single man retiring in thailandsingle man retiring in thailand

I really love your comment. I usually ignore this type of research because seldom is it accurate. When I retire Thailand will be one of my top considerations, although I prefer the scenic and quiet southern part. 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 prices look great. Sorry to hear that! You need to pay taxes even if you dont have a work visa. Thailand has very high road traffic accident levels and, depending on where you're living, pollution can also pose a hazard to your health. The longer you stay somewhere the more you come across great deals on rentals.The research uses the same algorithmic metrics to estimate the amount required for retirement across all the countries, so it's not an exact science and will be inaccurate in places. Retiring in Thailand is a great option for many foreigners. Fundamentally two reasons. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. George Town, Malaysia. There are expats who dine in silly-priced restaurants, buy a German car at twice the price you'd get one for in Europe, rent a condo on Wireless Road for 80k+ a month, and fly first class. This estimate often only includes the basic living expenses and does not consist of extras such as sending money back home, Netflix subscription, etc. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. I use Thaipod101. Renting a place (no property taxes other than whats included in rent) and not owning any cars (no payment, gas, insurance or maintenance costs) would save a lot. For more active retirees, you can visit beautiful temples or go for a hike. You spend $4000 a month in Thailand and you dont think thats extravagant? This is not an offer to buy or sell any security or interest. Interview: Marc Benioff reminds Wall Street that this isnt my first recession, saying Salesforces activists made a lot of money today, Teslas stock falls 5% as Elon Musks Master Plan 3 is short on details about both cars and finances, Saturday Night Live star Chloe Fineman says Lorne Michaels gave her the best financial advice, What's next for bonds in 2023 after the worst year in history. Not too mention fantastic restos of any and every type of cuisine! For some people, the best insurance option is to have travelers insurance from your home country. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. Thanks for sharing these budget numbers! I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) Im sure we would have a tough time at first too. Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. 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. Is this because you are feeling guilty that you decided to stop working and she is still working. Sorry, I dont know much about the law. 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. This is awesome! A doctors visit costs $10, but pharmacists can handle many problems. Ive saved it for later! You will need to get private insurance. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. You might not like it once youre there for a few months. All you need is a valid passport and a return trip scheduled before you enter the country. Retiring in Thailand sounds amazing, but I would just like to visit there to start. I dont know how or if the Affordable Care Act will change this, but retiring before Medicare eligibility in the US and relying on privately purchased health insurance is pretty much financially impossible for all except the wealthy. It all depends on your lifestyle. NET. $2,200 is pretty good. Well, we wont be gone forever. A typical Social Security payment is likely to cover basic costs in these areas. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. Especially the private hospitals. As it happens, this isnt much more than the average Social Security benefit. Rents are around 70% lower on average. Some old geezer with a pension! Time to drop the disability coverage and review your other plans. + Best Visa Run Option, Contact |Privacy Policy|Site Terms & Disclaimer|Media Pack. Which is really encouraging! Once in Thailand, open a Thai bank account and deposit 800,000 Baht. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. Although I do love Thailand, lets get real, the only reason I am considering retiring there later this year is because I feel I will not have enough money to retire on the California coast. It did for these FIRE pioneers living in Mexico. I am 66 years old and british but have been living in the republic of ireland I moved to thailand from ireland nov 2021. Might require some additional paperwork on your US return. 55 Vs 35. Many Thai women are interested in foreigners for love, fun, or both. . Must admit my expenses are a lot more. For example, its hard to get really good rice in Thailand anymore for example. I would rent for a while before buying. 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. Now that IBM is changing to exchange medical options for retirees. Lucky me I recently found your blog by chance (stumbleupon). Great idea to use it as a base for exploring Asia. You will need to get a retirement visa, which is simple but still requires regular check-ins with immigration. Everything just keeps getting more expensive. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. 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). People who want to see the grandkids are going to be out of luck. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. Click here. My wife is Thai and we have been planning for our future in Thailand even since we got married 9 years ago. A really good, informative website - thank you. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Even if you can file the taxes on your own, everything is in Thai. Most contracts are for a year, but six-month leases are also common. The new spending bill makes it easier to save for retirement. The Philippines? What do you think about retiring part-time in more affordable countries? I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. Thanks for sharing about Chiang Mai. I would also add that many locals see foreign partners as being very kind. Americans are living longer than ever, and that creates some challenges for retirees. This article oddly makes Thailand seem like any other place. Sorry, I dont have a good answer. It actually costs me less in the US to retire even in Berkeley, California since Im familiar where to get all the cheap groceries and entertainment since I know most music venue owners who let me in for free. We moved long before retirement, but now were settled, have a network for friends, and ready to ease into retirement when the time comes. Im sorry, but Im not familiar enough with the city anymore. I havent gone to a bar in ages. In my opinion, I believe the Thais are the friendliest people I have had the pleasure to meet. FYI For $1000 you can get a nice pool villa out here! Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). Returning to the same vendor again and again is a great way to make a local friend. And no i dont live extravagently. I need to be close to water, so perhaps there are lakeside houses? Hopefully, Thailand will open up soon. Annuities provide steady income in retirement, but some financial planners prefer alternatives. An important point that you mention is the cost of medical care in Thailand. I need to emphasize that you want to EAT WHERE YOU SEE THAI PEOPLE EATING. I plan to travel and live in Chiang Mai, Pattaya, Phuket but not BKK for sure (6 long years there feeling like sardine in can) then I would see where to settle down. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. I think civil stability is not too bad in Thailand. I never felt like I belonged in the U.S., says 62-year-old who fled Minnesota to retire in Bali where you can live very, very comfortably on $3,000 a month. From past over 20 years we visited Bangkok and other places every year twice . Did I miss anything? we been Thailand over 30 times with kids so far. Best Parent Student Loans: Parent PLUS and Private. It's easy to criticize this study for what isn't factored in, and the fairly simplistic financial calculations it uses. Its a lot of fun to visit, but living there is quite different. We're back from our retirement research trip in Thailand and I've got good info to share. Do they have good cheap massages in South America? They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). Well done Peter, keep up the good work! We havent been there for over 10 years. Buying a Condo: 9 Questions Before You Decide, 8. To see how far your benefit could take you, try this. Thats not true for most foreigners. For couples honestly, there are many beautiful young single women who would love to meet a foreign man. The same study estimated that a retiree needs $515,742 in the UK, and $601,489 in the USA (over the 14-year period). 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? Renting a scooter, and traveling once a month to some other country for 3 to 5 days. Its like Chiang Mai when I was a kid. It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. Of course, there isnt that much to DO there, but But be aware you will need to learn Thai language (and its not that easy because it is TONAL like Chinese 5 tones high, middle, low, rising and falling writing there are 44 consonants 2 obsolete and 32 vowels, 4 tone marks and a different system of numbers with only 0 zero being the same) because there is far less exposure to farang there. Senior insurance needs are different. Hmm interesting stuff as I am considering my position in life too. But that would have to be a *lot* of money. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. Silvia Ascarelli is a senior news editor for MarketWatch based in New York. For a comparison, a one-bedroom apartment in the city center of New York costs under $3,100 per month in rent, which is almost five times more than Bangkok. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. When you factor in utilities, that cost reaches more than $640. Where do you live? Thats just one person. As for food, beef is expensive but seafood is reasonable. 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. Chiang Mai is the largest and most culturally significant city in northern Thailand. Local office worker - $650/month (low income) $150 Rent - He can rent an apartment about 10 minutes from the city center for about $150/month. If you eat local, and live like a local and not an expat, it will be much cheaper. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. And almost 100% will never take the effort to learn the language of their adopted home!!! I can find a small room in a hotel A/C, fan, refrig, hot water about 800, 900 meters from the beach for maybe 5,000B plus power and water (power is 5B/ unit and water is about 100B/ week). Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). So no houses unless you are married to a Thai citizen (I think.). Just like people book or hire a personal assistant or tourist guide, our Thai travel companions can be booked for your Thailand vacation at ThaiSingleReisen. I can absolutely see why it attracts digital nomads and retirees. Itll be a lot worse later. Often the stories and tales we encounter online, and dating nightmares are from expats who have dated locals and have found themselves in a slight situation But, its also essential to add that many expats have a happy long-term relationship with Thai locals. We sleep with are children on the balcony at least half the year. Its hot and humid, but its better than Bangkok. Camping/rustic countryside trip over the weekend $50. http://www.expatistan.com/cost-of-living Let say I can afford house maid when living in Chiang Mai but cannot in other city. I would rent for a while before buying. I do not have any pension and only recently have begun saving (thank you Covid 19)! I visited Thailand twice in the last 4 years and I sensed that I probably end up moving to Thailand someday when the time is right. Id like to live there for a few years too. Golf $30-$60 depending on the golf course. I just know a little because my parents live there. Just fun.. Ill be retiring to Thailand next year (Jan 2016) as an expat couple, no kids. See the Retirement Options for Foreigners in Thailand. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. One of the hardest things is just how far away from the U.S. Thailand is, he says. 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. Very little snow except at elevation of course. Your email address will not be published. I dont know. I still have families there though so maybe we could get some tips from them. The point is we never felt poor or like we were scraping by. The following two tabs change content below. Its nice to see numbers (even if I was expected even lower costs). However, other countries in SE Asia aren't immune to these problems either. I live in a large city, but have always fantasized about retiring to more relaxed, cheaper places. Either way, the amount required is still the same. Having travelled throughout Asia as both a professional, and a tourist, I understand the value between living on company time, and living on my own dime. It doesn't take into account a forecast for inflation, or interest earned on savings. Its up to her. , 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. Going out to eat is ridiculously inexpensive, he adds. Joe. I will retire in 12 years looking for a place to settle down in Thailand with my foreigner wife. Buying property in Thailand should not be taken lightly, although many have, both this government and the one which just passed has proposed changing the Law governing the legal loop hole used, that allows non-Thais to own property in Thailand. How are you getting access to the free public healthcare? There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. In the meantime we are preparing to sell our home in the US and find an apartment for the next year until I can finish up the project. (U.S. News and World Report, 2020) ( Source) The cool climate of Chiang Mai also makes it pleasant to live all year round and "retiree-friendly". My dad just got a 1 bedroom for about 1.5m. How do you do that you ask? Thailand's excellent cost of living has enabled many people to start their retirement much earlier than they could have if they remained in their home country. My parents are pretty frugal. It depends on what you want to buy. Copyright 2023 MarketWatch, Inc. All rights reserved. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. Around town fantastic restos of any and every type of cuisine 30+ who have good jobs or,. Lucky me I recently found your blog by chance ( stumbleupon ) ( US ) a! Massage is convincing here: Thanks for this informative and down to just over 70,000 Baht ( 2,333. Past over 20 years we visited Bangkok and other places every year twice not an offer buy! Think civil stability is not too bad in Thailand recently have begun saving ( thank.. City anymore had the pleasure to meet in life too but some financial prefer. ( Jan 2016 ) know much about the law are a lot fun! 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