Retirement Options for Foreigners in Thailand, http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. I do like Vancouver, but its super expensive. Having a travel HQ based in other part of the world would cut travel cost a lot too. + Get Health Insurance Good luck!! Exactly. Several years ago I wrote a post about living abroad on less than $3000 a month. How are you getting access to the free public healthcare? Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. You could rent the same motorbike for about 3,000 baht ($95) per month. . Sorry, Im not that helpful. An important point that you mention is the cost of medical care in Thailand. The rent will be affordable and you can take a few years to see if its the right move for you. Returning to the same vendor again and again is a great way to make a local friend. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. FIRE is much easier if youre relatively healthy. Most apartments and many houses come furnished. Its like Chiang Mai when I was a kid. 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? He may not have a pile of money to live on and is depending on Social Security or a pension. Were also considering some international options for our pretirement years. The Fora platform includes forum software by XenForo. I have so many folks asking me what it costs to live here in Chiang Mai. To see how far your benefit could take you, try this. It is so amazing to live sea front on a quite island with a dozen islands in our view. I really love your comment. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. They are here for an extended visit so I thought Id take this opportunity to pick their brains on how much it costs to live there. Im dual. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. Wow, $500 for all 3 people? We could get by on less than $1,000 per month in Texas if not for taxes and insurance. Looking for an apartment to rent or a home to buy? I think I prefer Chiangmai. . I like your article. Ill be retiring to Thailand next year (Jan 2016) as an expat couple, no kids. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. As you can imagine, there are many different stories and tales about dating in Thailand as a single man. Leo is planning to move back to the US because he has Medicare benefits there. Just those few phrases will make life much less stressful. The location makes a huge difference. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. My dad likes to eat seafood so thats why his food expense is so high. . It really depends on the accommodation. The Most Important Ages for Retirement Planning: Age 50, The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. Disclosure: All content on this site is for informational purposes only, not professional advice. 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. This is generally referred to as the 'old town' although many can be found in many of the surrounding areas such as Hang Dong and Nimmanhaemin Road. Although you do have to take precautions as you would anywhere in the world. It's true. How in the holy hell do you spend $4,000 per month without living at least somewhat extravagantly? Golf $30-$60 depending on the golf course. The cost of alcohol can also add up quickly. There are many types of insects, including mosquitoes, many types of ants and cockroaches (that can fly). The cost of care is much more affordable there than in the US. I think the cost of care just about everywhere is much more affordable than in the US. As an example, I have a good friend who is in his late 60s and is from the US. Many Thai people speak English. I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) Spotting oversights in your retirement plan early can lead to years of financial stability. Residents of the U.S., as well as those of a handful of other countries, are actually able to obtain five-year retirement visas, although the threshold to do so is more rigorous. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. . In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. For the largest selection of properties in Thailand, and a completely free service, To keep your data secure you should use a VPN when using public WIFI and when accessing internet banking and other sensitive information online. Thats cheap. The lifestyle also makes a big difference. The place I live in the US loses power significantly more frequently for a significantly longer period of time than any I've experienced in Thailand. Ill check it out. Most said preference, but upon digging deeper, some would say that the local men are not good and cheat, and therefore, they prefer foreigners who they see as being more loyal I would add that this is a generalization, but this is what they mentioned. However, if you can choose to eat the local foods and not go to 5 star restaurants, its not too bad, Healthcare in Malaysia is a lot cheaper than the US and is just as good. Im Peter. Ill have to ask my dad. Learning Thai makes life here easier and more fun. I enjoyed my three trips back there in the 80 and 90s. Good luck with the resort. Besides the application form, you need to have a picture of yourself and various parts of your passport. To live like that is to live a life short changed, and to be forever wondering Is this all?. While the weather is hot and humid year-round, some months of the year are hotter than others. I have not research much yet how that would work for taxes though. If you are looking for a quite paradise that is affordable contact us at [emailprotected]. I do not agree on counting dimes on a daily basis to save a penny so that at the end of the month I can splurge on an indulgence either with saved change at the end of the month. I think Indian food is also quite expensive in Thailand. It would be great to visit the surrounding area. 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. That's true. Tags: retirement, money, Thailand, moving. Not in the short-term, but within 5 to 7 years. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. I knew I would shock some people with my idea of having a relationship with a woman 20 years younger. Having traveled to Thailand 14 times and having many friends live there full time, I disagree with the costs here to retire. No stress, please. I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. Though it has depreciated in the past two months, it is still significantly stronger compared to three or four years ago. Actually, I dont know that much about Chiang Mai. 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. Here's what you need to know about retirement in Thailand. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. The financial requirements are: Bank account with THB 800,000 or. 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. As you note, you can get a 2-bed house on an island like Phuket or Samui for 15-20k - less in some areas, and something modern for 25-30k in a decent location. I want the whole experience. My dad mentioned that raising a kid is a pretty big expense in Thailand. It is a bit hot here, but Id take 90 degrees heat over snow any day. Thank you Molly! For example, $700 for groceries and $500 for eating out (i.e. Our children and us really enjoy the universe for our bedroom. I really want to visit Thailand and it sounds like its extremely affordable. Ive lived in both places having my thai ex wife and now living in the Philippines semi retired at 48. I have to complete an irish tax return for 2021. and said return require people who are non resident land lords to submit their earnings and employment reference numbers for the country they are living in. 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. What about Vietnam? It's easy to criticize this study for what isn't factored in, and the fairly simplistic financial calculations it uses. I have a friend who lives in Thailand in a beach house with 2 other people, he said the cost of expenses are barely $500 for all 3 of them, and this includes food and lodging. Is it so? $3,400 per month is approximately the pay out for 100% VA disability. When we retire, we lose a lot. How to avoid retirement shock. He paid about $3,500 for them. There are many variables but I think 70k isn't far off the monthly figure for the average expat. Camping/rustic countryside trip over the weekend $50. We may receive a referral fee if you sign up through the links on Retire By 40. November . And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. I dont see many retired couples or single women retire here, he says. This country has a low cost of living as well as some of the world's most beautiful beaches. What are the rules, if any, about foreigner ownership of property in Thailand? Thats a big issue for foreign retirees. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! Once in Thailand, open a Thai bank account and deposit 800,000 Baht. It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. I think you really should split it and invest some. Good luck to finding somebody who is nice for you. Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. I realize that to each, one's own but for me being unable to cook or to have a space dedicated to "work" and "relaxation" would be a bitter pill, indeed. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. There are some lower cost Japanese (Yipun) food in what amounts to a fast food version of a traditional restaurant usually found in some of the malls. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. The content Comparative assessments and other editorial opinions are those of U.S. News Cheers. Renting before you consider a property purchase is a good idea. Many foreign retirees could come to Thailand and live a pretty good life. It's very helpful. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. 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. It would be nice to get away once in a while, but I dont think Id like living in a secluded spot for long. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. Imported liquor is about 50% more than what I would pay in the US IF I COULD STILL DRINK (interferes with my meds), I am generally there during the wet season, so room prices are lower. I'd be happy to do that--but how? We are thinking about buying Apartment at Sukhamvit . Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. You could top up your contributions now and you're allowed to backpay for 6 years. Dont worry about it. These are some of the things the wifey and I are considering now. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. Thanks for your comment. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. Who the hell are you?! About a week ago we had a meteor shower. If you haven't done these things by age 50, it could be too late to do them well. . A health savings account is a beneficial tool for retirement planning. Health insurance is still a big question here. For a single guy, thats an extremely comfortable income to live in in Bangkok, if youre not a drunk or rabid consumer of whats available in the Thai bars. In general, you can save the most by living and eating like a local. The most expensive country in the world to retire in is Bermuda: $1,065,697. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). One of my uncles had a stroke a couple of years ago and went the private care route. Hi! (I think thats the current rule. 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. For US$3,000, or THB105,000, a single person would live quite comfortably in Thailand. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! Monthly income of at least THB 65,000 or. As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Lucky me I recently found your blog by chance (stumbleupon). Living cost was much cheaper than BKK, Pattaya and Phuket. Please review our Anyway, Chiang Mai is a great place to visit. You need to answer that first. This application is similar to the initial application with some additional requirements. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. Oh yeah, and be 50 or over. Did I miss anything? I LIVE IN Thailand and I must say I am quite impressed with your cost of living figures, have lived in Thailand since 2003 now. ), the people, the infrastructure and healthcare!!! To prepare for retirement Top 5 Locations to retire in is Bermuda: $ 1,065,697 take precautions you. Take 90 degrees heat over snow any day $ 60 depending on Social Security or a pension per. Off the monthly figure for the average expat during the hot season, temperatures stay! Is still significantly stronger compared to three or four years ago i wrote a post about abroad... Thailand a bit hot here, he says travel cost a lot of dialects that make it harder! See if its the right move for you visit the surrounding area single women here! Lived in both places having my Thai ex wife and now living in Philippines... 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