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Retiring in the Philippines offers financial freedom and a reduced cost of living, but requires careful planning regarding income streams, health, immigration, and understanding local culture to avoid pitfalls.
Mike, a 70-year-old expat, shares his journey of retiring in the Philippines, driven by dissatisfaction with dating in the US and the high cost of living. He emphasizes that while the allure of Filipino women was a factor, the primary motivations were financial freedom and a desire for a more fulfilling life. Mike arrived in the Philippines in 2022 after a lengthy preparation period, finding that the cost of living, especially housing, was significantly lower than in the US, making retirement more feasible.
He advises younger individuals not to postpone their dreams of moving abroad, stressing that life circumstances and health can change, potentially making the move impossible later. Mike highlights the importance of having consistent income streams, such as online work or investments, to sustain oneself in the Philippines, warning against the misconception that one can live comfortably on minimal savings without income. He also points out common pitfalls like underestimating immigration complexities and the challenges of repatriation if circumstances change, advising thorough preparation and realistic financial planning.
Mike discusses the economic advantages of being in a committed relationship in the Philippines, where a partner can manage household expenses and reduce costs associated with daily living, such as cooking and shopping. He contrasts this with the expenses of a bachelor lifestyle, which can double costs when traveling or maintaining separate arrangements. He also touches upon choosing a suitable location, suggesting that while Dumaguete is good for settling down, younger individuals seeking more nightlife might prefer areas like Cebu or Alona Beach. Ultimately, Mike finds greater happiness in the Philippines due to financial freedom and reduced stress, allowing for a more relaxed and enjoyable life.
Retiring in the Philippines as an expat offers significant financial freedom and a reduced cost of living compared to Western countries. Many expats are drawn to the opportunity for a higher quality of life with less financial stress. It's an attractive option for those seeking a more fulfilling and less expensive retirement.
The cost of living for expats in the Philippines is generally much lower than in many Western countries, especially concerning housing and daily expenses. However, it's crucial to conduct thorough discovery trips to understand actual costs beyond vacation-mode assumptions. Stable income streams are vital to sustain comfortable living.
Planning your retirement in the Philippines as an expat involves securing stable income streams, prioritizing health with necessary check-ups and insurance, and understanding immigration laws to avoid legal issues. It's also wise to conduct extensive research trips to assess living costs and local culture realistically.
Common pitfalls for expats retiring in the Philippines include underestimating the cost of living, not securing stable income streams, neglecting immigration compliance, and failing to prioritize health and medical insurance. It's also important to manage expectations regarding relationships and local culture.
Many experienced expats advise not to delay your move to the Philippines, as life circumstances and health can change, potentially making the transition impossible later. Seizing the opportunity for a better quality of life and financial freedom sooner rather than later is often recommended.
Mike suggests that a consistent income stream, rather than just savings, is crucial for retiring in the Philippines. While some comments mention figures like $1,500 or 70,000 pesos per month, Mike emphasizes realistic financial planning and warns against underestimating expenses. He advises having enough income to live comfortably and cover potential costs, especially health-related ones.
The video discusses retiring in the Philippines, highlighting its lower cost of living compared to the US and the financial advantages of having a partner manage household expenses. One comment mentions Thailand as having cheaper hospitals and a lower cost of living, suggesting it as an alternative for managing healthcare costs.
Mike warns against underestimating immigration complexities and the challenges of repatriation if circumstances change. He also advises against the misconception that one can live comfortably on minimal savings without a consistent income. Thorough preparation and realistic financial planning are key to avoiding these pitfalls.
Mike strongly advises younger individuals not to postpone their dreams of moving abroad. He stresses that life circumstances and health can change unexpectedly, potentially making the move impossible later. Seizing the opportunity for a better quality of life and financial freedom sooner rather than later is recommended.
Mike discusses the economic advantages of being in a committed relationship in the Philippines. A partner can help manage household expenses and reduce daily living costs, such as cooking and shopping. This contrasts with the higher expenses of a bachelor lifestyle, particularly when traveling or maintaining separate arrangements.
0:02 The women dating in the US sucked. I can go live in the province, live in a bamboo shack, go down the river to take a bath. No, you can't. She's going to do everything in her power to save you money. I'm going to say no. We have the why not, ladyboy capital of Dumaguete. He picked the hottest day of the year to sit in the sun.
0:18 Hey YouTube, Alex here. I had a great time today with my friend Mike, Mike of Mike's Philippine Retirement. We sat down today for about 20 minutes to chat. Before we get into it, I want to let you know I was having some mic issues. We had to pass my mic back and forth. I also had mic cooking under the midday sun. You could definitely see the sweat pouring off of our faces, so I hope you'll forgive that.
0:44 But more importantly, I hope that you will enjoy the interview. Let us know what you think down in the comments. Thank you so much today, Mike, for joining us. We really appreciate the insight that you have to share today. I've got some questions for you that I think would really help my audience to better understand your process and how you managed to go from living in the US to now living the dream. Without further ado, let's go ahead and get into them.
1:08 Before we get started, could you take a moment just to introduce yourself? Well, thanks, Alex, for having me. My name is Mike, Mike's Philippine Retirement. I'm a 70-year-old expat retired here in the Philippines. Been married for over a year with my wife, Janet. We've been together for over two years. I got here in February of 2022 and, uh, live in the dream. It's some of the best times of my life I've been having here in the Philippines.
1:32 Excellent. Well, without further ado, let's get into our questions. What brought you here to the Philippines? That's a great question. I don't really know the exact reason. There are a couple reasons. One, one are the women. You know, I came here for the girls, man. I'm not going to lie about that. When I decided I wanted to come to the Philippines, it was 2015, and I made a two-year preparation to come here. It got extended to three, then some family problems came up and COVID hit. I wasn't able to get here until '22.
2:02 But the main reason was the women. Dating in the US sucked, and I did take a whole year and I said, during this year, I'm going to look hard for a permanent partner, for a long-term girlfriend, somebody to live with. And I couldn't find nobody, man. You know, you had the Walmart women walking around in their dirty sweatshirts and the dirty sweatpants, poop stains on the back end of it. And also the girls when you went to date them, so many were just looking for what I call dinner dates. They just wanted to go somewhere to have dinner, an expensive meal on somebody.
2:33 They would be on Plenty of Fish or they would be on one of the other dating sites, and they would just have multiple dates. And their whole purpose was just to get a free meal at a restaurant that they couldn't afford. Just couldn't find any good woman, and it's probably because the good ones are taken. You know, once you hit your 50s. And there was also that little thing in the back of my mind that said, am I ever going to sleep with a beautiful girl again? When is the last physical relationship I'm going to have? Is it going to be with someone a lot older, unattractive? I wanted somebody that was exciting physically.
3:06 I looked at the Philippines. I was married to a Philippine girl that was an American citizen. We visited a couple times back in 2000. I enjoyed the culture when I came here, and I decided, like I said, in 2015, I was coming. And the cost of living, I couldn't afford to live in the US anymore. In Las Vegas, my one-bedroom apartment, unfurnished, nothing in it, in 2017 was $1,500 US a month. That was, you know, a week and a half wages just to have a roof over your head.
3:36 I absolutely agree. I've had a lot of similar experiences. I think a lot of my audience feels the same way. What's the best insight that you have for a young guy? They see guys like you, they see guys like your friend Paul, that are living the dream, that, you know, they're financially independent, they're enjoying their life in the Philippines, they've settled down with a nice woman. What kind of insight do you have for these guys who want to get to where you're at?
3:59 Well, the first point with the younger guys, don't wait too long. Don't let life go by because, oh, I need to save this, I need to do this. If you have family responsibilities, you have things you want to accomplish back home, do those. You know, the Philippines is not for everybody, but come here for a vacation, man. If you can get a month off, come here and just travel as a young guy and enjoy the country. But don't let life go by.
4:23 I'm going to say 90% of my audience who are always thinking, I'm going to move to the Phil, they end up not coming. They end up not coming. Health issues, age, many different things happen that they don't make it because they're waiting till their 62, 65, 70 in some cases, because they wanted to get maximum Social Security. Don't waste your whole life waiting. I so much wish I could have came when I was in my mid-50s. I financially could afford to come here back then, but I didn't. You know, I said, oh, I got to reach retirement age first. I got to have Social Security.
5:00 Yes, you need to have money to make this move, but don't let that be the one thing that makes you miss the opportunity. Yeah, Mike, I think that's such a great point. I mean, some guys, I think that they get in this tomorrow, tomorrow, tomorrow mindset. They may think, oh, well, you know, I spend $4,000 a month here in the US, I need $4,000 a month over there. When the real number there may be half that, right? They may do just fine with $2,000 a month.
5:26 They may feel like, well, I need $4,000, but that's because I've got to make a truck payment, I've got to make a big mortgage payment, I've got to set aside money for my homeowners insurance. These things you don't have to have over here. No, you got to have some sort of income. You can't come over here with nothing. And there's many horror stories of people who have $30,000, $100,000 in the bank, and they make the move here, but, you know, it's like a sieve in an hourglass. It's draining if you have nothing going in.
5:54 So you got to have some income streams. You know, YouTube, investments, digital nomad, who work online for a company in the US is a great way to go. But don't let life pass you by. Don't let life pass you by. And it's like buying a house. When I bought my last house in Las Vegas, it was, well, I want to save some more money to buy, buy the house. Well, I saved another $5,000, but the price of the house went up $10,000.
6:21 You know, you're saving, you say I need this much, and I need this. Maybe you never catch up to the inflation or what you can save. You can definitely come here for $1,500 a month if you're a thrift person, not wasteful. And you take your time, you can live on a thousand as a traveler. You know, you're not going to live in the best hotels, you're not going to live in the best apartments, but you'll be able to see the cities, the towns, and then go back home and make your decision on what you want to do.
6:47 Absolutely. These are all great points. What are those pitfalls that you've seen that some of my subscribers need to be mindful of? Well, health issues are the number one thing that are going to take you down. You come over here, if you break a leg, you can get that fixed. It's not that expensive. It's, it's those life-threatening injuries that will cost you a lot. Take advantage of any insurance policies you have back home. Go see the doctor, get all these taken care of.
7:12 Money can buy you out of a lot of problems here, and the biggest issues people have here are with immigration. You know, there are more people in jail for overstaying their visa as a foreigner than there are for, you know, foreigners who commit crimes here. It's the number one reason foreigners end up in jail is overstaying on your visa.
7:30 And when you get here, you're not smarter than everybody else. Yeah, you're smart, you know what you're doing, but these people have street smarts. They live here. What they do every day is what you don't do every day. And a lot of people think, oh, I can live like a Filipina, you know, or a Filipino on $400 a month. I can go live in the province, live in a bamboo shack, go down the river to take a bath.
7:51 No, you can't. That might be fun for a weekend camping trip or something, but for a lifetime, that's something you can't do. But the biggest problem is not having an income stream. You have to have money coming in. I don't care how old you are. And if you have an online job or way to make money online, make sure everything's in place and you received a couple months worth of checks in so there's nothing that you have to worry about. Because correcting problems here that happen in the US is hard. There's a communication lag, there's mail lag.
8:23 Everything, and sending something FedEx is expensive, from $100 to $200 to send some notarized letters. So, uh, be prepared. Have an income stream. Make sure you're healthy enough for this, and you have the time. Don't come here rushed. Make and slow down when you get here to the Philippines. Get off that plane, slow down, go to your room, take a shower, take a nap, and then go out there. Don't hit the streets tired the first day because you're so excited, the adrenaline's everywhere, and you just need to slow down.
8:54 Meet people, meet girls online, do all that stuff. Enjoy your life. What's the point of working so hard if you cannot enjoy your life? I don't care if you're 20, 30, 60, 90. My friend Jerry and, uh, Sau, he's over 80, and he found himself a beautiful girlfriend. He's happy as can be. He's the happiest he's been in his whole life, and he's 80. He so much wishes he could have done that at 40. So if you have the opportunity and it's something you can do and you can afford, think it through.
9:22 But man, don't let time go by. These tips are so helpful, Mike. I think that it's very easy to get trapped in the mindset of tomorrow, tomorrow, tomorrow. I've talked to a lot of people back home that not even in the context of coming to the...
9:35 Even in the context of coming to the Philippines, they always just delayed gratification and they're always thinking about the future. Eventually, they run out of the future, maybe they come down with a health problem, and then the Philippines is off the table. Where before they would have been fine to come over here, maybe they would have had a five-year or ten-year run, now it's maybe they can come for a couple weeks, maybe they can come for a month.
9:57 The next question that comes to my mind, and we talked a little bit about this the other day, you told me emphatically, 'I would not be able to repatriate on just $10,000.' What do you think is a reasonable amount? Let's say a guy comes over here, he's got his $50,000, maybe he's got his $1,500 a month. For whatever reason, his $1,500 a month business slows down, it shuts off. What do you think is a reasonable amount of money to repatriate to your home country?
10:25 You just have to do the math. You have to deconstruct it and go backwards. You need a place to live, so say it's an apartment. You're going to need the first month's rent, you're going to need a security deposit. You're going to need to buy a used car to get around town. All these things that you sell and give up, and I recommend people, if you have a house or condo or something in the US, don't sell it until you're sure you're here forever. Rent it out, get a management company.
10:53 But I think to repatriate, that is the number one reason a lot of guys don't go home for medical issues. It's they have nowhere to live. They have to fly home, you've got to get a place to stay, you've got transportation to and from the doctor, you've got to get admitted into the hospital. The cost is just so great and overwhelming that they don't go back home for medical treatment.
11:12 So everybody says, 'Oh, I can go back to the States if I have a medical issue.' Not really. Can you afford to go back? That's a great question. And as a person, you have to decide, do you have family that you can go back and live with? You're going to crash on their couch. Yeah, they're going to love you for a week or two, but at some point, they're going to say, 'When are you leaving?'
11:32 So yeah, that's a great point. Think hard about what we call an exit plan. You have to leave. You know, maybe you have a girlfriend, and then you have a fight, and her brother's mad at you, and you've got to leave the island. That's a legitimate problem. You need an exit plan to get out of the island that you're on, or even the country. And this goes for staying in Thailand or Vietnam, anywhere you go, same things apply.
11:55 Absolutely. I think that's a great way. It varies by person, right? What one person needs to repatriate isn't the same as what another guy needs. We've got a few more for you here, Mike. We do want to be respectful of your time. You're a married man, and a lot of guys are saying, 'Oh well, I can't afford to have a relationship here for whatever reason.' They've made that calculation. What are some of the ways that you feel make it more economical for you to be in a relationship versus you having lived the bachelor life?
12:21 If you're traveling, if you're not setting up shop in one town, there's no advantage. You're traveling, everything costs double. You've got to buy two meals, maybe have two motorbikes, or she rides on the back of the other one. You've got to buy two ferry tickets, everything's double, two plane tickets. But if you settle down and you pick a home and you have a girlfriend, she's going to do everything in her power to save you money.
12:46 Just think of the cost of a maid, of a cook, someone to go shopping for you. All these things are eliminated because your girlfriend, that's her job. And finding the right partner, you find a partner who knows what everybody's job is. My job is a man's job to support the family, bring in the income, and guide the family in the right direction. Janet's job is to take care of the house, take care of the family, make sure the fridge is full, the house is clean, the clothes are washed. She takes care of all those things.
13:17 And when we travel, she pays so we don't get any, what people call, skin tax. And my habit of over-tipping, where I would over-tip a cab driver all day long. But Janet, no, she tips the right amount because this is her country. There's no shame in letting her handle the daily cash. And when you find the right partner, everything goes right for you. And that's the same thing back home, you know. You find the right wife, and you have a great life together. That's the same thing here.
13:42 There are many bad apples, many bad girls that you can choose. I would rather have a girl that is a six, but her heart is an eight, so I've got a 14. Then give me a 10 that is terrible. You know the old saying, gorgeous on the outside and trash on the inside. Stay away from those.
13:58 I think that's such a powerful point in looking for somebody with good character, because in my opinion, character lasts. It's something that's going to be with you for a lifetime. It's much better to select for character than some superficial quality.
14:14 Is it very popular for guys who are retired? Should young guys choose Dumaguete? I'm going to say no. One thing, if you're good financially, you want to see all these islands. My age is starting to hamper where I go, so I'm limited to how much traveling I do. But if you want to travel a lot, you want to go somewhere different. And if you like nightlife, Dumaguete does not have a nightlife.
14:37 We have the ladyboy capital of Dumaguete. You know, but the boulevard is where the action is. Where we're at right now, it's hot, it's under the sun. But at night, this place is cooking. The lights are on, the food is being served, the young people are out here enjoying music, enjoying life.
14:58 A landing spot would be the Cebu IT Park area, the IT mall area, IT Business Park. Get your feet wet, get used to the Philippines. If you need a home base, you want to travel out, yeah. I think you can make Dumaguete work. We have a nice seaport, we've got an airport, easy to get places. But probably Cebu or even Alona Beach area, I would pick as a place for a young guy.
15:21 Alona Beach is very active, very big nightlife. All the girls that live on the island of Bohol that don't go to university and don't have a good job, they seem to head down towards Panglao and Alona Beach to make a living and look for a boyfriend. So there's a lot of young girls there, not young below you know, 20 and that, but women of the proper age for young men.
15:45 Yeah, I think that's a great point. You know, here in Dumaguete, it's great once you're committed, you're ready to settle down. You want a place with your Western-style restaurants, you want a few shopping malls to select from. But you don't want to be sitting in traffic, right? You're not looking to be stuck in major metro city traffic and waiting in line for an hour at the bank.
16:04 Some of these things that do happen in any big city around the world. So super helpful. And then I've got one final question for you. In what ways are you happier here in the Philippines compared to being back in the US?
16:16 Well, thanks for having me, Alex. He picked the hottest day of the year to sit in the sun. Just joking. Financial Freedom. Financial Freedom. And this is what drew me to contact Alex. I wanted to talk to him when he was even in Vietnam and out of the country. Some of his blogs, the stress relief from financial pressure. You know, you guys know this. You know the car insurance that you work, and you're hoping. It's not really how much you make, it's how much you can save.
16:45 It seems like everybody's pulling at your money in the US, and it's not dollars they're pulling at, hundreds and thousands. Look at the cost of a new truck. If you want to buy a brand new truck, I mean, $70,000, $100,000. Outrageous numbers. I bought my first house for those prices back in the day. But the financial freedom, the stress relief. I know that if even on $2,000, if things happened and I wasn't going to get another check for a month, you know, the government shut down and said I'm not going to get a check, I could stretch that $2,000 for two or three months.
17:16 Me and Jan just hunker down at home, do walking trips, close trips to home. There's no pressure here. My bills here are my rent, my electric, my water, and of course, my cable TV and internet. After that, I don't have any bills. I go get food, you know. And if we couldn't afford food, Jan, we'd go to Janet's family. You know, they would have rice, they have chickens, we could get everything we need.
17:39 The financial freedom, the stress relief. And I had this discussion this morning with somebody. Guys are coming here and they're really out of shape and they've lost 100 pounds since they've been here. God bless them. That's such a lot of weight. But they're feeling better now. Are they feeling better because they're exercising and they're losing weight, or has this all come around because now they don't have the stress from back home and they can take a deep breath and not worry about their bank account?
18:03 Did that check bounce or this happen? They can just go about their daily life, worrying about their physical health, enjoying their partner, and enjoying the relaxation of the Philippines. And this goes for any country that you move to. You know, you have to pick a country that will give you the financial freedom with the cost of living. Some people can afford more, they want to retire in Paris, France. They want to retire in London.
18:26 But a lot of guys want to retire in Costa Rica or Brazil, Brazil or Argentina, Cambodia. All these different places. You can find the country that fits. But don't be afraid to take that trip, a month minimum, to go hang out and make sure you like what you see.
18:39 I think that's such a great idea, taking that discovery trip and living comparable to how you'd actually be living there, not just thinking, 'Okay, I'm in vacation mode, so I'm going to live in vacation mode.' But what does my grocery bill look like?
18:52 But what does my grocery bill look like when I go down to the market? What is a month-to-month rental price? How much do I spend on electricity? These are all important questions that you need to be able to answer to get a sense of how much you're going to spend.
19:03 So yeah, thank you so much for joining us today, Mike. It's been so insightful. I think that you're, in my opinion, coming out with this how-to guide, the step-by-step process. If you go through and you watch Mike's videos, you'll go from zero to ninety in terms of your understanding of what it actually takes to live over here.
19:21 And you'll be able to get a sense of what that looks like, what success looks like. So, I can't thank you enough for taking time today to join us, Mike. Yeah, really appreciate your time.
19:30 No problem. I'm going to put a little plug in here. Go check out my channel, Mike's Philippine Retirement. And if you're interested in the Philippines and the cost, just go to my playlist under budget, and you'll look at I got some good budgets.
19:40 And I also have the single guy Common Sense budget, which is $1,500 US. And you could live in a $600, $700 a month apartment and live on that on that budget. But Alex, thanks for having us.
19:52 Thanks so much, Mike. Until next time, we'll see you next time.
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