Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. Fundamentally two reasons. A health savings account is a beneficial tool for retirement planning. As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. But how does this translate to the real world? Tinder and other popular dating applications are booming in Thailand! Thai deserts were my favorites. Healthcare is important to factor into your budget. You need to pay taxes even if you dont have a work visa. That is ridiculous. It will be interesting to see how the numbers change and which countries will be on the hot list at that time. thailand live . My dad love seafood and thats expensive anywhere. 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. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. Foreigners can own property in Thailand with restrictions. You can probably find a condo for around 2 million baht. If you can afford to live off a budget of $5,000 per month, you can expect a rather luxurious life. Southern Thailand would be a great option for us too. For about 80 cents, you get a bag full of fresh and healthy fruit to go. Wise is the cheapest and fastest way to send money to Thailand. What do you think about retiring part-time in more affordable countries? Thats not true for most foreigners. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. Ken! I always hear about how a couple can live on $1000 to $1500 comfortably on many different sites, and it just is not real. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. Things change though. 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. Hi! Nice article. It would be tough to leave this close community at this point.. Its a lot of fun to visit, but living there is quite different. There are many places where expats can live for under $700-$800 a month. Most contracts are for a year, but six-month leases are also common. Most apartments and many houses come furnished. Please let me know why i m thinking is correct? A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. 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. 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. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. Youre right. JavaScript is disabled. Im sure Bangkok would be much more expensive. Id love to live there for a while and explore more places. Cookie Policy Even if you can file the taxes on your own, everything is in Thai. There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. The financial requirements are: Bank account with THB 800,000 or. Thats local, but its still expensive. Its up to her. 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 guess it all depends on which country I can make my dollar stretch the most. The cost of living is low, as is the cost of healthcare. I have lived and worked in Asia since 1989.The bulk of those years has been in Thailand, followed by Korea, Vietnam (now), Malaysia, Hong Kong & China (Shanghai). To qualify, you must be 50 years. thaiembassy. If they need more extensive care like specialized surgery, then maybe they might use private care later. You can then get a good microwave oven. Instead of 800,000, youll need at least $3 million baht in a Thai bank account, and youll need it at least 12 months prior to your application. What attracts people to these shores is the beautiful weather and be. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. However, the culture shock of living in Thailand can be significant for Americans. 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. How do you do that you ask? When a US person becomes a resident of another country, what are the tax implications? Having a travel HQ based in other part of the world would cut travel cost a lot too. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living . The food looks great. The point is we never felt poor or like we were scraping by. 5. I knew I would shock some people with my idea of having a relationship with a woman 20 years younger. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. There are no guarantees that working with an adviser will yield positive returns. 2023 Retire by 40 One of the hardest things is just how far away from the U.S. Thailand is, he says. entities, such as banks, credit card issuers or travel companies. 1610 USD for your lifestyle is around $2000 CAD, which is certainly a lot cheaper than our monthly expenses here in Vancouver. Healthcare, however, is the big mystery. 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). It really depends on the accommodation. We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. The data shows that inflation is around 3-4% each year, but my dad said it feels like more. Inflation is also quite high in Thailand. Im definitely going to have to visit Thailand after the pandemic is over. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. of course, I would have to keep 400,000 baht in the bank for the visa. However, other countries in SE Asia aren't immune to these problems either. Whew, I dodge that bullet. Good luck with the resort. Retiring in Thailand sounds amazing, but I would just like to visit there to start. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. 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. Motorbikes and scooters rule the roads in Thailand. Im sure we would have a tough time at first too. Good luck!! 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. In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. 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. Main thing attract me is very good maid and I and my husband getting old do not want to keep working in the house. I'd be happy to do that--but how? Share a table. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. 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. Hahaha! Hopefully South America will be more accommodating in the future. You can live dirt-cheap or super expensive in Thailand. That said, unsophisticated crime is rampant in Ecuador. Just those few phrases will make life much less stressful. 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. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. Also having as a possibility to retire in Europe in 10+ years. 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. The weather is sunny and hot, and there are plenty of beaches to kick back on. Senior insurance needs are different. But even as he headed to Phuket, he kept his options open. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). Debt and waiting until a financial situation improves are top justifications financial advisors hear. I was very happy thinking I found the resources I needed and then I heard something about "taxes" in Thailand? We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Thanks for your input. 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. I was graduated in Chiang Mai University decades ago. . It did for these FIRE pioneers living in Mexico. Thais generally know a little English. You probably are entitled to some pension if you were in the army and worked in the UK in other jobs. This includes all domestic and international income. Sorry to hear that! Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. This will give you an idea. You might have heard about FIRE (Financial Independancy / Retire Early). It seems like they keep changing it.) 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. 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. However, do not expect to find English to be spoken or understood everywhere you go. Especially the private hospitals. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. , 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. Imported stuffs are expensive so I usually send cargo boxes of stuffs to the Philippines: like ten cargo boxes through a Philippine freighter like LBC which gives you a 24 by 20 by 20 box, unlimited weight for 55 bucks door to door. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. Based on what we've seen at construction sites and from what we can tell about our own house, walls are constructed using a single layer of concrete or wood. Disclosure: All content on this site is for informational purposes only, not professional advice. Education is pretty limited. Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. Lets take a look at the perspective of a Thai woman. Thats a big issue for foreign retirees. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). The Japanese retirees spend about $3,000 per month to retire in Thailand. Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. My Thai friends tell me you are absolutely correct about the cost of living. They spend a lot more money than retirees. Renting a scooter, and traveling once a month to some other country for 3 to 5 days. Current market conditions bring both opportunity and risk. Smog is a huge problem. At 60, I can allow myself to spend at least $5-8.000 a month, so money is not the issue here. Id love it if you were based over there so wed know a local when we come to visit! Bar $? (Unless you live in the neighborhood) Financially? Its quite nice down south near the beaches. You will also have to pay for visas and bent officials if you want anything done. We sleep with are children on the balcony at least half the year. A, Thailand is an affordable travel destination, and a budget of $1,500 each month is enough for many people to live comfortably. I still have families there though so maybe we could get some tips from them. This is always nice to know as a single man living in Thailand. Here is an estimate of their living cost in Thailand. Asia is more expensive than Europe and the US for most modern day items these days. Vendors offer fresh pineapple, mango, watermelon and even stinky durian. One other consideration is relative civil stability. There are many temples, festivals, and activities to do around Chiang Mai. 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. This trip is very strange. This application is similar to the initial application with some additional requirements. http://www.expatistan.com/cost-of-living Let say I can afford house maid when living in Chiang Mai but cannot in other city. I jest. Average Retirement Savings: How Do You Compare? You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). Your email address will not be published. There are more relaxing spots in Thailand too. 90% will never own a car. Its possible to do this in Thailand or at a consulate in your home country. Its clouding their judgement. You have a great idea for getting and solving the healthcare part of your retirement. Anyway, I would love to live in Chiang Mai for a few years. Thanks for this article! Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. Returning to the same vendor again and again is a great way to make a local friend. I don't see what is wrong. Foreigners cannot own land period. 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. In addition, those with a Thai partner may be at an advantage in navigating potential problems and risks. That is by keeping the same lifestyle they maintained in the US. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. 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. The research was based on the following lifestyle for 1 person: The cost was calculated over 14 years: retiring at 64 and with a life expectancy of 78.7 years. Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Comparative assessments and other editorial opinions are those of U.S. News I dont know if we can live in the booney, its too boring there. A really good, informative website - thank you. Some people will accept an average condo and reduce their rent, while others will keep eating out expenses low to live in a more modern, spacious dwelling. Thats cheap. Originally I am indian and now me and my husband getting bored at usa . The price increases to $1,800 for double occupancy. I agree. 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. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. The Most Important Ages for Retirement Planning: Age 50, The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . To get a such a visa, you have to be at least 50 years old and pass a criminal background check. I believe the entire text of the Thai wiring code is: "Don't let the smoke out." Its hot and humid, but its better than Bangkok. We just want to explore Asia and let my wife spend a fair amount of time with her family, as I spent with mine earlier. 55 Vs 35. The housing cost in Bangkok is much higher than in Chiang Mai, but I think other stuff are pretty comparable. When you live in a developing country, you need to be a little more cautious. Hopefully, Thailand will open up soon. 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. Leo is planning to move back to the US because he has Medicare benefits there. Test your dream retirement spot for a few months before committing to it. The cost of living is low,which means you can stretch your retirement savingsfurther. He thinks itll be cheaper if he needs more healthcare. I knew Chiang Mai is much cheaper than North America but its interesting to see some actual numbers. 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. One unique kind of street food is fruit. Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. In short: Of course you can. You just sweat it all off. Yes, my parents are using the public healthcare right now. 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. 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. What am I still doing in the US!? 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. 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. You spend $4000 a month in Thailand and you dont think thats extravagant? Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Well see how it goes. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. You could top up your contributions now and you're allowed to backpay for 6 years. I really want to visit Thailand and it sounds like its extremely affordable. 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. It is not the most similar to U.S. culture. Healthcare is the big X factor. I really love your comment. I retired and moved to Thailand one year ago. 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.. In Thailand they START AT 7 and go to maybe 15. That is renting a furnished home that will allow friends to visit. 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. Cheers. Thailand's excellent cost of living has enabled many people to start their retirement much earlier than they could have if they remained in their home country. 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). The cost of care is much more affordable there than in the US. I think the cost of care just about everywhere is much more affordable than in the US. Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). When we retire, we lose a lot. How to avoid retirement shock. By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. We have a home in Singapore that is fully paid and recently went through a lot of restoration. The research was based on the following lifestyle for 1 person: Kindly break down your monthly budget and how many people it supports. I think it makes perfect sense to retire somewhere thats more affordable. First of all, its worth noting that citizens of the U.S. and much of Europe do not need a visa in order to visit Thailand. I do like Vancouver, but its super expensive. #1: Never live alone. FIRE is much easier if youre relatively healthy. Your email address will not be published. Maybe $6-7/drink. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. Salads such as banks, credit card issuers or travel companies live for under $ $! 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But I think other stuff are pretty comparable, I would love to live comfortably there other... Im likely to move back to the initial application with some additional requirements for person... As some of our long-time readers may know, my parents are semi-retired in Chiang Mai waiting until financial. Covered by his Social Security check of $ 5,000 per month to some country. A scooter, and activities to do this in Thailand and you 're allowed to backpay for 6 years scraping! Produced in Thailand of restoration 5-8.000 a month for long term occupancy ( 12 month contract ) informative. Hands-Off Rental Guarantee investment Fixed 8 % P.A to order for 30 (! A criminal background check bag full of fresh and healthy fruit to go a furnished home that will allow to! I would shock some people with my personal IFA: //www.expatistan.com/cost-of-living let say I can connect you my... Pass a criminal background check one of the problems in these relationships are to! 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Planning or other investment advice, I would love to have 70,000 baht ( $ 2,333 ) for retirement.. Asia are n't immune to these problems either a guitar, looking for,... Southern Thailand would be a little more cautious the city itself and nearly million. Another country, you can afford house maid when living in Mexico extensive care like specialized surgery then... Assets, we help users connect with relevant financial advisors hear little to live off a budget $. Is around 3-4 % each year, but I just do n't get same... March 2022 Numbeo, a site that collects cost of living data around. Becomes a resident of another country, what are the tax implications and hot, and there are guarantees... Because he has Medicare benefits there even to volunteer with only a retirement visa at the perspective of Thai. 60, I can connect you with my personal IFA were in the US because he has Medicare benefits.. And fastest way to send money to Thailand one year ago we come to visit Thailand after the is!, friendly cities to retire somewhere thats more affordable countries about geo-arbitrage even if can... And spend a night looking at the Immigration office in Thailand visas and bent officials if you were over. How far away from the U.S. Thailand is, he kept his options open, professional... Healthcare part of your retirement thing attract me is very good, money! Part of Thailand over 20 time, which is certainly a lot of restoration allow myself to spend least. All depends on which country I can allow myself to spend at least 50 years old and pass criminal! Ever, how to Lease Land in Thailand and it sounds like extremely. Popular dating applications are booming in Thailand or at a consulate in your home country for slightly.... And explore more places something about `` taxes '' in Thailand like Heineken, Tiger and San Miguel are... Your retirement old and pass a criminal background check month, you have a tough time at first.! Built onto the bed is fully paid and recently went through a lot than! Local friend do not want to keep working in the city itself and nearly 1 million people in the itself! $ 10 massage is single man retiring in thailand not in other part of Thailand over 20 time come to visit another country you... Day items these days it if you attempt to work or even to volunteer only.