Author: Reekay V.
Since 2012 I’ve been traveling through various islands of the Philippines as a full-time Expat and spent 1999 living in Vietnam.
Share with me my ongoing adventures of life in the Philippines. Hopefully you find my observations helpful in your own adventures.
— Reekay
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CONGRATULATIONS BRO!!!
Here is what I want to do, I make $3000 a month on retirement, not enough for the States, so Im coming over to the Philippines, would love to Find a women, but if not that is ok to. I want to live off ot $2000, and put the rest away so in ten years I will have $100,000 in case something happens when I get to my 70’s, Im 63 right now
Now you got 100k subscribers! That’s great!
I’m from Spain (free health care), so yeah, I see myself returning when things get ugly enough.
I’m also 49 at the moment (will move to the Phillies next year), so I guess it’ll be self insurance for me, for the time being.
In any case, living with no savings there is definitely out of the picture.
You mean once you become like Joe Biden
Good for you at getting to 100k.
If you’re an expat from the US, you become eligible for Medicare at a certain age. I was on Medicare when I was on kidney dialysis for many years (thanks to Tricky Dick for signing that legislation into law before I was even born) and it’s fantastic. US Medicare, which is a sister program of social security, might be the best option for state medical care for the elderly, which is what the program was designed for.
Other important thing is to figure out how much money you have saved and how much you can take out. The Gold Standard rule of thumb, for decades, has been the 4% rule, which says that if you’re properly invested, you can withdraw 4% of your total nest egg every single year and you will never run out of money. A lot of modern money managers think that rule is too conservative and favor a 5% rule instead.
If your budget abroad is $1,500 to $2,000 a month, or $18,000 to $24,000 a year, you need between $450,000 and $600,000 invested, using the 4% rule, to never run out of money. The stock market contracted in 2022, but it went to the moon in 2023 and is doing very well in 2024 thus far. The 4% rule is designed so that you never hurt your future viability by withdrawing money in a contracting market that you can’t make up quickly in a market boom.
Another thing to think about is that if you retire at, say, 50 years old, you will have a decade in another country during which your health is probably dependable for compound interest to double the size of your next egg. Don’t pull from your savings that first decade, instead, get a part time job to help with living expenses or a part-time remote job for an employer in your home country, to help with expenses. Your nest egg will very likely double in that decade you didn’t touch it but in which you were semi-retired. If you’re 50 and you have $300,000 in savings (as an example) if you move abroad and get a part-time remote work job and you don’t touch that nest egg until you’re 60 (while not contributing anything further to the egg’s growth out of pocket) there’s an excellent chance that nest egg will have doubled in value to $600,000 with you having done nothing but wait for ten years. That’s the miracle of compound interest, and it can be a powerful weapon in helping you retire earlier than you thought you could.
A very enlightening video. I’m 74, will be coming to Cebu in February, then just 75, good health, so far, small savings, and eager to live an enjoyable life in a beautiful country. My plans were budging for what I could afford, keeping in mind a small savings each month to go to emergencies and medical. I like swimming and walking, so I’ll be busy walking all over Cebu. Eventually I’ll check other areas of the Philippines and will always have an emergency fund if I need to return to the US for any major reason. Wasn’t planning on a girlfriend, perhaps a paid medical helper if needed. You brought up a lot of points to think about. Yes, we are getting older and weaker by the day. I already know my strength is diminishing and eventually I will need assistance at times. I’ll have funds for that set aside already, and God willing, I’ll enjoy a long, comfortable life there in the Philippines.
My plan is to live near a hospital in PI/Thailand and contract out nursing care for any end of life chronic declines. That is if I am not fortunate enough just suddenly expire in my sleep. I don’t rule out a return to the west, but it would be weighted more toward spending the last years with my children/grandchildren rather than a healthcare concern, as being a burden on family is not desirable. I’m fortunate to have 2 health plans with varying degrees of global coverage for life.
The only other risk I foresee, is running out of money. Which won’t happen, but inflation may make it appear so…My newest metric for judging financial viability is a hard line of being able to return to the U.S. without it experiencing a decline in an acceptable standard of living. Therefore, I will treat the first few years of retirement as if they are working years, in an investment sense, until age 62. Meaning I will treat my pension as a salary from which I must invest for retirement until SS kicks in and together exceeds the expected inflation gap. I’m guessing I’ll pass on at a low of 74, and max of 80 considering my particular family history and health. Not a bad run.
This is what I spiral out of control daily. The question is not knowing how many years you have left and what you actually have for money. How does that look in a monthly allowance.
I have teased for years saying “I want to go, owing!”
Hi Reekay. I’m Patrick the guy who met you at BQ mall Bohol. If you’re still in Bohol let’s get together.
Another way of saying it is “i’m going to go die in the Philippines”.
I watched as Davao Docs, considered one of the best hospitals in Davao, killed my friend at the age of 72.
He actually hated Davao but he was basically stuck there. He wanted to be in Argentina, where he loved it but his Social Security money wasn’t enough. In his mind, he couldn’t go back to America because he couldn’t afford it. Also, he let the part B of his Medicare go years ago for non payment.
It was sad watching him, stuck there at the mercy of the hospital. He couldn’t even check out because if you don’t pay the bill, they hold you for ransom.
He checked in the hospital only because he couldn’t piss due to prostate (And/or maybe the medication they gave him. That’s what he thought anyway). They inserted the catheter wrong (with no anesthesia) and the urine bag filled up with blood. It was only a matter of time after that, about three or four weeks. He just lost the will to live and said fuck it, good night. (They actually do have hospice in the Philippines, but it’s really hard to find. I was helping to get that set up, but his girlfriend flipped out and wouldn’t allow it because they’re superstitious about that stuff. She thought it would be like killing him).
He could have flown to any state in the US or any US province like Costa Rica. His part A of Social Security would’ve paid for hospital. (you don’t need an apartment if you’re in the hospital). Flying to America would have at least saved his life.
Also, don’t forget if you’ve been in the country for more than six months you need to go to the immigration for exit clearance. That takes about two days. There may be a medical emergency exemption, but I don’t know how that works
Congratulations Reekay with 100.000 subscribers,you deserve it.
Congratulations on the 100k subs Reekay, that should have happened years ago. Many of the other youtubers there got their start because of you. Cheers!
And inevitably, your dollar is going to be worth 50 Cent or less.