How to Retire in the Philippines

By Javier Simon/finance.yahoo.com – If you want to spend your retirement in year-round warmth with the backdrop of rain forests or beaches, the Philippines may be your ideal option. The cost of living in the Philippines dips significantly lower than it does in the U.S., and the government takes steps to make it especially welcoming to expats. But there are some pitfalls you’d want to avoid. This article provides an in-depth guide to what it’s like to retire in the Philippines. We’ll cover topics like costs, taxes, access to healthcare and safety. We can also help you find a financial advisor to guide you through the process of strategizing your retirement abroad.

Cost of Living in The Philippines

If you’re finding it hard to stretch your dollar in the U.S., you might want to consider the the Philippines for your golden years. Numbeo, a major database of economic conditions in different countries, reports that the cost of living in the Philippines is significantly lower than it is in the U.S. How much lower? Below, we compare the Philippines and the U.S. in terms of specific costs.

Rent Prices: 79.16% lower than in the U.S.
Consumer prices with rent: 59.19% lower than in U.S.
Restaurant meal prices 71.48% lower than in U.S
Grocery prices: 50.24% lower than in U.S.
Local Purchasing Power: 76.94% lower than in U.S

International Living, a magazine that extensively covers the costs of residing in different countries, reports that most expats can live comfortably with $800 to $1,200 a month. That includes housing and going out to enjoy what the Philippines has to offer.

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