Living on a pension

[sonjack2847]

On 11/24/2016 at 4:35 AM, stevewool said:

66 for me, so thats 8 years time and there is no way i will b working then, ok maybe working on my tan bt thats fine.

Like i have said i  have a few private pensions too, but with half of that gone its down to save save SAVE, so i have to do lots of planning t make sure its the right time and thing to do

I know you like travelling.You should weigh up how much it would cost you to travel around whilst you are over here.

You can get flights very cheaply here to local and overseas destinations.

[bob1965]

It's interesting how most of us seem to think a similar way here. I'm looking at early retirement with a private pension too. In Canada it's a requirement for private pensions to allow you to retire at 55. But the one thing that may stop me is what a difference the three years after 55 make to my pension. It's not a simple increase per time, there are "landmarks" that increase the pension quite a bit and they're in one year increments.

So, knowing I can move on in 3 years and 9 months keeps me going and sane (yes, I'm counting). But when that day comes, I'll have to think hard about the increase for each additional year. 

In the meantime, 2 trips a year. Dumaguete past October. Bangkok in April. 

[stevewool]

4 hours ago, bob1965 said:

It's interesting how most of us seem to think a similar way here. I'm looking at early retirement with a private pension too. In Canada it's a requirement for private pensions to allow you to retire at 55. But the one thing that may stop me is what a difference the three years after 55 make to my pension. It's not a simple increase per time, there are "landmarks" that increase the pension quite a bit and they're in one year increments.

So, knowing I can move on in 3 years and 9 months keeps me going and sane (yes, I'm counting). But when that day comes, I'll have to think hard about the increase for each additional year. 

In the meantime, 2 trips a year. Dumaguete past October. Bangkok in April. 

Thats one of the biggest problems we must face, we think to hard  sometimes

[bob1965]

Ain't that the truth. But it is a tough call. If it was just how much is enough ...we'll even that isn't easy to decide. That's why I've been scouring the forums. Ultimately it's a trade off. Time really enjoying life vs security. I think what's causing me a concern is I know I'll be ok at 55 if I retire then. But what about at 65 or 75. And I'm looking at an increase in pension of $600 a month if I delay to 58.

first world problems huh? Anyhow, I'm stating the obvious. Anyone on here who's retired no doubt went through the same thoughts. I guess you all thought I wish I could do it today too?

[Dave Hounddriver]

59 minutes ago, bob1965 said:

I guess you all thought I wish I could do it today too?

I just did it and worried about it later.  That was 9 years ago.  Would have been nice if I had stayed on the job as I would have had more money now but I don't regret it and would make the same decision again if I had to do it over.

[davewe]

2 hours ago, bob1965 said:

Ain't that the truth. But it is a tough call. If it was just how much is enough ...we'll even that isn't easy to decide. That's why I've been scouring the forums. Ultimately it's a trade off. Time really enjoying life vs security. I think what's causing me a concern is I know I'll be ok at 55 if I retire then. But what about at 65 or 75. And I'm looking at an increase in pension of $600 a month if I delay to 58.

first world problems huh? Anyhow, I'm stating the obvious. Anyone on here who's retired no doubt went through the same thoughts. I guess you all thought I wish I could do it today too?

This is a decision everyone has to make for himself; there are no universal answers. That said, there's an old saying that goes something like, "No one ever died wishing he'd worked longer."

I work in a high tech environment full of engineers who are all reasonably well paid. Almost no one retires. Either they develop a lifestyle full of luxury things they have to pay for or they figure 'If I work a couple more years, I will have more in retirement.'

Eventually the company makes the decision for them and dumps their aging ass. Now they have to retire. Often they are OK financially, but since they were not prepared for retirement they are clueless about what to do with their life. A good friend of mine is going through this right now. Shoved into retirement at 62 and now trying to figure out whether to try to get a comparable job, work part-time at Home Depot, or file for Social Security. 

Me? I'm one of the few people in my company planning for retirement. Let's see: 3 months, 21 days, 23 hours, and 31 minutes - but who's counting lol. That is unless my employer dumps my aging ass first. 

[AlwaysRt]

8 hours ago, bob1965 said:

And I'm looking at an increase in pension of $600 a month if I delay to 58.

$600 a month bump is significant as there are some that live on that as their total income. Don't know if that is significant for you because we don't know (and I am not asking) if that doubles your retirement at 55 of $600 or is just added savings to your retirement at 55 of $6,000. 

I would say waiting the 3 extra years depends on your estimated expenses based on your lifestyle, your current health/life expectancy, if you like or hate your job. Things to consider but not dwell on, I haven't heard anyone complaining because they came here too early, I have heard several people say they waited to damn long though.

[mogo51]

My SO and I live on Government Pension plus an annual drawdown from Superannuation which is quite modest, but we live quite well here on 45k bht (about 60k pesos).  I have a monthly budget, don't go to bars and drink, I have a few scotches 3 or 4 times a week at home where I can speak to SO and discuss our lives (nice to be able to do that) and not have someone going 'huhh' because they don't understand much English.

I could not stand to forecast 20 years ahead, especially at my age as I know I am unlikely to be here.  

From my understanding Steve wrote previously that they had given away the idea of retiring in Phils?  I may be wrong?  But he does not seem by his photo to be a 'spring chicken'?  I thought he was in his 50's?  If so, why would 20 years be on the radar?

We can spend years procrastinating about what we will or won't do, but I prefer to make a decision one way or the other, live by it whether right or wrong.  But not later wishing I had made the decision when I was able.  

But we are all different. 

[mogo51]

I meant to add that 'life is too short' Steve listen to the late and great John Lennon song "Imagine' Spells it all out for us.

[Mike J]

The decision would be SO MUCH EASIER if we just knew how long we had to live.