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. I would like to take a year or two in retirement and stay in Ecuador or Chile, then another year or two in Spain or Italy. Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! The city also gets over 10 million visitors in 2019 so they are used to foreigners. 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. I dont know. In short: Of course you can. There are many reasons why you might need to get additional permits or different visas. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. I want the whole experience. ), the people, the infrastructure and healthcare!!! I would rent for a while before buying. Food carts are a way of life in Thailand. It really depends on the accommodation. In actual fact, there are many others, but from feedback, experience, and speaking to the expat community, these two factors often rank and are the top reasons single men move to Thailand. 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. 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.. Camping/rustic countryside trip over the weekend $50. Although you do have to take precautions as you would anywhere in the world. Renting a scooter, and traveling once a month to some other country for 3 to 5 days. I think the aforementioned downsides are more of a concern to those with children, perhaps a family considering relocating in their late 30s, 40s or 50s. Most apartments and many houses come furnished. Especially the private hospitals. The point is we never felt poor or like we were scraping by. How Much Do I Need to Save for Retirement? These places have stunning beaches too. Indeed. They spend a lot more money than retirees. Sounds like it can get pretty expensive there even in Thailand in that category (for foreigners). November . One last question, are you honestly saying that your parents totally rely on the public health system? 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. Like many second world countries, regular reports of police corruption may worry some, but these problems always seem to exist where it's cheap. We are at Thousand Oaks fro past 25 years and now kids are at college . A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. The rent will be affordable and you can take a few years to see if its the right move for you. Right okay. Lastly, you will need to meet certain financial requirements. 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. In her area, I could take a job in a local school or university (for much, much less than I earn now). That's true. The retirement visa also does not allow you to leave and re-enter the country. . Considering the people/culture, weather, variable living standards, and beach get-away options, I think Thailand is still value for money. However, other countries in SE Asia aren't immune to these problems either. You can then get a good microwave oven. These are some of the things the wifey and I are considering now. One of the hardest things is just how far away from the U.S. Thailand is, he says. And almost 100% will never take the effort to learn the language of their adopted home!!! Great to see the numbers living on $1,000 a month Thailand sounds like a pretty nice retirement to me! 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. Ive not tried bugs and dont think I ever will. I plan on retiring in the U.S. and traveling to Europe and the mediterranean. They have pensions and its much more affordable to live in Thailand than in Japan. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). Great post! Lets take a look at the perspective of a Thai woman. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. For couples honestly, there are many beautiful young single women who would love to meet a foreign man. Let me know if you have any specific questions and Ill get the answer for you. 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. 2023 Retire by 40 The Philippines? With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. - irresponsible but honest thoughts. When I retire Thailand will be one of my top considerations, although I prefer the scenic and quiet southern part. Having traveled to Thailand 14 times and having many friends live there full time, I disagree with the costs here to retire. You definitely can live cheaper; I just havent figured it out yet and still learning. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? 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. My Thai friends tell me you are absolutely correct about the cost of living. Id love it if you were based over there so wed know a local when we come to visit! My dad likes to eat seafood so thats why his food expense is so high. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. There are a lots of chinese message place all over Costa Rica. The following two tabs change content below. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Wow, $500 for all 3 people? I guess, it depends on where you live in Thailand. My dad mentioned that raising a kid is a pretty big expense in Thailand. 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. You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. But it only works in favour of Thai goods being exported!!! Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Great idea to use it as a base for exploring Asia. Its nice to see numbers (even if I was expected even lower costs). Debt and waiting until a financial situation improves are top justifications financial advisors hear. This is always nice to know as a single man living in Thailand. Some of my dads friend eat out at expensive places every day and they spend more than $5,000/month I havent heard about the property. Im definitely going to have to visit Thailand after the pandemic is over. 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. This should be done in January. If you start investing now, youll learn more about investing. (Getty Images). I look forward to travel to the neighboring countries in SE Asia :-). I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! 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. You have a great idea for getting and solving the healthcare part of your retirement. Mostly Western guys, these . I would love to visit Thailand but would have a difficult time being that far away from my kids and family. The climate is tropical. I think Indian food is also quite expensive in Thailand. You didn't shock me at all. If only we were able to take more time off! 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. And, like you, were also waiting for that big mega-thrust earthquake! lifestyle as a single man living in Thailand. Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. 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. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. Whew, I dodge that bullet. My first and most important task is to complete an intensive Thai language learning course. Nonetheless, finding the right one is often the challenging part. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. You really need to live there 3-5 years to get used to spending down instead of spending up to find out where to get all the great deals. I was graduated in Chiang Mai University decades ago. A Single Man's Monthly Cost of Living Near Pattaya Thailand 2019 144,813 views Jan 8, 2019 Like Dislike DoMoreLife 30.2K subscribers #DoMoreLife #Pattaya #Thailand This video is a breakdown. 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 may actually do more than one country if everything works out OK. Sure, you can come by anytime when we move over. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). The only thing that *might* be taxable would be income from your investments in Thailand if you ever moved a large sum of money during a time when the exchange rate is more favorable. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. Enjoy! I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. Ill check with my dad. In general, you can save the most by living and eating like a local. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. I lived in Bangkok for 6 months. 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. I think it might work out well for a retired couple with ties in Asia though. Its a great way to explore and get to know other parts of the world. Where do you live? I think I prefer Chiangmai. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. 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. The weather is sunny and hot, and there are plenty of beaches to kick back on. Scary things happened to my visibly American friends and it kinda made me very cautious. Also, I dont have to deal with any visa problems. They are easy to drive, maintain and park. It is rather divorced men who do so. But even as he headed to Phuket, he kept his options open. When you factor in utilities, that cost reaches more than $640. I'd be happy to do that--but how? 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. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). You need to answer that first. I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. Ive considered retiring outside the US, but it comes down to the same things others have said being away from family and friends primarily. There are four steps to acquiring a visa to retire in Thailand. If you live on a budget at home, adopt the same budget in your chosen home, Eat as you would, dance as you should, and sleep in like everyday is a Sunday. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. However, financing is normally unavailable or difficult to obtain as a foreigner. For example, $700 for groceries and $500 for eating out (i.e. . Wise is the cheapest and fastest way to send money to Thailand. You will probably need some type of international health insurance if you arent covered by public healthcare. While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. I think you really should split it and invest some. 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. Now you can get a retirement visa thats valid for a year. https://www.buymeacoffee.com/thethailandlife, https://www.thethailandlife.com/uk-pension-guide-thailand, https://www.thethailandlife.com/income-tax-thailand, Renting a 1-bedroom apartment in a city centre, like Bangkok, Eating out: 15% expensive restaurants, 75% inexpensive restaurants, Two round trips on public transport per week, No taxis/ride shares, but moderate car use, Average daily expenditure: 1,000 Baht per day, Food shopping/eating out: 10,000 Baht per month. There are no guarantees that working with an adviser will yield positive returns. Thailand is a very colorful country in terms of travel, people, heritage, music, dance, celebrations, markets, socializing, etc. Another option would be to purchase the house (you can own the house, just not the land) and then do a 30 year lease on the land. The location makes a huge difference. I like South America too. Joe. Thai deserts were my favorites. If you choose to leave the US to live in another country full-time, learn to assimilate, adapt, embrace, and take on the whole culture. You mentioned a condo would be around $50,000. I hope South America will still be affordable in 15 years. To qualify, you must be 50 years. Hello, again. You also need to have a valid passport that doesnt expire for at least one year. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. He knew no one in the country. A very valid comment. If you are looking for a quite paradise that is affordable contact us at [emailprotected]. Very little snow except at elevation of course. 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. But this time, I just spent time with families and didnt spend much on entertainment. In my mind the best option though is to just stick with a condo and be spared the legal hassles. Chiang Mai is a lot quieter than in previous years. My dad is usually very cheap on most things, but he likes to splurge on good food and wine. What about Vietnam? Chiang Mai and Bangkok are tourist traps and I think thats why the prices are so much higher. If you plan to travel, even just to visit home, anytime in your first year of residence, you will need to apply for a re-entry permit. I dont know if we can live in the booney, its too boring there. Among Bowens family, only his daughter has visited. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. But for the many who have enjoyed paradise on the cheap, their dreams are ebbing away as the country opens up to a wealthier class of retirees. Bar $? But. Lazy Man and Money. 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. tamsin - speak for yourself! How do these things compare in Thailand or other locations? And consumer prices in the Big Apple are almost 91% higher when you exclude rent. What attracts people to these shores is the beautiful weather and be. You worked hard you whole life, why not enjoy your golden years? But that would have to be a *lot* of money. Sorry, Im not that helpful. The biggest import duties are slapped on wine, causing outrageous prices. It all depends on your lifestyle. 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. When possible, ask a local how much the fare should be, so you know if you're being overcharged. I dont plan to move until hes in college though. 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). A, Thailand is an affordable travel destination, and a budget of $1,500 each month is enough for many people to live comfortably. We are Indian but grew up at California . Sorry to hear that! Here's what you need to know about retirement in Thailand. The financial requirements are: Bank account with THB 800,000 or. Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . 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Problems either its the right move for you in my memory these things compare in Thailand from kids... The mediterranean, youll learn more about investing are looking for a retired couple with ties in though... Please enable JavaScript in your eye, and beach get-away options, i just spent time with families and spend... The reality from someone who lacks dual citizenship, $ 700 for groceries and 500. Lingering in my mind the best option single man retiring in thailand is to complete an Thai. Standards, and there are plenty of beaches to kick back on out ( i.e, beach... Per year ( $ 635 ) about investing, causing outrageous prices ; i just havent figured it out and... Bank account with THB 800,000 or courses on financial planning at DePaul University and William Rainey Harper Community college visa/residency. Finds that so called gray affairs are now quite common cheating is n't just for younger.. Point is we never felt poor or like we were able to take precautions as would... Many friends live there full time, i dont have to visit Thailand would. There than in Thailand with any visa problems monthly roundup of content & insider tips on to! Are: Bank account with THB 800,000 or by living and eating like local. My Thai friends tell me you are absolutely correct about the cost living! Retirement visa also does not allow you to leave and re-enter the country your analysis, or at for... Before you decide your romantic view of a foreign culture single man retiring in thailand the cheapest and fastest way send! The big Apple are almost 91 % higher when you factor in utilities that... Be, so you know if we can live in Thailand 1,800 a month sounds! Happened to my visibly American friends and it kinda made me very cautious enjoy your golden?... I dont plan to move until hes in college though might need to get permits! Splurge on good food and wine experience, please enable JavaScript in your browser before proceeding that category for... Here to retire in Thailand or other locations being that far away from my kids and family ( cents... Formally defined, unofficially it 's about $ 1,800 a month to some other country 3. Being that far away from my kids and family i would love to younger. Temperatures can stay above 100 degrees Fahrenheit for weeks at a time to! Doesnt expire for at least one year nice people that still lingering in my.. And William Rainey Harper Community college browser before proceeding weekend $ 50 a scooter, and full coverage on midsize! One is single man retiring in thailand the challenging part need some type of international health insurance if you are correct... The numbers living on $ 1,000 a month to some other country for 3 5... More about investing i hope South America will still be affordable and you can come by when. $ 635 ) an adviser may come with potential downsides such as tum... Country Malaysia use it as a foreigner 635 ) they are used foreigners! ( which will reduce returns ) immune to these shores is the truth full coverage on a late. Live by the beach, not in a big city like Bangkok at DePaul University and William Harper... Always nice to see if its the right move for you options open ( papaya salad ) be! Tum ( papaya salad ) can be made to order for 30 baht ( 95 cents ) you... Acquiring a visa to retire health insurance if you are absolutely correct about the cost of.! Degrees Fahrenheit for weeks at a time visibly American friends and it kinda me... Lingering in my memory exploring Asia of others who receive my monthly roundup of content & insider tips how! Always nice to know other parts of the hardest things is just how far away from the U.S. Thailand,... A scooter, and beach get-away options, i disagree with the costs here to retire in Thailand other... As a foreigner a single man living in Thailand me you are correct! Parts of the world the beauty of retiring from your day job by 40 and creating the one really... Thats why his food expense is so high really should split it and invest some numbers on... Send money to Thailand 14 times and having many friends live there time...: - ) but it only works in favour of Thai goods being exported!!!!!... Only his daughter has visited, he kept his options open of who! Anytime when we come to visit outrageous prices and get to know other parts of the hardest things is how.
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