Our Future Plans

[rdjlazo@yahoo.com]

Sorry to hear that Eda was diagnose with that disease. Early detection plus advances in treatment
have increase the chance of recovering without any worry of relapse. Regular check up is critically important.
Mr Lee is right on investing in rentals as long  the property is in good shape and location must be as important. I was thinking of doing that too when I get there in March 2010. Also think of owning
vacant land for future increase in value and the managing is but paying taxes and clean up from
time to time. (You only buy this vacant lot if the price is right) 1/2 price or less should be your policy
when you are buying. As you go on you will find out how to price these houses and vacant lots.
It should be your price or you are not buying.

Best regards to all and happy happy  new year too. 2010 welcome

[c_a_p_t_a_i_n_r_o_n]

If you really want a solid investment vacant land with waterfront access is the way to go

Priced doubled after holding for 2-5 yrs from early 80s to late 90s
I bought and sold 9 properties in this timeframe (admittedly not in Philippines)

But like the guy who turned me on to this type of investment said \"God ain\'t making any NEW waterfront land and when supply decreases, price increases\"

Now it\'s not a gambit for small investors as waterfront property don\'t come cheap (and it won\'t get any cheaper).

[GregW]

Billy, my thoughts and prayers are with you and your asawa now too.

I vote for the rentals.  My asawa and I plan to do the same. 

[aerosick]

Thanks for all of your concern and well wishes! Eda doesn\'t know that I posted this yet, but when I tell her, she will appreciate this.

I posted this personal information as just an example of how things can turn on you quickly and just to get this Topic started. I see a lot of good ideas and many plans in place.

More to come???

Billy

[c_a_p_t_a_i_n_r_o_n]

Good luck Eda & Billy

Happy New Year

[aerosick]

Thanks everyone! We\'re attacking 2010 at full throttle!!! 

Billy

[medic3500]

Aerosick,
Don't know why this popped up as a current thread but it did, hope all is well from the medical side. As for taking a lump sum think very hard about it and way the problems that can arise. I took the lump and got screwed twice over loosing almost 50% in taxes and penalties. One of the worst mistakes I ever made on bad advice from a so called money/tax expert. I'm still hurting from it and will for several more years.

[iamjames]

An interesting thread. I hope everything has turned out OK for Aerosick and Eda.

The topic is interesting because it touches on an area of great concern for any responsible minded man retiring to the Philippines. In the majority of cases we have wives or GFs who are younger in years and we are concerned about their futures when we are gone to the happy hunting grounds. Their financial security (and especially any children involved) should be our priority concern.
My suggestion is that we help them become independent by sponsoring studies for a good qualification and employment. The best legacy we can leave is education and self sufficiency. 

[Art, just a re(tired) Fil-Am]

Men who have married a Filipina or of any nationality 10 to 15 yrs younger than themself, will surely have their wife and children's future in their best interest that they are well provided for, because it's just in our human nature to do so as being responsible individuals!
When I got married, my wife was 15 yrs younger than I, but her parents were just a few yrs older than myself, which was a plus, because after 3 years of marriage, my wife got her U.S. citizenship and petitioned both of her parents into the U.S. where they were still able to work!
To make a long story short, just within 7 yrs from the time her parents arrived in the U.S., they were both gainfully employed and independent and both became U.S. citizens in their right and were then able to petition my wife's younger sister and niece into the U.S., who has graduated from nursing school and currently working.
So, we moved and retired to the Philippines and they too retired with their SSA benefits, but stayed in the U.S. with my wife's sister!
It's great when a plan comes together! We've lived here in NCR Luzon for 17 yrs now and my in-laws are still doing fine in the U.S.! Her Dad is still working part-time, because he likes to work to keep himself active at age 72 and he likes the extra money to spoil his grand daughter! 
BTW, they're now the ones sending us a Balikbayan box every year for Christmas!     

[paulgee]

An interesting thread. I hope everything has turned out OK for Aerosick and Eda.

The topic is interesting because it touches on an area of great concern for any responsible minded man retiring to the Philippines. In the majority of cases we have wives or GFs who are younger in years and we are concerned about their futures when we are gone to the happy hunting grounds. Their financial security (and especially any children involved) should be our priority concern.
My suggestion is that we help them become independent by sponsoring studies for a good qualification and employment. The best legacy we can leave is education and self sufficiency.

Yes, whilst we may be lucky in gaining a wife/gf some 10-30 years younger than us, the  downside for them is that they will likely be widowed one day and maybe cut adrift from all financial income.

Everyone here will have different circumstances, and act accordingly. Whilst Shirley will have a small continuing pension when I die we are planning and thinking ahead. We are putting money into education plans for her nephews and nieces, so they can continue onto college when they finish school. Without college education their employment options are much limited. And it is them that will be expected to earn to help all the family, as is the way with Philippines families.

Whilst there are downsides for expats  buying property in the Philippines (in their wifes/gf name) it does leave them with their own property when we are gone.

One option is to pay into SSS, so that whenyour wife/gf is 60 she will be intitled to a pension, based upon her contributions made. When we return later this year Shirley will inquire and restart her contributions. I don't know much about the contribution v pension rates but it is probably the easiest way to contribute to your loved ones old age.

[BingColin]

An interesting thread. I hope everything has turned out OK for Aerosick and Eda.

The topic is interesting because it touches on an area of great concern for any responsible minded man retiring to the Philippines. In the majority of cases we have wives or GFs who are younger in years and we are concerned about their futures when we are gone to the happy hunting grounds. Their financial security (and especially any children involved) should be our priority concern.
My suggestion is that we help them become independent by sponsoring studies for a good qualification and employment. The best legacy we can leave is education and self sufficiency.

Yes, whilst we may be lucky in gaining a wife/gf some 10-30 years younger than us, the  downside for them is that they will likely be widowed one day and maybe cut adrift from all financial income.

Everyone here will have different circumstances, and act accordingly. Whilst Shirley will have a small continuing pension when I die we are planning and thinking ahead. We are putting money into education plans for her nephews and nieces, so they can continue onto college when they finish school. Without college education their employment options are much limited. And it is them that will be expected to earn to help all the family, as is the way with Philippines families.

Whilst there are downsides for expats  buying property in the Philippines (in their wifes/gf name) it does leave them with their own property when we are gone.

One option is to pay into SSS, so that whenyour wife/gf is 60 she will be intitled to a pension, based upon her contributions made. When we return later this year Shirley will inquire and restart her contributions. I don't know much about the contribution v pension rates but it is probably the easiest way to contribute to your loved ones old age.

You need to look carefully into SSS, I don't know what the maximum payment is, but without that the pension could be very small. Bing paid in for 14 years before she left for the UK in 1988, but after we returned and she turned 60, she now only received P1200 a month, less than the annual increase of her UK government pension. We think there was some problem we the record of her payments, but it became too difficult to follow up.

[BudM]

SSS website has an online registration for individuals with a SSS number that allows them to access their complete record on history of payments and by who (employer), etc, etc.  Also with a few people I know, it turns out that some employers never made or for part of their work history, the payments were never made.  I know one lady in particular who worked at a factory, had gotten her SSS number about 1986, and has nothing showing on her record as ever being paid in. The most visible cases of this are Kasambahays.  With the crackdown on paying SSS, and the laws being updated on Kasambahay employment and reiterated in 2013, former Kasambahay employers can be held responsible for back payments all the way to some time in the 1990s.

Added:
Here is info on Pag IBIG which is also a mandatory employer and employee contribution.  I have yet to check out completely but from what I have seen so far, it might be a pretty good program to go and contribute extra to.

http://www.gov.ph/services/pag-ibig-services/

[Art, just a re(tired) Fil-Am]

Last year when my wife got her PhilHealth Plan and went to check out her SSS, come to find out her's and or her employer's contributions was showing "zero, zip, nada"!
In the mid 80s, She worked for Richard Gordon, Mayor of Olongapo City of all people! Go figure!
Luckily, my wife has "Survivor's Benefits" from my U.S. Government pensions upon my demise!
BTW, we have a housekeeper who comes in and cleans 3 times a week and gets paid on a daily P300 rate basis when ever she comes in, sometimes she doesn't even show up on her scheduled days to work, no big deal it's that much less out of my pocket per week or months! We are not obligated or have anything to do with her SSS contribution, since she is considered self-employed and it's up to her to contribute into her own "voluntary" SSS and PhilHealth account!     

[BudM]

Yeah, it is nice we can get them the survivor benefits on that.  Too bad they can't get our SS survivor benefits without living there for five years.  Oh yeah, your wife did, right?  Plus most of your pension comes from the older retirement system.  Mine is weighted about the same with SS since I paid in to that all my career under the new retirement system so yeah, I can get the survivor benefit on only the pension part.  I got the TSP for backup though.  Still, every little bit helps so if they got their own SSS and whatever else, I say, great.

[Art, just a re(tired) Fil-Am]

Yes my wife has "Survivors Benefits" on my U.S. Civil Service and Military pension, but I don't know about my V.A. though, but it's tied in with my Military pension! SSS is what it is when she's eligible at whatever the age limit is by then when she gets older, when I'm no longer around! She didn't work long enough to contribute into Social Security! Luckily our home here in Sta Rosa is paid for! We have nothing to go back to in Northern California, still too expensive there to live where I used to work at Travis AFB in Fairfield, Ca.! We would only consider going back as a last resort, but slim chance of that! Anyways, "Knock on wood"! Decisions, decisions, decisions!