Retirement is a chapter of life that many look forward to. It’s a time for relaxation, but also adventure. Retiring abroad is a popular move for seniors, as you finally have the time and savings to travel and discover a foreign country. With a literal world of options, it’s hard to choose. Consider the Philippines, an archipelagic Southeast Asian country situated in the Pacific Ocean. With over 7,000 islands, the geography ranges from beaches and tropical rainforests to volcanoes and mountains. The Philippines is among the top 25 countries to retire to on International Living’s “The World’s Best Places to Retire in 2018.” It scores 90 for cost of living, higher than its 2017 score of 85. Other high scores for the Philippines from International Living’s Annual Global Retirement Index for 2018 are 96 for fitting in and 94 for entertainment & amenities.
Continue reading below to see our calculation on how to retire to the Philippines for $100,000.
Cost of Living in the Philippines
The Philippines has a generally low cost of living. International Living reports that you could comfortably live on $800 to $1200 a month, covering housing, utilities, food, healthcare and taxes.
If you live on $800 a month, your $100,000 can spread out to about ten and a half years. If you live on $1,200 a month, your $100,000 could last about seven years. The average worker’s Social Security benefit for 2018 is $1404 per month. Your monthly benefit alone could cover your basic living expenses, giving you some comfortable wiggle room for using your savings.
Obviously, your monthly housing payment will depend on where you live and in what kind of space. The average monthly rent for a one-bedroom apartment in the city is $228.94; go outside the city and that average is $124.77 per month. A three-bedroom property in the city has a monthly average rent for $394.53 and outside the city is $240.59. Something important to note is that non-Filipinos cannot own land, but they can own property. Thus, buying a condominium would be your best bet if you wanted to own your place.
Living in the Philippines as a Retired Expat
Perks for expats include a government agency dedicated to retired expats, and the surrounding culture is welcoming to foreigners. Other incentives for 60+ expats include:
- Duty-free import of $7,000 worth of household goods
- Exemption from airport travel taxes
- Your retiree visa does not expire, and you can leave and return to the country without having to reapply for residency
For a more complete list of what benefits are offered to senior citizens in the Philippines, click here.
Live Like A Filipino
The best way to spread out your savings across your entire retirement is to embrace the local lifestyle. Don’t spend like you’re on vacation, where you might be more inclined to splurge here and treat yourself there. Live, and spend, with the mindset of a citizen in your new country. Find the local markets for your grocery shopping, then cook at home. Avoid the popular shopping centers where prices may be jacked up because of tourists. Limit your entertainment spending and outings to a few occasions. All of these saving tricks are rules you’ve known and followed at home, so apply them to your new home in the Philippines.
Moving to the Philippines
Ready to start your retirement in a beautiful tropical country? Schumacher Cargo Logistics now ships to the Philippines! You can trust us to move your items and vehicles safely and efficiently, while you relax and enjoy your retirement. Check out our guide to make the move and start retiring to the Philippines today.
More Reading
FAQs
Cost of Living in the Philippines
The Philippines has a generally low cost of living. International Living reports that you could comfortably live on $800 to $1200 a month, covering housing, utilities, food, healthcare and taxes. If you live on $800 a month, your $100,000 can spread out to about ten and a half years.
How long could you live in the Philippines on $100000? ›
That is approximately 5 million in Philippine peso... If you live on a thousand pesos daily and pay rent and bills at 7 thousand monthly that would be 37 thousand a month... That amount would take you to 10 years just on cost of living... No luxury purchases of a house or car or jewelry...
How much money do you need to retire comfortably in the Philippines? ›
For those aspiring to establish permanent residency in the country, International Living recommends retiring in the Philippines with $200,000 in savings, at the least. Without further ado, let's check out the best places to retire in the Philippines in 2023.
Can I retire in the Philippines as a US citizen? ›
You are free to apply for a Philippines retirement visa through the SRRV program if: You are at least 35 years old and deposit at least $50,000 in a bank account in the Philippines; or. You are at least 50 years old and have a pension.
Can I collect my Social Security in the Philippines? ›
Most U.S. citizens can get Social Security benefits while visiting or living outside the U.S. Find out if you qualify, how to apply, and who to contact to get help.
Is $100 a lot of money in the Philippines? ›
$100 would be lots if you're dining and shopping in say, SM / Greenhills but sadly won't be if you go to Greenbelt and the like. Yup that's per person...and that's how much I think I"m bringing. Not sure what my friend's budget is but I would think it would be the same.
How long will $200,000 last in the Philippines? ›
If you live an average life by spending Php 500,000, your $200,000 ( around Php 10,000,000) would last you around 20 years. It is definitely not a luxury life, but you will be better off than the average locals. A millionaire.
What is the average net worth of a person in the Philippines? ›
In 2022, the median wealth of every adult in the Philippines amounted to 3,155 U.S. dollars, indicating an increase from the previous year. The median wealth per Filipino adult fluctuated between 2012 and 2022.
What is a good salary in Philippines? ›
Of course, it is not reasonable to provide a definite sum that can be accepted as a good salary in a given profession. Anyhow, we can make an assumption based on the latest estimated cost of living. A good salary already in the Philippines can go anywhere from 41,300 PHP to 62,600 PHP.
What part in the Philippines is best to retire? ›
City of Manila
Naturally, the country's capital is among the best places to retire in the Philippines. Priding itself with bustling city scenes and a dynamic population, the City of Manila is among the top targets for retirees because it is complete with everything they need in life.
Today, the Philippines has around 7.6 million Filipinos aged 60 and above. The SSS provides a monthly pension of approximately PHP 5,000–18,000 ($90–$320) to retirees.
What is the retirement rule in the Philippines? ›
RA No. 7641, commonly known as the Retirement Law, grants an employee retirement benefits upon reaching the age of 60 years but not beyond 65 years, which is the compulsory retirement age, provided such employee has served at least five years and the retirement benefits are availed of only once.
How much bank balance is required for Philippines visa? ›
The bank balance needed for the Philippines visa is around $1000. The bank should be at least $1000 and not any less. The Philippines Embassy has decided upon this amount. If you apply for a Philippines tourist visa, you must have at least $1000 in your bank account.
Where do most Americans live in the Philippines? ›
But if you're still deciding where to go, here are a few of the most popular cities to live in the Philippines as an expat:
- Manila.
- Makati City.
- Cebu City.
- Baguio.
- Tagaytay.
- Davao.
Fees
| processing fees main applicant | $1,400 |
|---|
| other fees | $360 (Annual fee, covers 3 family members) |
| total fees main applicant | $1,760 |
| processing fees spouse | $300 |
| other fees | $360 (Annual fee, covers 3 family members) |
11 more rowsIn the Philippines, you can be considered “rich” if you earn at least P182,000 and up each month. You are “high income” if you make P109,200 to P182,000; “upper middle income” if you take home between P63,700 to P109,200; and middle class if you earn between P63,700 to P109,200 each month.
What is the average pension in the Philippines? ›
As a result of all this, studies show that as of 2022, the average MUP pension is about P40,049 a month. That's nearly 9 times as high as average pensions under the SSS (P4,528), and nearly thrice the average pensions under GSIS (P13,600).
