In her area, I could take a job in a local school or university (for much, much less than I earn now). November . Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). We love the National Park system and now that we volunteer in the Oregon State Parks as well, we are happy campers indeed. Heres what to consider before moving to Thailand for retirement. of course, I would have to keep 400,000 baht in the bank for the visa. Couples should have a strong relationship to last here.. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? Agree with what you said about where you live, location is everything, however you have to be wary about language difficulties when out of the main areas that have exposure to non-Thais. Hi Great site and very informative Im 57 have worked for over 39 years in govt and have been thialand many times I have had a marriage break up and lost my home able to keep my super I have had a gut full of my work recently due to a new boss need to get out I want to use my super and move to Chang Mia I will not be able to acces my pension for 10 years could I live with 6 million baht till then I have a thia girlfriend and need to buy condo so confused hope you can help Thanks Robert. Id love to live there for a while and explore more places. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. But then again if I were going to have that much in retirement funds I would just retire in beautiful San Luis Obispo, California where Ive spent most of my life. For example, in Thai society, if a woman is slightly overweight, she can be seen as fat, but she can be seen as slim or average in the West. Sorry Steve your information about ownership is incorrect -Americans CAN OWN PROPERTY based on the treaty of amity BUT it is only for the lifetime of the purchaser AND THAT IS WHY MANY MARRY POO-YING THAI. We are thinking about buying Apartment at Sukhamvit . Great idea to use it as a base for exploring Asia. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. Kamala Beach has a small but closely knit expat community, he says. Dating in society has changed, and this also includes Thailand. Need an international bank account that holds multiple currencies and lets you transfer, receive & spend wherever you are, with a MasterCard. thaiembassy. It took six months to decide that Kamala Beach, a two-traffic-light town, was the right spot. Most retirees have modest savings and a half decent pension. Im very curious what the education options would be for your child especially if this happens in high school or if you want to be close by for college? For Thais, ghosts are real, and they're present. And no i dont live extravagently. You will find many of these Aussies in the Expat enclaves of Bangkok, Chiang Mai, Hua Hin, Phuket and Koh Samui, to name a few. The research was based on the following lifestyle for 1 person: The cost was calculated over 14 years: retiring at 64 and with a life expectancy of 78.7 years. Many of those retired folks live part time in Thailand. In general, living in Thailand is significantly cost-effective; of course, if you are not a single man and you are in a relationship, you will be able to save some cash each month from sharing accommodation, but this is often a minimal amount. The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. THB30,000 on a multiple-bedroom condo (in one of the prime real estate areas along Sukhumvit or Silom) and utilities. There are many variables, including living rurally, which is much cheaper. What about Vietnam? Actually, I dont know that much about Chiang Mai. Ill have to add up my yots for a monthly figure! You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. Other parts of Thailand that are great places to live are even cheaper, and life can be cheaper yet in other parts of Southeast Asia, he notes. Visa Options in Thailand You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. Well see. I dont plan to move until hes in college though. Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Nonetheless, finding the right one is often the challenging part. It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. All Rights Reserved. A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. Thai markets also offer prepared foods, most commonly roast duck and chicken. We go to eat with our three boys and spend $6 for all five of us to eat. We are at Thousand Oaks fro past 25 years and now kids are at college . i am setting aside $1000/month for paying down debts primarily student loans. It is so amazing to live sea front on a quite island with a dozen islands in our view. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. Silvia Ascarelli is a senior news editor for MarketWatch based in New York. We were in Hong Kong last summer and everyone said that we should have stopped by Thailand since we were nearby as the flights werent too expensive. I have families in Thailand and they can help me figure things out when I move here. Theyre incredibly helpful. That is by keeping the same lifestyle they maintained in the US. That said, unsophisticated crime is rampant in Ecuador. I know Belize has a pretty good retirement visa. My parents dont have health insurance and rely on public healthcare. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. No, I dont feel guilty. They are cheap to own and operate. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. It would be great to visit the surrounding area. You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. We havent been there for over 10 years. Therefore, we will be exploring these two categories from a single mans point of view. When Medicare kicks in, we can move back to the US part-time. That is renting a furnished home that will allow friends to visit. I look forward to travel to the neighboring countries in SE Asia :-). Our children and us really enjoy the universe for our bedroom. Great to see the numbers living on $1,000 a month Thailand sounds like a pretty nice retirement to me! While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. Here are a few of the common costs: Retiring in Phuket: Bottom Line The process for getting a retirement visa is relatively simple, but it can also become quite long depending on how, exactly, you want to spend your retirement (more on that in the next section). In regards to Paul Smiths comments about having food and sex for little or nothing, I think is a mis comprehension of Asia that belongs in the 70s and 80s. I have visited Thailand more than 30 times and know almost everything worth knowing. He warns that driving in Thailand is dangerous and death rates from crashes are high. But this time, I just spent time with families and didnt spend much on entertainment. Try one thing at a time until you acclimate to the local food. Glad you found the website. 90% will never own a car. in the healthcare column. Even if you can file the taxes on your own, everything is in Thai. Some people have a few beers twice a week, and others drink a few beers every night. My dad rents several condos to Japanese retirees. They dont keep track of every dollar so this is just an estimate, but they generally spend about $1,300/month and live quite comfortably. But for the many who have enjoyed paradise on the cheap, their dreams are ebbing away as the country opens up to a wealthier class of retirees. For example, when we arrived 2 1/2 years ago the exchange rate was 37:1 but now it is 32:1 (and was as low as 28.5:1 a few months back). He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. NET. Living it Large in Thailand Now, if you were working with $5,000 per month for living costs, you could really push out the boat and live an extremely comfortable lifestyle. Click here. Thai culture is also quite different from U.S. culture. Ive considered retiring outside the US, but it comes down to the same things others have said being away from family and friends primarily. One last question, are you honestly saying that your parents totally rely on the public health system? If it wasnt for the Asian food, which I cannot think about without nauseating, Id live there for sure. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! Good luck! Also, the other tax issue is US taxes. Will be seeing how different Thai living areas feel and would be up to buying dinner or a beer if you have a couple of hours available during one of my scouting trips this year. Ill have to ask my dad. I jest. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. I would rent for a while before buying. With its low living cost, modern infrastructure, and high-quality healthcare, Chiang Mai was ranked as the fourth-best "affordable place" to retire overseas for Americans. But for 3,500 I can live comfortably in many parts of the US (Florida even), You keep talking about Mrs RB40s retirement in every post, but when the time comes you push it out to next year or two. If you live on a budget at home, adopt the same budget in your chosen home, Eat as you would, dance as you should, and sleep in like everyday is a Sunday. The bottom line for Bowen is theres no going back to the U.S. Kamala Beach, he says is gorgeous it really is one of the most beautiful places in the world.. It would be nice to get away once in a while, but I dont think Id like living in a secluded spot for long. Good luck!! Make a friend, a local that is. I would love to retire in Italy for a few years too. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Thats a big issue for foreign retirees. Joe, youd like the west coast and Vancouver Island. Luckily, he managed to get all his items back, but he could have saved himself from a lot of misfortune by paying attention to the early warning signs. . Test your dream retirement spot for a few months before committing to it. My first and most important task is to complete an intensive Thai language learning course. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. The financial requirements are: Bank account with THB 800,000 or. You might have heard about FIRE (Financial Independancy / Retire Early). And the great thing is that the tastiest food always comes from the cheapest places either the little hole in the wall open-air places where you sit on cheap plastic chairs, or in the food courts of shopping malls and department stores. Not that I care since I eat at Thai spice level sure aids in the output, too. If you choose to leave the US to live in another country full-time, learn to assimilate, adapt, embrace, and take on the whole culture. From what I understand, foreigners can buy condos, but not lands. 2023 Retire by 40 Malaysia? Fundamentally two reasons. Foreigners can own property in Thailand with restrictions. That has changed. Most surgery costs 30% to 40% less than in western countries. Sign up to receive new articles via email. No content on this site may be copied without written consent from TheThailandLife.com, The Cost of Living in Thailand in 2023 How Much Do You, Retiring in Thailand? You never know I would love to live in South America for a few years. One-Time Checkup with a Financial Advisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. Probably have to cut back a little while were in the expensive countries. Hello, again. Lucky me I recently found your blog by chance (stumbleupon). + Check Cost of Living From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. Southern Thailand would be a great option for us too. Healthcare, however, is the big mystery. For the sake of argument, let's say that the interest earned is in line with inflation, and that the spending power remains the same over 14 years. It's really inexpensive to do and will make sure you have something to retire with. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. + Get Married I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. The only thing that *might* be taxable would be income from your investments in Thailand if you ever moved a large sum of money during a time when the exchange rate is more favorable. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. Mr. LH and I have discussed retiring abroad to someplace less expensive. Not in the short-term, but within 5 to 7 years. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. Honestly, its hard for me to imagine how a retired couple could spend THAT much money living in Chiang Mai. Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. I think South America and SE Asia will still be great places to retire to. FIRE is much easier if youre relatively healthy. + Find a Job Oh yeah, and be 50 or over. What attracts people to these shores is the beautiful weather and be. He also figured his job prospects werent very good, so there was no reason to stay in the U.S. I decided to throw the dice.. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. The point is we never felt poor or like we were scraping by. They can always come visit us if they miss us. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. NET Paid monthly or quarterly One of the most important decisions you will ever make in terms of retiring in Thailand is where you will live in the Kingdom. The government requires that you have income of 65,000 baht deposited in a Thai bank every month; thats less than $2,200 at early 2021 exchange rates). and have not been previously reviewed, approved or endorsed by any other Its not as great as most people think. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. You need to pay taxes even if you dont have a work visa. Healthcare is much cheaper in Thailand than in the US. You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. Its actually very nice. You can follow her on Twitter @SilviaAscarelli. Im sure Bangkok would be much more expensive. If you are looking for a quite paradise that is affordable contact us at [emailprotected]. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. People were friendlier he keeps mentioning the smiles hed get and he appreciated the countrys live and let live attitude. And of course theres the weather temperatures in the 80s in February, T-shirts and shorts every day. One other consideration is relative civil stability. entities, such as banks, credit card issuers or travel companies. Youre right. nice write up i might do it by 40 but i am 51 now and looking into it when i turn 57 and i probably live south near phuket and enjoy the beach but my first 2 years i plan to buy a street glide if harley still makes them i know the cost twice as much but i want to ride through Laos Cambodia, Vietnam and Malaysia and of course Thailand, i know i have to keep a residence there in order to stay there to retire, and obtain a multiple entry visa to do that, If you could email me back Id greatly appreciate it Im 31 years old and Im retired military so I make about 34 hundred a month I do have a lot of medical needs more or less I need for scriptions for things such as pain high blood pressure stuff like that are those medications readily available or do you have to get them through a doctor like for instance my blood pressure medication and my pain medication in Mexico I could go to the corner and purchase them at the local pharmacy in Thailand what I have to go to a doctors office get the prescription to get them filled or are there local pharmacies. 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