Going back home to the Philippines to retire

Hi and welcome to the forum James !

Hope other members will be able to advise you soon

Regards
Armand

i sent you a pm jim

Hello James,
    I am married to the Filipina too (US citizen). We are moving in a couple of years too. We own property in Batangas (Lots) and also Cavite (Townhouse). We are just now setting up our retirement accounts here in the US. We need a US bank and a US address for our direct deposits of our income of our SS and Pensions which will be taxable income. We are looking to “move” to a favorable tax state after we sell our California house so not to lose so much in taxes. Federal tax is going to be taken and will have to file a federal tax statement on the earnings but will be so much less since we will not be working. We estimate we will be needing around $2,000.00 US to live so will be keeping as much in an IRA as possible. We are having a Financial Advisor handle that so we will be able to move the money as easily as possible.
  I also looked into medical insurance but through a foreign company. I did not look into any in the US. I would love to know what you found and how much was the cost. I was quoted around $200.00 but I am not sure what the coverage will be. I guess that is all I can give you as far as information. Love to talk to you more about moving? Are you moving furniture, appliances and anything else big? DO you have a mover? Let me know if you have any ideas too! Thanks, Terry

Terry   Thx for  the input. My Filpina  came from Davao city a few years ago, finaly got her and the kids immigrated here fro Davao City

We're both stacking away what we can finacialy here. May need to put enough away to put a large down payment on a place there in a devlopement -  then pay it off once I sell my condo  here. Trying to get my hands on a small working farm thats a distressed sale in the family,  just  to keep it in the family

I found 1 bank called ING Direct (to direct retirements into)that seems to be pretty good - a lot of online capabilities to move finances + paying interest on finances stored .  As a second bank I'll be using Metro bank of the Philipines that has a  subsiary in New York city ( I live in Conneticut) to move funds into for "home".

With the iras company retirement and ssn - todays #s are 2000 - 2500 which should readilly cover expensise with left over considering today's exchenge rate -  I'm all working on setting up 3 bussiness there  to add a small stipend  to the pot

We usually send "care' packages home  the a  shipper called Will express, and ther is a # of others around here we use to ship by cargo ( takes about 60 days to show  there). I'm planning on sending home some essentials by this method - kitchen items, clothes  some of my home entertaiment,  items related to work there -  then sell out  to the walls here-  not shipping furniture or cars
Medical  - I thing I'll be using Anthem Blue cross,  Looking into Cigna International to cover a faminy of 6, will be quoted under my wife for lower rates
Basically thats where I'm at for now -  please keep in contact

James,

I would consider slowing down all of your plans to buy property and business until you have lived locally for a few years. There are lots of issues with living too near your wifes families, way businesses go bk after short period of time. Take it easy, rent and really look into things because your income really is not that great ($2k) and will have to budget wisely. Look into a lot of the other forums and they can give you a lot more advice.

Hi James and Terry,

Mabuhay! I am glad that you are taking the time to make your preparations for your family to move back here. When I went there 13 years ago, married to a Californian, never thought I will ever go back again. But, we all know, things have changed dramatically during the last three years. Anyway, I will have to get back to both of you to more detailed information in terms of International Insurances that will be available here, what to do with your investments so that you can get higher returns, how to take them out of the US safely, how to pay your taxes, what forms you need to submit whether you like or not, how to minimize your taxes and establish your estate planning later on. Please give me a week or so, I am just in the middle of a cut-off period tasks that I need to deal with and I will send you all the information that you will need. One thing that you can do though, is really discuss with your wife whether you really want to live in Mindanao

Pinaymentor