hawklords2525

Hi Everyone,
My first post here.
Ive visited the Philippines about 10 times over the last 7 years usually for about 8 weeks at a time,I love it there.
I am pretty conservative with my money.
I have at my disposal in way of pension approx £1000 per month not including savings.
I am currently 66 years of age in pretty good health.
I believe the £1000 per month is more than adequate for myself and future Filipina to live on.
What do you guys think?
Ive had enough of the UK.......I recently visited London and I think I was the only Brit there.
Thank you.

Gazza-d

Today £1000 would be sufficient but what about in 5-10 years.

mikemike

Is your income pension based at age 66 it seems it maybe.

Your state pensions will benefit form Uk index linking, Philippines is one of 17 countries where such reciprocal arrangements exist.

You may have noticed that the Philippines is presently suffering rampant inflation by Uk standards. Just make sure you have funds to get you home and to cover medical costs.

As far as the locals go, just tell them you are on a very low pension, just enough to cover costs, or you WILL be the next overseas ATM

Stokkevn

£1,000. Depends where you intend settling down, in Manila the property market can be extortionate P30 to P80k pm seems about average for a 1 bedroom flat. If you move out to the provinces an American aid worker has rented a small 1 bed furnished house with quite a large garden and outside seating area and BBQ for P3,500 pm

Philosophical 11

I think most ex-pats who live in the Philippines are not rich and have come here to enjoy a better quality of life than that can be obtained in the UK with just a small pension or two. Guess it depends on your lifestyle and where you wish to live. I live well on two pensions but as has already been mentioned.....in the eyes of the locals, you will be considered rich. Which when you think about it....you are....compared to them.

Best of luck

jimeve

I will be relying on my state pension plus a small post office pension which is not much at all, but we have our own house so no need to rent and we have also a house that we rent out. So should be Okay.

mikemike

The house you rent out is that in the UK?

Stokkevn

What do you mean are not rich, I have a personal wealth of over $1 trillion - at least that is what it says on my Zimbabwe 1 trillion dollar note I have, last valuation 0.74 US dollars. Just have to wait until Zimbabwe becomes a world leading economy and I will be quids in.

Gazza-d

If you can afford three meals a day you are rich.
At current inflation rates in the Philippines, which I suspect is under reported, to maintain the spending power of £1000 you would need about £1300 in five years and £1800 in ten years.

scot47

I had thought about this sort of retirement. Possible cost of health care was a concern.

hawklords2525

Well,I cant not do it based on what may happen in 5 years....but its something to think about.Thank you.

hawklords2525

Yes,I have noticed that there is an inflation situation going on,also I am very aware of how filipinos like to hold their hand out if they smell money,they wont be getting anything outta me.Thank you.

hawklords2525

I think that at this time I will go to Cebu(Mactan) Ive seem some "ok" places for about 10,000 pesos....near the beach.Thank you.

hawklords2525

Good luck to you also.Thank you.

hawklords2525

Hi,I do have a house that I could rent out in the UK,not sure what I will do with it.Thank you.