Expat Community > Philippines

Snowbound
Joined 2021
Posts: 159

Retirement Plans

2 years ago

Well, anyone who has followed my most recent posts are aware of my trip to Iloilo Province, where me, my wife and her siblings own a farm with our houses on it. It's a beautiful, rustic 10 Hectare farm.

Anyway, I've described it in pretty good detail in my other posts, and I must reiterate that I just love the place, my wife's family and the Philippine people.

Now comes the time consuming work ahead of retirement. I need to sell my house in the US. I believe I have a cash buyer in which I can rent from the buyer after the sale for the final 6 months before my one way flight out in January of 2023. I need one more year to retire comfortably from my job. The next step is traveling from Boston to New York (looks like July) to place a portion of my money in the PNB (it will probably be 80K USD, about 20 to 25% of my net worth). The reason for the larger amount is so we can buy a car in Iloilo for cash. I'm kinda leaning toward a Nissan X-Trail (1,820,000 Pesos). My wife will make a deposit in a separate account for her (about 20K USD). We will visit the Philippine Consulate in New York to do our paper work so I can receive my 13a Visa prior to departure. This should occur (if all goes well) around July of this year, after the sale of the house. As for the bank deposits, I will keep about 25K USD in PNB as a balance, since I'm aware that only 10K USD is guaranteed by the Philippine Government (Kinda like FDIC), while in the US, all the rest of my money is guaranteed by the US FDICA

In September or October I will put in my retirement papers at work (they need 90 days). My retirement income should be about 4K USD per month (including SS) and I have a pretty healthy 401k that I won't touch until I need to make small withdrawals by law (at 72 years old: 2024).

Everything in Iloilo is paid for. No loans. The farm makes a small profit for the family, but there are about 6 family members working outside the RP sending back very healthy remittances to their families, which adds to the security of the family.

Next, I want to send my dog (7 lb. Schnoodle) and cat to my new home. I got a price yesterday of about 4,500 USD for both to make that move. We didn't iron out the details yet. This is where I could really use some advice.

I write all these personal details in an effort to get some advice from any expats to can give me some insight to better prepare for the move. Be assured that I am committed to this move. I'm 69 years old, my wife is 66 and we've been married 19 years, so save any advice about dissuading my move, 'cause that ship has sailed and I'm glad it did. I could use some advice on any of the issues I listed here.

Thanks in advance.

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Expat Community > Philippines

Retirement Plans

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