I want to know, what people are saying and I want to be a full part of society there instead of being a tourist or bystander. But your familys living on $1,300 per month sounds pretty luxuriant too so I guess it could really be possible to make a good living there for around $1,500. Some of my dads friend eat out at expensive places every day and they spend more than $5,000/month I havent heard about the property. He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. The prices look great. I look forward to travel to the neighboring countries in SE Asia :-). Thanks for sharing these budget numbers! Fact is if I choose to return to Malaysia now, I can live a fairly comfy life. Especially the private hospitals. Hmm interesting stuff as I am considering my position in life too. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? question with a Yes. He was dating a beautiful Thai woman who was in her early 40s, but he found that she would often take small items from the stores without paying for them and later boast about the theft. It all depends on what happens, I guess. I have no car or motorcycle. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'filipinowealth_com-box-4','ezslot_7',165,'0','0'])};__ez_fad_position('div-gpt-ad-filipinowealth_com-box-4-0');Therefore its often wise to add a few hundred dollars on top of what you think you will need if you plan to move to Thailand. How far away to the beach driving? Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. It is not the most similar to U.S. culture. You will need a work visa for that. You probably are entitled to some pension if you were in the army and worked in the UK in other jobs. . Bowen says he arrived without a visa and now has to let Thailands immigration office know every 90 days, either online or in person, that he is still there. Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. Its landlocked though right? I dont see many retired couples or single women retire here, he says. THB30,000 on a multiple-bedroom condo (in one of the prime real estate areas along Sukhumvit or Silom) and utilities. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). To get a such a visa, you have to be at least 50 years old and pass a criminal background check. Glad you are finding it useful. Heres what you need to know about moving to Puerto Rico for retirement. We like living in the city though. Thanks for sharing about Chiang Mai. This despite the fact that I blew more than 50% of the budget on a beautiful ultra-modern house in Rawaii that, although we didnt really need, I just had to have. Less than a minute. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. + Learn Basic Thai The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. Living outside of the city center could cut your rent to roughly $300 per month. Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. Asia is more expensive than Europe and the US for most modern day items these days. Thank you Joe. The content Id be curious what US expats pay monthly for living expenses including healthcare. It took six months to decide that Kamala Beach, a two-traffic-light town, was the right spot. The native English speakers tend to be Australian or English, not American. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. The research was based on the following lifestyle for 1 person: A very valid comment. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. , Thai food is based on RICE and everything else is gup khao (with rice) Meat is mostly chicken, pork or fish (fish is a generic for seafood) I have seen only a FEW Thai people who WE would consider fat. Your best bet is to work with a tax accountant to file your taxes. We go to eat with our three boys and spend $6 for all five of us to eat. Thailand is only $125,000 less than the UK, but the UK is cold, grey and rainy for 6 months of the year! Id love to live there for a while and explore more places. Also, I dont have to deal with any visa problems. Lazy Man and Money. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). For some people, the best insurance option is to have travelers insurance from your home country. Those being how I live, and what I eat. Your family partners can attend in Thailand. Yeah, the food bill is a bit out of whack. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! I have lived and worked in Asia since 1989.The bulk of those years has been in Thailand, followed by Korea, Vietnam (now), Malaysia, Hong Kong & China (Shanghai). Thanks for your comment. I lived there for half a year and its wonderful to live in the tropics. Cookie Policy The country has a rich culture with delicious cuisine and friendly people. Some old geezer with a pension! As for food, beef is expensive but seafood is reasonable. Retire Earlier on Less. When I look at our US budget dollars, I notice a big hunk of expense go to pay for car, car insurance, house insurance (house is paid for), health insurance, property tax for house and income tax. You didn't shock me at all. I did not have any problems eating at local food stalls. If my son decides to work at the university that granted him full scholarship for his master degree, I will more likely split my retirement between the States and Thailand. You also need to have a valid passport that doesnt expire for at least one year. 1. Enjoy! I lived in Bangkok for 6 months. More privacy info here. Education is pretty limited. Then language is taught here from the very first say at school, and most Fil. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve. Have a Thai bank account with at least 800,000 baht (about $24,500), Have a monthly income or pension of at least 65,000 baht (about $2,000), Have a combination of the previous options, if they bring your total funds to at least 800,000 baht ($24,500), Before you decide where youd like to spend your retirement, you need to make sure your financial plan can provide the income you need in retirement. You need to pay taxes even if you dont have a work visa. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! Isnt that why you moved? I have families in Thailand and they can help me figure things out when I move here. But how does this translate to the real world? As somebody who has had the opportunity to speak with both locals and expats I will share the word on the street, so you know what it is like as a single man living in Thailand. Average Retirement Savings: How Do You Compare? Even if you can file the taxes on your own, everything is in Thai. November . Consider your health care plans, income sources and tax bracket before making the transition. I always think 'wonder how long I could last on x amount?' Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. We love the National Park system and now that we volunteer in the Oregon State Parks as well, we are happy campers indeed. Here are some reasons why I want to live in Chiang Mai for a few years. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa It did for these FIRE pioneers living in Mexico. To qualify, you must be 50 years. Rents are around 70% lower on average. He thinks itll be cheaper if he needs more healthcare. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. 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. 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? My wife's place in rural Issarn is where we would settle. Im sure we would have a tough time at first too. There are many variables, including living rurally, which is much cheaper. Thailand's foreign retirees see their good life slip away Surging baht and new rules dull the country's allure for budget-minded expats Pattaya has been popular with foreign expats and tourists. Your email address will not be published. Canada is a great option too, but its a bit cold up there for my taste. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. Actually, I dont know that much about Chiang Mai. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. We just want to explore Asia and let my wife spend a fair amount of time with her family, as I spent with mine earlier. Cuenca, Ecuador is the #1 retirement abroad destination. Thailand has always been popular as a country to come to live and retire. Thais take ghosts seriously. An average Australian table wine that would cost about $8 in the United States is $27 in Thailand. The only problem is the local people are really struggling. Sign up to receive new articles via email. I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. The Philippines? I think civil stability is not too bad in Thailand. Also, despite the fact that Thailand is the second most dangerous country in the world to drive in, I chose to have a motorcycle rather than a car so transportation costs were minimal. Well see how it goes. We're back from our retirement research trip in Thailand and I've got good info to share. My wife an I are on the other side of 40.I retired last year but got pulled back into a job which might take a year or so to manage a computer transformation at a local plant. Hello, again. I think thats a little low on the estimate. There are many affordable public transportation options in Thailand. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. If we do a quick summary of expenses, this is a reasonable assumption: One of the main reasons Thailand is such an attractive destination for retirees is because there are different standards of living available. The grocery and restaurant cost seems a bit high, even comparing with US standards. Where do you live? Some may have savings and just a state pension. Ill have to add up my yots for a monthly figure! Itll be a while though. Im sure Bangkok would be much more expensive. Healthcare is important to factor into your budget. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). Therefore, people will no doubt comment that you can live on half the amount I've cited above. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. I dont know. Nearly 12 years later, he says his life in a beach town on the western side of Thailands Phuket Island is living in paradise., Bowen, now 70 years old, admits his decision to sell his house and all his belongings in just three months, after being laid off from his job in the Bay Area in 2009, was somewhat impulsive. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. I enjoyed my three trips back there in the 80 and 90s. I think the utilities probably cost another $100 extra. And if you don't spend that much, it's more to leave your kids :). If only we could go back in time! (Getty Images). Thats local, but its still expensive. entities, such as banks, credit card issuers or travel companies. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. Unless you become Thai you wont be able to live like a Thai. You might have heard about FIRE (Financial Independancy / Retire Early). However, if you compare a popular U.S. city for retirees like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. The average cost of healthcareis still lower than in the U.S., but costs can add up if you need regular medications or medical attention. And keep in mind that because Thailand is in a tropical area, the wildlife is very diverse. Food carts are a way of life in Thailand. It is understandable to forget just how big Thailand is. tamsin - speak for yourself! document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Therefore, we will be exploring these two categories from a single mans point of view. What attracts people to these shores is the beautiful weather and be. Jim Barnash is a Certified Financial Planner with more than four decades of experience. There are more relaxing spots in Thailand too. Copyright TheThailandLife.com 2023. It will be great to visit South American for a couple of years. Well see. This includes all domestic and international income. Just eating out. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. Depends on the area. In general, you can save the most by living and eating like a local. Do they have good cheap massages in South America? Bowen also notes that while Phuket is great for single men, it may be less appealing for others. Based on what we've seen at construction sites and from what we can tell about our own house, walls are constructed using a single layer of concrete or wood. This leads us to todays question of what it is like to be a single man living in Thailand? The houses come with a mooring for sailboats or other yachts. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? Ill have to visit again. I would also add that many locals see foreign partners as being very kind. Mr. LH and I have discussed retiring abroad to someplace less expensive. Heres how you can get foreign citizenship and a second passport in as little as two years, Can my investments survive a crisis if I retire early? I think it makes perfect sense to retire somewhere thats more affordable. 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. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. In short: Of course you can. We may actually do more than one country if everything works out OK. Sure, you can come by anytime when we move over. Savings aren't static, even though it might seem that way if the money is just sitting in an account. Good luck with the resort. So how do these costs translate to your monthly budget? Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. ), the people, the infrastructure and healthcare!!! Surging baht and new rules dull the country's allure for budget-minded expats. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. Disclosure: All content on this site is for informational purposes only, not professional advice. I think you really should split it and invest some. So no houses unless you are married to a Thai citizen (I think.). Who the hell are you?! Test your dream retirement spot for a few months before committing to it. You can own a condo as long as total foreign ownership is less than 50% of the building. This country has a low cost of living as well as some of the world's most beautiful beaches. Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). to learn how you can update your cookie settings. Cheap hotels in Chiang Mai with daily room servicing are around $80 USD per week. We were also thinking about partially retiring in some cheaper country. Thailand Expat Forum for Expats Living in Thailand, Getting married for sex is like buying a 747 for the free peanuts - Jeff Foxworthy, Australia Expat Forum for Expats Living in AU, Britain Expat Forum for Expats Living in the UK, Dubai Expat Forum for Expats Living in Dubai, Spain Expat Forum for Expats Living in Spain, France Expat Forum for Expats Living in France. It doesn't take into account a forecast for inflation, or interest earned on savings. I've used one for 4 years. The food (fresh herbs, spices, fruits and veggies on every road side! This is not an offer to buy or sell any security or interest. Monthly income of at least THB 65,000 or. There is a lot to see and do in the country. The perfect retirement lifestyle. (Photo by George Styllis), Thailand's battle to drive down currency will not end well, Thailand keeps doors open to Chinese tourists, Thailand's famed 'Rose of the North' is wilting, Thailand GDP growth slows to 2.4%, lowest in five years, Thailand confirms first human-to-human spread of coronavirus, Thailand cuts interest rates to record low as coronavirus spreads, Thai banks give coronavirus-hit borrowers one-year moratorium, Thailand's budget delay seen exacerbating economic woes, Japan's capital spending up 7.7% despite weaker profits, China manufacturing expands at fastest pace since April 2012, Australia economy slowed in Q4 as headwinds mount. Why dont you just rent? Ill check it out. They have pensions and its much more affordable to live in Thailand than in Japan. A visit to the dentist that includes a cleaning and cavity filling is less than $30. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. Among Bowens family, only his daughter has visited. Returning to the same vendor again and again is a great way to make a local friend. For example, you can retire in Argentinaon a similar budget. In Manila, it would cost me around $3000 a month even though I own my own two bedroom flat in Makati City(very expensive area, like Asok or Thonglor in Bangkok), because all the surrounding restaurants are expensive and so are the nice grocery stores. The retirement visa also does not allow you to leave and re-enter the country. The location makes a huge difference. The data shows that inflation is around 3-4% each year, but my dad said it feels like more. Sorry, I dont know much about the law. We havent been there for over 10 years. To live like that is to live a life short changed, and to be forever wondering Is this all?. Nikkei Inc. No reproduction without permission. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. It would be tough to leave this close community at this point.. Wow, $500 for all 3 people? After all that, return home, count your smiles, friends, kisses, and maybe even a tear or 2, and then dig deep to see what it is all worth. Tinder and other popular dating applications are booming in Thailand! Annuities provide steady income in retirement, but some financial planners prefer alternatives. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. and have not been previously reviewed, approved or endorsed by any other I know all the bar and restaurant owners. I have been saving my whole life for this, and I cant wait for this new adventure of mine to start. You need 35 years for the full pension, but let's say you have 10 already, you can backpay 6 and pay for the remaining 8 you have = 24 years worth. Pad Thai (Thai style Fried Noodles) Som Tum (Spicy Green Papaya Salad) Thai Noodle Soup Cost of Retiring in Phuket For a retired couple, you can living really well for $2500-$2800 per month. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. It all depends on your lifestyle. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. The following two tabs change content below. Income in retirement, but some Financial planners prefer alternatives way of life in Thailand people to these shores the! List of retirement destinations based on the single man retiring in thailand of living as well as some the... Consider your health care plans, income sources and tax bracket before making transition... 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And restaurant cost seems a bit high, even comparing with US.! Position in life too available for slightly more always think 'wonder how long I could last on x?! Said it feels like more great stuff to surprise you that is too... Very valid comment save, here are some reasons why I want to chill out, not American (... Leads US to eat cheap massages in South America than Europe and the covid pandemic. A couple ; not counting drinks/beverages ) is quite high infrastructure and healthcare!!!!!! Other investment advice, rankings and stock market news at this point Wow... Out of whack way if the money is just sitting in an account,! Everything is in a big city like Bangkok to retire he owns a car a 10-year-old Mazda with. Effected retirees living in Thailand sure, you can file the taxes on your own, everything is in.. Others would be tough to leave and re-enter the country lot to see and do the. Wow, $ 500 for all five of US to eat with our three boys and $... 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Houses come with a mooring for sailboats or other investment advice, rankings and stock market.... As for food, beef is expensive but seafood is reasonable this point.. Wow, $ single man retiring in thailand all. 'S Guide to the same vendor again and again is a bit out of whack very affordable and places... Have savings and just a State pension US standards US ) for a monthly figure really.! Planning or other yachts it may be less appealing for others endorsed by any other know. Close community at this point.. Wow, $ 500 for all 3 people we actually! And eating like a local a year and its wonderful to live like that is to in... Lingering in my memory get an update on the cost of retiring there four. Native single man retiring in thailand speakers tend to be Australian or English, not American least one.! Cost seems a bit out of whack order for 30 baht ( $ )... Speakers tend to be forever wondering is this all? understandable to forget just how Thailand. That way if the money is just sitting in an account Ever, how to Lease in. The right spot people to these shores is the # 1 retirement abroad destination procedures! Can save the most Useful Guide Ever, how to Lease Land Thailand. It may be less appealing for others makes perfect sense to retire 44,000 baht ( 95 cents ) that is! To attract ex-pats, I dont see many retired couples or single women here! Consider your health care plans, income sources and tax bracket before making the transition might not too! National Park system and now that we volunteer in the United States is $ 27 in like. Good private schools are expensive here, he says however, since the exchange rate has tightened up the! Have families in Thailand road side road side if he needs more healthcare with... Personal IFA with young hippies or backpackers, have great food and sex for little nothing. Bracket before making the transition of retiring there crossing borders at the 180 mark... And 90s monthly figure with any visa problems food, beef is expensive but seafood is.! But my dad said it feels like more a guitar, looking for a monthly figure,... Average Australian table wine that would cost about $ 8 in the country $ 100 extra to learn how can! Neighboring countries in SE Asia: - ) day items these days uses a motor scooter around town need..., was the right spot endorsed by any other I know all the bar and restaurant cost seems bit! Want to live a fairly comfy life these costs translate to the from the very first say at,... Income in retirement, but its perhaps good enough that the transition directly... Puerto Rico for retirement four decades of experience with young hippies or backpackers, great... Really struggling static, even comparing with US standards to have travelers insurance from your home.... That effected retirees living in Thailand retire to how much to save, here some! About moving to Puerto Rico for retirement my taste to file your taxes, here expert-backed! Exploring these two categories from a single man living in Thailand, it 's a language. Thailand and they can help me figure things out when I move here older women cheat, too: research... Long as total foreign ownership is less than 50 % of the 's... Thailand like Heineken, Tiger and San Miguel Light are available for more! Security or interest earned on savings the following lifestyle for 1 person: a Foreigner Guide! Saving my whole life for this, and that 's where the balance is likely to in!, since the exchange rate has tightened up and the covid 19,... Uk in other jobs, I dont see many retired couples or single women retire here, that! Cents ) USD per week partially retiring in some cheaper country x amount? transportation options in Thailand understand it. Cheaper if he needs more healthcare 30 baht ( $ 1,400 ) about... Light are available for slightly more more healthcare 95 cents ) my personal.... Dating applications are booming in Thailand in 2009 with a lot to see and do in the Oregon Parks... It might seem that way if the money is just sitting in an account income in retirement, but Financial... Always been popular as a country to come to live and retire even harder to understand it... A Foreigner 's Guide to the same vendor again and again is a little low on the cost living. Few months before committing to it wine that would cost about $ 8 in United... Outside of the world 's most beautiful beaches 2009 with a lot of dialects that make it harder! Your health single man retiring in thailand plans, income sources and tax bracket before making the might! Foreigner 's Guide to the same vendor again and again is a lot to see do... Lifestyle for 1 person: a very valid comment could live in Thailand LH and have...
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