Its nice to see numbers (even if I was expected even lower costs). I knew I would shock some people with my idea of having a relationship with a woman 20 years younger. Getting a retirement visa is simple, but thats not the end of the story. Hey Everyone, Im in Chiang Mai and it is great here. Sorry, I dont have a good answer. The cost of alcohol can also add up quickly. Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . CHARISMATIC FAMOUS WEALTHY MOVIE STARS. Also, we do not eat at home..ever. Many foreign restaurant owners offer by-the-glass wine promotions to attract diners. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. The original retirement study can be found here. Mostly Western guys, these . A rotisserie roast chicken costs just 140 baht ($4.50). 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. Most surgery costs 30% to 40% less than in western countries. When possible, ask a local how much the fare should be, so you know if you're being overcharged. 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. Having a travel HQ based in other part of the world would cut travel cost a lot too. Savings aren't static, even though it might seem that way if the money is just sitting in an account. If they need more extensive care like specialized surgery, then maybe they might use private care later. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). The financial requirements are: Bank account with THB 800,000 or. . Thanks for sharing about Chiang Mai. In the meantime we are preparing to sell our home in the US and find an apartment for the next year until I can finish up the project. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. If you eat local, and live like a local and not an expat, it will be much cheaper. Most contracts are for a year, but six-month leases are also common. He thinks itll be cheaper if he needs more healthcare. Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! 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. My parents are pretty frugal. You can live dirt-cheap or super expensive in Thailand. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. One of the most intersting things I found out is that there are not a lot of western families who move to Thailand. . It's very helpful. Unless you become Thai you wont be able to live like a Thai. Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. Spotting oversights in your retirement plan early can lead to years of financial stability. So basically, taxes and insurance. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). He has opted out of Medicare and no longer pays premiums. For a better experience, please enable JavaScript in your browser before proceeding. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. The cheapest country to retire in is Pakistan: $182,018. 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 later returned these items to the store, apologized, and gave them a tip, but his partners thieving continued over this 10-month relationship.. . The Fora platform includes forum software by XenForo. Ill have to try living in BKK first though. Living outside of the city center could cut your rent to roughly $300 per month. Rents are around 70% lower on average. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. Nice article. There were days I ate no normal meal but all deserts and coconut ice cream, and I was all right. 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. We both get what we want while paying a price for it. 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. Let me know if you have any specific questions and Ill get the answer for you. Retire Earlier on Less. Maybe $6-7/drink. You definitely can live cheaper; I just havent figured it out yet and still learning. 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. To make things easier for you, Ive compiled a list of those I use below. Expat Forum For People Moving Overseas And Living Abroad. Anyone considering a move should also make sure to research the Thai culture. Where should I retire? Well see. Well see how it goes. I do not have any pension and only recently have begun saving (thank you Covid 19)! You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? If youre interested, it may be worth consulting with a financial advisorbefore actually making your move. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. I havent done that yet because its a long way off. Thailand is only $125,000 less than the UK, but the UK is cold, grey and rainy for 6 months of the year! It can take a long time to be good at investing and the earlier you start the better. Just like people book or hire a personal assistant or tourist guide, our Thai travel companions can be booked for your Thailand vacation at ThaiSingleReisen. Ive lived in both places having my thai ex wife and now living in the Philippines semi retired at 48. Simply. The cost of living rises (generally), so the value of your money (spending power) decreases over time, unless you are earning an interest rate in line with, or higher than, inflation. 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. Twenty years isn't too much of an age gap given your age. Its just not for everyone.. Education is pretty limited. Find out how it stacks up against North America, Europe and Asia. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. We saw over 235 falling stars. 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. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. I have many friends that have gone to Thailand and loved it. Like many second world countries, regular reports of police corruption may worry some, but these problems always seem to exist where it's cheap. I visited Thailand twice in the last 4 years and I sensed that I probably end up moving to Thailand someday when the time is right. The point is we never felt poor or like we were scraping by. Now that IBM is changing to exchange medical options for retirees. If you're living in a Thai style house then it's really cold. Returning to the same vendor again and again is a great way to make a local friend. While Thailand is a very affordable place to eat, drinking can be expensive. 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). We sleep with are children on the balcony at least half the year. I traveled around the world and Thailand is the best place for settle down. 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. We havent been there for over 10 years. I like the modern life. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. Health insurance is still a big question here. Kamala Beach has a small but closely knit expat community, he says. This should be done in January. The city also gets over 10 million visitors in 2019 so they are used to foreigners. Copyright TheThailandLife.com 2023. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. Not in the short-term, but within 5 to 7 years. Here are a few of the common costs: Retiring in Phuket: Bottom Line For example, its hard to get really good rice in Thailand anymore for example. 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. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. 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. 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). 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. + Get COVID Insurance It will be interesting to see how the numbers change and which countries will be on the hot list at that time. From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. Monthly income of at least THB 65,000 or. However, financing is normally unavailable or difficult to obtain as a foreigner. No problem. Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. Those unfamiliar with it may suffer some culture shock. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. Its quite nice down south near the beaches. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. And it was fun. Some old geezer with a pension! If only we were able to take more time off! Id like to live there for a few years too. Otherwise, just move to Florida. There are lots of reasons why you may want to retire in Thailand. That said, unsophisticated crime is rampant in Ecuador. 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. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. Its possible to do this in Thailand or at a consulate in your home country. Some of those that I've seen would stretch the cooking requirements for Ramen and a beer. Best VPN to Protect Your Online Privacy, 5. See my credit card page for instruction on how to travel hack and which card to signup for today. 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. I like your article. 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. Bowen spends $1,800 a year for what he describes as a bare-bones policy that will cover about $15,000 in expenses, or what he says is enough to cover a major health problem at a public hospital. From past over 20 years we visited Bangkok and other places every year twice . I use it and so do many of my readers. No, I dont feel guilty. That is ridiculous. Northern Thailand is pretty far from the beaches. George Town, Malaysia. Is it so? You worked hard you whole life, why not enjoy your golden years? Here's how that person could spend that amount each month. Enjoy! This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. You just sweat it all off. Thank you Joe. New cars are another one. 10 reasons why black men should travel to thailand expat. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. Everything just keeps getting more expensive. For small stuff, Id probably go to a private clinic and pay. When we retire, we lose a lot. How to avoid retirement shock. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. I'd be happy to do that--but how? I really love your comment. There are many reasons why you might need to get additional permits or different visas. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. This application is similar to the initial application with some additional requirements. Sounds like it can get pretty expensive there even in Thailand in that category (for foreigners). Disclosure: All content on this site is for informational purposes only, not professional advice. This is much less than our current expense of about $4,800/month here in the US. This is why I always recommend to people to put boots on the ground and search out accommodation. Only downside for me is that I find the heat/humidity a bit testing. 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. 15K for bills and rent *might* get you a newer "one-bedroom" close to public transport but many (most?) 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.. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living . Thanks for your input. Inflation is also quite high in Thailand. Moving overseas is in our family plan. These places have stunning beaches too. Required fields are marked *. Honestly, its hard for me to imagine how a retired couple could spend THAT much money living in Chiang Mai. There are many affordable public transportation options in Thailand. He rents a two-bedroom, two-bathroom house for $580 a month; a one-bedroom house or apartment can easily be found for $400 a month, he says. 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. Indeed. 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. 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