JJReyes Posted August 14, 2011 Posted August 14, 2011 Interesting information from my research for a feasability study entitled, "Overseas Retirement Care." 1. Americans born between 1946 to 1964 are called boomers. 2. There are approximately 75 to 80 million. 3. 2011 is their first retirement year. 4. The minimum Social Security payment is zero. You need to have contributed the equivalent of 10 years or 40 quarters to qualify. 5. The maximum Social Security payment in 2011 is $2,366. To receive this amount at 66 years, the person must have contributed the maximum amount for 45 years. 6. The average Social Security payment is $1,177. 7. Social Security represents the sole retirement income for 22% of current American seniors. 8. 24% of boomers say they have no savings. 9. 64% of boomers report they are relying on social security as their primary retirement income. 10. 25% of boomers report they will have to continue working after 65 years, assuming the jobs are available. 3 Link to comment Share on other sites More sharing options...
Forum Support scott h Posted August 14, 2011 Forum Support Posted August 14, 2011 dont count me as being the 25% on number 10 lol :bash: Link to comment Share on other sites More sharing options...
Jake Posted August 15, 2011 Posted August 15, 2011 dont count me as being the 25% on number 10 lol :bash: I'm with ya Scott -- we both did the time and now we're brothers in crime.Next year at age 62, I'm going to start collecting my SS before they rundry, as in bankrupt. Take my money and run to the nearest San Magoo. Thirsty -- Jake Link to comment Share on other sites More sharing options...
Forum Support scott h Posted August 15, 2011 Forum Support Posted August 15, 2011 im not waiting til age 62 jake, move as soon as i retire,,,,ill just look at it as a raise in my expat income heh heh Link to comment Share on other sites More sharing options...
Art2ro Posted August 16, 2011 Posted August 16, 2011 (edited) Interesting information from my research for a feasability study entitled, "Overseas Retirement Care." 1. Americans born between 1946 to 1964 are called boomers. 2. There are approximately 75 to 80 million. 3. 2011 is their first retirement year. 4. The minimum Social Security payment is zero. You need to have contributed the equivalent of 10 years or 40 quarters to qualify. 5. The maximum Social Security payment in 2011 is $2,366. To receive this amount at 66 years, the person must have contributed the maximum amount for 45 years. 6. The average Social Security payment is $1,177. 7. Social Security represents the sole retirement income for 22% of current American seniors. 8. 24% of boomers say they have no savings. 9. 64% of boomers report they are relying on social security as their primary retirement income. 10. 25% of boomers report they will have to continue working after 65 years, assuming the jobs are available. I was born in 1948, which puts me in the baby boomer group, but not into the criteria because my income working for the U.S. Government, offset the computation of my Social Security benefits by 60% less from what was estimated originally at age 62 in my case since I retired at age 49 with a $1,400 a month pension in 1997, 13 yrs away from age 62! So, my Social Security pension was pretty small because my Civil Service was 42% of annual income and at age 60 I started collecting my other pension from the USAF Reserves with also a 20% V.A. Disability Compensation! So, I'm not your average "Baby Boomer"! Item #8, yes we didn't have any savings all the time I was still working! All my money came after I retired and started collecting all 4 of my pensions at once at age 62, 13 yrs later since 1997! I'm just one of the lucky few who took the leap of faith and retired at the age of 49 with a $1,400 a month pension to start with and returned to our roots in the Philippines! There was no way in hell that my $1,400 a month pension would be enough to live on in California of all places in 1997, before the recession came about! But, all is well that ended well for us in the Philippines after 13 long years since 1997 when I retired early! Edited August 16, 2011 by Art2ro 2 Link to comment Share on other sites More sharing options...
twostrokes Posted September 14, 2011 Posted September 14, 2011 I retired at 62...but not really by total choice. I can't say I wanted to keep working but really need to. Disabilities forced the retirement. I also had multiple sources of retirement income. I had my USN disability retirement. I was forced out with disability retirement after 13.5 years in 1977. After bouncing around for a number of years, I went to work for the state of Texas and with buying some military time wa able to start drawing a retirement from them at age 60. I started the SS disability retirement at 62, well regular retirement first 18 months before disability was approvied. So with the three checks I get by. I had NO savings <15K anyway but had put all my extra income into paying off my house, so the house is paid for, a nice 3000 sqft rock home. I feel the zero house payment is like adding another 1000-1500 in retirement pay which would be average housepayment on this house. I had planned on maybe moving to the RP for retirement, but after looking at my expenses here, I'm not sure I could live much cheaper if at all. I realize I could live cheaper, but only by giving up lots of stuff I have here. What may end up forcing a change either by trying to go back to work or living overseas is the fact that the gov't seems to have found a way to eliminate paying cost of living adjustments, even though inflation has gone up for me about 25% to 40% over the past 3 years. If this keeps up, I must make a change or will not be able to continue with my lifestyle. 2 Link to comment Share on other sites More sharing options...
Art2ro Posted September 15, 2011 Posted September 15, 2011 (edited) Here's our updated version of our cost of living in Sta. Rosa, Laguna The cost of living will always depend on what part of the Philippines where one lives. But here's our average monthly expenses: No rent or mortgage payment, no kids and no dogs or cats! Just the wife! 28,000.00 grocery bill: food, house cleaning stuff, toiletries, lunch at Mc Donald's, etc 10,000.00 prescription drugs (I have diabetes type 2) 7,000.00 electric bill with 1 hp airconditioning runnning 24/7, higher in the summer 1,600.00 phone line with 1 meg DSL internet connection 2,800.00 live-in or live-out house keeper 1,000.00 home owner association 1,500.00 gas for my little Toyota, once a week driving 8 miles (grocery shopping at SM Mall) 1,500.00 cellphone prepaid cards (texting only) 750.00 property tax (house & lot) 500.00 water bill 475.00 basic cable TV *P53,625.00 average total monthly expenses (add extra for eating out & short trips)*Equals to $1,247.00 a month (P43.00 exchange rate), Vehicle maintenance not included (I only have a 1979 Toyota Corolla) Edited September 15, 2011 by Art2ro 2 Link to comment Share on other sites More sharing options...
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