund our enjoyment for a good few years , i am thinking 7-8 years,

The figure many of you will be saying that i will need to live the life you are thinking i am wanting may be different to what i have but its fine i know and its £xxxxx.50p, surely thats plenty for a life full of fun and frolics :thumbsup:

[expatuk2014]

Me and the little woman came here in Oct 2011 although my actual retirement date was April 2012 !

we lived on our savings and the wifes modest pension from the GSIS. My pension started in April 2012 ( just a word of advice if you have a Private pension and you Contracted out ) you may be in for a shock !! when you get your pension forecast !!

But saying that with the wifes pensions and my UK pension our monthly income is quite good  depending on the exchange rate !

we have since last Feb rebuilt our home adding another floor. and life is good.

[chris49]

After weeks and months of adding and subtracting i have come up with a new figure to have each month to live on when we make it over to the Philippines,

I shall have income coming from many places but it will not be enough to see us through to my state pension, so we will have to go into our savings,

The amount that i think is comfortable rather then thinking we can manage shall be added from the saving pot, not a lot and maybe we may not have to use it either, but i am counting it in,

While we are still here in England we do save a very good amount  each month and not having a fixed date to leave here too that will give us a better chance to enjoy our retirement not having to worry about funds,

So i will have to wait till i am 66 to receive my state pension and being a very very young 57 this coming November i shall have to fund our enjoyment for a good few years , i am thinking 7-8 years,

The figure many of you will be saying that i will need to live the life you are thinking i am wanting may be different to what i have but its fine i know and its £xxxxx.50p, surely thats plenty for a life full of fun and frolics :thumbsup:

 

Didn't you mention at one time (was it you)that your wife was also working, and will also have a pension or savings.

 

What you are talking about is called delayed gratification. You save now, to have a better life in retirement. There are several arguments against such a plan. One is that you are going to be a lot older, as you have said, 57+7-8 years, when you actually retire. So you are gambling on having good health when you do retire.

 

I was able to retire at 56. First pension at 62. Second pension at 65. Child allowance kicked in at 62, but I did not know at that point I would have 2 additional kids in the interim. I had XXXmilions in pesos which dwindled down dramatically over 9 years (age 56-65)> But I was left with a decent, not extravagant monthly income. The main difference has been travel restrictions. For almost 30 years I had frequent trips staying in deluxe hotels and thought nothing of it. I cannot do that now.

 

My anecdotal advice to you is to look at a monthly income of about 100k/pesos a month. That's well over what it costs for a retired couple to live here. If you can provide 100k/month and that will be reinforced on your retirement date, I would retire at that point. The caveat here is that if you or your wife requires frequent trips to UK, more than once a year, then it wont work, you better stay in England. Otherwise I reckon you come here earlier. Case in point, I did that and I never want to leave. Children might be a stumbling block if you need to see them more frequently, we have a reunion coming up in 2 years, but apart from that I have not see them as often as I want, but my older kids are 45, 28, 24, so they don't need me around so much.

[stevewool]

Yes we will both have pensions, i could take mine now if i wanted but with me still working whats the point, Ems well hers is with the NHS , it will not be much but every little helps,

I have another 1-3 years here thats all,  i will be retired before i am 60, i am happy with that,

100k peso a month i will never have may be once my state pension kicks in, but its a long time till then, if i was to think that i will need anything near that amount i would not even bother thinking of retiring to the Phils more like half what you are saying i would be happy to receive ,

Each to there own and what they think they may want rather then what they do want in life ,

We are both seeing the world before we make the move going to places that we both want to see because we know once we make the move we could not do this again, working here is helping us do that and staying in the nice hotels, having a Marriott timeshare does help with staying in nice places around the world too,

This will all change i know , but whats close to the Phils, AUSTRALIA , i can use the time share there too, may just keep that for a while longer

[chris49]

We live on 60k rent free. We save some but currently spend it on projects.

I have a house in Manila, but long story an ex gf has the occupancy, final outcome TBA later. When I lived there rent free in Quezon City, I spent more but not 100k.

When I rented over a 2 year period, running a car and playing golf, I budgeted 100k/month.

I was calculating out what you had mentioned before, 2 pensions, plus as you say some savings. I estimated that to be 100k/month.

Where will you live here?

[chris49]

50k coming from UK, and not having adjusted to life here? IMO, living in Metro Manila would not be enough.

[stevewool]

We have a house already in Marakina, its all paid for , so we are saving on rent there

[Jack Peterson]

Well of course like anywhere, Once you Live here full time and can make a Cost of living Guide then to me, you can revise it up or down

Setting up your house to how you want it will take a few $ and this of course will be capitol expenditure. Replacing the Majority of your Clothes will take some $ too. Having decided where you will live and settling in will cost and then, and only then can anyone arrive at a monthly budget. ( to me anyway) I know prior to me Retiring I thought I had it all covered. then came the Oh so little things, that all add up.

So what I am trying to say is when we live on the Other side of the World, we can be mesmerized by things that are just are not the same as we thought.once we are here.

Over time we have kicked the budget thing to death and  each Week, Month we start to find those irritating things that maybe we did not need at Home but are so very Important here. One in Particular comes to mind is the Mosquito repellent Rings at a cost of a box at maybe 18 peso for the better ones we use about 3 a week, so I wonder how many of us include that little Item? Sure we can have the Electric type that plug in but there are the refills and the Electric to run them, small amount maybe but it all adds up.   I fully Understand where you are coming from Steve but I just don't really see how you can revise something that you have not got yet. My Wife and I went for months sorting out budgets for this and that yet when I came full time it all went haywire as I don't like a lot of things she buys and visa versa, OK so your Wife is in the UK but until you actually get here and settle into your own Lifestyle together things are just like looking at a travel brochure, the Hotel is never as good as it looks in the picture. the food was not as good as expected so you holiday cost you more  as you ate out, now this is what I am saying. You have done more Homework than most up to now on your move but Living here 24/7 is just not like our Holidays in fact it is costing me a little over 8.000 peso P/M more than my last evaluation in 2010.

not trying to put any dampers on anything but I have found that to revise and Tighten my belt is not for me.

The PI like everywhere else is rising in costs but only by being here will anyone really know this. 

 

JMHO of course but as we all say it's "Boots on the Ground" that matter and will give us the Results.  

 

My 10 cents foe the day on this. Oooooooooooops there is that Inflation thing again.

 

Jack P. :thumbsup:  :tiphat:

[chris49]

Nice area, can be subjected to heavy flooding, Provident Village? Which Phase.

Marikina is a bit out of the way eg a few km from malls and supermarkets. Running a car, or commute?

60k with an all round maid or a part timer every AM, and a car.

50k if frugle.

Nice addendum by Jack above. If running aircon and a fridge, that's 7-8 k monthly electric bill, Philippines among the highest per kilowatt charges in the world. Washing machine, microwave, Internet, various appliances keep the bill up.

We pay 600 in the province, the fridge currently not working. About 1400-1500 otherwise and in order to run more appliances we are looking at solar. A 200 k investment.

Edited August 3, 2015 by chris49

[mogo51]

Something that is not addressed, is the unknown currency factor.  As an Aussie in Thailand currently, it has dropped 20% in the past 

8-12months, from 29bht to 25.3bht currently and that directly affects your cost of living, so always build in an unexpected factor.

This applies also to general life, we seem to be always having to find extra for things you forget, like visa costs, repairs to [rp[ertu (if you own),medical expenses etc.

The currency means $A200 less a  month  and that makes a big difference.