Here's how that person could spend that amount each month. You will also have to pay for visas and bent officials if you want anything done. If you are an American citizen you are allowed to own 1 rai of land. Thanks for sharing about Chiang Mai. 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. The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. How do these things compare in Thailand or other locations? I dont see many retired couples or single women retire here, he says. 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. 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). of course, I would have to keep 400,000 baht in the bank for the visa. Well see how it goes. We have been living in Bangkok for 2 years now and our costs are quite similar to the retired Japanese, though instead of golf we spend several hundred dollars a month on school, dancing lessons and gymnastics for our daughter. I think the utilities probably cost another $100 extra. I have not research much yet how that would work for taxes though. 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. Hair cut with shampoo + scalp massage $7 men, $20 women. This year, I spent 6 weeks in Thailand to help my parent. We are at Thousand Oaks fro past 25 years and now kids are at college . If you're looking to stretch your retirement budget as far as you can and are up for an exotic adventure, consider retirement in Thailand. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. One of the most intersting things I found out is that there are not a lot of western families who move to Thailand. But, if they do not qualify for the Thai Retirement Visa (O-A or O-X), they can apply for a Non-Immigrant Visa O or ED. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? Thats a law that dates back to the Vietnam war. There are downsides to Thailand, perhaps the biggest being health and safety. 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. I was very happy thinking I found the resources I needed and then I heard something about "taxes" in Thailand? Chiang Mai is the largest and most culturally significant city in northern Thailand. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. 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. Well see. Nice article. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. Its extremely helpful that they use USD and there was a sample budget up somewhere where Americans could live off of the average SS check ($1200) and have a maid and eat out all the time. In recent years, the Thai government made it more difficult to stay in Thailand for a long period. Stray dogs are everywhere. I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) When you live in a developing country, you need to be a little more cautious. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. Actually, I dont know that much about Chiang Mai. Visit more than once. 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. $2,200 is pretty good. 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. Having a Thai girl by your side makes it possible to get to get to know the 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. 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. 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. 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. Im 73 and will only have my 401(k) after retiring. Costa Rica is a safe and stable country with a low crime rate, especially in the rural areas. 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. 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. I do like Vancouver, but its super expensive. Thus, due to Westons cultural upbringing and other factors, foreigners may be kinder and gentler, but this is in general. You also need to have a valid passport that doesnt expire for at least one year. Visit beforehand. Good luck!! thaiembassy. I got food poisoning from eating at one of the stalls. As it happens, this isnt much more than the average Social Security benefit. For many, living expenses may be as low as 40-50k per month. 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. Some may have savings and just a state pension. Many foreign restaurant owners offer by-the-glass wine promotions to attract diners. 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. Surging baht and new rules dull the country's allure for budget-minded expats. 1. question with a Yes. Lastly, you will need to meet certain financial requirements. He knew no one in the country. He paid about $3,500 for them. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. Have a question? Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. Scary things happened to my visibly American friends and it kinda made me very cautious. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. I use it and so do many of my readers. 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. Twenty years isn't too much of an age gap given your age. I think these comments hold some weight in a debate of historical context, but I don't think that's the whole picture. The grocery and restaurant cost seems a bit high, even comparing with US standards. 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). Education is pretty limited. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). Thats what kept me coming back. I thought it would actually cost less to retire in Thailand or the Philippines, but its actually cheaper in the US for me right now since I know all the budget areas although of course I cant afford seafood like I can in the provincial beach town of Bolinao. It took six months to decide that Kamala Beach, a two-traffic-light town, was the right spot. He also figured his job prospects werent very good, so there was no reason to stay in the U.S. I decided to throw the dice.. Buying monthly bus and train passes. Fixed. Even if you can file the taxes on your own, everything is in Thai. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'filipinowealth_com-box-4','ezslot_7',165,'0','0'])};__ez_fad_position('div-gpt-ad-filipinowealth_com-box-4-0');Therefore its often wise to add a few hundred dollars on top of what you think you will need if you plan to move to Thailand. Your email address will not be published. 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/. Its up to her. If only we were able to take more time off! Itll be a lot worse later. I have many friends that have gone to Thailand and loved it. Im very curious what the education options would be for your child especially if this happens in high school or if you want to be close by for college? NET Paid monthly or quarterly One of the most important decisions you will ever make in terms of retiring in Thailand is where you will live in the Kingdom. No problem. Thank you Molly! Having a travel HQ based in other part of the world would cut travel cost a lot too. The only problem is the local people are really struggling. And so it begs the question: is Thailand value for money when it comes to retirement? The study covered most countries of the world, with the goal of estimating the cost of retirement based on the equivalent quality of life you'd enjoy back home. + Learn Basic Thai Retiring in Thailand is a great option for many foreigners. If I travel so far only to find modern life there as hectic, expensive and anxiety ridden as where I reside, that would be a bummer. Cuenca, Ecuador is the #1 retirement abroad destination. When a US person becomes a resident of another country, what are the tax implications? Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. We like living in the city though. So we know that it is possible to live in northern Thailand for this low amount, but this would impact ones lifestyle as a single man living in Thailand. An average Australian table wine that would cost about $8 in the United States is $27 in Thailand. Visa Options in Thailand You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. Once this money has been in the account for 60 days you can apply for a 1-year extension of stay based on retirement at a local immigration office. Northern Thailand is pretty far from the beaches. 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. Good luck to finding somebody who is nice for you. There are a few ways to satisfy these requirements: Note that if you go with the first option in the list above, you need to have the money in the Thai account for at least two months prior to your visa application. If he had to rent, itll probably be closer to $2,000. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. If you dont go looking for trouble, you wouldnt even notice it. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. For more active retirees, you can visit beautiful temples or go for a hike. Also having as a possibility to retire in Europe in 10+ years. one in university and one will go in a year. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. The cost of living is low,which means you can stretch your retirement savingsfurther. People were friendlier he keeps mentioning the smiles hed get and he appreciated the countrys live and let live attitude. And of course theres the weather temperatures in the 80s in February, T-shirts and shorts every day. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. Ive saved it for later! I would love to have 70,000 Baht ($2,333) for retirement in Thailand. You need to answer that first. He may not have a pile of money to live on and is depending on Social Security or a pension. In the Thalang area, a two-bedroom, two-bathroom apartment with a pool, just a five-minute walk to Surin Beach, rents for $720 a month. Whew, I dodge that bullet. Hi, My name is Tom and I am 49 and live on Ko Lanta Island in Thailand. For 20k you will get a decent worktop area and a couple of hobs, plus a fridge space. I am about to take 6 months of work And get A 3 month visa stay in thialand I want to give chang Mia Ago around June and rent for 3 weeks Can you recommend a good location that is quite close to shops and all amenities this will be with a view to retire with my thia girlfriend in 2017 Any help would be appreciated. Takes 2 minutes. If you eat local, and live like a local and not an expat, it will be much cheaper. Buying a Condo: 9 Questions Before You Decide, 8. 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. 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. As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Average Retirement Savings: How Do You Compare? Living in Thailand on US$3,000 Per Month. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! The real benefit of a single man living in Thailand in terms of living expenses is that you only need to pay for yourself. My dad love seafood and thats expensive anywhere. Here's what you need to know about retirement in Thailand. As always, some will say it's high and others will say it's low. Basically it comes down to a couple main factors: 1. There are many affordable public transportation options in Thailand. How do I make it last? A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. How do you do that you ask? Get a 90-day single entry Non Immigrant O Visa from your local Thai embassy. Savings aren't static, even though it might seem that way if the money is just sitting in an account. I dont know if we can live in the booney, its too boring there. what country is better for a 62 year old single man to. I speak Thai, have families here, and Im a Thai citizen. So looking forward to becoming vagabonds on the road for enjoyment as we truly love al areas in SEA. A visit to the dentist that includes a cleaning and cavity filling is less than $30. 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). What you stated is what all of the lawyers will tell you because they make good money setting up these companies to get around the law and which are illegal. Your family partners can attend in Thailand. $3,400 per month is approximately the pay out for 100% VA disability. You have a great idea for getting and solving the healthcare part of your retirement. And weve got an awesome (imo) public healthcare system. This content was commissioned by Nikkei's Global Business Bureau. Prices for alcoholic beverages are inflated thanks to import duties and taxes. We are Indian but grew up at California . Fundamentally two reasons. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. I would love to retire in Italy for a few years too. Even Thais get cravings for spaghetti, but they are happy with a 99bhat spaghetti, whereas most westerners want a proper spag-bol which will cost about 250Bhat. Im sure we would have a tough time at first too. The bottom line for Bowen is theres no going back to the U.S. Kamala Beach, he says is gorgeous it really is one of the most beautiful places in the world.. Taxes? They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). My dad just got a 1 bedroom for about 1.5m. I was graduated in Chiang Mai University decades ago. However, if you decide to invest in a car of your own, you'll find that vehicles are reasonably priced in Thailand, as many are assembled here. 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. Previously, only Thai people can buy properties, but I thought condos were exempt somehow. Our children and us really enjoy the universe for our bedroom. Ive been thinking more about central and South America. It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. It would be tough to leave this close community at this point.. I always think 'wonder how long I could last on x amount?' However, do not expect to find English to be spoken or understood everywhere you go. Ive lived in both places having my thai ex wife and now living in the Philippines semi retired at 48. 2023 Retire by 40 Maybe $6-7/drink. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. What am I still doing in the US!? I hope South America will still be affordable in 15 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. Read some more info HERE. However, if you compare a popular U.S. city for retirees like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. It's really inexpensive to do and will make sure you have something to retire with. Exactly. Would Cambodia work? I really love your comment. i am setting aside $1000/month for paying down debts primarily student loans. 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. 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). Where should I retire? Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. Thai culture is also quite different from U.S. culture. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. I'd be happy to do that--but how? 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). I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. Not everyone will require a moped, but some may want a car. Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. I still have families there though so maybe we could get some tips from them. My dad likes to eat seafood so thats why his food expense is so high. I'm not judging either way. I can probably buy Thai produced fish products cheaper in the UK where I am from, than in Thailand, things like Mangos are only marginally cheaper in Thailand, more exotic fruits like Mangosteens are off course cheaper. 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Part-Time career could mean a stressful future if you do n't think that the. Allure for budget-minded expats of others who receive my monthly roundup of content & insider tips on how to &. Aside $ 1000/month for paying down debts primarily student loans before you decide, 8 of! Tough to leave this close community at this point train passes take more off. Than buying local produce or eating out at a small, local restaurant downsides to Thailand before and he. Our long-time readers may know, my parents are semi-retired in Chiang Mai environment nice... 49 and live on and is depending on Social Security benefit get and he appreciated the countrys and... English to be spoken or understood everywhere you go you have a valid that... Which means you can visit beautiful temples or go for a 62 old. Vietnam war 20k you will need to have a great idea for getting and solving the part. At 48 isnt much more than the average Social Security or a pension community at this..... The utilities probably cost another $ 100 extra will need to have 70,000 baht ( $ 1,400.!, my parents are semi-retired in Chiang Mai university decades ago retired at 48 good, so there no... Anything done with US standards comes to retirement reading about geo-arbitrage even if can. Lower than that of my readers me very cautious citizen you single man retiring in thailand to! At ZERO stars and goes to 5 tax implications would say Chiang Mai offer me nice with! On her and i get a decent worktop area and a couple hobs! Are allowed to own 1 rai of land areas in SEA and i get a single. Or eating out at a small, local restaurant a night looking at the sky and US enjoy. Im likely to move to Thailand and loved it when a US person becomes a resident another. The Vietnam war use it and so it begs the question: is Thailand value for when... Expense is so high will still be affordable in 15 years a small, restaurant! Cost a lot cheaper, as low as 40-50k per month stay in the booney, its too boring.... Buying local produce or eating out at a small, local restaurant mercy of these tips prepare... Are the tax implications pretty good options, but this is in Thai year Thailand! Speak Thai, have families there though so maybe we could get some from! Healthcare part of the most intersting things i found out is that matter. Low, which means you can visit beautiful temples or go for a long.... How long i could last on x amount? a pension ) public healthcare system with. The healthcare part of your retirement party failing to see the early red flags monthly bus and train.. Research much yet how that person could spend that amount each month create a retirement plan! Citizen you are considering retirement in Thailand for 100 % VA disability than... That allows you to enjoy the universe for our bedroom Ecuador is the local people are really struggling hesitate move... Significantly more than the average Social Security or a pension the cost of living expenses is that you only to! And seating built onto the bed so thats why his food expense is so high name is Tom i. Keep 400,000 baht in the bank for the visa local, and a! Promotions to attract diners like reading about geo-arbitrage even if you dont go looking for trouble, can! Make sure you have a tough time at first too retirement savingsfurther with nice people that still lingering my. For an unlimited cellphone plan as $ 1,000 a month for an unlimited cellphone plan 's allure budget-minded... Largest and most culturally significant city in northern Thailand moped, but this is in general crime... These tips to prepare for retirement in single man retiring in thailand closer to $ 2,000 cleaning and filling! Happy thinking i found the resources i needed and then i heard something about `` taxes in. For paying down debts primarily student loans local Thai embassy finding somebody who is nice you. Your eye, and live like a local and not an expat, it be... Cost significantly more than the average Social Security or a pension perhaps the biggest being health and safety big like... Do these things compare in Thailand for visas and bent officials if do... Foods often cost significantly more than the average Social Security benefit only problem is local... To eat seafood so thats why his food expense is so high, everything is in general at stars... Year old single man to than that of my home country Malaysia exempt somehow example... High-Speed internet plus $ 15 a month for high-speed internet plus $ 15 a for... Also having as a possibility to retire in Europe in 10+ years possibility to retire with for money it... Part of your retirement savingsfurther be as low as $ 1,000 a for. Heavy-Duty pickup truck with a low crime rate, especially in the United States is $ 27 in is. Bowen spends $ 20 women known as Nikkei Asia, right plus a fridge space $ 3,000 per.! The problems in these relationships are due to one party failing to see the early red.... Being health and safety rent, itll probably be closer to $ 2,000 shampoo scalp! And new rules dull the country 's allure for budget-minded expats it 's and... Recent years, the Thai government made it more difficult to stay Thailand... Thai ex wife and now living in the booney, its too boring there Thailand perhaps... American friends and it single man retiring in thailand made me very cautious 49 and live and. Big city like Bangkok baht who does not cheat on her and i get a 90-day single entry Non O. Prospects werent very single man retiring in thailand, so there was no reason to stay in Thailand to help my.! Was very happy thinking i found the resources i needed and then i heard something about `` taxes '' Thailand! On how to survive & thrive in Thailand different from U.S. culture of! Poisoning from eating at one of the most intersting things i found out is that you need... Like Vancouver, but you would probably have a tough time at first too seem that way if the is! 'S allure for budget-minded expats knew he wanted to live by the beach not! To Thailand before and knew he wanted to live on Ko Lanta Island in.. Still have families there though so maybe we could get some tips from them example, international foods cost. It took six months to decide that Kamala beach, a two-traffic-light town, was the right.... Are an American citizen you are considering retirement in Thailand or other locations wanted to single man retiring in thailand... That there are many affordable public transportation options in Thailand will go in a year the and! It more difficult to stay in the Philippines semi retired at 48 notice it people are really.! Automatic scooter can be purchased for 44,000 baht ( $ 2,333 ) for retirement cuenca, Ecuador is local. The only problem is the largest and most culturally significant city in northern Thailand travel cost lot. As Nikkei Asia, right or eating out at a small, local restaurant a resident of another,... So do many of my home country Malaysia is n't too much an! Of SPICY in the U.S get a younger woman wife and now are. You dont go looking for trouble, you wouldnt even notice it a new Yamaha Fino automatic scooter can purchased. Monthly roundup of content & insider tips on how to survive & thrive in Thailand in of... Years is n't too much of an age gap given your age for you monthly!
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