Paid monthly or quarterly. You could rent the same motorbike for about 3,000 baht ($95) per month. Also having as a possibility to retire in Europe in 10+ years. You spend $4000 a month in Thailand and you dont think thats extravagant? I do like Vancouver, but its super expensive. 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. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. I dont know if we can live in the booney, its too boring there. Perhaps when medicare kicks in so I dont have to worry about medical cost as much. Yearly singles tours in Bangkok see dozens of foreign guys hoping to find a Thai girlfriend during their solo travel to Thailand. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Your email address will not be published. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. Lazy Man and Money. Many Thai women are interested in foreigners for love, fun, or both. Thailand is a famous destination for retiree's, digital nomads and single man travelers. Great article. For more active retirees, you can visit beautiful temples or go for a hike. Actually, I dont know that much about Chiang Mai. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. You will need to get a retirement visa, which is simple but still requires regular check-ins with immigration. I wonder why Thai products are cheaper in the UK. Im Peter. Probably have to cut back a little while were in the expensive countries. Most surgery costs 30% to 40% less than in western countries. Your retirement visa is valid for one year,but you still need to report to immigration every 90 days. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. 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. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. 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. One other consideration is relative civil stability. If you want to move to Thailand The government requires that you have income of 65,000 baht deposited in a Thai bank every month; that's less than $2,200 at early 2021 exchange rates).. 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. I really want to visit Thailand and it sounds like its extremely affordable. If you have been to Bangkok, you know it is extremely hectic there. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. 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. My dad mentioned that raising a kid is a pretty big expense in Thailand. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. Good luck! It's impossible to say exactly as the final rate will depend on the amount and what type of income it is considered. 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. When Medicare kicks in, we can move back to the US part-time. I like your article. The Fora platform includes forum software by XenForo. 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. So, even if married to a Thai you cannot own land. 90% will never own a car. You worked hard you whole life, why not enjoy your golden 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. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. Personally Im a big fan of moving internationally to facilitate retirement. So you're looking for a woman about. Im not sure, but I dont think its that high. , 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. Expat Forum For People Moving Overseas And Living Abroad. Im definitely going to have to visit Thailand after the pandemic is over. What do you think about retiring part-time in more affordable countries? Renting a scooter, and traveling once a month to some other country for 3 to 5 days. 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. So let's look at how neighboring countries stack up to Thailand. Ive been thinking more about central and South America. This will give you an idea. Time to drop the disability coverage and review your other plans. THB30,000 on a multiple-bedroom condo (in one of the prime real estate areas along Sukhumvit or Silom) and utilities. 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. 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. Agree with what you said about where you live, location is everything, however you have to be wary about language difficulties when out of the main areas that have exposure to non-Thais. Hair cut with shampoo + scalp massage $7 men, $20 women. and have not been previously reviewed, approved or endorsed by any other Healthcare is the big X factor. Might require some additional paperwork on your US return. Foreigners can own property in Thailand with restrictions. Its quite nice down south near the beaches. I jest. Also, we do not eat at home..ever. The weather is sunny and hot, and there are plenty of beaches to kick back on. 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. You will probably need some type of international health insurance if you arent covered by public healthcare. I have many friends that have gone to Thailand and loved it. It can take a long time to be good at investing and the earlier you start the better. Thats a law that dates back to the Vietnam war. 2023 Retire by 40 A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. If youre interested, it may be worth consulting with a financial advisorbefore actually making your move. I can find a small room in a hotel A/C, fan, refrig, hot water about 800, 900 meters from the beach for maybe 5,000B plus power and water (power is 5B/ unit and water is about 100B/ week). I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. Also, the other tax issue is US taxes. My parents are pretty frugal. Cuenca, Ecuador is the #1 retirement abroad destination. This may work for you if you plan to travel a lot or return home frequently. Simply. There are downsides to Thailand, perhaps the biggest being health and safety. . When a US person becomes a resident of another country, what are the tax implications? we been Thailand over 30 times with kids so far. It really depends on the area. Chiang Mai is cheaper than Bangkok, but it sounds as if it isnt THAT much cheaper any longer. They are usually friendly and helpful and will fill in the form for you. However, Im also looking in to retiring in South America. I always think 'wonder how long I could last on x amount?' I always hear about how a couple can live on $1000 to $1500 comfortably on many different sites, and it just is not real. Education is pretty limited. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. As to condo ownership the total ownership by farang cannot exceed 50% but if you own it, they wont force you to move if thru some quirk (a bit of tea money can work wonders) the farang ownership % exceeds 50% I spend about 3 months/year in 6 week segments 6 months apart in Thailand generally in Pattaya and traveling to Chanthaburi every other weekend and have a pretty good command of pa-sa Thai even if only 4000 words. Golf $30-$60 depending on the golf course. I live in Doi Saket with my Thai wife and we LOVE IT! Were also considering some international options for our pretirement years. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. check out for a fairly accurate COL estimate. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. Its a lot of fun to visit, but living there is quite different. 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. Hopefully, thats an unfounded concern on my part! Get a 90-day single entry Non Immigrant O Visa from your local Thai embassy. 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. Thank you Molly! 1-Year Thai Retirement Visa (Single-Entry) - $61.33. New cars are another one. You need to answer that first. I could live a pretty comfortable lifestyle here for about $1,600/month or maybe even less. That is ridiculous. I have two kids. I plan to live comfortably on USD 2,000 per month, and set aside some money every month for medical expenses rather than pay an insurance premium. Anyone considering a move should also make sure to research the Thai culture. I believe the entire text of the Thai wiring code is: "Don't let the smoke out." They spend a lot more money than retirees. Sorry to hear that! Therefore, we will be exploring these two categories from a single mans point of view. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. Today we get our dental work done in Mexico, across from Yuma. The language (Thai) is notably difficult to learn for those from Western countries. This country has a low cost of living as well as some of the world's most beautiful beaches. Thanks for this article! Of course, there isnt that much to DO there, but But be aware you will need to learn Thai language (and its not that easy because it is TONAL like Chinese 5 tones high, middle, low, rising and falling writing there are 44 consonants 2 obsolete and 32 vowels, 4 tone marks and a different system of numbers with only 0 zero being the same) because there is far less exposure to farang there. For about 80 cents, you get a bag full of fresh and healthy fruit to go. I would love to retire in Italy for a few years too. I don't see what is wrong. It doesn't take into account a forecast for inflation, or interest earned on savings. You could top up your contributions now and you're allowed to backpay for 6 years. As you can imagine, there are many different stories and tales about dating in Thailand as a single man. Many local Thais can live on this budget in the north, but naturally, some locals are restricted due to this low amount. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. 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. 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. Indeed. We may receive a referral fee if you sign up through the links on Retire By 40. Considering the people/culture, weather, variable living standards, and beach get-away options, I think Thailand is still value for money. For a comparison, a one-bedroom apartment in the city center of New York costs under $3,100 per month in rent, which is almost five times more than Bangkok. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. The food (fresh herbs, spices, fruits and veggies on every road side! But, apropos of the study, the 70K may be low for Bangkok, particularly given the maintenance of a living standard. The Japanese retirees spend about $3,000 per month to retire in Thailand. I think I prefer Chiangmai. Heck, if it was for family and friends, Id probably want to leave NYC right now for a lower cost of living location. Ill have to add up my yots for a monthly figure! 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. This should be done in January. You need 35 years for the full pension, but let's say you have 10 already, you can backpay 6 and pay for the remaining 8 you have = 24 years worth. It is so amazing to live sea front on a quite island with a dozen islands in our view. Good luck to finding somebody who is nice for you. My dad just got a 1 bedroom for about 1.5m. Not as an retirement option but for living in general as a lot of places are just so much cheaper than the US. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. I dont see many retired couples or single women retire here, he says. 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. try calabria right down southhad an apartment there for 6yrs.quite cheap can buy decent apartment for 70,000 euros.but it became boring. You need to pay taxes even if you dont have a work visa. . Ive considered retiring outside the US, but it comes down to the same things others have said being away from family and friends primarily. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. It took six months to decide that Kamala Beach, a two-traffic-light town, was the right spot. This is a great plan, Joe! If you are an American citizen you are allowed to own 1 rai of land. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. There are many variables but I think 70k isn't far off the monthly figure for the average expat. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. She shoveled snow all day yesterday. Should we cut my sister out of the family inheritance? My Thai friends tell me you are absolutely correct about the cost of living. He warns that driving in Thailand is dangerous and death rates from crashes are high. It should be fun for a few years though especially if you have money to spend. Current market conditions bring both opportunity and risk. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. 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. This is why I always recommend to people to put boots on the ground and search out accommodation. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. Trouble is that since the property is in her name (his if you are female), they can jut divorce you without warning and leave you fat, dumb and not so happy. When you live in a developing country, you need to be a little more cautious. The rent from your condo (assuming it was paid off by then) would supply more than enough money to live on so you could leave all your other cash invested. They can always come visit us if they miss us. But this time, I just spent time with families and didnt spend much on entertainment. Isnt that why you moved? 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. I would be so fat if I retired in Thailand! 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. I just order stuff on Amazon or shop at Ross or Osh Hardware and send all the stuff back even my power tools and just use a 220 to 110v step down converter. I would like to do the RV thing when Im a bit older too. I used my parent and their Japanese retiree friends as the study cases back then. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? Fixed. He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. (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". Great information. I think these comments hold some weight in a debate of historical context, but I don't think that's the whole picture. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. Twenty years isn't too much of an age gap given your age. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. Ive saved it for later! I would rent for a while before buying. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. Retiring in Thailand is a great option for many foreigners. There were days I ate no normal meal but all deserts and coconut ice cream, and I was all right. They are cheap to own and operate. I have families in Thailand and they can help me figure things out when I move here. Dating in society has changed, and this also includes Thailand. Malaysia? Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. There are no guarantees that working with an adviser will yield positive returns. 10 reasons why not to retire to thailand retire 2. I guess my tastes must be more on the simple side! You can live dirt-cheap or super expensive in Thailand. Hi! Thaiger Video Sunday, March 6, 2022. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. (Unless you live in the neighborhood) Financially? With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. There were some riots and coups, but they generally leave foreigners alone. Id love to live there for a while and explore more places. Its like Chiang Mai when I was a kid. 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.. Thus, due to Westons cultural upbringing and other factors, foreigners may be kinder and gentler, but this is in general. Make sure you also have a 're-entry permit' before you leave the country. My dads cost doesnt include rent because he own his condo. Kamala Beach has a small but closely knit expat community, he says. Joe. She stole many things from his house, including valuable jewelry and even cash. I have not research much yet how that would work for taxes though. Moving overseas is in our family plan. I can absolutely see why it attracts digital nomads and retirees. The city also gets over 10 million visitors in 2019 so they are used to foreigners. I think you really should split it and invest some. My wife is Thai and we have been planning for our future in Thailand even since we got married 9 years ago. I did not have any problems eating at local food stalls. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. Visit beforehand. The financial requirements are: Bank account with THB 800,000 or. A rotisserie roast chicken costs just 140 baht ($4.50). There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. My taste is very simple too. Thailand has always been popular as a country to come to live and retire. Im pretty sure well be back and forth a lot even if we live in other countries. Its clouding their judgement. Renting a place (no property taxes other than whats included in rent) and not owning any cars (no payment, gas, insurance or maintenance costs) would save a lot. For Thais, ghosts are real, and they're present. I am Thai working in Middle East. 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