At age 40, how much should the average person have in their retirement account?
- Thread starter poorboy
- Start date
Remember it well. I suspect Noalias has retreated back to the SP/MP forum to lick his wounds or whatever.Speaking of tailor, this is "classic".
Peanuts in Phils. You would be able to find a hot young woman to live with you, clean your place, cook, and suck your cock a few times a day, and she wouldn't complain if you brought other women over now and then, for probably not much more than $10-15/day if you also provided her room and board.
This part you're not getting for $10k/year. Would probably be a wise investment to learn Tagalog, or better yet Cebuana, so that you are a bit more clued in to what's going on around you, so you don't need to rely on armed guards. As for boyfriends, etc., you can probably make the deal with her family and they'll help keep the jealous boyfriends away because they won't want to cut off the money either.
Just stay away from the MILFs in Phils, it means something different there!
Thanks!
how much is a decent place for living there? how much do locals make? how is the infrastructure? how does it compare to Thailand? can you suggest any good links?
If your defined benefit is 50% of your best 5 year average, or something like that, it takes care of inflation between now and then. So you probably need enough to top up that 50% by another 20% or so to be at the same level of income as you will have working (after tax, expenses, etc.). So your 200 K, which I assume is RRSPs, should be worth enough be then to do this easily, assuming you keep adding to them a bit and keeping the income in your investment total as well. 20 years of reinvestment of returns, plus growth, should have your 200 K at least doubled, probably more. So you seem to be well on track to an income that will maintain your current lifestyle...basically 100% and mostly indexed to inflation as well.
So yes, I would say you are saving enough. Assuming you have the job until 60 and the pension plan remains as it is - defined benefit, etc.
Your indexed defined benefit pension changes all of that. You don't need a million dollars to provide your pension plan...your 200 K will probably grow into a respectable amount by the time you retire, and you only need a modest amount more than your pension to keep the same lifestyle as you had before (while working). See other post.
Again, it depends on your standard... but 4000 or 5000 pesos a month (about $100) should rent you a pretty nice little apartment. Of course, you could spend as much as you like. If you want to live in Makati you can find rents and places comperable to the most luxurious places in Toronto--and at a similar price--or stay at a five star Western hotel for $150/night. It's up to you.
A construction labourer probably pulls in 200 pesos a day, around $4 or $5 in Canadian dollars. A typical educated Filipino with a good degree can earn maybe 1500/day (about $30) and a few professionals at the upper ends will be earning 4000 or 5000/day (about $100). Of course like any country there are also some fabulously rich entrepreneurs.
Crappy. It's a developing country. They do have some good hospitals though. The Philippines exports more nurses and doctors than probably any other country. There are of course good hospitals (costly) and cheap ones (in every way).
Similar. The big difference is that English is an official language of the Philippines and most people with a highschool education can speak it passably.
The other thing is that only certain parts of the country are safe to go to. There is a civil war in the Southern islands (Muslim areas) and the rebels (MILF, NPA) have a habit of kidnapping and then holding for ransom--or just murdering--any foreigners they can get their hands on. You can avoid that by sticking to the big cities, pretty much anywhere in Luzon, and the more developed areas of Visayas like Cebu. If you head down to Mindanao you should know what you're doing and where you are going and pretty much stick to the good areas of the major cities--and avoid the roads between them (fly). You're reasonably safe in Davao or GenSan, if you keep a low profile, but if you ventured beyond that in Mindanao--well good luck to you!
Not really. I'd just suggest you take a short vacation there sometime and see what you think for yourself. It's got plusses (cheap) and minuses (dirty) like anywhere. We were talking about how you could retire on $10k/year after all...
If you've accumulated $200K over 20 years that works out to you having put in $6K annually and earning 5% [among many permutations] so if you continue that same formula you will end up at 60 with about $730K which might yield you a sustainable $20-30K per year with little chance of running out. You might also expect CPP and OAS of perhaps another $20-25K p.a. [depending upon clawbacks and reductions by then].
Suggestions: consider RSP vs. TFSA in light of your tax savings now on RSP contributions vs. your expected tax bracket in retirement [probably still favorable for RSP]. Also, you might be able to save more and/or get higher rates of return. With a twenty year time horizon you should be mostly in equities [subject to your comfort level] and with higher income in later earning years you should be able to save more. This should let you get closer to $1M at age 60 and if you are earning higher returns with more equities then you can consider higher expected withdrawal rates [perhaps up to 5%] which means up to $50K annually in retirement on $1M.
Do some research and/or consult with an expert and you should be fine.
D.
What a joke: advocating the government run something and it will be more efficient! That always works out well, doesn't it?
I also find it amusing when the socialists refer to "fairness" issues: what they really mean is that the hardworking and productive people share their wealth. I.e. they are robbed via goverment redistribution of their earnings to support those unable or unwilling to do as well for themselves.
Life's not fair and the government is incapable of doing anything efficiently: that's reality even though you might not like it so give up on the socialist claptrap.
D.
fuji, thanks a lot for the detailed response!
does it mean that a girl that agrees to suck my old dick in exchange for food and roof over her head is likely gonna be some uneducated peasant?
Yes. Very much so. If you are paying a multiple of day labourer rates you are going to get the daughter of a day labourer. If you want the daughter of a professional you're going to have to pay a multiple of the professional wage.... I think that's true in any country?
Still many of the uneducated ones from the provinces are pretty hot though... and generally competent cooks and excellent maids.
You could probably find smart and hot if you also cover tuition to a good school for a smart girl from a poor family, in addition to the room and board, and a few bucks a day for her family.
then I am better off not learning the language in order to be blissfully ignorant as to how stupid these girls probably are
In a pay for play scenario I doubt she cares. She will plan to move on once she's achieved whatever she was looking for with you (tuition, helping her family through that rough time, whatever it was she was doing).
If you're looking for a wife and you treat her well I would guess you'd be fine with a 20 to 25 year age gap in phils. If you're much older than her dad it'll get weird.
would you be content to have a kid or two with a local girl there? or it's not the best place to bring up kids?
We're into different territory than the original question here. With my income I would be content to have kids there because I could afford to put them into good schools, and there ARE some good schools there, if you have money. "If you have money" is going to be a common phrase here in terms of the sorts of things I'd expect to provide to my own kids.... so now we aren't talking about a 10k/year lifesetyle anymore.
I would also probably expect to send my kids overseas for university for example, if they grew up in phils, and showed some talent.
A couple hundred bucks a month per child through k-10 for a reasonable quality private school?? I don't really know... just a guess. I'm sure it's one of those things.. are you getting your kids a good enough education? Or do you want them to have Gloria Arroyo's kids for classmates?
so basically with $25K a year derived from half a mil stashed away you could live happier than making half a mil annually in toronto and waiting for your old bat of a wife to grab it from you
