The Grand Canyons

Is it a Good Idea to Retire in the Philippines?

Posted In Travel - By The Grand Canyons on Wednesday, May 10th, 2017 With No Comments »

Retiring coupleIs it a good idea to retire in the Philippines? The short answer is: yes. A lot of foreigners are coming to the country to make it their second home, because of the beauty of the place and the numerous benefits living in the country entail.

One way to make your golden years here even better is to purchase local retirement plans. Although GMA News Online reported that many Filipinos are not devoting enough time to planning and saving for their retirement, your foresight will serve you well. Health insurance providers are readily available in the country, so your options won’t be limited.

What are the other great things about retiring in the Philippines, though?

Enjoying the Low Cost of Living

The main appeal for retirement in the Philippines is the country’s relatively low cost of living. From food — which you will always find in abundance — and housing to public and private transportation, you’ll be glad to find that you won’t have to shell out as much money like you would elsewhere.

Likewise, labor costs are reasonable. Finding and employing hired help you can count on won’t be a hardship in a country as welcoming as the Philippines. Living in the country, therefore, won’t burn through your retirement funds.

Pensions, Insurance, and Retirement Plans

There are a lot of extended Filipino families living under one roof — it’s a vital part of their culture, after all. If you’re lucky enough to be adopted into one of these large families, finding someone who you can lean on is as easy as calling or visiting the next house over. Filipinos don’t neglect the elders in their family, and they’ll be sure to see to your comfort if they consider a part of it.

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If you still prefer to maintain your independence, that’s alright as well. You can choose not to always rely on the younger members of the family financially and pay for your expenses when you retire.

Retiring to the Philippines is a good idea, especially if you’ve saved up for the future, established local ties, and have a local insurance plan to fall back on. You get to be present on special family occasions and live comfortably without any worries.