I think Thailand is actually much easier than 10 years ago. You have to provide a letter from the bank showing proof of deposits. They can always come visit us if they miss us. So basically, taxes and insurance. Thanks for the information. That is ridiculous. I speak Thai, have families here, and Im a Thai citizen. All you need is a valid passport and a return trip scheduled before you enter the country. Heck, if it was for family and friends, Id probably want to leave NYC right now for a lower cost of living location. I traveled around the world and Thailand is the best place for settle down. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. Thats a big issue for foreign retirees. Have a Thai bank account with at least 800,000 baht (about $24,500), Have a monthly income or pension of at least 65,000 baht (about $2,000), Have a combination of the previous options, if they bring your total funds to at least 800,000 baht ($24,500), Before you decide where youd like to spend your retirement, you need to make sure your financial plan can provide the income you need in retirement. Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). For small stuff, Id probably go to a private clinic and pay. Senior insurance needs are different. FIRE is much easier if youre relatively healthy. Itll be a while though. My wife's place in rural Issarn is where we would settle. We have almost no mosquitoes year round. You never know I would love to live in South America for a few years. If you dont go looking for trouble, you wouldnt even notice it. If only we were able to take more time off! Hi Great site and very informative Im 57 have worked for over 39 years in govt and have been thialand many times I have had a marriage break up and lost my home able to keep my super I have had a gut full of my work recently due to a new boss need to get out I want to use my super and move to Chang Mia I will not be able to acces my pension for 10 years could I live with 6 million baht till then I have a thia girlfriend and need to buy condo so confused hope you can help Thanks Robert. You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? Leo had 2 cataract operations last year. Just eating out. Sounds like a no brainer for you to move there! Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). 1-Year Thai Retirement Visa (Multiple-Entry) - $153.32. I know all the bar and restaurant owners. One other consideration is relative civil stability. 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.. Would Cambodia work? With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. Most contracts are for a year, but six-month leases are also common. I got food poisoning from eating at one of the stalls. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. Cheapest Way to Send Money to Thailand, 4. It takes 24 hours of flying to get home. It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Its a long way off though so there might be a lot of changes by then. One week trip to the beach $300. Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. I knew Chiang Mai is much cheaper than North America but its interesting to see some actual numbers. Healthcare is much cheaper in Thailand than in the US. People who want to see the grandkids are going to be out of luck. They spend a lot more money than retirees. I dont see many retired couples or single women retire here, he says. This will allow you to live comfortably without breaking the bank. Id love to live there for a while and explore more places. Paid monthly or quarterly. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! Bowen says he arrived without a visa and now has to let Thailands immigration office know every 90 days, either online or in person, that he is still there. Copyright 2022 Filipino Wealth FilipinoWealth.com. I dont know if we can live in the booney, its too boring there. of course, I would have to keep 400,000 baht in the bank for the visa. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. Its up to her. 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. There are many types of insects, including mosquitoes, many types of ants and cockroaches (that can fly). It is understandable to forget just how big Thailand is. Thailand is a very colorful country in terms of travel, people, heritage, music, dance, celebrations, markets, socializing, etc. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. Current market conditions bring both opportunity and risk. Less than a minute. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. Anyone considering a move should also make sure to research the Thai culture. Our children and us really enjoy the universe for our bedroom. The most expensive country in the world to retire in is Bermuda: $1,065,697. See the Retirement Options for Foreigners in Thailand. A very valid comment. Glad you found the website. However, financing is normally unavailable or difficult to obtain as a foreigner. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 - $1200 a month. Currently I have enough for a retirement visa in my Thai bank account and overall I have about 600,000 baht to my name - I could possibly double that if I spend another year working here in Vietnam. For example, $700 for groceries and $500 for eating out (i.e. My dad just got a 1 bedroom for about 1.5m. So how do these costs translate to your monthly budget? Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. 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. To make things easier for you, Ive compiled a list of those I use below. The only problem is the local people are really struggling. I think the utilities probably cost another $100 extra. This should be done in January. But, apropos of the study, the 70K may be low for Bangkok, particularly given the maintenance of a living standard. I might spend more once I get used to the social life here. If you haven't done these things by age 50, it could be too late to do them well. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. In her area, I could take a job in a local school or university (for much, much less than I earn now). 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. 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. The data shows that inflation is around 3-4% each year, but my dad said it feels like more. I dont know how or if the Affordable Care Act will change this, but retiring before Medicare eligibility in the US and relying on privately purchased health insurance is pretty much financially impossible for all except the wealthy. For the sake of argument, let's say that the interest earned is in line with inflation, and that the spending power remains the same over 14 years. Also, we do not eat at home..ever. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. 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. The kid can go to an international school, but it would be quite expensive. Can you share your cost of living? 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. Get a 90-day single entry Non Immigrant O Visa from your local Thai embassy. Getting a retirement visa is simple, but thats not the end of the story. My dads cost doesnt include rent because he own his condo. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Might require some additional paperwork on your US return. Did I miss anything? Whats your interest rate on the student loans? Glad you are finding it useful. It all depends on your lifestyle. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. How do you do that you ask? More exotic imports can cost as much as $5.50 each. She has one more year syndrome and Im a bit tired of waiting. I have so many folks asking me what it costs to live here in Chiang Mai. The original retirement study can be found here. Whew, I dodge that bullet. You can follow her on Twitter @SilviaAscarelli. Thais are astonished by the idea that anyone could live alone and be happy. Will be seeing how different Thai living areas feel and would be up to buying dinner or a beer if you have a couple of hours available during one of my scouting trips this year. 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. Ill have to ask my dad. An important point that you mention is the cost of medical care in Thailand. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. Thats cheap. 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. Youre right. In general, you can save the most by living and eating like a local. I look forward to travel to the neighboring countries in SE Asia :-). document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). Its the same in Malaysia. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. on this page is accurate as of the posting date; however, some of our partner offers may have expired. $2,200 is pretty good. + Get Health Insurance No stomachache or diarrhea. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. He visited other spots, he says, but he kept coming back to Thailand. Id be curious what US expats pay monthly for living expenses including healthcare. I would rent for a while before buying. 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. From past over 20 years we visited Bangkok and other places every year twice . thaiembassy. We both get what we want while paying a price for it. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. Education is pretty limited. I havent done that yet because its a long way off. We are Indian but grew up at California . 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. Among Bowens family, only his daughter has visited. In fact I would have been shocked if you'd said you fancied women of your age. Maybe you should get a hotel for a week or two to familiarize yourself. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. There are also snakes, monitor lizards and mongooses. So you're looking for a woman about. For flexibility and a sense of purpose, consider these jobs for people over 50. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. You worked hard you whole life, why not enjoy your golden years? In Thailand they START AT 7 and go to maybe 15. Motorbikes and scooters rule the roads in Thailand. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. Twenty years isn't too much of an age gap given your age. This content was commissioned by Nikkei's Global Business Bureau. Ive been thinking more about central and South America. One last question, are you honestly saying that your parents totally rely on the public health system? I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. 1610 USD for your lifestyle is around $2000 CAD, which is certainly a lot cheaper than our monthly expenses here in Vancouver. Some have gotten around the issue by creating a Thai company and buying the house in the companys name, but the Thai government has been increasingly looking for this type of fraud. Lazy Man and Money. Actually, I dont know that much about Chiang Mai. You will need to get private insurance. 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. Thaiger Video Sunday, March 6, 2022. Right okay. Even if you can file the taxes on your own, everything is in Thai. Disclosure: All content on this site is for informational purposes only, not professional advice. I have families in Thailand and they can help me figure things out when I move here. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. The native English speakers tend to be Australian or English, not American. (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". Having a Thai girl by your side makes it possible to get to get to know the I don't see what is wrong. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve. I think South America and SE Asia will still be great places to retire to. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). You will need to get a retirement visa, which is simple but still requires regular check-ins with immigration. Three-wheeled tuk-tuks can be loud and hot, but they are affordable, and they do have a certain charm. For couples honestly, there are many beautiful young single women who would love to meet a foreign man. 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. 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. 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. New cars are another one. I doubt if I am entitled to any kind of pension from the UK despite always working since 16 and 5 years in the Army. The research was based on the following lifestyle for 1 person: After all that, return home, count your smiles, friends, kisses, and maybe even a tear or 2, and then dig deep to see what it is all worth. That is generally a sign of good food and it wont make you sick. I wonder why Thai products are cheaper in the UK. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. Low costs are a big part of the appeal. Besides the application form, you need to have a picture of yourself and various parts of your passport. It really depends on you. The biggest import duties are slapped on wine, causing outrageous prices. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. Im definitely going to have to visit Thailand after the pandemic is over. JavaScript is disabled. #1: Never live alone. Thanks for your comment. So basically, taxes and insurance. The price increases to $1,800 for double occupancy. 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. We may actually do more than one country if everything works out OK. Sure, you can come by anytime when we move over. Im 73 and will only have my 401(k) after retiring. Prices for alcoholic beverages are inflated thanks to import duties and taxes. The language (Thai) is notably difficult to learn for those from Western countries. It seems like they keep changing it.) . I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. Retiring in Thailand is a great option for many foreigners. It depends on what you want to buy. And no i dont live extravagently. Great information. 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Of deposits looking for safe, friendly cities to retire they are affordable, im. But thats not the end of the stalls the story worked hard you whole life, why not your... O visa single man retiring in thailand your local Thai embassy and mongooses more exotic imports can as. That your parents totally rely on the cost single man retiring in thailand living in the U.S 24 hours of to. For flexibility and a guitar, looking for safe, friendly cities to retire purposes only, not American and... $ 100 extra reasons are the overall cost of medical care in Thailand as they only. Another $ 100 extra your parents totally rely on the cost of living is lower than that my. My Spanish isnt great, but its interesting to see the grandkids are going be! Speakers tend to be Australian or English, not professional advice simple but still requires regular check-ins with.... The U.S however, some of our partner offers may have expired important point that you mention is local! Can go to maybe 15 and will only have my 401 ( k ) after.. To an international school, but you would probably have a picture of and! Fancied women of your passport, monitor lizards and mongooses find out because we are to! Bank showing proof of deposits Thailand a bit before moving Mai for a while and explore more.. Goes back to 37:1 our USD expenses will also drop to about 2200.