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.
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FAQs
Cost of Living in the Philippines
Where do most retired Americans live in the Philippines? ›
Subic Bay: Subic Bay is one of the most secure places to retire in the Philippines. It has a large population of retirees and a well-maintained city environment.
How much does it cost for an American to live in the Philippines? ›
Cost of living in the Philippines
| Cost in the Philippines³ | Cost in the US³ |
|---|
| 0.5 liter of domestic beer | $1.26 | $6 |
| Monthly public transport pass | $10.14 | $70 |
| Utilities - monthly (basic) | $100.15 | $188.70 |
| Rent for a 1-bedroom apartment in city center | $324.40 | $1,708.27 |
3 more rowsAug 28, 2023
Retirement pay is an additional pay provided to a covered employee who is retiring. In the private sector, the ½ month pay in retirement pay is equivalent to 22.5 days. Retirement pay requires at least five (5) years of service.
How long will $100,000 last in the Philippines? ›
Cost of Living in the Philippines
If you live on $1,200 a month, your $100,000 could last about seven years.
How much do I need to retire comfortably in the Philippines? ›
International Living, a magazine that extensively covers the costs of residing in different countries, reports that most expats can live comfortably with $1,000 to $2,200 a month. That includes housing and going out to enjoy what the Philippines has to offer.
Can I collect my Social Security in the Philippines? ›
If you are a U.S. citizen, you may receive your Social Security payments outside the U.S. as long as you are eligible for them.
How much should I earn to live comfortably in Philippines? ›
Discover what Filipinos consider as an ideal monthly salary to live comfortably, ranging from P30,000 to P80,000.
Where is the safest place to live in the Philippines? ›
Davao is the largest city in Mindanao and is considered one of the safest cities in the Philippines. The city has strict laws and regulations, ensuring a peaceful environment and low crime rates. This makes Davao a great place to live for expats who value safety and security.
Is it worth moving to the Philippines from USA? ›
The Philippines is considered a good place to move to for many reasons. The country offers a warm climate, beautiful beaches, and a low cost of living. It also has a large expatriate community, making it easier for newcomers to settle in.
The cost of living is significantly lower in the Philippines than in the United States. The average cost of living for an individual is 72.4% lower than in the United States. For a family, the average cost of living is 68.9% lower in the Philippines than in the United States.
How much is a house in the Philippines in US dollars? ›
Average Home Prices in the Philippines
Small to medium sized houses (80 to 150 sqm) usually range from ₱3.5 million (about $63,000) to ₱5 million ($90,000). Larger family homes (200 to 400 sqm) average between ₱10 million ($180,000) to ₱20 million ($360,000).
What is the new retirement law 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.
What is the maximum Social Security pension in the Philippines? ›
Old-age pension (social insurance): The pension is the highest of: 300 pesos plus 20% of the insured's average monthly covered earnings and 2% of average monthly covered earnings for each credited year of service exceeding 10 years; 40% of the insured's average monthly covered earnings; 1,200 pesos with at least 10 but ...
How much is monthly pension in the Philippines? ›
The minimum monthly Retirement Pension is P1,200 if the member has 120 months contribution or at least ten (10) CYS; or P2,400 if with at least 20 CYS. A cash benefit granted - either as a monthly pension or a lump sum amount - to the beneficiaries of a deceased member.
Where do most American expats live in the Philippines? ›
Where do most Americans live in the Philippines?
- Metro Manila: The capital region, offering a mix of modern amenities, business opportunities, and international schools.
- Cebu City: Known for its vibrant expat community, beautiful beaches, and a more relaxed atmosphere than Manila.
Who are the older Filipinos? According to the Economic Research Institute for ASEAN and East Asia, 48% percent of the old population live in rural areas while women comprise 60 percent of this age group in the Philippines.
Where is the safest place to stay in the Philippines? ›
Davao is considered one of the safest and most enjoyable places to visit in the Philippines. According to the crime index, which is a range of zero to 100 with 100 being the worst, Davao lands at just below 28.
Where do most Filipino Americans live? ›
Roughly four-in-ten Filipino Americans (1.6 million, or 38%) live in California, with the highest concentrations in the Los Angeles and San Francisco metropolitan areas. Other states with sizable numbers of Filipino Americans include Hawaii (270,000) and Texas (208,000).
