How do I make it last? This is awesome! Its a lot of fun to visit, but living there is quite different. Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). I sometimes wonder about moving to a more affordable place to retire but I think it would be hard to leave family and friends. Take your reading anywhere with offline reading functions, Never miss a story with breaking news alerts. New cars are another one. Im pretty sure you still have to pay the US federal income tax. . The cost of living is low,which means you can stretch your retirement savingsfurther. They are easy to drive, maintain and park. A visit to the dentist that includes a cleaning and cavity filling is less than $30. I might have to drop by and say hi when were over there. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. The amount you spend on healthcare really depends on your health. Id probably take the train or fly. + Get Health Insurance Required fields are marked *. 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. Rents are around 70% lower on average. And a one-bedroom apartment in the city center of Sarasota costs roughly $1,600 in rent per month, almost 2.5 times more than Bangkok. Make a friend, a local that is. Otherwise, just move to Florida. Kamala Beach has a small but closely knit expat community, he says. I can find a small room in a hotel A/C, fan, refrig, hot water about 800, 900 meters from the beach for maybe 5,000B plus power and water (power is 5B/ unit and water is about 100B/ week). 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. So basically, taxes and insurance. If you dont go looking for trouble, you wouldnt even notice it. Which is really encouraging! Place we could use the money we are saving to travel a lot more. We can probably live comfortably on $1,200/month and budget $1,000/month for traveling. I like the modern life. There are lots of reasons why you may want to retire in Thailand. No stress, please. (Photo by George Styllis), Thailand's battle to drive down currency will not end well, Thailand keeps doors open to Chinese tourists, Thailand's famed 'Rose of the North' is wilting, Thailand GDP growth slows to 2.4%, lowest in five years, Thailand confirms first human-to-human spread of coronavirus, Thailand cuts interest rates to record low as coronavirus spreads, Thai banks give coronavirus-hit borrowers one-year moratorium, Thailand's budget delay seen exacerbating economic woes, Japan's capital spending up 7.7% despite weaker profits, China manufacturing expands at fastest pace since April 2012, Australia economy slowed in Q4 as headwinds mount. Oh yeah, and be 50 or over. 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. But this is surprisingly accurate. 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. But how does this translate to the real world? Spotting oversights in your retirement plan early can lead to years of financial stability. Once you live in Thailand for six months you will need to pay income taxes. Motorbikes and scooters rule the roads in Thailand. My dad likes to eat seafood so thats why his food expense is so high. Chiang Mai is cheaper than Bangkok, but it sounds as if it isnt THAT much cheaper any longer. So looking forward to becoming vagabonds on the road for enjoyment as we truly love al areas in SEA. One of the most intersting things I found out is that there are not a lot of western families who move to Thailand. For example, $700 for groceries and $500 for eating out (i.e. To see how far your benefit could take you, try this. You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. Thanks for dropping by. If only we were able to take more time off! I am very sceptical when I read these articles as I find most are written by persons associated or have ties with the local real estate market and sole aim is to draw attention to selling more property. 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. Vendors offer fresh pineapple, mango, watermelon and even stinky durian. I thought the city had a great feel to it, a nice pace, great cost of living, and Thai food is the best. Who the hell are you?! In short: Of course you can. This is not a typical example, but its always important to pay attention to those early signs if you enter into a relationship as a single man living in Thailand. I think thats a little low on the estimate. Northern Thailand is pretty far from the beaches. This is much less than our current expense of about $4,800/month here in the US. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. We sleep with are children on the balcony at least half the year. Scary things happened to my visibly American friends and it kinda made me very cautious. 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. Sign up to receive new articles via email. 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. website. One should also note that few people have this much cash in savings. I own property in ireland which i rent out and pay tax on profits. + Get Married of those are not designed for the same living/cooking/entertainment/working standard most retirees would be accustomed to. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. For many, living expenses may be as low as 40-50k per month. Glad you found the website. 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. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. $2,200 is pretty good. If you use a real estate agent to find a place, the standard commission is one month's rent for a 12-month contract and is paid by the landlord. I think South America and SE Asia will still be great places to retire to. I'd be happy to do that--but how? . There are many places where expats can live for under $700-$800 a month. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. 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. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. Not that I care since I eat at Thai spice level sure aids in the output, too. Well see. And the great thing is that the tastiest food always comes from the cheapest places either the little hole in the wall open-air places where you sit on cheap plastic chairs, or in the food courts of shopping malls and department stores. 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. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. But even as he headed to Phuket, he kept his options open. And weve got an awesome (imo) public healthcare system. Im sure Bangkok would be much more expensive. 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 dont know. Thats a big issue for foreign retirees. It is so amazing to live sea front on a quite island with a dozen islands in our view. Should we cut my sister out of the family inheritance? Sorry, I dont know much about the law. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. 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. What is wrong with that? From past over 20 years we visited Bangkok and other places every year twice . Current market conditions bring both opportunity and risk. The original retirement study can be found here. in the healthcare column. I would like to live there for 4-5 years and explore that part of the world. Taxes? And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. 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 knew no one in the country. Southern Thailand would be a great option for us too. Just fun.. Once we get tired of SE Asia, then we can move to South America for a few years. Previously, only Thai people can buy properties, but I thought condos were exempt somehow. It's impossible to say exactly as the final rate will depend on the amount and what type of income it is considered. Yeah, the education isnt good enough so the families dont have the incentive to move there. The following countries all work out cheaper than Thailand for retirees: Singapore is very expensive at $946,993, as is Hong Kong at $871,578. 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 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). Low costs are a big part of the appeal. thaiembassy. I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. How are you getting access to the free public healthcare? Now that IBM is changing to exchange medical options for retirees. My dad said Thai products are cheaper in Thailand, but they export the best quality products. Very little snow except at elevation of course. The food looks great. The native English speakers tend to be Australian or English, not American. I have many friends that have gone to Thailand and loved it. That's true. You worked hard you whole life, why not enjoy your golden years? Senior insurance needs are different. This will allow you to live comfortably without breaking the bank. Its working well for them. Test your dream retirement spot for a few months before committing to it. A rotisserie roast chicken costs just 140 baht ($4.50). The financial requirements are: Bank account with THB 800,000 or. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. Im here to give you all the information you need to make your Thai adventure safe, happy, & successful. I dont plan to move until hes in college though. The city also gets over 10 million visitors in 2019 so they are used to foreigners. Great information. Ive lived in both places having my thai ex wife and now living in the Philippines semi retired at 48. You will also need separate visas or permits if you want to work, volunteer or travel out of the country at any point. Retirement Options for Foreigners in Thailand, http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. A cursory search shows that even the most open countries, such as Ecuador, Panama, and Mexico, seem to limit long term stays to 180 daysat least in terms of convenient applications or process. And for a single person, $2,000 a month would go far. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. Ah that old chestnut. Many of those retired folks live part time in Thailand. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. It's how I started learning. Ill check with my dad. of course, I would have to keep 400,000 baht in the bank for the visa. Whether you are ok for your age or not, let's not kid ourselves. 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. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. However, financing is normally unavailable or difficult to obtain as a foreigner. Good luck!! We may actually do more than one country if everything works out OK. Sure, you can come by anytime when we move over. So let's look at how neighboring countries stack up to Thailand. But that would have to be a *lot* of money. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? It is rather divorced men who do so. Whew, I dodge that bullet. Hello, again. There are four steps to acquiring a visa to retire in Thailand. Visit a quote page and your recently viewed tickers will be displayed here. , 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. 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. Lets take a look at the perspective of a Thai woman. Nothing is free. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. There are many temples, festivals, and activities to do around Chiang Mai. Considering the people/culture, weather, variable living standards, and beach get-away options, I think Thailand is still value for money. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. 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