Here is an estimate of their living cost in Thailand. It depends on what you want to buy. 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. How Much Do I Need to Save for Retirement? You just sweat it all off. Not included in rent. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Thats just one person. Bar $? Tinder and other popular dating applications are booming in Thailand! Make a friend, a local that is. I agree on that having a budget is key to both a healthy lifestyle, and a life fulfilled. For $25 you could even. I think you really should split it and invest some. Camping/rustic countryside trip over the weekend $50. I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. I have probably mentioned this before but 10 years ago when I lived in Phuket with my girlfriend for a year we managed to get by very nicely on 39K Baht ($1300) a month. Once we get tired of SE Asia, then we can move to South America for a few years. This time, Ill update the post with 2021 numbers and give more examples. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. 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. I wont be wealthy, but I wont be worrying about where the next dollar will come even if I dont work another day in my life. Its a lot of fun to visit, but living there is quite different. 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. It is rather divorced men who do so. PATTAYA, Thailand -- From the mountains of Chiang Mai to the beaches of Phuket, Thailand has long been a draw for foreign retirees wishing to spend their golden years in tropical bliss. Might require some additional paperwork on your US return. Its nice to see numbers (even if I was expected even lower costs). I dont know. It is so amazing to live sea front on a quite island with a dozen islands in our view. 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. Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. 1. Isnt that why you moved? As for food, beef is expensive but seafood is reasonable. Other parts of Thailand that are great places to live are even cheaper, and life can be cheaper yet in other parts of Southeast Asia, he notes. "Poor electrical wiring standards" lol "Poor" implies that a standard exists to make a comparison to standards elsewhere. These are some of the things the wifey and I are considering now. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. Its just not for everyone.. Please review our And, like you, were also waiting for that big mega-thrust earthquake! I know all the bar and restaurant owners. The Best Affordable Places to Retire Overseas in 2021. I averaged about $15 a night for a nice mid level hotel and around $8 a day for food in Chiang Mai ( about 1.50 breakfast / lunch and $5 dinners ). I jest. Now that IBM is changing to exchange medical options for retirees. That said, unsophisticated crime is rampant in Ecuador. I was very happy thinking I found the resources I needed and then I heard something about "taxes" in Thailand? It's impossible to say exactly as the final rate will depend on the amount and what type of income it is considered. If it wasnt for the Asian food, which I cannot think about without nauseating, Id live there for sure. Best VPN to Protect Your Online Privacy, 5. Dont worry about it. For flexibility and a sense of purpose, consider these jobs for people over 50. Im 73 and will only have my 401(k) after retiring. Living cost was much cheaper than BKK, Pattaya and Phuket. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! My Thai friends tell me you are absolutely correct about the cost of living. Time to drop the disability coverage and review your other plans. You can do it here but please don't feel obliged :). Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). $3,400 per month is approximately the pay out for 100% VA disability. My mom, in particular, doesnt like to spend money at all and lives a simple lifestyle. Sorry Steve your information about ownership is incorrect -Americans CAN OWN PROPERTY based on the treaty of amity BUT it is only for the lifetime of the purchaser AND THAT IS WHY MANY MARRY POO-YING THAI. 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. Well see how it goes. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). 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). While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. This leads us to todays question of what it is like to be a single man living in Thailand? Some of those that I've seen would stretch the cooking requirements for Ramen and a beer. If you haven't done these things by age 50, it could be too late to do them well. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. You will need a work visa for that. I think civil stability is not too bad in Thailand. Ive saved it for later! Chiang Mai is the largest and most culturally significant city in northern Thailand. I think thats a little low on the estimate. They can always come visit us if they miss us. He relies on football and basketball internet packages for his U.S. sports fix. But it only works in favour of Thai goods being exported!!! The food (fresh herbs, spices, fruits and veggies on every road side! 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. COMMUNICATION: You'll be hard pressed to find a Filipino who cannot converse fluently in English. Thailand has always been popular as a country to come to live and retire. And considering the outcome, is it cost effective to retire in Thailand. But this is surprisingly accurate. Education is pretty limited. 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. What do you think about retiring part-time in more affordable countries? What attracts people to these shores is the beautiful weather and be. 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 think South America and SE Asia will still be great places to retire to. Have a question? Expat Forum For People Moving Overseas And Living Abroad. I would also add that many locals see foreign partners as being very kind. One of the hardest things is just how far away from the U.S. Thailand is, he says. I enjoyed my three trips back there in the 80 and 90s. You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. But that would have to be a *lot* of money. Its up to her. That combined with many Americans slim vacation days also means visitors are infrequent. Costa Rica is a safe and stable country with a low crime rate, especially in the rural areas. Retired military at 31? Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. If you're living in a Thai style house then it's really cold. of course, I would have to keep 400,000 baht in the bank for the visa. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. Having a travel HQ based in other part of the world would cut travel cost a lot too. As it happens, this isnt much more than the average Social Security benefit. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). Hello, again. Foreigners cannot own land period. I buy local medical insurance for us both, and still save for an escape plan if needed. This is why I always recommend to people to put boots on the ground and search out accommodation. is it wise to split it in half and put the other half in investing? The new spending bill makes it easier to save for retirement. The research was based on the following lifestyle for 1 person: I traveled around the world and Thailand is the best place for settle down. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. A one-bedroom apartment in the center of the Thai capital Bangkok will run you about $562 per month for rent. 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. In Thailand they START AT 7 and go to maybe 15. + Learn Basic Thai The government requires that you have income of 65,000 baht deposited in a Thai bank every month; thats less than $2,200 at early 2021 exchange rates). + Get Health Insurance Its actually very nice. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. 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. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. In general, you can save the most by living and eating like a local. He later returned these items to the store, apologized, and gave them a tip, but his partners thieving continued over this 10-month relationship.. . The houses come with a mooring for sailboats or other yachts. Ended up landing a gig in Japan starting this month so will have a good chance to visit varied countries during the balance of this year and next including Thailand. The Japanese retirees spend about $3,000 per month to retire in Thailand. Our children and us really enjoy the universe for our bedroom. 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); This site uses Akismet to reduce spam. 75% will never buy adequate medical coverage (will spend $1000s to fly home if needed, but will not spend 1/3rd of that for annual coverage that is 100% better than US medical services). Good luck with the resort. To see how far your benefit could take you, try this. And no i dont live extravagently. Healthcare is important to factor into your budget. Paid monthly or quarterly. Find out more here http://resilientman.com/retire-thailand/. check out for a fairly accurate COL estimate. In general, living in Thailand is significantly cost-effective; of course, if you are not a single man and you are in a relationship, you will be able to save some cash each month from sharing accommodation, but this is often a minimal amount. 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. The Fora platform includes forum software by XenForo. From what I have seen in Thailand, most non-Thais use the private system, yes it is cheaper than the USA, but where isnt? My dad rents several condos to Japanese retirees. Get a 90-day single entry Non Immigrant O Visa from your local Thai embassy. They are usually friendly and helpful and will fill in the form for you. Lastly, you will need to meet certain financial requirements. I still shuttle between the US and the Philippines since I have businesses and properties in both places and also a house in Thailand. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. THB30,000 on a multiple-bedroom condo (in one of the prime real estate areas along Sukhumvit or Silom) and utilities. I think the Thai government prefers short-term visitors. Low costs are a big part of the appeal. I can probably buy Thai produced fish products cheaper in the UK where I am from, than in Thailand, things like Mangos are only marginally cheaper in Thailand, more exotic fruits like Mangosteens are off course cheaper. I dont see many retired couples or single women retire here, he says. My dad, on the other hand He enjoys going to nicer places and doesnt like eating at food stalls. How do these things compare in Thailand or other locations?. Thai deserts were my favorites. But is it a good fit for retirement? Great article. Learn how to stop stressing about money matters and start enjoying your free time with these pro tips. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. The point is we never felt poor or like we were scraping by. I like your article. Im sure Bangkok would be much more expensive. 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. The grocery and restaurant cost seems a bit high, even comparing with US standards. Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. The original retirement study can be found here. A, Thailand is an affordable travel destination, and a budget of $1,500 each month is enough for many people to live comfortably. Also consider that some expats live in the family home of their partner, or a home they have built, and therefore don't have to pay rent. one in university and one will go in a year. http://www.expatistan.com/cost-of-living Let say I can afford house maid when living in Chiang Mai but cannot in other city. And Phuket Thai style house then it & # x27 ; re living in Mai! 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