On Social Security! 5 Steps For a Great Retirement in the Philippenes!

Here are five steps for a successful retirement in the Philippines on Social Security

Dec 17, 2024

1. Understand Your Social Security Benefits
Before making any big moves, it’s essential to have a clear understanding of your Social Security benefits. Know how much you’ll receive each month based on your earnings record and retirement age. You’ll also need to set up direct deposit to a U.S. bank that allows international withdrawals. Some banks even partner with Philippine banks for easier access to funds. Being aware of your income stream gives you confidence to plan and live within your means overseas. Understand how you will be able to transfer money to yourself when your in the Philippines. Get and use a few apps with money transfer companies. World Remit is the one I use I also have Western Union as a backup. Find the one that works the best for you. Don’t be afraid to ask your banker for some info on international money transfers.

2. Budget for Your Lifestyle
Creating a budget tailored to the cost of living in the Philippines is key to thriving on Social Security. Research expenses such as housing, utilities, food, healthcare, and transportation, which are generally more affordable than in the U.S. Factor in additional costs like visas, travel back home, or any unexpected emergencies. Having realistic budget ensures that you’ll enjoy a comfortable lifestyle while staying financially secure, and possibly even saving a little each month. Try to budget less than your monthly income. Remember you will spend more the first few months as you settle into your new home. Have a start up fund saving and some money hidden for emergencies I call the get out of Dodge fund.

3. Explore Healthcare Options
Healthcare is often a concern for retirees, so it’s important to understand the options available in the Philippines. For more comprehensive protection, consider private health insurance, which is widely available and affordable. Take the time to identify quality hospitals and clinics nearby, particularly those with experience serving expats. Knowing you have access to reliable healthcare will give you peace of mind as you settle into your new life. Make sure you have a supply of the Meds you need b4 coming to the Philippines. You will need to find a local Doctor to prescribe the Meds you need to buy in the Philippines bring your old prescription with you.

4. Take a Recon Trip
Before committing to a permanent move, it’s wise to spend at least a month in the Philippines on a reconnaissance trip. Use this time to explore potential neighborhoods, test the cost of living, and experience daily life firsthand. Connect with other expats, visit local markets, and check out the healthcare facilities in the area. This trip gives you a chance to identify potential challenges and confirm that retiring in the Philippines is the right choice for you. This is something many Expats don’t do. A few dollar that you spend on a recon trip will save your thousands of dollars in the future and after returning home give you a chance to reflex and reconsider if moving to the Philippines is right for you.

5. Decide on the Right Location
The Philippines offers a variety of options for retirees, so choosing the right location is critical. Cities like Dumaguete and Cebu are popular for their balance of amenities, affordability, and vibrant expat communities, while Baguio offers a cooler climate. Consider factors such as proximity to healthcare, availability of housing, transportation, and your preferred pace of life. By choosing a place that aligns with your priorities, you’ll be able to settle comfortably and feel right at home. It is very important to find the right place to be happy and fits your lifestyle.

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