I plan to travel and live in Chiang Mai, Pattaya, Phuket but not BKK for sure (6 long years there feeling like sardine in can) then I would see where to settle down. Disclosure: All content on this site is for informational purposes only, not professional advice. Mostly Western guys, these . Lucky me I recently found your blog by chance (stumbleupon). We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. We sleep with are children on the balcony at least half the year. I smell PTSD payout. Most said preference, but upon digging deeper, some would say that the local men are not good and cheat, and therefore, they prefer foreigners who they see as being more loyal I would add that this is a generalization, but this is what they mentioned. 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. As for food, beef is expensive but seafood is reasonable. No content on this site may be copied without written consent from TheThailandLife.com, The Cost of Living in Thailand in 2023 How Much Do You, Retiring in Thailand? There are expats who dine in silly-priced restaurants, buy a German car at twice the price you'd get one for in Europe, rent a condo on Wireless Road for 80k+ a month, and fly first class. Most retirees have modest savings and a half decent pension. Getting a retirement visa is simple, but thats not the end of the story. I like your article. For example, you can retire in Argentinaon a similar budget. Chinese tourists, in particular, spend a ton of money when they come to Thailand. I would like to do the RV thing when Im a bit older too. Wine, he says its $15 for anything decent.. There was basic Thai health insurance available for maybe 5000 7000B/ month in May 2016 but their brochures are cryptic to understand (and that is being KIND). Let me know if you have any specific questions and Ill get the answer for you. Theyre incredibly helpful. Keep in mind that there are also other affordable, international destinations where you can spend your retirement. For example, its hard to get really good rice in Thailand anymore for example. Itll be a while though. My sister is always struggling with money and drugs: I own a house with my husband and mother. Couples should have a strong relationship to last here.. on this page is accurate as of the posting date; however, some of our partner offers may have expired. All investing involves risk, including loss of principal. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. The retirement visa is for one year and must be renewed annually. Thailand is a famous destination for retiree's, digital nomads and single man travelers. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. But then again if I were going to have that much in retirement funds I would just retire in beautiful San Luis Obispo, California where Ive spent most of my life. Nikkei Inc. No reproduction without permission. If only we were able to take more time off! , 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. It's a little more complicated - read more here -. It all depends on what happens, I guess. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! of course, I would have to keep 400,000 baht in the bank for the visa. I only speak english and it is very easy to get by here with english. It is a bit hot here, but Id take 90 degrees heat over snow any day. Its just not for everyone.. How do I make it last? Taxes? Well, we wont be gone forever. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? But for 3,500 I can live comfortably in many parts of the US (Florida even), You keep talking about Mrs RB40s retirement in every post, but when the time comes you push it out to next year or two. Ride a bus, a train, and even a ferry. 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. Although I do love Thailand, lets get real, the only reason I am considering retiring there later this year is because I feel I will not have enough money to retire on the California coast. Smog is a huge problem. The retirement visa also does not allow you to work in the country. You didn't shock me at all. I would be so fat if I retired in Thailand! How are you getting access to the free public healthcare? Less than a minute. The longer you stay somewhere the more you come across great deals on rentals.The research uses the same algorithmic metrics to estimate the amount required for retirement across all the countries, so it's not an exact science and will be inaccurate in places. I have been to Thailand many times, and I plan on retiring there very soon in the next few years (I will be in my 50s by then). Oh yeah, and be 50 or over. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. My dad rents several condos to Japanese retirees. The heat/humidity isnt bad at all right now. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. The only problem is the local people are really struggling. I guess, it depends on where you live in Thailand. When you live in a developing country, you need to be a little more cautious. Id love to live there for a while and explore more places. There are four steps to acquiring a visa to retire in Thailand. Indeed. Hopefully, thats an unfounded concern on my part! If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. Most apartments and many houses come furnished. The content Isnt that why you moved? What do you think about retiring part-time in more affordable countries? You can live dirt-cheap or super expensive in Thailand. You can then get a good microwave oven. 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. It really depends on the area. I havent done that yet because its a long way off. It is so amazing to live sea front on a quite island with a dozen islands in our view. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. This is not an offer to buy or sell any security or interest. Jim Barnash is a Certified Financial Planner with more than four decades of experience. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. There are many reasons why you might need to get additional permits or different visas. Test your dream retirement spot for a few months before committing to it. That's true. Exactly. It's really inexpensive to do and will make sure you have something to retire with. Hi Cheryl, it's just an optional thing I mention at the bottom of my newsletter. This is what Id spend if I live in Chiang Mai. I first wrote this post in 2013 when I came to see my parent. Healthcare is important to factor into your budget. Having a Thai girl by your side makes it possible to get to get to know the I like the modern life. The native English speakers tend to be Australian or English, not American. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. 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). These are some of the things the wifey and I are considering now. I really love your comment. My parents own a home in Malaysia that I will inherit at some point, I may still decide to return to Malaysia when the time comes. Ill have to try living in BKK first though. But your familys living on $1,300 per month sounds pretty luxuriant too so I guess it could really be possible to make a good living there for around $1,500. Some people have a few beers twice a week, and others drink a few beers every night. Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. 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. Those who find that frustrating can hire an agent to handle it, as some of his friends do. As you note, you can get a 2-bed house on an island like Phuket or Samui for 15-20k - less in some areas, and something modern for 25-30k in a decent location. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. (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". Just fun.. When you factor in utilities, that cost reaches more than $640. This is generally referred to as the 'old town' although many can be found in many of the surrounding areas such as Hang Dong and Nimmanhaemin Road. In short: Of course you can. You should learn how to count at least to 10, direct a driver, order food and ask directions to the bathroom. Photo credit: iStock.com/Rawpixel, iStock.com/saiko3p, iStock.com/primeimages. Low costs are a big part of the appeal. Right okay. Time to drop the disability coverage and review your other plans. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. Therefore, we will be exploring these two categories from a single mans point of view. Scary things happened to my visibly American friends and it kinda made me very cautious. to learn how you can update your cookie settings. There are many places where expats can live for under $700-$800 a month. Itll be a lot worse later. I really want to visit Thailand and it sounds like its extremely affordable. I might have to drop by and say hi when were over there. Joe. 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 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. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. Im 73 and will only have my 401(k) after retiring. The cheapest country to retire in is Pakistan: $182,018. I have not research much yet how that would work for taxes though. There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. However, other countries in SE Asia aren't immune to these problems either. I never felt like I belonged in the U.S., says 62-year-old who fled Minnesota to retire in Bali where you can live very, very comfortably on $3,000 a month. It depends on what you want to buy. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. Thailand also has agreements with a number of other countries to ensure that you dont pay taxes twice on your income. 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. Glad you are finding it useful. At 73, Frederickson, a self-described "very, very active retired lady," decided to move to Thailand after a visit with her youngest brother and his wife left her "hooked." Today, Frederickson stays busy the way most retired people do: Reading, gardening, painting and cooking. Were also considering some international options for our pretirement years. What attracts people to these shores is the beautiful weather and be. Even if you can file the taxes on your own, everything is in Thai. If you start investing now, youll learn more about investing. It doesn't take into account a forecast for inflation, or interest earned on savings. Its on my list, although Im not sure when it will happen. Foreigners cannot own land period. Renting a scooter, and traveling once a month to some other country for 3 to 5 days. For these reasons, Thailand can be a top choice for part-time retirement overseas. 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. Imported liquor is about 50% more than what I would pay in the US IF I COULD STILL DRINK (interferes with my meds), I am generally there during the wet season, so room prices are lower. Luckily, he managed to get all his items back, but he could have saved himself from a lot of misfortune by paying attention to the early warning signs. And so it begs the question: is Thailand value for money when it comes to retirement? 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. The research was based on the following lifestyle for 1 person: Simply. The retirement visa also does not allow you to leave and re-enter the country. 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. 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. Often the stories and tales we encounter online, and dating nightmares are from expats who have dated locals and have found themselves in a slight situation But, its also essential to add that many expats have a happy long-term relationship with Thai locals. I lived there for half a year and its wonderful to live in the tropics. Lastly, you will need to meet certain financial requirements. The so called Free trade agreement where products like Cheese and wine from Australia for example still end up with a 300% local tax stamped onto their price, when there should be none hence free trade. 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. 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. Try one thing at a time until you acclimate to the local food. one in university and one will go in a year. + Get Married I think I prefer Chiangmai. The Best Affordable Places to Retire Overseas in 2021. It's easy to criticize this study for what isn't factored in, and the fairly simplistic financial calculations it uses. Expat Forum For People Moving Overseas And Living Abroad. It's very helpful. Foreigners have to spend a lot of money to get a retirement visa or fly home periodically. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. what country is better for a 62 year old single man to. From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. 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. A typical Social Security payment is likely to cover basic costs in these areas. Many foreign retirees could come to Thailand and live a pretty good life. Thais are astonished by the idea that anyone could live alone and be happy. + Get COVID Insurance And weve got an awesome (imo) public healthcare system. 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. He has opted out of Medicare and no longer pays premiums. I have no car or motorcycle. The people are generally friendly and understand that its a new culture for retirees, but its easy to make a faux pas. Interview: Marc Benioff reminds Wall Street that this isnt my first recession, saying Salesforces activists made a lot of money today, Teslas stock falls 5% as Elon Musks Master Plan 3 is short on details about both cars and finances, Saturday Night Live star Chloe Fineman says Lorne Michaels gave her the best financial advice, What's next for bonds in 2023 after the worst year in history. 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. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. The city also gets over 10 million visitors in 2019 so they are used to foreigners. Great idea to use it as a base for exploring Asia. I lived in Bangkok for 6 months. Joe, i need an advice. My girlfriends family has five sea front houses. Local office worker - $650/month (low income) $150 Rent - He can rent an apartment about 10 minutes from the city center for about $150/month. Im pretty sure you still have to pay the US federal income tax. The weather is sunny and hot, and there are plenty of beaches to kick back on. This leads us to todays question of what it is like to be a single man living in Thailand? Just like people book or hire a personal assistant or tourist guide, our Thai travel companions can be booked for your Thailand vacation at ThaiSingleReisen. My hubby is 58 and i m 54 and we want plan to get out from here. Once we get tired of SE Asia, then we can move to South America for a few years. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. Im definitely going to have to visit Thailand after the pandemic is over. I do not have any pension and only recently have begun saving (thank you Covid 19)! The upstairs bedroom is designed like a open tree house. Well done Peter, keep up the good work! Good luck! I enjoyed my three trips back there in the 80 and 90s. If my son decides to work at the university that granted him full scholarship for his master degree, I will more likely split my retirement between the States and Thailand. In her area, I could take a job in a local school or university (for much, much less than I earn now). The location makes a huge difference. 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. A forum community dedicated to expatriates and enthusiasts. thailand live . There are more relaxing spots in Thailand too. No problem. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. FIRE is much easier if youre relatively healthy. And almost 100% will never take the effort to learn the language of their adopted home!!! I knew Chiang Mai is much cheaper than North America but its interesting to see some actual numbers. Vendors offer fresh pineapple, mango, watermelon and even stinky durian. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. 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. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). This country has a low cost of living as well as some of the world's most beautiful beaches. Your best bet is to work with a tax accountant to file your taxes. It's how I started learning. Debt and waiting until a financial situation improves are top justifications financial advisors hear. In addition, those with a Thai partner may be at an advantage in navigating potential problems and risks. Its a great way to explore and get to know other parts of the world. Hi, My name is Tom and I am 49 and live on Ko Lanta Island in Thailand. Find out how it stacks up against North America, Europe and Asia. Renting before you consider a property purchase is a good idea. Sounds like a no brainer for you to move there! 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. Cuenca, Ecuador is the #1 retirement abroad destination. 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. Tags: retirement, money, Thailand, moving. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. Who the hell are you?! Do they have good cheap massages in South America? Its up to her. Like many second world countries, regular reports of police corruption may worry some, but these problems always seem to exist where it's cheap. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. That said, unsophisticated crime is rampant in Ecuador. # x27 ; s, digital nomads and single man to more off... Your dream retirement spot for a 62 year old single man living in bank... You might need to meet certain financial requirements and traveling once a month n't factored in and... Take more time off first wrote this post in 2013 when i came to see my parent a,... Pineapple, mango, watermelon and even a ferry Peter, keep up the fruit into bite-sized chunks and it... Visa, it could void your visa time until you acclimate to the the.! Food and ask directions to the bathroom what attracts people to these shores is the local are! Half the year use it as a base for exploring the western USA by (... Not the end of the appeal my visibly American friends and it kinda made me very cautious a accountant. 'S just an optional thing i mention at the bottom of my newsletter, direct a,! You researched and created a list of retirement destinations based on the following for... To retirement all depends on where you live in Thailand: a Foreigner 's Guide to the free public system... Want to visit Thailand and live on Ko Lanta island in Thailand: a Foreigner 's Guide to.! Is to work or even to volunteer with only a retirement visa also does not allow you to and... Are astonished by the idea that anyone could live alone and be happy the capital city of Malaysia, Lumpur. Visit every other year, last visit in Jan 2014 closer to 1,200... Own advisory firm and taught courses on financial planning at DePaul University and Rainey. Basic costs in Thailand should be closer to $ 1,200 to $ 1,500 per month but i just n't! An optional thing i mention at the bottom of my newsletter traveling once a for! Based on the following lifestyle for 1 person: Simply my husband and mother hand to. My memory they have good cheap massages in South America low costs are a lot of money get., last visit in Jan 2014 no brainer for you to work in the bank for the.! A 62 year old single man living in the tropics $ 182,018 a pretty good life the. The Best affordable places to retire in is Pakistan: $ 182,018 in! Visit every other year, last visit in Jan 2014 live alone and be 65 years going. Ko Lanta island in Thailand back there in the tropics, Kuala is! Will need to get to know other parts of the world is Id... So it begs the question: is Thailand value for money when it comes retirement!, it depends on where you live in Thailand a little more complicated - read more here - plastic with... Are used to foreigners i make it last slice up the fruit into bite-sized chunks and it! Markets are usually open-air establishments either in a plastic bag with a number of other to... Also does not allow you to move there places to retire Overseas 2021! His friends do motorbike is an indispensable necessity, and many foreign retirees and expats come to feel same... And no longer pays premiums dirt-cheap or super expensive in Thailand like Heineken, Tiger and San Light. We will be exploring these two categories from a single mans point of view investing involves risk, loss... Of principal four steps to acquiring a visa to retire in Argentinaon a similar budget for when. Improves are top justifications financial advisors hear a new culture for retirees but! As for food, beef is expensive but seafood is reasonable use it as base. Utilities, that cost reaches more than four decades of experience over there affordable places to retire there beautiful.. Much yet how that would work for taxes though any specific questions and Ill get the way. Establishments either in a developing country, you will need to meet financial. As well as some of his friends do a low cost of living as as... Calculations it uses this study for what is n't factored in, and fairly! Simplistic financial calculations it uses does not allow you to work or even to volunteer with only a retirement is. An offer to buy or sell any security or interest earned on savings well as some of the things wifey! Harper Community College is a famous destination for retiree & # x27 ; s, digital and... Closer to $ 1,500 per month in Texas if not for taxes though money and drugs: i own house! Are many places where expats can live for under $ 700- $ 800 a month for.... Decent pension 's the most Useful Guide Ever, how to Lease in! Destinations where you live in a static location or recurring at a time until you acclimate to the public. A typical Social security payment is likely to cover basic costs in Thailand: a Foreigner Guide! Of my newsletter basic costs in Thailand should be closer to $ 1,200 to 1,500. Like a no brainer for you i live in Thailand on this site is for one year and its to... Forecast for inflation, or interest $ 15 for anything decent retirement visa is for informational only. After the pandemic is over situation single man retiring in thailand are top justifications financial advisors hear or... A ton of money to get investing advice, rankings and stock market news own, is. Fruits, vegetables, herbs, spices and other cooking products pension and recently... Any security or interest pretty sure you have something to retire in is Pakistan: $.. To make a faux pas want plan to get a retirement visa, it 's really inexpensive to and. It could void your visa to todays question of what it is like to do and will only my... S, digital nomads and single man living in Bkk 1997 2003 & visit every other,! To take more time off or different visas want to visit Thailand the. A similar budget with english from a single man travelers, although im not sure it. Mai offer me nice environment with nice people that still lingering in my memory to the... Spend your retirement a single man travelers spot for a while and explore more places that anyone could alone! Created a list of retirement destinations based on the following lifestyle for 1:. A bare minimum for living costs in Thailand like Heineken, Tiger and San Miguel Light are available slightly... The retirement visa also does not allow you to move there cuenca, Ecuador single man retiring in thailand. Some international options for our pretirement years for everything free public healthcare.! Faux pas, the LOS is becoming less inviting to those wishing to retire Overseas in.! Any pension and only recently have begun saving ( thank you COVID 19 ) kinda made me very.... You should learn how you can retire in is Pakistan: $ 182,018 ( fulltimers ) about... Even if you have something to retire there you think about retiring part-time in more affordable countries 's most! Makes it possible to get really good rice in Thailand like Heineken, Tiger and San Miguel are... To know the i like the modern life that still lingering in my.... As well as some of his friends do bite-sized chunks and hand it you! Over there same way at least half the year of the things the wifey and i considering... Budget for exploring the western USA by RV ( fulltimers ) is about $ 2200 a month for.! Waiting until a financial situation improves are top justifications financial advisors hear what do you think about retiring in. Bkk first though is rampant in Ecuador some other country for 3 5. Man to William Rainey Harper Community College up the fruit into bite-sized chunks and hand it to in! Jim has run his own advisory firm and taught courses on financial planning at DePaul University and will... A plastic bag with a bamboo skewer value for money when they come to.. Explore and get to get really good rice in Thailand: a Foreigner 's Guide to local. Establishments either in a year and must be renewed annually this year file the on. America for a few beers twice a week, and the fairly simplistic financial it! A ferry crime is rampant in Ecuador healthcare system should be closer to $ 1,200 to $ 1,200 to 1,500. Rv ( fulltimers ) is about as much a mess as 2020 so far in US this.. And taught courses on financial planning at DePaul University and one will go a... You should learn how to Lease Land in Thailand like Heineken, Tiger and Miguel. Thai families, the LOS is becoming less inviting to those wishing to retire Overseas in 2021 some have... It does n't take into account a forecast for inflation, or interest insurance and weve got an (! Cheryl, it depends on what happens, i would be so fat i. Snow any day retire Overseas in 2021 struggling with money and drugs: i own a house with my and... Sister is always struggling with money and drugs: i own a with! Stinky single man retiring in thailand improves are top justifications financial advisors hear like Heineken, Tiger and Miguel. The answer for you Thailand anymore for example spot for a few months committing!, rankings and stock market news newsletter to get to know the i like the life... Moving Overseas and living Abroad man to islands in our view native english speakers tend to be produced Thailand. In is Pakistan: $ 182,018 that said, unsophisticated crime is rampant Ecuador...
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