LIVING ON SOCIAL SECURITY IN THE PHILIPPINES IN 2023
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
- LIVING ON SOCIAL SECURITY IN THE PHILIPPINES IN 2023/ MY BUDGET IN THE PHILIPPINES/COST OF LIVING IN THE PHILIPPINES/ @mikesphilippineretirement @DumagueteRentals SOCIAL SECURITY IN 2024/ MONEY MATTERS
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I RETIRED TO THE PHILIPPINES IN 2022, LIVING ON A BUDGET WITH MY FILIPINA GIRLFRIEND IN DUMAGUETE.
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Why not doing a video assuming you have a monthly budget to spend of 6K, how would you spend it?
why with 6,000 USD a month you can live anyway you want
@mikesphilippineretirement Right Mike, that would be a frigging waste of time to do a video on how the Rich should spend money 💰
Wisely 😅
@@mikesphilippineretirement Well, maybe, maybe not. In Manila or other big place you might blend in, in the province, maybe you'll have an issue spending that much, or anyway attract too much attention. Maybe if you have a large budget it might even be better to choose a different country. Anyways, interesting stuff, keep it up.
You can just assume that you'd be living great on 6k mom depending on YOUR if you're a younger partier you you could rip through 6k just with the women!
I looked into the Health Insurance on offer here to Expats and was told that my Pre-existing conditions would most like be challenged if I made a claim, so I saved my money and never bothered. No one gets out alive and I am good with that. That's life.
thanks for sharing
Check with Pacific Cross, they may exclude for 1 year pre existing conditions , after that , your insured.
Also accidents happen , emergencies are covered.
Premiums are under $200 usd a month . 👍❤️
Insurance from Pacific Cross is under $200 usd / mo.
Full coverage for over age 65 years old
@@-goldfinger2695Thats good to know!
@@-goldfinger2695 Hello. Could you provide the website or contact information for Pacific Cross ? We are looking to retire in the philippines soon. I appreciate it Thanks.
I’ve been married to a Filipina. I can tell you, the healthcare is cheap at the public hospital in the Philippines, but you often get what you pay for. If you get a serious illness and you want to live, you probably do not want to use a public hospital. It was very eye opening after a brother in law was feeling very sick and went to a hospital, they diagnosed him with dual kidney failure. They proceeded to roll him out to the hallway and left him there for 2 days. Unattended with dual kidney failure for two days. We found that out and had him sent him to a different hospital about an hour away. That hospital was better, but then every time he went to go through dialysis he would get deathly ill. I figured it had to be that the dialysis equipment wasn’t being cleaned properly. I had my wife tell them that if they don’t clean the equipment properly we would sue them. That seemed to do the trick as he stopped having problems with dialysis after that. But then, he became anemic and needed blood. It was the family’s responsibility to obtain the blood. And they had to pay as they go to replace the equipment in the hospital. Getting blood during the pandemic was not easy. First, the donor had to be above a certain weight and 2nd, the bro-in-law was type A blood and the kidney “expert” doctor at the hospital had never been taught that other types of blood, such as O+ could be used for his blood transfusions! So the doctor refused to allow any blood donators that were not type A. Just problem after problem. Hearing the bro screaming from infections he eventually contracted, was sad. He eventually died. The moral of the story is use the private hospitals for serious issues, even if they are more expensive. I believe he was 35 when he died.
Don’t get me wrong. I love the Philippines. We plan on moving there in the future, just realize you may need more money than you think.
have money for private hospital
Don’t look after anyone except yourself your wife and your children and you will be just fine.
Remember the wife’s family are expert in you only ever seeing them laugh and joke and being friendly and helpful.
What you don’t see and 99.9% of wives hide from you is the pure hell and abuse they are subjected to by their family the constant pressure they are subjected to in order to get your money.
Remember if you want to be popular or liked that’s fine but don’t buy it.
If you want to be the “High Roller” then fine but remember your wasting your money that you may well need for your own family health concerns in the future.
Good overview. One thing regarding surviving on canned food staples like Spam, beans, canned meats and fish , etc is to be careful of the high sodium levels that could negatively impact health.
yes it could and will
Any processed food is killing you!!!!
everything is slowly killing me
Hypertension and heart attack
Here in Mexico, you can buy chicken breasts for cheaper than SPAM.
Quick answer: “It Depends”. Longer answer. What kind of lifestyle? Eat out daily, dating, are you healthy, single guy or have a Filipina g/f, do you want to travel or just stay local
so true. it depends on your lifestyle
when I was in Basay Negros Oriental back in March 2023.. met a retired guy from Belgium he was married to a Filipina.. he showed me his house.. 2 bedroom.. It was a simple house.. but it wasn't bad., he paid $75.00 a month.. . 😁😁
look hard and find a deal. it is possible to find cheap rent far from the main cities
I'm not sure where you guys live or the prices there but I live by the beach in a nice quiet house only $200. I have a great resourceful lady and I don't drink or need the US lifestyle with US corporate restaurants etc., if I liked those I would have stayed in the US! Too many foreigners come here and try to live like they are in the "States". Embrace the Philippines with its great culture and foods. If you come here and cry about it here, maybe better to go back to your country. I live quite nice with my wife, daughter and malinois dogs. on $700 a month and bank the remainder of my SS. We shop at local markets and eat well (helps to have a great cook in the house).
Living a good life for yourself
what beach?
@@brucekenworthy6731 I prefer to keep it private, but it’s Northern luzpn
Great info. I know most low income guys do not do this. However those who can this really sets a fellow much better. Anyone wanting to retire in the P.I. should have no less than $15000.00 free and clear in the bank. $5000.00 to get set up in the P.I. $10000.00 EMERGANCY !!!!!!!!!!! Also $1200.00 Min. SSN. $2000.00--$3000.00 Good life $4500.00 Fantastic life. Anymore your spending to much.
I live in Dumaguete on 1,300 dollars per month comfortably. Living close to Ayala like you do would add 35 to 40 percent. I moved to the Philippines 8 years ago and started by Living in Lapu-lapu my budget was 750 per month. I say if someone can live cheap in their home country they can live cheap in the Philippines. My military retirement covers my living expenses so social security is a bonus. Amping.
thank you for sharing
I've been here almost 2 years and i can see the prices going up! Groceries!
Good post,
Another excellent video Mike. Thanks.
Glad you enjoyed it
Good informative infomation
Thanks
This is an excellent video, the best I have seen on budgeting in the Philippines in the two years I have been watching TH-cam videos on expat life in the Phillippines. You demonstrated clearly in this video that I could live on a $1500.00 monthly budget but I would not have the reserves for emergencies. With healthcare costs and subsidized senior living, it is for me it is cheaper to live in the United States, especially with my preexisting healthcare costs. Thank you very much. Obviously, you are trained in the financial services industry. You have done us all a favor and saved many of us from future suffering.
thank you John for sharing
Thanks Mike!😊❤👍👍
Your welcome
Good advice all around.
Glad you think so!
Great information
thank you LLL
Well said Mike.
Thank you
Great video, thanks
thank you
Don't knock Spam too much - you don't have to eat a whole can in one meal. Chopped up Spam and eggs and toast is a good meal - and would cost you around $1.20 per meal.
we enjoy spam once a month it is ok
Thanks Mike.
welcome!
I live well in Thailand a few blocks from a beach in a one-bedroom condo on 1558.00 per month and I live well. I sometimes run a budgeting experiment and see how much it costs me to live with no frills but have all the necessities. It costs about 850 a month with no suffering and many restaurant meals included. Of course, rent is cheaper in Thailand for far better values than housing in PH. I lived 18 months in PH and finally had enough of that disaster of a country and moved to Thailand. It is night and day. I also pay a bit over 2k USD per year for top-notch medical insurance at first-class medical facilities. PH has more desperate and available women and that is the only advantage for retired expats. My internet for 400 to 600 Mbps at home is about 120 per year.
Thanks for sharing
Thailand makes up for it with the high cost of a retirement visa.
That $200 usd health insurance is for what age ?
@@RealGaryGibson the bank deposit is expensive. The visas are not unless you opt for the elite visa. The bank deposit is your money and you can take it out.
@@ricke6854 most insurance must be purchased before age 65. I am now 67 and I can keep insurance until age 99. Every five years the policy cost does increase. There are many options and many western insurance brokers who can show you more plans and options than you want to see.
SPAM is $6 and $7 a can here. I loved Argentina Corned Beef with rice and eggs regularly as it’s quick and easy.
I have not tried Argentina Corned Beef
@@mikesphilippineretirement wow 😮 really? Janet don’t make it, fry up some onions and garlic and diced small potatoes add Argentina corned beef and scrabbled egg on top like a Torte.
will give it a try
I m living here in metro Manila 11 years now.
How do you like it and so many changes over the years
You’re a class act Mike. Your heart is visible by how much you help us all. Making a move to live abroad is a huge undertaking on every level. Your efforts he’ll provide the potential for a softer landing, if people listen to you. Keep up the great work 🙏🏼
Thank you Kofax
Ok Mike my monthly expenses for me and my wife here on Siargao Island runs between $1200 to $1400 a month and we never spend more than that and live a great lifestyle. It all depends on the person or couple as to what you spend. I will add that we only drink occasionally so that’s a big extra expense if you like to Party Every Day! But for Cebu where I began I spent about $1800 a month pre covid
No one seems to include Prescription and OTC Meds and Supplements. Since most Foreigners here are Older, that ads up quickly. I pay an average of $200 per month which usually includes Blood Lab Tests once or twice a year. Plus I pay about $350 a year for PhilHealth Govt. Insurance as Catastrophic Coverage, but mostly so can get into a Hospital if I need to on an emergency situation since it is Pay As You Go here in Philippines.
Haha love the thumbnail 💯💯💯
hahaha thanks
Mike’s getting more creative with his thumbnails, Jho 😂🤣
Spam now is 218php.
@@jerrymarshall2728 haha he did say that, he’s getting there 😆
@@51dbail love spam but yeah bit expensive and too salty w/o rice 😂
Spam is $4.00 in the states also.
Here in the states, I spend about $500 minimum a month for food and household supplies.
The biggest savings in the
PI, is rent and transportation.
I'm with you Brent, I really only see savings in rents, But with my rent at $2,100 a month that's going to be a big savings. Also I pay $250 a month for cable, so I assume I will save on that too.
rent is the by far the largest saving compared to the US
Yes one can live comfortably in Ph with only SS pension, $1,300.
I need more than 1300 to be comfortable
@@mikesphilippineretirement Cause you’re married
I rent a 2 bedroom house, 5 minutes from walking street in Angeles, and pay P9,000 a month.
love to see photos of the house
@@mikesphilippineretirementI'd love to see a picture of your wife.
on my face book
I have been here for 20 years same women. One thing I find odd about all bloggers is none of them talk about hobbies i.e. golf tennis as I need something to do besides watching youtube and hanging out chopping it up in the coffee shop with foreigners.I live in CDO and golf membership is about 1500 usd a year for the country club. If your going to live in the province you better have a hobby unless you are prepared to live a pretty boring life. have a plan for what you want to do besides hanging with your significant other. traveling is great if you have money. diving and snorkeling are outstanding
It's enuff
Millions of Filipinos live on 10000 pesos a month
(200 bucks)
you could not live that way...and why would you
@@mikesphilippineretirement where I live now
I only spend 300 dollars or so a month
But I own the house and it's much less expensive than the philippines
And the women are Overweight homely miserable and Muslim so not having to feed one also saves me $$
I'm finishing up my first year in the Phils. I'm 67 and living on a modest SS retirement. I met a beautiful Filipina woman 24 years my junior and we couldn't be happier together. I travel back to the US once or twice a year for friends and family, but I can tell you for a fact that I like living in the Phils better than the US.
That is awesome!
24 years younger? I bet you cannot do that in USA unless it's a hooker, I just hope you help her and family financially, for sure this young girl will not hook up with you if she's above average income earner with a stable job, just think of the equation, some foreigners come here pick up a younger partner without giving something in return (money).
@@agooyong6207 she keeps reminding me that age is just a number. She really is right you know! I think you'd find most women here in the Philippines, have a far more basic and realistic view of relationships then women in the west. As far as family support goes, it was something we discussed before we ever got together. I wanted to make sure we had a complete understanding regarding family support etc. Both of her parents are gone, her brothers and sisters are doing fine on their own, she does have two older kids, one in college, one in high school graduating, and I do provide some help to the kids from time to time. It isn't required, I do it because I care about her, and I've come to care deeply about the kids as well. In any case, our relationship is doing great. We've been living together for over a year now, and have known each other for about a year and a half. We're making plans for the future, and discussing the possibility of marriage. No rush!
Guarded and gated subdivision fully furnished 13000 peso a month walking distance to mall (7 min), gym (15 min), and hospital (20 min).
thanks for sharing
Great video Mike. You lay it bare for newbies to see and consider their options. Power to Janet and yourself.
Thanks 👍
I just found your channel & love it. I live in Hawaii on Big Island and thinking about coming to visit. I live ok here on $2000 SS check but I own a small home so no rent. I live off grid no utility bills. Water is free because I use rainwater. I am used to cooking like province people on wood. I bathe like they do with bucket and dipper. Been here 20 years and ready for a new adventure but visiting first of course. Aloha 😊
Have fun!
Hello ty for the information. You mentioned travel and the cost range from 1500 to 3k. Just confirming. Is that for two people? Hoping to come to the PI soon.
Hey Mike, Mike here. I would say living in the province would better for saving money and grow your own vegetables.
yes I agree but you need land to grow your own.
👍
Thank you
I am coming in May and get $1450/mo and coming with about $15k, out of that I am going to buy airfare, scooter and about 15 balikbayan boxes. I am looking to live in Valencia and am looking to live outside of town.
This is a better budget video than some because you are breaking down for the people what you have to accept and give up to be on a budget. The "canned meat", excellent. You didn't mention the 3 in 1 coffee though!!
It is kind of the same here in the US though. I know people that are always broke, worried they will miss meals, etc. But they won't buy the cheaper food, and they won't cook from scratch, they'd never buy canned meat. They buy individual portion everything. They would never make soup boiling the left over baked chicken, and 50¢ of noodles, veggies, and spices. Or make chicken salad from chicken they cooked. Good food can be cheaper.
The other thing is going out, or getting a cheaper hobby at home.
I have seen multiple bloggers show lower middle class apartments, concrete, tile, running water, electric, small, old, for 3500-6000 peso though. So $100rent can be had in Angeles, and some other non-slum lower middle class neighborhoods.
It's good you mentioned the "safety net" goes away. Many people don't realize how much that costs to replace each month.
The problem for most poorer expats is discipline. Can a person be a home body, cook at home, find cheap hobbies, watch tv and enjoy a cheaper stable life in the Philippines on $1,000? Yeah. But will they? Nope!!
If people had discipline in the USA they probably wouldn't be retiring on only $1,000/month!!
well said
eating canned meat...lmao@stupidity....there is no so called food on the planet that is more unhealthy than processed meat in a can. Try reading the ingredients before you blindly put something in your mouth and you might decide not to if you have any sense at all. Canned meat=all of the left over nasty stuff that cannot be sold as is and is ground up into a super high fat paste and then loaded with salt and preservatives. Dog food is more nutritious lmao.
Yes spending discipline is a high value trait if you're going to survive overseas. I love my 3 in 1 coffee.
I feel your pain. I remember 2007 prices, unfortunately.
2000 aussie dollars a month is plenty here in Siquijor.
thanks for sharing that info
You have know how to budget. Best way is know how to cook. If you don't know how to cook look for an eatery (karinderiya). In the rural areas, they mostly do not have western style restaurants. If you are in a citified area you may have choices in food.
In the supermarkets you can get most of the common spices.
FYI you can get Medicare even if you are here in the Philippines
Beans are really healthy I buy my freind about 20 kilos of beans between 3 people . Elegant for diabetics diet low glycemic full of protein and other nutrients and good fiber content
what about steak and beans? is that any good for you
Sure I would think so doesn't matter if their canned stilled nuticous and meat adds more protein to your meal
💯 correct if you can live in the USA on your check you can live in SE Asia on that money Better okay 👌👍
yes I agree with that
Great info ,very realistic there is a bill in Congress that may bring Midicare to Americas but it has not passed yet.Please tell everyone to text or call to there congressman in there state
hope they read this
@mikesphilippineretirement I lobbied congress last January for Medicare for expats being available. Didn't get much support. Needed more expats and retirees writing letters and making calls backing me up.
YES I CAN
Im living on Social Security and Pension as long as you spend wisely you can live ok
I spend about $1200 a month for everything
I take a vacation every 3 months mostly here and I have health insurance also monthly payment
i could not live on that. but happy you can
@@mikesphilippineretirement yes that's my budget but I save the rest of my check Mike it's only a part of it 👌
I lived there 8 months last year and it was great. Your budget to me is really accurate.
Dating, If you're single..It's going to cost you sometimes but it's worth it. I would add an extra $500 for dating...
thanks for sharing David
So about $3k a month for happy life and a wife?
Hell, that’s what I pay where I’m at right now!
Doesn’t seem like too great of a deal🤷♂️
But damn them Filipina women sure do look BEAUTIFUL!
you get more bang for your buck here
My budget is 3k month.my rent is $600 a month nice condo near Ayala all in elect water cable, $300-$400 a month food immigration about $300 a month, = $1300 a month, happy ending 2-3 times a month add another $100, you don't need a car or motor you can walk anywhere in about 30 min,
happy endings 2-3 times a month . Your arm must get tired..hahaha
@@mikesphilippineretirement you are correct i Have slowed down at 71,
My hope is that the U.S. Congress passes legislation that repeals the Windfall Elimination Provision (WEP) for government workers who collect Social Security and belong to local/state government pensions that didn't contribute to SS. Assuming I retire at age 70, the maximum age for Social Security, I'll get $1760 mth. With the WEP, I could lose up to 50% of my monthly SS check. The $4613 forecasted monthly income assumes the 50% SS cut. My biggest concern is healthcare insurance. I currently have no medical conditions that require constant medical attention (occasional gout attack).
Thabks for sharing
I've live in Mactan Newtown for a year now. My SSI is $1,305 a month - and I use every penny. I live in a luxury corner studio condo -with a balcony overlooking the pool. The Grocery store is downstairs. Everything I need is within a healthy walking distance. I've got a LBFM that lives with me. We can eat at McDonalds for 200 pesos between the two of us. We splurge on a nice restaurant meal twice a month. We spend 5,000 pesos a week on food - 32,000 pesos a month for rent-internet-electricity-water. You have to watch every penny - but it's a 100x better life than back in the US.
Janet and I get the double cheese burger meal at McDonalds small drink and small fry it was 450 peso ...watch your penny's but enjoy your live
Senior discount is 20% - could be paying 360. For example - 2 Krispy McChicken Sandwiches' - two regular fries - two regular drinks - with a senior discount = 170 pesos - or $3.07 for two people for a decent meal.
@murry quite disgusting calling your GF a LBFM 🤔🙄
Did you ever hear of The wet market? Fish rice vegetables chicken etc much cheaper than the supermarket. We have outdoor restaurants and you can get a plate for 120P Breakfast with Longganisa egg and garlic fried rice for 70 or 80P
Interesting!
Hello Mike you said something that i never heard before,, its paying fees on your visa,
People who wish to retire there in the Philippines🇵🇭 should never use there whole retire salary to measure if there have budget to live there,,
You are detailed in yoyr video, thanks Mike 😊
Thanks Mike & Janet doo 😊 Thanks for all the great budget information. Spam is yucky. Going to have to save up more money for foods Praying for Monty 🙏🙏
Our pleasure! Thank you Herb
Look at it this way, 20 years ago at Gaisano supermarket, we could buy 4 trolleys full of groceries PLUS a 25 kilogram bag of rice was just over 4,000 pesos a month.
Yesterday we went shopping at Robertsons supermarket we bought one trolley with a 3 kilos of meat, 5kg rice and a few other items cost 4,600 pesos. And lets not talk about electricity running those aircons 24/7. And petrol has tripled in price over 20 years.
Lets face it, a wife and 2 kids prepare to have a budget of a minimum $3,000 a month and thats bare minimum.
Our buget for 2 adults 2 teenage kids plus a stepgrandchild is 1 million pesos a year.
Yes. Agreed. I'm surprised that Mike says his electric is only 4k a month. Pro Tip: Get the split-inverted type aircon--it's way more efficient and pays for itself in a year
elect bill in Dumaguete is about 3800 a month...cebu is was 3300 last month
Mike, good info. I recently spent a month in CDO visiting a woman I had met and plan to go back in April for another month before moving there permanently next summer. We looked at very nice homes to rent in outlying gated communities in the P35,000 range. I feel we could live very comfortably on a budget of $2,000 - $2,500 a month and still have plenty of disposable income for savings and travel. Because CDO does not seem to be a popular expat destination, prices there seem very reasonable.
your Budget is 500 higher than mine and we are family of 3...as for your rental home your can get same or for less in Dumaguete fully furnished. Has nothing to do with to many or to few expats
@@mikesphilippineretirement we would be a family of three (her older sister would live with us - she works full time at the church they attend) and some times four (one of her nieces who is attending college would stay with us off and on). Reason for looking for a 3 bedroom/2 bath (preferably fully furnished) or larger depending on what we find that we like and where it’s located. Transportation costs would be higher than normal to take into account for taxi cost (I may buy a motorbike but really don’t want to buy a car). Because all her family members live in CDO other than an older sister who lives in Manila, we would stay in CDO.
thanks for sharing
Hi dan just make sure you want to sell all things before you move maybe keep things in the states, the Philippines has changed and spam i paid 1.36 for a can at walmart my sister paid 4.50 for same can in the Philippines. Costs increased there.
I enjoy going there. We have family there... I love Bokidnen
mike - given the option, do you think it’s cheaper to build a house in the long run? Could probably save on food if there was a small vegetable garden too (for those who actually like to garden)
depends on your age and total cost to build...tough question
@@mikesphilippineretirement we crossed swords before Mike but I can really truthfully answer Ben's question here.
Ben, yes you can save money.
You can live for an extremely small amount.....
I don't think it's worth it. Foreigners cannot own land, and it's too east to get scammed. You're better off saving your money, investing it in something else in your home country, and just rent in the Phil
@@JOEJOSEPHHones ..if you're at Death's door, and just want to build a house to leave for a Pinay, then yeah--why not build a house? Other than that, I don't think it's worth it
@@JOEJOSEPHHonesafter a year or two you are not even a thought in America or the Philippines 😮
great video, very informative for those who maybe looking at retiring in the RP.
thank you
Do you have any updates on frisbee the hobgoblin??
I believe the fact is your budget is what it is no matter the location,,cost to exist in America at poverty level is 3500 net a month..So I would have to imagine Philippines has to be a bettwr option,,,rent here is 800 a month for 1 bedroom near Cincinnati,,,electric 250 a month,, food and gasoline 1000 a month,propane 60 a month,,
thanks for sharing
items missed: mail fowarding, laundry, and money conversion costs.
not missed just not included
@@mikesphilippineretirement that makes sense...not
Mike When giving cost breakdowns you use to list these on screen as you spoke which was much easier to follow. Just stating numbers one after the other - hard to keep a running tally. We know what you look like - use the screen to show what your talking about like before. I k it takes more editing time but helps allot -I guess im spoiled from prior videos. still Good to k the individual numbers in dollars you ran thu. Showing the insurance cost list was nice. thanks! John
that video is still posted to see
I been going to the Philippines 25 yrs when it comes to money land or buying a house you will never win,
25 years what was the longest you lived there at one time
Did you see Charlie munger warren buffets partner passed away? One of the best in the investment world. Hopefully people save money so they have a back up plan. Like dividend paying stocks. Social security alone is not enough.
No I did not know he died
Why on earth would anyone retired would want to live with someone’s family that to me is crazy that’s not how I want to be retired?
The other cost is health insurance which is something everyone should have and you should be sticking away a little bit each month for an emergency fund. This is beyond your other budget concerns.
yes i talked about that later in the video..I put away 300USD a monthfor health care
I'm in a two bedroom small home old not that well insulated. I run it most of the day. between 4-5000 a month. 300 M internet with globe is about p2,000.
thanks for sharing that info
Maybe if it’s not too hot to save money on electric bills don’t turn on the aircon, use the fan instead.
I need my aircon
Yes, Spot on, Your right there Mike, I can live on 800 to 2900 a month, 😂😂😂😂😂, Its not about your spending, You must limit spending and make you circle small, I have 2 properties Cebu and Leyte, Two households, Average around 2k but now renting so will be lowered,, God Bless Belus
thanks for sharing
I think it really depends where your at in life. Are you in the planning stage or are you finished working, have $1200 a month in SS, looking at a trailer park in the US or figuring a way out to make it work abroad. If still planning I'd try to have a "Western" budget to fall back on in the West. But if I have a fixed amount of money and limited time I'm looking at where can I make the most of what I have and that's certainly not the US. However, I find both Thailand and Colombia cheaper than the PI.
thailand is not a lot cheaper but better food and infrastructure but beware of the women not to say they are safe in PI either . If you go for columbia learn spanish and stay away from medellin. lived all 3
Spam is 5.49 now in usa.
I'm in Muntinlupa, Metro Manila, my budget as a single guy is as follows:
Luxury condo w/parking p45k
Food p20k grocery plus eating out
Net p2.1k
Car and scooter 0 (cash buys)
Water p600
Electric p5-6k
Subs p1.3k
Im self insured and a SSRV holder. P75k or $1,370 total expenses on a budget of $3,150 monthly. Easy peasy life.
good job..enjoy Manila
Where in Muntinlupa luxury condo, did you use a broker??
The bill if it passes,will be for a 10 year probationary period.
the Medicare bill?
Excellent advice overall, especially the advice about girlfriends at 14:20.
thank you
Funny thing is some of the Pinay's have a larger income, they're sponsored up with multiple guys - many have guys that never met them sending cash via Western Union.
Had a girl I met in BGC, she'd buy me coffee several times a week after we walked back from the W/U - even texting them while with me in a coffee shop 😅.
Yes, in this current age of social media and OnlyFans, this is sadly the norm. It's a popular side hustle, and lots of Pinay are doing this now. Don't ever send a pinay money you have never met--it's not worth it
I do know about that
The problem with the tinned stuff is its so sweet .I tried the beans could not eat them just way to much sugar 😮
yes they like it sweet here
Loaded with sodium as well
You can live on 1,000 usd and still save a little money if you will eat what the locals live and live the way they do.
That is something most older retired men do not want to do..
I’m lucky I like local food at eateries like food net and others that are everywhere here. Good meals $2-$3. I don’t eat breakfast though. A few times a week I get great pizza (love WhyNot pizza!) or Chinese, Sushi etc. usually $4-$10 per nice meal. I eat well! Bought a nice motorbike and spend $30/month on gas. Just moved into nice clean 2 bedroom house with hot shower, separate living room with big tv and separate dining room for $220 10-15 minutes from the Boulevard. Rent Includes high speed internet. With other minor expenses $600-$700 total for basic needs. Unlimited golf for $200/month plus $5 a round for caddy for those so inclined. Other entertainment, drinking, dating is WAY cheaper than the states. Health insurance is up to you of course. I would suggest you save at least 30% of your monthly income. So yeah, $1200 is OK for a single person who spends wisely and saves a few hundred as well. More is always better, duh! Probably $1500 for a couple. At least in the province in and around small cities like Dumaguete. These islands are full of such places! Some spend a little less and are still happy while others require much more! To each their own…..
what golf course?
@@mikesphilippineretirement Bravo golf and hotel
What area is this in.Sounds good.Also interested in the golf.Thanks
@@JP67 Sibulan just off diversion road which is convenient for travel. Bravo golf course is 10 minutes travel. I think about 1400 pesos for a round includes caddy fee. Or 10500 monthly unlimited plus @ 300 for caddy each time. I just recently visited there to get this info
Tim, is the golf deal through Golf PH?
Omg spam it's well yuk haha. Your a busy guy 2 lives and a video in 24 hrs . Been there for all 3 , you woke me up at 2 46 am this morning for the first, it was so warm last night , it reached 100 deg fnh today a week to go but storms coming. 😊
try to stay cool. And thank you for your support
Mac Donald's for us is fine dining compared to what's available and spam and cornbeef and sardines are creeping into the diet as prises increase.
for how long do you have to pay visa fees
forever
So, in your opinion, what would you suggest would be a good dollar figure to have in your emergency fund or nest? What large amount of money would you think would create a good buffer?
20k usd
Very informative. Thank you. Mike, you noted that you and Janet have a studio in IT Park and a condo in Dumaguete. Why 2 residences, if you don't mind my asking? It sounds like they are 2 completely different areas. Thanks again.
Good question! we visit cebu often and it is cheaper to just have a cheap condo here in Cube
@@mikesphilippineretirement Hey Mike, I completely understand. That's good thinking AND good money management. Stay well.
I have Wrlife insurance it's designed for Xpats I get 80k US hospital cover for a 100 bucks a month 🙂
good deal
It's cheaper to buy cooked food in a carendiria
yes and a little more risky
I love spam Mike 😊
We will eat it when you come and visit
Hello sir, I am writing to you about how you keep your social security payment in the Philippines. Do you report a travel status? My bf is also retiring here but we are still confused if the social security payments continue even no longer visiting US? We read that it might stop after 6 months of not in the US.
hi simply dayang..as my experience social security stop recieving your bf pension if he didnt comply to their annual report..and before he went here better to call his bank or ss that he use his card here..
@@user-rt7nn3yy5l Thank you so much
Yes I do
I guess as long as I can live on $2,500 a month or less as a single guy I'm good. I also have a a nice 401K that's available if needed. Although I would prefer to keep most of that 401K money for my kids when I kick it. That way they both will have a nice down payment for houses which are a million bucks on average where they live in California. Unless the housing crash ever happens as some predict, the last crash in 2008 housing dropped 50% by it's peak in 2011. The condo I rent dropped 65% in value by 2011 to $100K now in 2023 they sell for $425K.
I live on $1,305 - if I had access to $2,500 - I would live so well - that it would be mind boggling.
thanks for the info
Hi Mike, please do a video on house water pressure. Had a constant problem with that, lol.
Great suggestion!
It sounds as though retirement in the Philippines is too risky.
Inflation running rampant and better off not selling off my condominium for a life of soaring rental prices in the Philippines.
rent is not going up in the US?
@mikesphilippineretirement
I own my condominium, so rent increases don't affect me. Hard to believe I live in the most expensive area of Dallas, Texas, for less than the rent prices in the Philippines 🫨
Do you no anybody in the Philippines that's on insulin and how much does it cost them and where do they get it?
It is really a case to case basis, if you are able to marry a Filipina who is also financially stable, and still working, you will have a better life, not a poor life,
Not marry a Filipina who is unemployed so that you will not suffer much and experience a poor life.
Have to be smart, not marry a youngwoman who only knows how spend, and lazy or unemployed, a woman who is educated and empowered., not a prostitute kind of thing
so tell us where do you find a women like that?
@@mikesphilippineretirement @maraeyes1956 sounds like she is trying to promote older women to be desirable by expats. @maraeyes1956 was probably born in 1956 which makes her/him 67 years old, Lol. Using words like "lazy and prostitute" as an attempted insult to relate to marrying a young woman.
I feel fortunate I found a 51 year old woman (youngest of seven siblings), never been married, no children, educated, well versed in English, heavily involved with her church and part of a family where many of them are college educated and employed.
Do you worry about SSI being cut off for Expats or just SSI running out what would you do.
same as everyone....never be cut off for expats...running out they print more money
Thanks for the budget update Mike. Very useful since I am looking in the Cebu area. It is amazing you can budget 2k for you, wife and PJ. Is there a family health insurance plan or single coverage only?
we have phil health. The national health insurance of the Philippines
After age 65 i have not been able to find insurance company over here to get either health or life. If you do it's going to be super expensive.
My family has total coverage. It was organised through our local BNP.
@@joshuarizalforeman816.. what is BNP? Thanks 👍
What is BNP
Why cant you raised chickens, goats and pigs? this can even supplement your income..
why? why start a business in the Philippines? your here to retire
@@mikesphilippineretirement , just because you retire it doesn't mean you can't have a business. Some of my friends who retired in the Philippines do this to supplement their income.
not a business a hobby
How do you get ACR card??
after 60 Days when you renew your tourist visa
My electric is 4000 because I use my ac. My motorcycle is 90 a month my food is 5000 a month my internet is free where I live
thanks for sharing
So many of you Vloggers mention wet markets as though it is shameful and you are "poor" if you need to go there. Guess what!!!!!! Some people like to eat healthy and a wet market supercedes any junk you will get from your supermarket.
hmmmm if you say so
I will be able to do $2900 a month when I get over there in a few years. And that's with keeping $200k in savings for emergencies. I will probably hire a maid, and get really good health insurance, buy a nice 650cc motorcycle with luggage bags. I'm figuring $700 a month for food (groceries plus eating out), 600 a month for rent, $300 for utilities including internet, $300 a month for a maid, $500 a month for miscellaneous fees such as visa fees, gym, insurance, etc. The rest will be for traveling to all parts of the PI for pleasure.
your set for a good life here...really a 650 cc motorbike. Have you been to the Philippines b4?
haha. I know... But as someone who has ridden 1250 to 1800 cc bikes all his life, quite comfortably, I can say a 650 is a decent compromise for me. It's powerful enough to feel comfortable on a 50 plus mile ride, and it can support adequate luggage cases to take home a few days worth of groceries.
@@mikesphilippineretirement
After spending a month in Cagayan de Oro and looking at some rental homes, I determined my girlfriend and I could live very well on $2,500 a month and be able to save $2,500 a month for travel. My other savings would be used for emergencies. I ride a 750cc at home in the states and a 650cc would be overkill in the PI. I couldn’t see getting anything bigger than a 175cc.
@@danross-cv5ju Good information to know. Thanks!