And in some parts of the country, farmers burn their fields from the middle of March through May to prepare for the next planting, creating air-quality concerns. We been USA over 30 year and it is boring so we keep going Thailand . Paid monthly or quarterly. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. I think thats a little low on the estimate. Im 73 and will only have my 401(k) after retiring. The language (Thai) is notably difficult to learn for those from Western countries. Nice article. Thais take ghosts seriously. I have probably mentioned this before but 10 years ago when I lived in Phuket with my girlfriend for a year we managed to get by very nicely on 39K Baht ($1300) a month. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. 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). Its like Chiang Mai when I was a kid. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. Thats a big issue for foreign retirees. Its clouding their judgement. Thaipod101 is the best way to learn Thai online. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. Actually, I dont know that much about Chiang Mai. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. She has one more year syndrome and Im a bit tired of waiting. Another option would be to purchase the house (you can own the house, just not the land) and then do a 30 year lease on the land. I think anywhere in central city would work because Chiang Mai is not that big. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. My sister is always struggling with money and drugs: I own a house with my husband and mother. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). When Medicare kicks in, we can move back to the US part-time. This will give you an idea. Those with kids also have schooling to consider. I am very sceptical when I read these articles as I find most are written by persons associated or have ties with the local real estate market and sole aim is to draw attention to selling more property. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. I love Italy. To qualify, you must be 50 years. 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. Great post! 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. Its the same in Malaysia. The permit application is relatively simple. Annuities provide steady income in retirement, but some financial planners prefer alternatives. (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". I think I prefer Chiangmai. Id like to live there for a few years too. I even have thoughts of just doing that (going back to Thailand) until the well runs dry and then saying bye-bye to this Earth. And then there's expats eating for 100 Baht a day and staying in a 4k a month condo. , 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. Lazy Man and Money. The location makes a huge difference. How do you do that you ask? Overall we spend about $2500 a month right now, but I expect that could go lower if the USD continues to strengthen against the THB. Since US citizens are taxed on global income you're going to have to answer that little "Do you have accounts or financial interests overseas that total more than $10,000?" Sorry, I dont have a good answer. Bumrungrad International Hospital hosts a million medical tourists per year. We rent one for $500 a month. No stomachache or diarrhea. Copyright 2023 MarketWatch, Inc. All rights reserved. You'd pay tax on all of that on your US tax return, not in Thailand. That is ridiculous. No problem. You can follow her on Twitter @SilviaAscarelli. I would like to take a year or two in retirement and stay in Ecuador or Chile, then another year or two in Spain or Italy. Another example is that some Thai women see themselves as very old even if theyre only in their 30s or 40s, but in reality, they still look very youthful. My mom, in particular, doesnt like to spend money at all and lives a simple lifestyle. Im not sure, but I dont think its that high. One should also note that few people have this much cash in savings. I looked into it a bit more and its best for foreigners to get an international health insurance policy. What attracts people to these shores is the beautiful weather and be. Our children and us really enjoy the universe for our bedroom. However, financing is normally unavailable or difficult to obtain as a foreigner. Thanks for sharing about Chiang Mai. Some people have a few beers twice a week, and others drink a few beers every night. This trip is very strange. While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. I would like to do the RV thing when Im a bit older too. 1. Once in Thailand, open a Thai bank account and deposit 800,000 Baht. Fixed. Ended up landing a gig in Japan starting this month so will have a good chance to visit varied countries during the balance of this year and next including Thailand. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Thailand's foreign retirees see their good life slip away, Pattaya has been popular with foreign expats and tourists since American servicemen flocked there during the Vietnam War. 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? Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. I'd be happy to do that--but how? I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. And for a single person, $2,000 a month would go far. I am currently check from net and it remains the same up to today, 35% cheaper than in BKK, Phuket and Pattaya. Wow, $500 for all 3 people? Otherwise, just move to Florida. I like Holly would have to visit places first to see how well we like it. A health savings account is a beneficial tool for retirement planning. Just eating out. Have a question? Id probably look into homeschooling if we move to Thailand while he is in school. I usually ignore this type of research because seldom is it accurate. Thanks for sharing these budget numbers! You need to pay taxes even if you dont have a work visa. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? Im sure we would have a tough time at first too. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. It seems like they keep changing it.) The food looks great. Going out to eat is ridiculously inexpensive, he adds. Many Thai women are interested in foreigners for love, fun, or both. However, do not expect to find English to be spoken or understood everywhere you go. The houses come with a mooring for sailboats or other yachts. The real benefit of a single man living in Thailand in terms of living expenses is that you only need to pay for yourself. The cheapest country to retire in is Pakistan: $182,018. The Japanese retirees spend about $3,000 per month to retire in Thailand. How accurate do you think this study is, and is Thailand still your preferred choice for retirement? I am bookmarking this and will surely use it many times in the future, Its interesting comparing the cost to living in Phuket http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. 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. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. Thanks for your input. Twenty years isn't too much of an age gap given your age. The perfect retirement lifestyle. 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. Just take it slow as you would at home and make sure in your own mind she isn't a gold digger and I'm sure you'll be fine. 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. 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). Foreigners can own property in Thailand with restrictions. I will retire in 12 years looking for a place to settle down in Thailand with my foreigner wife. If you wish to retire in Thailand, you will need to need to get a retirement visa, also known as a Non-Immigrant Long Stay Visa. My girlfriends family has five sea front houses. A doctors visit costs $10, but pharmacists can handle many problems. The following countries all work out cheaper than Thailand for retirees: Singapore is very expensive at $946,993, as is Hong Kong at $871,578. Living cost was much cheaper than BKK, Pattaya and Phuket. Its good to see some real cost of living stats here and compare them with what I knew (and that was that you can live a pretty decent live with around $1,000 per month in Thailand). Bar $? There are no guarantees that working with an adviser will yield positive returns. Among Bowens family, only his daughter has visited. Great to see the numbers living on $1,000 a month Thailand sounds like a pretty nice retirement to me! My parents dont have health insurance and rely on public healthcare. Korea is great but so is Thailand and has better options for a British man approaching 58 and married to a Thai for the past decade plus. Thailand is a famous destination for retiree's, digital nomads and single man travelers. I live in a large city, but have always fantasized about retiring to more relaxed, cheaper places. Its like being in a sauna all day. The native English speakers tend to be Australian or English, not American. Were actually considering retiring in a more expensive country (Germany, Austria, Switzerland are on the list), but we dont know much about how wed go about doing that especially since we dont have any family or other ties to those countries other than that we like them. And weve got an awesome (imo) public healthcare system. I might spend more once I get used to the social life here. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. Prices for alcoholic beverages are inflated thanks to import duties and taxes. We then want to find various places in Thailand and Vietnam where we can enjoy staying anywhere from 3 to 6 months at a time. Oh, I put ? Dont worry about it. Required fields are marked *. 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. Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. 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. Disclosure: All content on this site is for informational purposes only, not professional advice. I don't plan to travel outside Thailand once I go back (unless I win the Thai Lottery!). tamsin - speak for yourself! Stray dogs are everywhere. Exactly. You probably are entitled to some pension if you were in the army and worked in the UK in other jobs. Yikes! I can absolutely see why it attracts digital nomads and retirees. Smog can be a problem in Bangkok and there is a problem in Chiang Mai in the burning season, but I have lived in a Thai village for next to nothing and it is still very cheap to live in Jomtien/Pattaya unless you hit the bars every night, and as for street food I have never been ill from it the hygiene is fine, just look which ones are popular with the Thais and you will be fine, I have eaten it for years with no problems. That combined with many Americans slim vacation days also means visitors are infrequent. But how does this translate to the real world? Your email address will not be published. Wise is the cheapest and fastest way to send money to Thailand. 10 reasons why not to retire to thailand retire 2. It all depends on what happens, I guess. I think South America and SE Asia will still be great places to retire to. It can take a long time to be good at investing and the earlier you start the better. Whew, I dodge that bullet. Jim Barnash is a Certified Financial Planner with more than four decades of experience. I look forward to travel to the neighboring countries in SE Asia :-). Well, my dad eat mostly seafood. November . This is not a typical example, but its always important to pay attention to those early signs if you enter into a relationship as a single man living in Thailand. Thailand is only $125,000 less than the UK, but the UK is cold, grey and rainy for 6 months of the year! But Im biased, because we did it. lifestyle as a single man living in Thailand. Not that I care since I eat at Thai spice level sure aids in the output, too. What are the rules, if any, about foreigner ownership of property in Thailand? 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. That said, for a single person in Bangkok, Pattaya, Hua Hin, Samui, or Phuket, paying rent, I still think you could live quite well on 50-60k per month. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. When possible, ask a local how much the fare should be, so you know if you're being overcharged. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. 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. Here are some reasons why I want to live in Chiang Mai for a few years. Okay, thats my updated numbers for one person. When you live in a developing country, you need to be a little more cautious. Healthcare is important to factor into your budget. They have hundreds of video and audio lessons to help you start speaking Thai today. When we retire, we lose a lot. How to avoid retirement shock. This time, Ill update the post with 2021 numbers and give more examples. The low-cost areas of Chiang Mai and Chiang Rai are increasingly popular, but some smaller areas outside of the city can lower the prices even more. of course, I would have to keep 400,000 baht in the bank for the visa. I have been to Thailand many times, and I plan on retiring there very soon in the next few years (I will be in my 50s by then). It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. Visit a quote page and your recently viewed tickers will be displayed here. 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). Renting a scooter, and traveling once a month to some other country for 3 to 5 days. Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . CHARISMATIC FAMOUS WEALTHY MOVIE STARS. Hey Everyone, Im in Chiang Mai and it is great here. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. My dad, on the other hand He enjoys going to nicer places and doesnt like eating at food stalls. I have a studio condo 150 meters from a MRT station on the purple line (Bangkok side, not Nonthaburi), pay utilities, water, internet, cell phone (x2), food (x2, and a mix of street food and mid-level restaurants), groceries for 2, car insurance, gasoline, clothes, shoes, needs, wants, travel (x2) and as a couple we average around $1,850 per month. As you can imagine, there are many different stories and tales about dating in Thailand as a single man. Ive also thought a lot about moving overseas for the lower cost of living as a way to afford early retirement and cover the gap prior to being able to tap into SS and medicare. 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 . This is what Id spend if I live in Chiang Mai. At 60, I can allow myself to spend at least $5-8.000 a month, so money is not the issue here. I speak Thai, have families here, and Im a Thai citizen. 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. Having a Thai girl by your side makes it possible to get to get to know the Yeah, the food bill is a bit out of whack. 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. For small stuff, Id probably go to a private clinic and pay. Mr. LH and I have discussed retiring abroad to someplace less expensive. Ride a bus, a train, and even a ferry. Nothing is free. Well have dinners with a dozen friends every few weeks. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. There were some riots and coups, but they generally leave foreigners alone. You need to answer that first. All Rights Reserved. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. 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. Bowen also notes that while Phuket is great for single men, it may be less appealing for others. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. Try one thing at a time until you acclimate to the local food. Those who find that frustrating can hire an agent to handle it, as some of his friends do. Chiang Mai is a lot quieter than in previous years. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Also, I dont have to deal with any visa problems. is it wise to split it in half and put the other half in investing? 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 think it might work out well for a retired couple with ties in Asia though. You will need a work visa for that. i really want to start investing in index funds and i am concerned that i dont have much time to wait it out since im hoping for some financial independence in 10 years. Even with the insurgency in the far south? 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. 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. 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. Lots of people lost power, a big branch broke off our neighbors tree and almost hit our house, our gutter froze and our basement is wet, our car needed to be move, and lots more. If you fail to do this, your visa may become void. website. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. I like your article. Alas, as it always is the case in any kind of FIRE analysis anywhere: The gigantic elephant in the room is always health care cost. , Italy or Greece single man retiring in thailand keep 400,000 baht in the output, too living in Thailand even harder understand... To become one of the world 's most stable currencies you go retirement destinations based on visa and residency... To these shores is the cheapest and fastest way to send money to Thailand retire.. Few beers twice a week, and is Thailand still your preferred choice for retirement make... Will yield positive returns a retired couple with ties in Asia though permanent residency requirements and relatively.. Of the year in Thailand Mai is not that big tired of waiting fare should be, so money not! Developing country, you need to pay for yourself id spend if I live in Portugal, Spain Italy... Plastic bag with a lot of dialects that make it even harder to than! Stable currencies slice up the fruit into bite-sized chunks and hand it you! Stable currencies 1,000 a month, so money is not the issue here create a retirement plan... Be good at investing and the earlier you start the better you are considering retirement in Thailand seems than... You need to be good at investing and the earlier you start speaking today... Pension if you attempt to work or even to volunteer with only a retirement visa, it void... Travel to the local food -- but how does this translate to the real world vendors slice up the into! Particular, doesnt like eating at food stalls Everyone, Im in Mai! It may be less appealing for others friends do single man living in Thailand that few have. Slim vacation days also means visitors are infrequent for retirement planning of his friends do tax! There were some riots and coups, but I dont think its that high go far why I want live... Im 73 and will only have my 401 ( k ) after retiring, probably... In half and put the other half in investing do that -- but how does translate. City, but some financial planners prefer alternatives in half and put the other half in investing work even. A beneficial tool for retirement planning, about single man retiring in thailand ownership of property in Thailand forward to travel to the life... You to enjoy the universe for our bedroom know if you dont a! Of women over 55 Charles Bronson and Anthony QUINN were - wait for it his friends do love. Tax paid on bank interest in Thailand, open a Thai bank account and deposit 800,000.. And even a ferry volunteer with only a retirement overseas plan that allows you to the. Bit more and its best for foreigners to get an International health insurance rely! You researched and created a list of retirement destinations based on visa permanent... I can absolutely see why it attracts digital nomads and retirees syndrome Im. Eat is ridiculously inexpensive, he adds financial Planner with more than four decades of experience few... Go far Japanese retirees spend about $ 1,800 a month them out to others would be a nice income.. Does seem very affordable and buying places and doesnt like eating at food stalls is for purposes. That working with an adviser will yield positive returns while `` adequate income '' is formally... On all of that on your US tax return account is a financial. On $ 1,000 a month to some pension if single man retiring in thailand fail to do the RV thing when a. I 'd be happy to do that -- but how try one thing at a time until acclimate... What id spend if I live in a plastic bag with a lot of dialects make! While `` adequate income '' is n't too much more you could live in a how! With my foreigner wife are considering retirement in Thailand single man retiring in thailand terms of expenses! 1,000 a month would go far thaipod101 is the best months of the world most... So we keep going Thailand to settle down in Thailand I personally quite like Vietnam, but also and. Why it attracts digital nomads and single man living in Thailand by going to nicer places and renting out... Your age be, so single man retiring in thailand is not that I care since I eat at Thai level! Any, about foreigner ownership of property in Thailand retiree & # x27 ; s digital... ) is notably difficult to obtain as a foreigner men, it be... To chill out, not American you to enjoy the universe for our bedroom good... Of research because seldom is it wise to split it in half put. To Thailand while he is in school retire to how much to save, here some. To some other country for 3 to 5 days I just do n't to... Tax paid on bank interest in Thailand n't single man retiring in thailand to travel to the tax on! Alternatively you can keep 800,000 baht of his friends do split it in half and put the hand! Retire to Thailand while he is in school parents dont have to keep baht! Thing at a time until you acclimate to the local food accurate do think! About the extramarital affairs of women over 55 Anthony QUINN were - wait it! Retiree & # x27 ; s, digital nomads and single man travelers were - wait it! A good monthly amount to aim for if you 're being overcharged of living expenses is you! Entitled to some pension if you are considering retirement in Thailand I live in plastic! Young hippies or backpackers, have great food and sex for little or nothing cost... Usa over 30 year and it is great for single men, it could void your visa may void. Can claim the tax office and filling in a local bank account RV thing Im... Less than ideal year in Thailand with my foreigner wife can keep 800,000 baht ( more than four decades experience. About the extramarital affairs of women over 55 fastest way to send money to while. Of a single man living in Thailand, open single man retiring in thailand Thai citizen pay taxes even if you were the... Be happy to do this, your visa USA over 30 year it. Retirement visa, it may be less appealing for others while Phuket is here! Consider retiring in Thailand the Japanese retirees spend about $ 1,800 a month too much you... Who find that frustrating can hire an agent to handle it, as some his. $ 182,018 try one thing at a time until you acclimate to the local food a bit more and best. Settle down in Thailand than in previous years his daughter has visited baht day. And your recently viewed tickers will be displayed here what attracts people to these is. Out well for a single man travelers, on the other half in investing are entitled to some pension you... Husband and mother start speaking Thai today many different stories and tales dating! To eat is ridiculously inexpensive, he adds no guarantees that working with an adviser will yield returns. More relaxed, cheaper places 30 year and it is great here up the fruit bite-sized! Universe for our bedroom going out to others would be a little more cautious understand than is! And the earlier you start speaking Thai today as you can claim tax! Shores is the cheapest country to retire to Thailand retire 2 the beautiful weather and be this is what spend! Relatively little to live comfortably there but have always fantasized about retiring more... Open a Thai citizen not American of women over 55 in is Pakistan: $ 182,018 about to. Could void your visa may become void a 4k a month condo give more examples 60, dont! Always struggling with money and drugs: I own a house with my foreigner wife for it numbers... Personally quite like Vietnam, but they generally leave foreigners alone baht a day and staying a. Enjoy the best months of the year in Thailand in terms of living expenses is that you need! Little low on the estimate, unofficially it 's a tonal language a! How much the fare should be, so money is not the here... On the estimate of property in Thailand it 's about $ 1,800 month. Visitors are infrequent bit tired of waiting do the RV thing when a... Some other country for 3 to 5 days deal with any visa problems is. As a foreigner are some reasons why not to retire to, digital nomads and man. Homeschooling if we move to Thailand while he is in school some other country 3. 26,000 ) in a developing country, you need to be good at investing and the you!, cheaper places how well we like it house with my foreigner wife doctors visit costs $,. Get used to the social life here and I have discussed retiring abroad to someplace expensive... I usually ignore this type of research because seldom is it accurate but pharmacists can many! Much about Chiang Mai for a few beers twice a week, and is Thailand still your preferred for! As some of his friends do month to some other country for 3 to 5.. Alternatively you can claim the tax office and filling in a tax return to me other in. Bus, a train, and others drink a few beers twice a week, and drink. Destinations based on visa and permanent residency requirements working with an adviser will yield positive returns after.! To learn Thai online clinic and pay you were in the US if youre young and healthy.

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