tamsin - speak for yourself! For some people, the best insurance option is to have travelers insurance from your home country. You'd pay tax on all of that on your US tax return, not in Thailand. 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. I just know a little because my parents live there. $3,400 per month is approximately the pay out for 100% VA disability. I havent gone to a bar in ages. Not too mention fantastic restos of any and every type of cuisine! 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. Buying property in Thailand should not be taken lightly, although many have, both this government and the one which just passed has proposed changing the Law governing the legal loop hole used, that allows non-Thais to own property in Thailand. "Poor electrical wiring standards" lol "Poor" implies that a standard exists to make a comparison to standards elsewhere. Its the same in Malaysia. If youd like to see more of my travel and quarantine experience, follow me on these channels. Here's what you need to know about retirement in Thailand. However, if you compare a popular U.S. city for retirees like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. 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. Its hot and humid, but its better than Bangkok. It would be great to visit the surrounding area. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. Smog is a huge problem. 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 always think 'wonder how long I could last on x amount?' Paid monthly or quarterly. Therefore, we will be exploring these two categories from a single mans point of view. More privacy info here. Might require some additional paperwork on your US return. It actually costs me less in the US to retire even in Berkeley, California since Im familiar where to get all the cheap groceries and entertainment since I know most music venue owners who let me in for free. It would be tough to leave this close community at this point.. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. + Open a Thai Bank Account Find out more here http://resilientman.com/retire-thailand/. When a US person becomes a resident of another country, what are the tax implications? Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. And if you don't spend that much, it's more to leave your kids :). 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. Buying monthly bus and train passes. Sorry, I dont have a good answer. Foreigners cannot own land. I dont know if we can live in the booney, its too boring there. Thanks for your input. That is ridiculous. Its landlocked though right? It really depends on the area. It's really inexpensive to do and will make sure you have something to retire with. The upstairs bedroom is designed like a open tree house. All the lessons cost some money. The new spending bill makes it easier to save for retirement. In the past we have had excellent medical care in Australia, New Zealand, Jordan, Turkey, and Mexico for a fraction of the USA costs before Medicare kicked in. I think South America and SE Asia will still be great places to retire to. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. That combined with many Americans slim vacation days also means visitors are infrequent. Is it so? This article oddly makes Thailand seem like any other place. He later returned these items to the store, apologized, and gave them a tip, but his partners thieving continued over this 10-month relationship.. . See the Retirement Options for Foreigners in Thailand. Foreigners have to spend a lot of money to get a retirement visa or fly home periodically. In her area, I could take a job in a local school or university (for much, much less than I earn now). 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. The rent will be affordable and you can take a few years to see if its the right move for you. The weather is sunny and hot, and there are plenty of beaches to kick back on. The cost depends on the location. Test your dream retirement spot for a few months before committing to it. 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 ). 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. 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. My parents are pretty frugal. Learning Thai makes life here easier and more fun. I do not have any pension and only recently have begun saving (thank you Covid 19)! My parents dont have health insurance and rely on public healthcare. What attracts people to these shores is the beautiful weather and be. The bottom line for Bowen is theres no going back to the U.S. Kamala Beach, he says is gorgeous it really is one of the most beautiful places in the world.. Thai culture is also quite different from U.S. culture. In Manila, it would cost me around $3000 a month even though I own my own two bedroom flat in Makati City(very expensive area, like Asok or Thonglor in Bangkok), because all the surrounding restaurants are expensive and so are the nice grocery stores. Touching base again. The cost of living is also quite a bit cheaper than Bangkok. Im 73 and will only have my 401(k) after retiring. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. And then there's traveling back to home now again. Some of my dads friend eat out at expensive places every day and they spend more than $5,000/month I havent heard about the property. It is an exchange. 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. I guess they have pensions and dont mind spending it to have a more luxurious retirement. It doesn't take into account a forecast for inflation, or interest earned on savings. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). It would be nice to get away once in a while, but I dont think Id like living in a secluded spot for long. I really love your comment. Ill probably do that again next year. I have not research much yet how that would work for taxes though. And weve got an awesome (imo) public healthcare system. Im sorry, but Im not familiar enough with the city anymore. This is awesome! 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. If you wish to retire in Thailand, you will need to need to get a retirement visa, also known as a Non-Immigrant Long Stay Visa. Thanks for dropping by. Just fun.. He may not have a pile of money to live on and is depending on Social Security or a pension. For Thais, ghosts are real, and they're present. Canada is also a good option for health care. This is much less than our current expense of about $4,800/month here in the US. In my mind the best option though is to just stick with a condo and be spared the legal hassles. 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. Thais generally know a little English. Health care is excellent and the country is safe and . We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. I think the Thai government prefers short-term visitors. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. So no houses unless you are married to a Thai citizen (I think.). Older women cheat, too: What research reveals about the extramarital affairs of women over 55. Ive been living & traveling in Thailand for 14 years. Maybe you should get a hotel for a week or two to familiarize yourself. 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. A visit to the dentist that includes a cleaning and cavity filling is less than $30. More exotic imports can cost as much as $5.50 each. Originally I am indian and now me and my husband getting bored at usa . Annuities provide steady income in retirement, but some financial planners prefer alternatives. 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. Chiang Mai and Bangkok are tourist traps and I think thats why the prices are so much higher. 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. You have a great idea for getting and solving the healthcare part of your retirement. The grocery and restaurant cost seems a bit high, even comparing with US standards. 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. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. 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. Thaiger Video Sunday, March 6, 2022. We saw over 235 falling stars. Theyre incredibly helpful. They probably could cut costs a bit. Im dual. All you need is a valid passport and a return trip scheduled before you enter the country. For more active retirees, you can visit beautiful temples or go for a hike. 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. You could top up your contributions now and you're allowed to backpay for 6 years. My dad is usually very cheap on most things, but he likes to splurge on good food and wine. Here's how that person could spend that amount each month. Dont worry about it. So basically, taxes and insurance. Basically it comes down to a couple main factors: 1. Your email address will not be published. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. Bowen was last in the U.S. three years ago and says he uses Skype and Zoom to keep up with family. If you eat local, and live like a local and not an expat, it will be much cheaper. It is so amazing to live sea front on a quite island with a dozen islands in our view. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Just take it slow as you would at home and make sure in your own mind she isn't a gold digger and I'm sure you'll be fine. is it wise to split it in half and put the other half in investing? A rotisserie roast chicken costs just 140 baht ($4.50). In the meantime we are preparing to sell our home in the US and find an apartment for the next year until I can finish up the project. This should be done in January. 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 might have to drop by and say hi when were over there. Do they have good cheap massages in South America? Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. But it only works in favour of Thai goods being exported!!! I really want to visit Thailand and it sounds like its extremely affordable. 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. Asia is more expensive than Europe and the US for most modern day items these days. Leo had 2 cataract operations last year. Thats a law that dates back to the Vietnam war. 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. Living cost was much cheaper than BKK, Pattaya and Phuket. 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. We love the National Park system and now that we volunteer in the Oregon State Parks as well, we are happy campers indeed. 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. 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. JavaScript is disabled. That said, unsophisticated crime is rampant in Ecuador. An important point that you mention is the cost of medical care in Thailand. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. Photo credit: iStock.com/Rawpixel, iStock.com/saiko3p, iStock.com/primeimages. My dad love seafood and thats expensive anywhere. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. She shoveled snow all day yesterday. Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. Here are some reasons why I want to live in Chiang Mai for a few years. In addition, those with a Thai partner may be at an advantage in navigating potential problems and risks. Those who find that frustrating can hire an agent to handle it, as some of his friends do. 8% P.A. What matters the most is that living like locals is cheaper, but might be difficult at first. You can do it here but please don't feel obliged :). The climate is tropical. As it happens, this isnt much more than the average Social Security benefit. How do I make it last? You will need a work visa for that. #1: Never live alone. Living outside of the city center could cut your rent to roughly $300 per month. Visit beforehand. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. We go out a couple nights a week and always run into friends, he says. i am setting aside $1000/month for paying down debts primarily student loans. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. Ive not tried bugs and dont think I ever will. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. on this page is accurate as of the posting date; however, some of our partner offers may have expired. ), the people, the infrastructure and healthcare!!! Sorry, Im not that helpful. Its like being in a sauna all day. Though it has depreciated in the past two months, it is still significantly stronger compared to three or four years ago. 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). So if you like Thai food there is really no reason to spend a lot on your food. I think thats a little low on the estimate. I smell PTSD payout. In recent years, the Thai government made it more difficult to stay in Thailand for a long period. 1. 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). We havent been there for over 10 years. We may receive a referral fee if you sign up through the links on Retire By 40. Thais hold special ceremonies after the death of a loved one, as no one wants ghosts to remain at home. Kamala Beach has a small but closely knit expat community, he says. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). I always hear about how a couple can live on $1000 to $1500 comfortably on many different sites, and it just is not real. Very little snow except at elevation of course. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. Professional athletes come to Piyavate Hospital for orthopedic surgery critical to their careers. 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. Canada is a great option too, but its a bit cold up there for my taste. You just need some income (around $2,100) or a net worth of at least $26,000. Those unfamiliar with it may suffer some culture shock. website. Joe, youd like the west coast and Vancouver Island. Ive also thought a lot about moving overseas for the lower cost of living as a way to afford early retirement and cover the gap prior to being able to tap into SS and medicare. The housing cost in Bangkok is much higher than in Chiang Mai, but I think other stuff are pretty comparable. You never know I would love to live in South America for a few years. I own property in ireland which i rent out and pay tax on profits. Visit a quote page and your recently viewed tickers will be displayed here. Good luck with the resort. It all depends on your lifestyle. I hope South America will still be affordable in 15 years. 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. Thailand has always been popular as a country to come to live and retire. Im sure Bangkok would be much more expensive. What about Vietnam? Yeah, the food bill is a bit out of whack. try calabria right down southhad an apartment there for 6yrs.quite cheap can buy decent apartment for 70,000 euros.but it became boring. I mentioned that eating local food will make a huge difference. For example, you can retire in Argentinaon a similar budget. My girlfriends family has five sea front houses. This despite the fact that I blew more than 50% of the budget on a beautiful ultra-modern house in Rawaii that, although we didnt really need, I just had to have. Its quite nice down south near the beaches. Visit more than once. Even Thais get cravings for spaghetti, but they are happy with a 99bhat spaghetti, whereas most westerners want a proper spag-bol which will cost about 250Bhat. Retirement Options for Foreigners in Thailand, http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. There are also snakes, monitor lizards and mongooses. Ken! Thats just one person. But. These places have stunning beaches too. 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