The premise of at one point retiring can be a frighteningly eerie thought for some people or something to look forward to for others. The scariest thought for some people is to end up going through it empty-handed while others may be fortuitous enough to have exhaustively planned for such a stage in their lives.
Your quality of life could prodigiously improve if you retire overseas…and you could spend much less than you ever thought was possible.
Each year, the Global Retirement Index InternationalLiving.com ranks the top 25 retirement destinations in the world, based on factors such as climate, health care, fitting in, benefits and discounts, and cost of living. Philippines – a country of more than 7,000 islands –made the list in 2015, scoring especially in the cost of living and fitting in categories. Cost of living, the Philippines received 92 of a possible 100 points, placing it among the top 10 for cost of living – the same score as Belize, Cambodia, Ecuador, Guatemala and Thailand. Only Nicaragua and Vietnam ranked higher, each having a perfect score of 100.
In the Philippines, your dollar stretches (and stretches and stretches), and most expats live comfortably on $800 to $1,200 per month. This will fund a plethora of luxuries, such as household helps. In the provinces, the monthly salary for live-in maids is around $65. In a coastal town on Negros Island a haircut can cost as low as 77 cents.
In many spots, the monthly rent for two-bedroom apartments rentals and bungalows can be $200 to $300. Private health care is inexpensive plus the Philippines is a popular destination for health-related tourism.
The Philippines even offers a special retiree visa. If you’re over 50 years and have a monthly pension of $1, 000, you can get permanent residency. Pensions and annuities tend to be tax-exempt. And there are options for the over-35s too