There's a lot of great information out there about retiring abroad. As the world continues to get smaller and smaller, retiring overseas is becoming a reality for many. Weather you're interested in Mexico, Portugal, or any other retirement destination, it's never been easier to consider retiring overseas.
Retirement in the Philippines
Investopedia recently ran a story entitled What Does it Cost to Retire in the Philippines? It's a great little guide on special retirement considerations for this island oasis. Did you know that the Philippines boasts more than 6,500 islands to visit? All told, the Philippines offer an incredibly affordable tropical retirement if you do your homework.
Here's what Investopedia's Sean Ross had to say about retirement in the Philippines: “If you like the sight of beautiful beaches and the taste of fresh seafood, all at unbelievably low costs, then consider the Philippines as a potential retirement destination. The small island nation – there are actually more than 6,500 islands in the Philippines, all told – is famous for its tropical weather, oceanfront property and easy access to the rest of Southeast Asia.”
Perhaps most attractive is the low cost of living; one U.S. dollar is worth roughly 47 Philippine pesos. By comparison, an American living a $3,500-a-month lifestyle in Chicago could live just as comfortably for between $700 and $1,200 a month in the Philippines. Of course, a lot depends on how you plan your retirement, too. – Sean Ross, Investopedia, 7/27/16
Crime in the Philippines
The Philippines isn't all sunny beaches and fun-in-the-sun… There is a crime element to be aware of. Organized crime can be something of a problem in the Philippines. Crimes such as prostitution, human trafficking and police corruption are also known crime commodities. For those reasons, it's better to stick to the nicer areas if you can afford to do so.
Cost of Living in the Philippines
Housing and transportation costs are relatively inexpensive in the Philippines. Author Sean Ross says in Makati, a comfortable three-bedroom home can cost anywhere between $75,000 to $200,000. Local intercity busses offer really inexpensive travel throughout town, but expect them to be really busy (as in – people hanging off the sides of the busses). 🙂
Food and clothing aren't particularly inexpensive, but beer and cigarettes are super cheap. There are many activities happening at night as entertainment options are plentiful. Healthcare is also inexpensive but naturally, the quality of those services can vary.
Top 5 Places to Live in the Philippines
For the right area, the Philippines is a great retirement option. Persquare.com.ph published a nice little list of The Top 5 Places to Live in the Philippines for Peace and Quiet. That list includes the following cities:
If you're a frequent traveler to the Philippines, or if you're considering the Philippines as a retirement option, we want to hear about it!