Where to retire?  

In one of my frequent conversations with some very close friends from college who are also based here in the US, the question that often comes up is where we choose to retire. Others have signified their intention to spend the rest of their lives back home by making significant investments like building a house or starting a business. I do not see anything wrong with retiring in the Philippines. In fact, that is even a very sound decision considering other factors such as the weather, presence of familiar faces of friends and family, lower cost of living and affordability of goods and services.

I have also seen a good number of friends who choose to stay here in the US for the rest of their lives. Various reasons come up such as proximity to their children and grandchildren who are already here, ease of mobility, less traffic, better peace and order, less pollution, among others. But one very strong argument that almost always stands as the decisive factor in choosing to retire in the US is the quality of healthcare. Seniors in America or better yet, those living in first-world countries, have better preventative services, better treatment outcomes, and live longer than their counterparts in poorer countries. They also have more access to sustainable private and government programs that cater to their needs not just in healthcare but also independent housing, geriatric homes, employment and volunteer opportunities, recreation and other social services.

Which brings me back to my first premise. Where is the best place to retire? There is no wrong answer. Wherever you think that best suits your needs, plans and circumstances and that would make you comfortable, happy and contented --that would be the best place to spend the rest of your life. I am not advocating one over the other. Just consider your personal situation and take it from there.

This leads me to answer one of the most common questions I am often asked: Should I petition my parent to live here in the US as a permanent resident? My short and frequent answer: Ask your parent if that’s what he or she wants. Remember, your parent is given a permanent resident status when the petition is approved. There are certain expectations of a permanent resident. One of which is that the legal resident must live in the US permanently except for some brief out-of-the-country sojourns. I have seen parents we successfully assisted in getting greencards only to go back in the Philippines after just a few months. They may want to check the US on a tourist visa first then from that experience they may want to stay here in the US.

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As of the last time I checked, the US dollar exchange stood at P59.01 against $1. This is good news for those who earn dollars in the states, send money back home and enjoy the huge exchange rate. But this is not good in the long run. And simplifying it by saying “the peso is weak because the dollar is strong” does not go very far. Best thing that it achieved was just the usual memes and online bashings. What the Philippines could do is to ensure that all financial impacts of the weak peso is adequately safeguarded. Sad to say, the lower and the middle class will be greatly affected by this peso-dollar exchange rate dynamics. There is a lot to lose if there are not enough backup plans to counter the rise of the stronger dollar.