Problems
#1
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Problems
What are the real problems facing a retiree from britain on a basic pension moving to the Phillipines.
Is it at all possible? Even with savings?
Be honest!
Is it at all possible? Even with savings?
Be honest!
#2
Re: Problems
Have you ever been to the Philippines ? If not you need to at least holiday here for a few weeks, you may love it but some just hate it and never return.
Are you in a relationship with a filipina, so is a non quota visa available to you or will you have to go the long term tourist route.
Are you healthy, meds and hospital treatment here is expensive if you have never had to pay for it before.
Will you be able to hack a tropical climate, some go home after a couple of years as it can gradually ware you down.
Thing are done very differently here. Some westerners just get wound up and crack, can you go with the flow.
Finally your money. You can live quite well on a basic UK pension, until something goes wrong or you have to start supporting extended families.
There are loads of great thing about the Philippines also, but you are not asking about them so I'll miss that bit out.
#4
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Re: Problems
How much is the basic pension? and will it cope with fluctuations in exchange rates. There was a time a modest pension of 1000GBP a month would be 100,000 plus pesos a month, a very comfortable figure here even for those with family. Now it is worth about 68,000 a month!
Many live here on no more than 500GBP a month, some with family. Just a question of what you are prepared to give up
Many live here on no more than 500GBP a month, some with family. Just a question of what you are prepared to give up
#5
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Re: Problems
That's the problem and it effects all 'retirees. So long as the the economists think that the only solution to Britains problems is to devalue the pound then we'll probably ended up with parity between the peso and the pound!
Perhaps there is something to be said for the Euro - so long as Germany doesn't leave.
Perhaps there is something to be said for the Euro - so long as Germany doesn't leave.
#6
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Re: Problems
That's the problem and it effects all 'retirees. So long as the the economists think that the only solution to Britains problems is to devalue the pound then we'll probably ended up with parity between the peso and the pound!
Perhaps there is something to be said for the Euro - so long as Germany doesn't leave.
Perhaps there is something to be said for the Euro - so long as Germany doesn't leave.
I suspect as "hot Money outflows in Se Asia climb chasing western recovery then there will be key $us and GBP appreciation. As Philippines has never undertaken structural reforms worthy of the name then I can see the GBP above 80 by end of 2014.
#7
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Re: Problems
I note the crossed fingers.
I suppose pensioners are a special case, in that the long term deterioration ( apart from the fate of our descendents ) does not concern us, in that we are only concerned about the limited time before we kick the bucket or go la la.
I suppose pensioners are a special case, in that the long term deterioration ( apart from the fate of our descendents ) does not concern us, in that we are only concerned about the limited time before we kick the bucket or go la la.
#8
Re: Problems
How much is the basic pension? and will it cope with fluctuations in exchange rates. There was a time a modest pension of 1000GBP a month would be 100,000 plus pesos a month, a very comfortable figure here even for those with family. Now it is worth about 68,000 a month!
Many live here on no more than 500GBP a month, some with family. Just a question of what you are prepared to give up
Many live here on no more than 500GBP a month, some with family. Just a question of what you are prepared to give up
#10
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Re: Problems
I should have suggested a modest company scheme reflects a basic pension as the Op did not identify if it was a State or occupational basic scheme. If you are thinking of the Philippines on 500GBP a month then I would suggest not to bother, unless you know what you will be happy to give up.
Last edited by mikemike; Oct 22nd 2013 at 9:28 am.
#11
Re: Problems
I have an NHS pension, reputedly one of the best schemes, at least it was, and I don't get anywhere near £1000 a mointh, I suspect you would have had to be paying quite a lot into a company scheme, and earing a very good salary to get you, so called, modest pension. I suspect there are millions of people out there that would just love to get that much.
#12
Re: Problems
I have an NHS pension, reputedly one of the best schemes, at least it was, and I don't get anywhere near £1000 a mointh, I suspect you would have had to be paying quite a lot into a company scheme, and earing a very good salary to get you, so called, modest pension. I suspect there are millions of people out there that would just love to get that much.
#13
Re: Problems
Yes, it does, but it needs the two pensions, a very large number of people retiring now and in the next few years have only the state pension to rely on, it's only in the last 10 years or so that companies have been pushing pension schemes to their employees, before that there was often the 'well the state pension will see me through', which it will, just.
#14
Re: Problems
£500 is about 34,000 pesos, that's about twice the monthly salery of a factory worker or even a teacher. It all depends on what your ambitions are. As long as you don't want to be the rich kano you should be able to make a comfortable existance in the Philippines on that. Also the state pension is currently index linked in the Philippines so you won't be stuck with a dwindling pension like many UK expats in other countries.
#15
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Re: Problems
£500 is about 34,000 pesos, that's about twice the monthly salery of a factory worker or even a teacher. It all depends on what your ambitions are. As long as you don't want to be the rich kano you should be able to make a comfortable existance in the Philippines on that. Also the state pension is currently index linked in the Philippines so you won't be stuck with a dwindling pension like many UK expats in other countries.
For those who chose not to save for their retirement with AVC or personal pensions and opted for State cover only have got their wish. I was selling retirement schemes over 20 years ago to a population that in the main were more concerned with going out every night and let tomorrow take care of itself attitude, they got their dearest wishes.
Even the NHS scheme, a top rated guaranteed final salary scheme had provisions for members to voluntary top up to secure 40 years of service even if not worked. So assuming retired on 20,000 that would have provided over 1000 a month net, 2/3 final salary with no lump sum taken. etc
Bottom line is that the Philippines is NOT the place to be an economic refugee. modest power bills here in Manila are 12,000 pesos plus a month or close to 1/3 of the pension!! of 500GBP per month. Hospitals etc are cheaper than private in the west but will still put a very healthy dent in 35,000 a month. Yes many locals do live on considerably less, middle class is slowly growing and they do not all live in ideal surrounds etc.
Suggest anyone not having direct experience here do the math very very carefully
just example for us
power 12000(one air con 12 hours per day, manila meralco)
water 1500(maynilad)
PLDT 2000 internet 3mb with telephone
cable 500
drinking water and monthly dues 1000
gas 800
the rest goes on food, clothing and any other items like a coffee in a mall etc.
If survival is your goal then you will join the general populace .if living more than a little is your objective you will be hard pressed on 35,000 pesos a month in Manila
Cut out some of the above and live in the provinces you will find it cheaper...just be sure you are happy to give up a lot.
Last edited by mikemike; Oct 22nd 2013 at 11:42 am.