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Marco,
A few details
I am just about to turn 67 and in good health and still working full time.
I am looking at working for another 3 years and then move to Philippines.
I am an Australian resident and citizen.
I have spent 6 years in the Australian military in the permanent RAAF (airforce).
I will have accommodation for myself in Pampanga - a 3 bedroom home most likely with myself only - no girlfriend or wife. I know a number of people there - Philippine people who have been friends of mine for 8 years. I was previously a member of the Pampanga Rotary club and still have contacts there.
I will be on a government pension of approx USD1,428 and will hopefully have a small sum of maybe USD100,000.
.
I would appreciate some advice on what you think about my plan.
Kind regards,
Hi Colin, I don't have all your details, so I'll give you some general things to consider. Feel free to follow up as needed.
- You have as a former member of the armed services, you are eligible for the SRRV Expanded Courtesy, which offers substantial financial incentives for a permanent resident visa. Additionally, as an Australian, you can enter the Philippines visa-exempt and simply continue to extend as a tourist for up to 3 years.
- I'm not sure what the rules are for maintaining your Australian health insurance as a non-resident, but that could take a big chunk of your budget as you get over 70
- Using the 4% rule, your $100,000 could contribute another $330 USD per month, bringing your monthly budget to about $1,750
- Housing will be your biggest expense. Most financial benchmarks say to allot no more than 30% of you budget for housing, which for you would be about $525
Have you looked at where you wanna live? $525 is about 28,875 PHP. Is that a reasonable amount for a furnished 3 bedroom including utilities in your desired area?
Thanks for the reply
I will already have a house debt free by the time I arrive
there.
Can you give me an estimate of health costs?
Also please provide an estimate of your costs for obtaining visa. You can send that information to my email if you want.
Thanks