Being an author and consultant on retirement in the Philippines
and living in the Philippines, the most common question I receive from
foreigners thinking about living in the Philippines is "can I retire on
$1,000 per month?" The answer is an emphatic "yes, you can". Below I
have listed the key elements of a retirement lifestyle which makes that
possible in the Philippines.
#1 LOCATE YOUR RESIDENCE IN A SMALLER RURAL CITY
Recommended are cities such as Butuan City, Dumaguete, Tacloban, Tagbilaran, Cagayan De Oro and the likes. These are active and vibrant cities with populations of around 200,000 plus - small, yet big enough to have western restaurants, night life, good communications, reasonable good health care, and certain western amenities. A western style apartment in these cities rents from between $200 to $300 per month.
#2 BUDGET YOUR MONTHLY FOOD EXPENSE TO $300
It is easy to live on a $250 per month budget in these cities, provided you limit your eating out at restaurants to two to three times per week. For a reference point, this $250 amount would translate to an equivalent of about a $700 to $1,000 per month food budget in the USA, depending on how much you eat out, and how quickly you adopt to the many wonderful Philippine foods available.
#3 HEALTH INSURANCE OR HEALTH CARE
You should probably figure on an average of $120 monthly for either heath care insurance or cash payment for health care services. Of course, this could be higher or lower depending on your specific health conditions. However, health care costs in general are significantly lower than in the western world.
#4 ENTERTAINMENT
This will vary person to person, but generally you can plan on $80 monthly for entertainment. This buys a lot of entertainment in the Philippines, especially in the smaller rural cities.
#5 UTILITIES
You can plan on approximately $50 per month for electricity (more or less depending on how much you run your air conditioner), $30 for a telephone land line, $30 for high speed internet service, $5 for basic cell phone service.
#6 OTHER ITEMS
Other expenses you will incur will approximate $150 monthly - for clothing, personal care, transportation, maid service, and others. Taxis and public transportation are readily available and cheap. One of the beautiful things about the Philippines is you can truly design your life to fit your income budget. The important thing in living in the Philippines is to do your research, based on your wants, needs and desires, and tie into someone who has gone before you and can provide you wisdom by guiding you through the array of questions and anxieties.
For more detailed information, I recommend you read my latest
book, "Retirement Living in the Philippines" which focuses on the matter
of clearly defining the lifestyle you want, the costs associated with
it, where to reside, how to budget for it, how to develop a side income,
if desired, and in general how to develop and execute a plan of action
to retire in the Philippines.
#1 LOCATE YOUR RESIDENCE IN A SMALLER RURAL CITY
Recommended are cities such as Butuan City, Dumaguete, Tacloban, Tagbilaran, Cagayan De Oro and the likes. These are active and vibrant cities with populations of around 200,000 plus - small, yet big enough to have western restaurants, night life, good communications, reasonable good health care, and certain western amenities. A western style apartment in these cities rents from between $200 to $300 per month.
#2 BUDGET YOUR MONTHLY FOOD EXPENSE TO $300
It is easy to live on a $250 per month budget in these cities, provided you limit your eating out at restaurants to two to three times per week. For a reference point, this $250 amount would translate to an equivalent of about a $700 to $1,000 per month food budget in the USA, depending on how much you eat out, and how quickly you adopt to the many wonderful Philippine foods available.
#3 HEALTH INSURANCE OR HEALTH CARE
You should probably figure on an average of $120 monthly for either heath care insurance or cash payment for health care services. Of course, this could be higher or lower depending on your specific health conditions. However, health care costs in general are significantly lower than in the western world.
#4 ENTERTAINMENT
This will vary person to person, but generally you can plan on $80 monthly for entertainment. This buys a lot of entertainment in the Philippines, especially in the smaller rural cities.
#5 UTILITIES
You can plan on approximately $50 per month for electricity (more or less depending on how much you run your air conditioner), $30 for a telephone land line, $30 for high speed internet service, $5 for basic cell phone service.
#6 OTHER ITEMS
Other expenses you will incur will approximate $150 monthly - for clothing, personal care, transportation, maid service, and others. Taxis and public transportation are readily available and cheap. One of the beautiful things about the Philippines is you can truly design your life to fit your income budget. The important thing in living in the Philippines is to do your research, based on your wants, needs and desires, and tie into someone who has gone before you and can provide you wisdom by guiding you through the array of questions and anxieties.
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