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. All Rights Reserved. However, financing is normally unavailable or difficult to obtain as a foreigner. Hello, again. One of my uncles had a stroke a couple of years ago and went the private care route. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. PATTAYA, Thailand -- From the mountains of Chiang Mai to the beaches of Phuket, Thailand has long been a draw for foreign retirees wishing to spend their golden years in tropical bliss. All you need is a valid passport and a return trip scheduled before you enter the country. 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. If you still have assets and family back home, that 13-hour trip (for me) gets increasingly tiresome with age, particularly dealing with the jetlag. You worked hard you whole life, why not enjoy your golden years? Ive been living & traveling in Thailand for 14 years. They dont keep track of every dollar so this is just an estimate, but they generally spend about $1,300/month and live quite comfortably. Asia is more expensive than Europe and the US for most modern day items these days. 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. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. Need an international bank account that holds multiple currencies and lets you transfer, receive & spend wherever you are, with a MasterCard. The retirement visa also does not allow you to work in the country. Many Thai people speak English. I am Thai working in Middle East. Therefore, we will be exploring these two categories from a single mans point of view. Why dont you just rent? In general, living in Thailand is significantly cost-effective; of course, if you are not a single man and you are in a relationship, you will be able to save some cash each month from sharing accommodation, but this is often a minimal amount. If you have been to Bangkok, you know it is extremely hectic there. Good luck!! You can rent in some parts of the country for as little as 6,000 baht ($190) per month, but accommodation that tends to appeal to American retirees generally starts at around 10,000 baht ($318) per month. This article oddly makes Thailand seem like any other place. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. Your best bet is to work with a tax accountant to file your taxes. 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. - irresponsible but honest thoughts. There are many temples, festivals, and activities to do around Chiang Mai. To rent a condo (2BR, 60 sqm) in Bkk will cost around USD 600 per month away from the city center, less if on the outskirts or in the districts. Its like Chiang Mai when I was a kid. Sorry, you'll have to zoom in on the image to see the country names. It would be nice to get away once in a while, but I dont think Id like living in a secluded spot for long. 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. Simply. 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. Once you live in Thailand for six months you will need to pay income taxes. It's a little more complicated - read more here -. How Much Do I Need to Save for Retirement? To make things easier for you, Ive compiled a list of those I use below. Living it Large in Thailand Now, if you were working with $5,000 per month for living costs, you could really push out the boat and live an extremely comfortable lifestyle. For example, when we arrived 2 1/2 years ago the exchange rate was 37:1 but now it is 32:1 (and was as low as 28.5:1 a few months back). Have a question? 1. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! Unless you become Thai you wont be able to live like a Thai. 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. Well done Peter, keep up the good work! And, like you, were also waiting for that big mega-thrust earthquake! Thanks for this article! They have pensions and its much more affordable to live in Thailand than in Japan. Here's how that person could spend that amount each month. Heck, if it was for family and friends, Id probably want to leave NYC right now for a lower cost of living location. 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. I speak Thai, have families here, and Im a Thai citizen. Scary things happened to my visibly American friends and it kinda made me very cautious. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. For more active retirees, you can visit beautiful temples or go for a hike. 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. Nikkei Inc. No reproduction without permission. We know were not going to be in the DC area after Daughter Person graduates, but havent settled on any specific place yet (other than further north). Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. I sometimes wonder about moving to a more affordable place to retire but I think it would be hard to leave family and friends. When I retire Thailand will be one of my top considerations, although I prefer the scenic and quiet southern part. The amount you spend on healthcare really depends on your health. Having a travel HQ based in other part of the world would cut travel cost a lot too. Would Cambodia work? JavaScript is disabled. 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. While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? 2023 Retire by 40 And, if you choose to bring money into the country and give it to your wife to buy a house you are required to sign a legal document stating that you have no rights to the house in the event of a divorce. what country is better for a 62 year old single man to. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. But how does this translate to the real world? I will admit that I am neither frugal, or spend thrifty, regardless of whose dime I am on, I always opt for what I like and make no reservations or excuses about certain indulgences. , Thanks for the great article! I knew Chiang Mai is much cheaper than North America but its interesting to see some actual numbers. Itll be a while though. So no houses unless you are married to a Thai citizen (I think.). And consumer prices in the Big Apple are almost 91% higher when you exclude rent. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. What about Vietnam? I first wrote this post in 2013 when I came to see my parent. About a week ago we had a meteor shower. But, apropos of the study, the 70K may be low for Bangkok, particularly given the maintenance of a living standard. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Senior insurance needs are different. So basically, taxes and insurance. 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. There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. check out for a fairly accurate COL estimate. 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. The weather, which is beautiful for a few months of the year, may be too hot for the rest of the year. What do you think about retiring part-time in more affordable countries? Why Thailand? Hair cut with shampoo + scalp massage $7 men, $20 women. Ill check with my dad. 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. #1: Never live alone. Yeah, some US locations are quite expensive. I did not have any problems eating at local food stalls. Theyve been married for eight years. Exactly. 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. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. Our children and us really enjoy the universe for our bedroom. Its working well for them. Id probably take the train or fly. 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. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. You could rent the same motorbike for about 3,000 baht ($95) per month. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. 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. He relies on football and basketball internet packages for his U.S. sports fix. Good luck! Thai people can go to the public hospital, but the wait is very long. (I think thats the current rule. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. My sister is always struggling with money and drugs: I own a house with my husband and mother. Make sure you also have a 're-entry permit' before you leave the country. The Japanese retirees spend about $3,000 per month to retire in Thailand. For example, in Thai society, if a woman is slightly overweight, she can be seen as fat, but she can be seen as slim or average in the West. It is so amazing to live sea front on a quite island with a dozen islands in our view. Three-wheeled tuk-tuks can be loud and hot, but they are affordable, and they do have a certain charm. Whats your interest rate on the student loans? I think Indian food is also quite expensive in Thailand. The price increases to $1,800 for double occupancy. I own property in ireland which i rent out and pay tax on profits. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. I think thats a little low on the estimate. Try one thing at a time until you acclimate to the local food. Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. I'd be happy to do that--but how? Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? Some of those that I've seen would stretch the cooking requirements for Ramen and a beer. 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. I have so many folks asking me what it costs to live here in Chiang Mai. Thais generally know a little English. It seems like they keep changing it.) My taste is very simple too. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. I smell PTSD payout. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. Thaipod101 is the best way to learn Thai online. Just those few phrases will make life much less stressful. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? There are many reasons why expats choose to move to Thailand; this includes the beautiful weather and the stunning scenery. Getting a retirement visa is simple, but thats not the end of the story. I only speak english and it is very easy to get by here with english. Thank you Molly! In Thailand they START AT 7 and go to maybe 15. Glad you found the website. Well have dinners with a dozen friends every few weeks. Yeah, its not that cheap to live a comfortable lifestyle. In short: Of course you can. is it wise to split it in half and put the other half in investing? The cost of living allows a retired man the opportunity to live in a nice place while trying to make do on a fixed income. 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. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. That said, unsophisticated crime is rampant in Ecuador. It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. Who the hell are you?! 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. I have not research much yet how that would work for taxes though. George Town, Malaysia. The financial requirements are: Bank account with THB 800,000 or. Basically it comes down to a couple main factors: 1. Even for the linguistically talented, Thai is difficult to learn. You can process the paperwork yourself and pay about 2,500 baht ($80), or you can seek help from an attorney who will charge 10,000 to 15,000 baht ($318 to $475). We are Indian but grew up at California . Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. , 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. I havent done that yet because its a long way off. + Find a Job Copyright TheThailandLife.com 2023. It's true. 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). on this page is accurate as of the posting date; however, some of our partner offers may have expired. I like your article. Otherwise, just move to Florida. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. 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. It will be great to visit South American for a couple of years. My wife's place in rural Issarn is where we would settle. Im pretty sure well be back and forth a lot even if we live in other countries. I use both. The permit application is relatively simple. Good luck with the resort. Wine, he says its $15 for anything decent.. 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. Please let me know why i m thinking is correct? Take your reading anywhere with offline reading functions, Never miss a story with breaking news alerts. Its up to her. However, other countries in SE Asia aren't immune to these problems either. I have been saving my whole life for this, and I cant wait for this new adventure of mine to start. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. Chiang Mai sounds like a city to investigate. Having a Thai girl by your side makes it possible to get to get to know the Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. Thailand is one of the best places for Australians to retire overseas and you won't be alone, there are already a massive number of Australian Expats living in Thailand. At 60, I can allow myself to spend at least $5-8.000 a month, so money is not the issue here. I think the utilities probably cost another $100 extra. Thai culture is also quite different from U.S. culture. Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. You can live dirt-cheap or super expensive in Thailand. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. More privacy info here. For example, you can retire in Argentinaon a similar budget. Motorbikes and scooters rule the roads in Thailand. I lived there for half a year and its wonderful to live in the tropics. We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. In fact I would have been shocked if you'd said you fancied women of your age. Malaysia? The cheapest country to retire in is Pakistan: $182,018. The real benefit of a single man living in Thailand in terms of living expenses is that you only need to pay for yourself. Very little snow except at elevation of course. The housing cost looks reasonable, irrespective of whether one rents a condo or buys one. The so called Free trade agreement where products like Cheese and wine from Australia for example still end up with a 300% local tax stamped onto their price, when there should be none hence free trade. My Thai friends tell me you are absolutely correct about the cost of living. 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. And then there's traveling back to home now again. Touching base again. Lastly, you will need to meet certain financial requirements. Only downside for me is that I find the heat/humidity a bit testing. Retired military at 31? Camping/rustic countryside trip over the weekend $50. As for food, beef is expensive but seafood is reasonable. Nonetheless, finding the right one is often the challenging part. 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. 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). Those who find that frustrating can hire an agent to handle it, as some of his friends do. Disclosure: All content on this site is for informational purposes only, not professional advice. My adult children had left, and I wasnt in a relationship, he says. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. Where do you live? Your email address will not be published. . They are cheap to own and operate. There are four steps to acquiring a visa to retire in Thailand. 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). Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. He met his Thai wife, Oorathai, better known as Puy, while she was having a cup of coffee. This is much less than our current expense of about $4,800/month here in the US. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. My dad rents several condos to Japanese retirees. Renting before you consider a property purchase is a good idea. See my credit card page for instruction on how to travel hack and which card to signup for today. Ill have to visit again. 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. Oh, I put ? VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. I would love to retire in Italy for a few years too. Bowen also notes that while Phuket is great for single men, it may be less appealing for others. He paid about $3,500 for them. Thai markets also offer prepared foods, most commonly roast duck and chicken. Americans are living longer than ever, and that creates some challenges for retirees. Thanks for sharing these budget numbers! My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. He may not have a pile of money to live on and is depending on Social Security or a pension. If you fail to do this, your visa may become void. Lucky me I recently found your blog by chance (stumbleupon). This is what Id spend if I live in Chiang Mai. Cookie Policy The housing cost in Bangkok is much higher than in Chiang Mai, but I think other stuff are pretty comparable. In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. What am I still doing in the US!? The rent will be affordable and you can take a few years to see if its the right move for you. Today we get our dental work done in Mexico, across from Yuma. Thailand has always been popular as a country to come to live and retire. My mom, in particular, doesnt like to spend money at all and lives a simple lifestyle. I think you really should split it and invest some. Its possible to do this in Thailand or at a consulate in your home country. 10 reasons why not to retire to thailand retire 2. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. Healthcare is important to factor into your budget. Hi, My name is Tom and I am 49 and live on Ko Lanta Island in Thailand. Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . CHARISMATIC FAMOUS WEALTHY MOVIE STARS. 1-Year Thai Retirement Visa (Single-Entry) - $61.33. You mentioned a condo would be around $50,000. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. (Unless you live in the neighborhood) Financially? She has one more year syndrome and Im a bit tired of waiting. + Find a TEFL Course Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. But this is surprisingly accurate. Sometimes it makes more sense for one member of a married couple to keep working. I guess, it depends on where you live in Thailand. Thanks for your comment. Its quite nice down south near the beaches. question with a Yes. These are some of the things the wifey and I are considering now. Silvia Ascarelli is a senior news editor for MarketWatch based in New York. Thats a law that dates back to the Vietnam war. $3,400 per month is approximately the pay out for 100% VA disability. Sorry to hear that! 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. I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) Your email address will not be published. Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. Retiring in Thailand is a great option for many foreigners. Mr. LH and I have discussed retiring abroad to someplace less expensive. 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. What are the rules, if any, about foreigner ownership of property in Thailand? 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. Im dual. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 - $1200 a month. I could live a pretty comfortable lifestyle here for about $1,600/month or maybe even less. The cost depends on the location. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa Its actually very nice. Health care is excellent and the country is safe and . To live like that is to live a life short changed, and to be forever wondering Is this all?. 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. Also having as a possibility to retire in Europe in 10+ years. Low costs are a big part of the appeal. My girlfriends family has five sea front houses. I think anywhere in central city would work because Chiang Mai is not that big. 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. Health insurance is still a big question here. I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. I've used one for 4 years. In the past we have had excellent medical care in Australia, New Zealand, Jordan, Turkey, and Mexico for a fraction of the USA costs before Medicare kicked in. Did I miss anything? Honestly, its hard for me to imagine how a retired couple could spend THAT much money living in Chiang Mai. Think to remember no matter how much you love eating Thai food or food that you were not brought up on, you will still crave food from your homeland. This completely furnished home comes with a communal pool and a fully outfitted Western-style kitchen. Im 73 and will only have my 401(k) after retiring. He knew no one in the country. Your retirement visa is valid for one year,but you still need to report to immigration every 90 days. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. 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. Retiring in Thailand sounds amazing, but I would just like to visit there to start. Phuket is a great place to visit. "Poor electrical wiring standards" lol "Poor" implies that a standard exists to make a comparison to standards elsewhere. This may work for you if you plan to travel a lot or return home frequently. Cheers. Find out more here http://resilientman.com/retire-thailand/. Must admit my expenses are a lot more. One other consideration is relative civil stability. I have visited Thailand more than 30 times and know almost everything worth knowing. Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. My parents are pretty frugal. You have a great idea for getting and solving the healthcare part of your retirement. My wife and I did most of our international travels with my small company in the 80s and 90s so we no longer feel the need to travel around the globe now that we are retired. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? We may actually do more than one country if everything works out OK. Sure, you can come by anytime when we move over. Once we get tired of SE Asia, then we can move to South America for a few years. The city also gets over 10 million visitors in 2019 so they are used to foreigners. Why did you have to write about this? Spotting oversights in your retirement plan early can lead to years of financial stability.

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