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How rich we really are

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Lee2:

--- Quote from: Art, just a re(tired) Fil-Am on March 17, 2016, 08:12:25 PM ---How many retired members on here or on other forums have over $500,000 to put into an annuity retirement account? I have never seen or held that much money at any point in time or ever during my entire young and adult working career, unless I robbed a bank and got away with it. That's why your topic ran astray.  ::) ??? :o ;)

--- End quote ---
You are not following what I wrote, if you get US $2000 a month, then that would be the same as if you put around $500,000 into an annuity if your wife is younger, you do not have to have that much money to be worth that much money. Some people have to buy themselves a pension, while others have gotten pensions from their jobs.

itsgalf:
I'm actually always surprised how many Filipinos I always see that are in Starbucks or other places spending money on some pretty overpriced desserts. Or if I'm in the mall and see just how many people seem to be buying all of the merchandise that is either the same price as in the US or more. I wonder where all of this spending cash comes from.

jjcabgou:

--- Quote from: itsgalf on March 17, 2016, 09:37:38 PM ---I'm actually always surprised how many Filipinos I always see that are in Starbucks or other places spending money on some pretty overpriced desserts. Or if I'm in the mall and see just how many people seem to be buying all of the merchandise that is either the same price as in the US or more. I wonder where all of this spending cash comes from.

--- End quote ---
Agreed, thats why find it mildly amusing and grossly inaccurate when I hear comments such as, "filipinos drink emperador because they cant afford san mig", or things of that nature.  Go to a mall in Greenbelt, the Fort, MOA, Cebu City, Davao.... not just a mall, go to any half way decent restaurant, or stand on the street and watch all the cars go by, MANY NICE NICE CARS etc.   You will see that a vast majority in all these places are filipinos.   Again there are only two classes, the wealthy and the poor and poorer, and there are a lot of wealthy filipino's.  The foreigners here are probably what should represent the middle class.  I dont meet many "rich" foreigners, quite the contrary, most of the foreigners I have met probably fall into the first tier of poor category.

Art, just a re(tired) Fil-Am:

--- Quote from: Mr. Lee on March 16, 2016, 01:27:56 PM ---I wonder if some people realize just how rich they actually are, based on their pensions or SS alone. If a person was to try to match a pension or social security by buying an annuity at today's money, then they might be surprised to see how much money it would take to equal their pension or ss.

Depending on a persons age and the age of their spouse (if included), check it out. https://www.immediateannuities.com/
Just as an example, my wife being much younger than me, a joint annuity would have to be US 500k to equal under US $2000 a month and 250k would bring in around $1000 a month, so some of you are actually millionaires in pesos and sometimes many times over for some, just with your pensions and or social security... See how lucky many of us are and how we need to count our blessings, I know I am thankful all the time for what I get and have...How about you?

--- End quote ---
A $2,000 a month pay out from a $500,000 annuity retirement fund doesn't sound real. Looks like there was some skimming off the top or bottom going on. I'm not a bean counter, but that is what it looks like to me.
I derived my monthly annuity pensions from working for the U.S. government for 30 yrs and I or my employer did not put $500,000 into my retirement plan, but just 9% of my AGI and if they did put in $500,000 in my retirement plan, it sure would be more than what I'm receiving to date.
I read the charts from the link and it doesn't appeal to me. Anyway, I never had the extra money to put in towards an annuity retirement plan for my wife, since she already has a Survivor's Benefit Plan (SBP) from my employment with the U.S. government upon my demise.
Even if I were to save $500 to $1,000 a month with interest for 30 yrs it still wouldn't even come close to $500,000.00 and or $2,000 a month. JMHO since I'm not a bean counter.
Any bean counters on here in the know of annuity retirement funds?

Art, just a re(tired) Fil-Am:
As I already mentioned in my previous posts, when we arrived here in 1998, my monthly U.S. government pension was only $1,700 a month, not enough to retire on and still live in N. California.
Luckily back in those days the dollar to peso exchange rate was around P50 to the dollar, meaning that my meager $1,700 a monthly pension came to P1,020,000 a year and the cost of living was pretty low at the time.
So yes, we were fortunate back in those days when the cost of living was still affordable, but now it has tripled somewhat and again I was fortunate that my U.S. government pensions also kept up with the increases with the Philippine local economy! Life is still good, for now! 

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