If I sell all my assets and gain 1.5 mil.. How much would I be taxed? I live in California.. and want to retire in the Philippines. Where should I invest my money? And how much would my spending allowance be?
2007-08-25 15:59:22 · 8 answers · asked by confused 1 in Business & Finance ➔ Personal Finance
I just stumbled upon this web site and I think this would pretty much answer the question.. Why would anyone want to retire in the Philippines?
http://www.livinginthephilippines.com/live_like_king_in_the_philippines.html
2007-08-27 02:17:36 · update #1
If you are worth 1.5 million - you should have an accountant to tell you your tax brackets and best way to do things "legally".
2007-08-25 16:05:28 · answer #1 · answered by Suzi 5 · 1⤊ 0⤋
You are my hero man. You can get at least 7% in an Australian savings account and that would be $105,000 per year. You can live like a king with 4 queens on that in the Phillipines. Just put it in something safe and guaranteed. Don't worry about high % returns if you have plenty of money and security.
Ignore the naysayers. If you have even half of $1.5 million, you could spend the next 50 years living the dream. Have fun and don't let the girls take advantage of you.
2007-08-25 23:59:58 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you've held your assets for more than a year, and there's nothing hinky about your situation, you would pay approximately 15% of the difference between the selling price and your basis as federal tax.
You should move before you sell, so that you don't have to pay a state income tax. There were 7 states without state income tax, last time I checked.
Big companies have an annoying habit of going bust. If I were you, I'd buy annuities from about five different insurance companies. That's few enough to be workable, and enough to be relatively safe.
You should be able to draw $75K or more annually, without reducing your capital.
2007-08-25 23:12:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I wouldn't retire as of yet - 1.5 mil is not enough. Buy a house somewhere in cash and get a job that is totally fun and allows you to earn spending and investing money.
2007-08-25 23:49:25 · answer #4 · answered by trapezite 2 · 0⤊ 0⤋
To make the money last, a 65-year-old retiree would want to spend no more than 4% per year. Retiring at 32 is very very risky.
Especially with only 1.5 million.
2007-08-25 23:07:33 · answer #5 · answered by Anonymous · 1⤊ 1⤋
1.5 m is a nice sum. However, can you guarantee that you'll be sick? If you ever wind up in a hospital, it will be a very expensive hotel not unless you move to a country where they have socialized medicine. Best of luck.
2007-08-26 05:28:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋
1.5million x 6% per annum = 90,000 per annum
# rule 1 make sure you dun spend the principal
# rule 2 make sure you choose country with low inflation rate
# rule 3 remain your current life style
wow you have done it ! you are financially independent
your risks are forex exchange (if you plan to migrate) and inflation.
basically you are OK for the rest of your life, hurray
2007-08-26 00:59:24 · answer #7 · answered by Insurance 3 · 0⤊ 0⤋
Confused here ,
You have $1.5M in assets BUT , don't know taxes
And don't know about investing and
Don't even know how to budget your spending ?
Did you inherit all of it ?
Cause otherwise , it is hard to take you serious .
>
2007-08-25 23:11:30 · answer #8 · answered by kate 7 · 0⤊ 1⤋