I am retired from my job in the US but I am only earning about $1200 a month.?

Question

If I move to the Philippines and have this money forwarded, will it be enough to live on? Will I have to pay taxes on it both in the US and Philippines?

Answer 1

Living with a budget of equivalent to $1,200 in pesos is workable, depending on where you'd settle in the Philippines and your lifestyle. If you would live in Manila, that may not be enough. Cost of living in Manila in higher compared to other cities.

On your question whether you would have to pay taxes, you may refer to this link http://www.livinginthephilippines.com/taxation_law.html

Good luck and may you be guided accordingly.

Answer 2

That would be roughly Php 60,000 a month which is a lot to live on in the Philippines considering that a recent government study found out that a minimum of Php 21,000 can support a family of 6! The Philippines is also encouraging retirees to settle in the country. In fact, it has become an industry that has attracted a lot of Koreans and Japanese. I am sure a lot of North Americans will also be encouraged to move in. For more info, I suggest you search the Wow Philippines website, as well as a plethora of other Philippine websites that will cater to your retirement needs. For starters you can browse through www.livinginphilippines.com. Cheers and hope to have you here soon!

Answer 3

Well, you can live comfortably with $1200 in the Philippines. I know rent alone in the US is very expensive. As a general rule, you won't be taxed twice for your retirement money or for any employment income for that matter.

Welcome to the Philippines.

Mabuhay!

Answer 4

I am retired USN and have been living in the Philippines (Iloilo) for the past 5 years. Your monthly income is more than enough to live here comfortably. Money earned in the U.S. is taxed only there.

Answer 5

yup! you can live in the philippines with that amount. the cost of living here is a lot cheaper and the money can go a long, long, long way if you would be living in the provinces. if you decide to live in the city it will be enough too. the question on taxation no idea if you should pay the two governments. try to check www.gov.ph for questions on taxation in our country. or www.wowphilippines.com or www.livinginthephilippines.com

Answer 6

I know several americans living in Philippines on that amount. You don't have to have anything forwarded. Just keep your ATM cards, debit cards and credit cards current. They all work well over there. I dont think you have to pay any income taxes over there.

Answer 7

Yes,If you have no problem to live in their society.Don't worry taxes from US because 1200/month is consider very low income in us plus you are in retirement status;if you reach retirement ago) You only need pay . very little taxes if you have to pay.Other thing you have to consider is your health care problem,if you live in us you should cover by Medicare program but if you living in Philippine you could broke or dead when you get real sick.

Answer 8

The answers are pretty good so far. Don't forget that US citizens living abroad have an 80k exemtion from paying US taxes, so with this monthly income you should be tax free. Just get an ATM card as the others pointed out.

Answer 9

i've nothing to add, since the answers so far are good. it just makes me sad -- i pay ~$1700 a month for a tiny studio in manhattan, when for that same amount i could live in the philippines quite well! funny how economics works.

Answer 10

Depends on the kind of lifestyle. If you want a simple life (e.g. living in the province instead of big cities), that amount of money is more than enough.