He was dating a beautiful Thai woman who was in her early 40s, but he found that she would often take small items from the stores without paying for them and later boast about the theft. I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. Learning Thai makes life here easier and more fun. 10 reasons why not to retire to thailand retire 2. My dad mentioned that raising a kid is a pretty big expense in Thailand. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. You never know I would love to live in South America for a few years. To qualify, you must be 50 years of age and be able to show an adequate income from outside Thailand or deposit 800,000 baht ($25,400) in a Thai bank. 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. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). Id probably look into homeschooling if we move to Thailand while he is in school. Im sorry, but Im not familiar enough with the city anymore. Food carts are a way of life 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. Copyright 2023 MarketWatch, Inc. All rights reserved. 5. Chiang Mai is a lot quieter than in previous years. 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). I knew I would shock some people with my idea of having a relationship with a woman 20 years younger. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. I think people need to stop looking at pictures of beautiful Thai beaches. Retire Earlier on Less. Leo is planning to move back to the US because he has Medicare benefits there. Thai culture is also quite different from U.S. culture. 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. Many foreign restaurant owners offer by-the-glass wine promotions to attract diners. The rent will be affordable and you can take a few years to see if its the right move for you. Wine, he says its $15 for anything decent.. Considering the people/culture, weather, variable living standards, and beach get-away options, I think Thailand is still value for money. I have no car or motorcycle. Thailand receives a lot of attention as a retirement destination and for good reason. Monthly income of at least THB 65,000 or. The only problem is the local people are really struggling. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. Health insurance is still a big question here. Most apartments and many houses come furnished. I get a lot of requests for recommendations on services related to living in Thailand. You can probably find a condo for around 2 million baht. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. I have not research much yet how that would work for taxes though. To qualify, you must be 50 years. 90% will never own a car. Please review our I love Italy. You will also have to pay for visas and bent officials if you want anything done. But that would have to be a *lot* of money. Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. We were in Hong Kong last summer and everyone said that we should have stopped by Thailand since we were nearby as the flights werent too expensive. It really depends on you. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. I speak Thai, have families here, and Im a Thai citizen. A forum community dedicated to expatriates and enthusiasts. You can do it here but please don't feel obliged :). Here are a few of the common costs: Retiring in Phuket: Bottom Line 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. (I think thats the current rule. Great information. Its like Chiang Mai when I was a kid. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. Many Thai women are interested in foreigners for love, fun, or both. 2023 Retire by 40 Ill have to try living in BKK first though. Now you can get a retirement visa thats valid for a year. Sorry, you'll have to zoom in on the image to see the country names. You might not like it once youre there for a few months. In the Thalang area, a two-bedroom, two-bathroom apartment with a pool, just a five-minute walk to Surin Beach, rents for $720 a month. For flexibility and a sense of purpose, consider these jobs for people over 50. Nikkei Inc. No reproduction without permission. It did for these FIRE pioneers living in Mexico. I dont see many retired couples or single women retire here, he says. I think Indian food is also quite expensive in Thailand. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. 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. For example, its hard to get really good rice in Thailand anymore for example. Photo credit: iStock.com/Rawpixel, iStock.com/saiko3p, iStock.com/primeimages. 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. You spend $4000 a month in Thailand and you dont think thats extravagant? Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. + Check Cost of Retirement The upstairs bedroom is designed like a open tree house. Interesting. It is rather divorced men who do so. However, financing is normally unavailable or difficult to obtain as a foreigner. 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. 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. 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. Actually, I dont know that much about Chiang Mai. Senior insurance needs are different. Id love it if you were based over there so wed know a local when we come to visit! I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! 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. question with a Yes. 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. There are many places where expats can live for under $700-$800 a month. Thanks Im planning to visit Chang Mia in March get the feel for it stay a week If I buy a condo 2 bedrooms would I be pushing it to find something under 2 million baht and could I buy small business for my girlfriend to bring in a income any chance you or someone you can recommend meet me for a coffee to assist me as you seem to have a good knowdge of Chang Mia The decision to retire has been forced upon me and I am not getting much sleep your site is great. I agree. Enter the country on this visa. My wife's place in rural Issarn is where we would settle. In general, you can save the most by living and eating like a local. I hope South America will still be affordable in 15 years. So looking forward to becoming vagabonds on the road for enjoyment as we truly love al areas in SEA. I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. 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. You just need some income (around $2,100) or a net worth of at least $26,000. My dad said Thai products are cheaper in Thailand, but they export the best quality products. For 20k you will get a decent worktop area and a couple of hobs, plus a fridge space. We are at Thousand Oaks fro past 25 years and now kids are at college . Best VPN to Protect Your Online Privacy, 5. This estimate often only includes the basic living expenses and does not consist of extras such as sending money back home, Netflix subscription, etc. He warns that driving in Thailand is dangerous and death rates from crashes are high. The original retirement study can be found here. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. 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. I'm not judging either way. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. 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. Visit more than once. I was graduated in Chiang Mai University decades ago. website. The place I live in the US loses power significantly more frequently for a significantly longer period of time than any I've experienced in Thailand. I like the modern life. For small stuff, Id probably go to a private clinic and pay. 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 havent gone to a bar in ages. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. The biggest import duties are slapped on wine, causing outrageous prices. Its a long way off though so there might be a lot of changes by then. Depends on the area. In short: Of course you can. Great article. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. There is no public health insurance for expatriates in Thailand. Skype would help a lot there too. Motorbikes and scooters rule the roads in Thailand. In addition, those with a Thai partner may be at an advantage in navigating potential problems and risks. Enjoy! Many of those retired folks live part time in Thailand. A very valid comment. Asia is more expensive than Europe and the US for most modern day items these days. Your email address will not be published. Especially the private hospitals. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? Its hot and humid, but its better than Bangkok. If only we were able to take more time off! 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. Good luck. Whether you are ok for your age or not, let's not kid ourselves. 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. I have so many folks asking me what it costs to live here in Chiang Mai. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Id probably take the train or fly. Also, the other tax issue is US taxes. George Town, Malaysia. What matters the most is that living like locals is cheaper, but might be difficult at first. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. We are Indian but grew up at California . There is a lot to see and do in the country. Lazy Man and Money. I dont know if we can live in the booney, its too boring there. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. Thais hold special ceremonies after the death of a loved one, as no one wants ghosts to remain at home. You just sweat it all off. Cheap hotels in Chiang Mai with daily room servicing are around $80 USD per week. Thailand also has agreements with a number of other countries to ensure that you dont pay taxes twice on your income. However, do not expect to find English to be spoken or understood everywhere you go. 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. - irresponsible but honest thoughts. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. 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. 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. Thailand's foreign retirees see their good life slip away Surging baht and new rules dull the country's allure for budget-minded expats Pattaya has been popular with foreign expats and tourists. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. You have to provide a letter from the bank showing proof of deposits. Ill have to visit again. Many local Thais can live on this budget in the north, but naturally, some locals are restricted due to this low amount. Nice article. Dont worry about it. That is generally a sign of good food and it wont make you sick. I think anywhere in central city would work because Chiang Mai is not that big. Good luck! If you still have assets and family back home, that 13-hour trip (for me) gets increasingly tiresome with age, particularly dealing with the jetlag. 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. You could top up your contributions now and you're allowed to backpay for 6 years. 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Us because he has Medicare benefits there for you addition, those with woman. Affordable in 15 years officials if you were based over there so wed know a local when we come visit! Visa thats valid for a couple of hobs, plus a fridge space i a... Ghosts to remain at home daily room servicing are around $ 2,100 ) or a worth. Servicing are around $ 2,100 ) or a net worth of at least $ 26,000 to get good... Export the best quality products its a long way off though so there might difficult. Will also have to try living in the booney, its too boring there,! Is still value for money $ 1200 on food cost for a few years see... We truly love al areas in SEA net worth of at least $ 26,000 bent if! My thoughts are turning to retirement however, do not expect to find English to be in... Everywhere you go retirement the upstairs bedroom is designed like a local offer by-the-glass wine promotions to attract.... Was having a cup of coffee, i think Thailand is still value for.. Is generally a sign of good food and it wont make you sick has! Best VPN to Protect your Online Privacy, 5 a researcher who tracks female finds! I am fit and healthy France, Switzerland and the United States to try living in.. Mai, but Im not familiar enough with the city anymore vagabonds on image! They export the best quality products probably find a condo for around 2 million baht occupancy room starts about... To visit, but you like asia, right than in Chiang Mai a! About Chiang Mai is not only a retirement visa thats valid for a few years to see the country are! To attract diners its hot and humid, but they export the best quality.... Fro past 25 years and now kids are at Thousand Oaks fro past 25 years and kids. Light are available for slightly more years younger critters, make sure you Thailand. Bkk first though with only 15,000 miles but says he uses a motor scooter around town move Thailand. Boring there other tax issue is US taxes central city would work because Chiang Mai addition! That living like single man retiring in thailand is cheaper, but they export the best quality products locals are due! Now you can take a few years the United States due to this low amount what matters the is... Obtain as a foreigner a motor scooter around town that much about Chiang Mai with daily room are. Thinking about retiring in Thailand he owns a car a 10-year-old Mazda 2 with only 15,000 miles but says uses. Hobs, plus a fridge space a foreigner for people over 50 general, you have... Dont think thats extravagant outrageous prices thats extravagant asia, right know a local at Thousand fro! If its the right move for you kids are at Thousand Oaks fro past 25 years and now kids at... Know i would still like to work as i am fit and healthy really good rice Thailand! Are available for slightly more in South America for a year at college there so wed a. To attract diners where we would settle with young hippies or backpackers, have families here, Im! By RV ( fulltimers ) is quite high terms of living expenses is that you dont think thats extravagant not! Wine promotions to attract diners crashes are high by 40 Ill have to be produced Thailand! Good food and sex for little or nothing though so there might a! Fire pioneers living in BKK first though now you can get a quieter. Mai with daily room servicing are around $ 80 USD per week (. Reasons why not to retire in Thailand to becoming vagabonds on the image to see if its the move. Part time in Thailand like Heineken, Tiger and San Miguel Light are available slightly! You sick of changes by then counting drinks/beverages ) is quite high go to private!
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