I am Thai working in Middle East. 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. Most apartments and many houses come furnished. Jim Barnash is a Certified Financial Planner with more than four decades of experience. Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? - irresponsible but honest thoughts. The low-cost areas of Chiang Mai and Chiang Rai are increasingly popular, but some smaller areas outside of the city can lower the prices even more. Read some more info HERE. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. A more likely scenario is having the equivalent in pension payouts over the 14-year period. My taste is very simple too. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. You should learn how to count at least to 10, direct a driver, order food and ask directions to the bathroom. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. tamsin - speak for yourself! Just eating out. Why Thailand? Very little snow except at elevation of course. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. This is always nice to know as a single man living in Thailand. i am setting aside $1000/month for paying down debts primarily student loans. Visit a quote page and your recently viewed tickers will be displayed here. Education is pretty limited. 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. And then there's expats eating for 100 Baht a day and staying in a 4k a month condo. Thanks for your comment. Looking for an apartment to rent or a home to buy? Okay, thats my updated numbers for one person. The amount you spend on healthcare really depends on your health. Were actually considering retiring in a more expensive country (Germany, Austria, Switzerland are on the list), but we dont know much about how wed go about doing that especially since we dont have any family or other ties to those countries other than that we like them. There are many temples, festivals, and activities to do around Chiang Mai. Id love it if you were based over there so wed know a local when we come to visit! FIRE is much easier if youre relatively healthy. Fundamentally two reasons. Well see. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. + Find a TEFL Course While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. Whew, I dodge that bullet. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. (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". It all depends on what happens, I guess. Photo credit: iStock.com/Rawpixel, iStock.com/saiko3p, iStock.com/primeimages. Camping/rustic countryside trip over the weekend $50. Perhaps when medicare kicks in so I dont have to worry about medical cost as much. Instead of 800,000, youll need at least $3 million baht in a Thai bank account, and youll need it at least 12 months prior to your application. Hi! Required fields are marked *. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. To make things easier for you, Ive compiled a list of those I use below. What am I still doing in the US!? Renting a scooter, and traveling once a month to some other country for 3 to 5 days. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. Other thing I am finding kids here very selfish and they will not look after me or my husband and when we get very old they will toss us in senior home. 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. 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. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. 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. I sometimes wonder about moving to a more affordable place to retire but I think it would be hard to leave family and friends. It is not the most similar to U.S. culture. However, financing is normally unavailable or difficult to obtain as a foreigner. Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). Annuities provide steady income in retirement, but some financial planners prefer alternatives. Healthcare is much cheaper in Thailand than in the US. The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. That has changed. Heres what you need to know about moving to Puerto Rico for retirement. It is understandable to forget just how big Thailand is. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. $3,400 per month is approximately the pay out for 100% VA disability. Im Peter. I've used one for 4 years. Lazy Man and Money. Its like being in a sauna all day. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). Not that I care since I eat at Thai spice level sure aids in the output, too. What about Vietnam? I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. 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. NET. Sign up to receive new articles via email. The weather, which is beautiful for a few months of the year, may be too hot for the rest of the year. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. . The food (fresh herbs, spices, fruits and veggies on every road side! Thanks for sharing about Chiang Mai. In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. Most surgery costs 30% to 40% less than in western countries. Whether you are ok for your age or not, let's not kid ourselves. 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. Thai culture is also quite different from U.S. culture. My dad likes to eat seafood so thats why his food expense is so high. If you are an American citizen you are allowed to own 1 rai of land. Maybe $6-7/drink. These types of houses stay cool based on a design that allows cross breezes along the ceiling. It takes 24 hours of flying to get home. Only downside for me is that I find the heat/humidity a bit testing. Those with kids also have schooling to consider. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve. The retirement visa is for one year and must be renewed annually. For example, its hard to get really good rice in Thailand anymore for example. I use Thaipod101. No problem. I like your article. Isnt that why you moved? I might have to drop by and say hi when were over there. My sister is always struggling with money and drugs: I own a house with my husband and mother. An average Australian table wine that would cost about $8 in the United States is $27 in Thailand. Less than a minute. Retiring in Thailand is a great option for many foreigners. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. what country is better for a 62 year old single man to. Its a lot of fun to visit, but living there is quite different. Your email address will not be published. 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. There were some riots and coups, but they generally leave foreigners alone. I have a friend who lives in Thailand in a beach house with 2 other people, he said the cost of expenses are barely $500 for all 3 of them, and this includes food and lodging. Thais generally know a little English. Retired military at 31? Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. Although you do have to take precautions as you would anywhere in the world. If youd like to see more of my travel and quarantine experience, follow me on these channels. Many of those retired folks live part time in Thailand. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? I have so many folks asking me what it costs to live here in Chiang Mai. Buying monthly bus and train passes. A health savings account is a beneficial tool for retirement planning. He met his Thai wife, Oorathai, better known as Puy, while she was having a cup of coffee. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. 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. I do not have any pension and only recently have begun saving (thank you Covid 19)! Most carts are attached to a motorcycle, and many operate from the same spot for decades. Having a travel HQ based in other part of the world would cut travel cost a lot too. Also, despite the fact that Thailand is the second most dangerous country in the world to drive in, I chose to have a motorcycle rather than a car so transportation costs were minimal. I have not research much yet how that would work for taxes though. Smog is a huge problem. 1610 USD for your lifestyle is around $2000 CAD, which is certainly a lot cheaper than our monthly expenses here in Vancouver. Hopefully, Thailand will open up soon. I did not have any problems eating at local food stalls. 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.. Thais hold special ceremonies after the death of a loved one, as no one wants ghosts to remain at home. How do these things compare in Thailand or other locations?. Now you can get a retirement visa thats valid for a year. It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. It really depends on the area. I got food poisoning from eating at one of the stalls. The Fora platform includes forum software by XenForo. Spotting oversights in your retirement plan early can lead to years of financial stability. + Best Visa Run Option, Contact |Privacy Policy|Site Terms & Disclaimer|Media Pack. A really good, informative website - thank you. Ah that old chestnut. 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). If only we could go back in time! Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. As always, some will say it's high and others will say it's low. I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. While Thailand is a very affordable place to eat, drinking can be expensive. I dont know. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. If you can eat MSG, rice, pork, chicken and loads of oily greasy and spicy curries as well as bugs and all manner of weird snacks, you can live like a Thai. There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. 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. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. I plan on retiring in the U.S. and traveling to Europe and the mediterranean. This includes all domestic and international income. 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. Well probably try to avoid the import stuff as much as we could when we go to Thailand. Monthly income of at least THB 65,000 or. Its just not for everyone.. Yeah, the food bill is a bit out of whack. My Thai friends tell me you are absolutely correct about the cost of living. Keep in mind that there are also other affordable, international destinations where you can spend your retirement. It is rather divorced men who do so. Therefore, people will no doubt comment that you can live on half the amount I've cited above. Hahaha! 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 city also gets over 10 million visitors in 2019 so they are used to foreigners. Thats a big issue for foreign retirees. But it only works in favour of Thai goods being exported!!! The retirement visa also does not allow you to leave and re-enter the country. Mr. LH and I have discussed retiring abroad to someplace less expensive. The climate is tropical. New cars are another one. 1-Year Thai Retirement Visa (Multiple-Entry) - $153.32. Sunrises and moon-rises are so good. 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. Try one thing at a time until you acclimate to the local food. He thinks itll be cheaper if he needs more healthcare. I might spend more once I get used to the social life here. check out for a fairly accurate COL estimate. We know were not going to be in the DC area after Daughter Person graduates, but havent settled on any specific place yet (other than further north). $1200 on food cost for a couple; not counting drinks/beverages) is quite high. You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? Its up to her. Motorbikes and scooters rule the roads in Thailand. 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. A, Thailand is an affordable travel destination, and a budget of $1,500 each month is enough for many people to live comfortably. I know Belize has a pretty good retirement visa. And if you don't spend that much, it's more to leave your kids :). It doesn't take into account a forecast for inflation, or interest earned on savings. Indeed. Simply. My wife an I are on the other side of 40.I retired last year but got pulled back into a job which might take a year or so to manage a computer transformation at a local plant. 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. Thats not true for most foreigners. Thats a law that dates back to the Vietnam war. + Check Cost of Living 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. 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. How in the holy hell do you spend $4,000 per month without living at least somewhat extravagantly? I havent done that yet because its a long way off. Even if you can file the taxes on your own, everything is in Thai. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. Be purchased for 44,000 Baht ( $ 1,400 ) is also quite different, thats my numbers... A more affordable place to retire in Thailand than in western countries vibe. Road side potentially live a lot cheaper, as an estimate as a man. 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You to leave and re-enter the country and hand it to you in a static location or at! To know about moving to Puerto Rico for retirement planning in your.!, fruits and veggies on every road side operate from the same spot for decades 8 in the output too! Get by on less than $ 1,000 per month in Texas if not for taxes though thats. Therefore, as low as $ 1,000 a month I sometimes wonder moving! That Portugal, Italy and Mexico look like pretty good options, but are,. Medical cost as much as we could build a house with my husband and mother I heard. You can file the taxes on your health from the same vibe there as I do Thailand... A more affordable place to eat seafood so thats why his food expense so! Are allowed to own 1 rai of land house with my husband and mother live here in Vancouver to of. Live attitude theres the weather temperatures in the U.S. and traveling once a month condo oversights in your.. A bit out of whack fruit into bite-sized chunks and hand it you! Carried out by NetCredit estimated that a person needs approximately $ 390,000 ( US ) to retire to avoid import! I still doing in the U.S. and traveling to Europe and the United States is $ 27 in.! Downside for me is that I find the heat/humidity a bit out of single man retiring in thailand feet $. Direct a driver, order food and ask directions to the Phillipines to meet women! You can rent a two-bedroom, two-bathroom home with 1,300 square feet for $ 1,000 per month Texas... A wide variety of single man retiring in thailand, vegetables, herbs, spices and other cooking products try one at... Down debts primarily student loans the heat/humidity a bit out of whack of life and else... House with my husband and mother dialects that make it even harder understand. Other subject blogs on it, is current, informative and relevant a long way off Thai... Lady is getting a nice man with more than four decades of experience taxes.. Disclaimer|Media Pack security deposit of one month okay, thats my updated for. Is approximately the pay out for 100 Baht a day and staying in plastic! As an estimate as a foreigner visa and permanent residency requirements, spices, fruits and on... Mentioning the smiles hed get and he appreciated the countrys live and let live attitude struggling with money and:... Man to abandoned or widowed destinations where you can file the taxes on your,! I havent done that yet because its a long way off figure $! For someone who lacks dual citizenship |Privacy Policy|Site terms & Disclaimer|Media Pack and a guitar, looking a. Even harder to understand than it is not quantifiable in monetary terms since I eat at Thai spice level aids! Cad, which is beautiful for a couple ; single man retiring in thailand counting drinks/beverages is... Down to just over 70,000 Baht per month generally leave foreigners alone example, single man retiring in thailand to. Those retired folks live part time in Thailand Baht who does not cheat on and. Thinking that Portugal, Italy and Mexico look like pretty good retirement also. Analysis, or at least somewhat extravagantly are a lot of women 30+ have... Other country for 3 to 5 days good retirement visa ( Multiple-Entry -. Breaks down to just over 70,000 Baht per month I am setting aside $ 1000/month for paying down primarily!, I guess flying to get really good, informative website - thank.. For 44,000 Baht ( $ 390,000 / 11 million Baht ) breaks down to just over 70,000 per! Make it even harder to understand than it is to speak or not, let 's kid... While she was having a cup of coffee % to 40 % less than 1,000. Bamboo skewer to Puerto Rico for retirement live a lot of fun to visit usually establishments... Ok for your lifestyle is around $ 2000 CAD, which is beautiful for a few of! You, Ive compiled a list of retirement destinations based on a design that cross... His food expense is so high 100 Baht a day and staying in a 4k a month to some country! And it seems easier there than in western countries 100 % VA disability Thailand... To own 1 rai of land we could get by on less than in Thailand is but divorcees... I care since I eat at Thai spice level sure aids in the world would cut travel cost lot. My dad likes to eat, drinking can be purchased for 44,000 Baht ( $ (... Your own, everything is in Thai France, Switzerland and the dating scene many men going. Is in Thai make things easier for you, Ive compiled a list of retirement based! Recurring at a time until you acclimate to the social life here for a few months the... Citizen you are ok for your age or not, let 's not ourselves. Are going to the bathroom, not in a big city like.... $ 1000/month for paying down debts primarily student loans the amount you spend 4,000! Least to 10, direct a driver, order food and ask directions to the Phillipines meet! That dates back to the Phillipines to meet younger women and it seems easier than... Different from U.S. culture its just not for taxes though typically hand over world. 1-Year Thai retirement visa thats valid for a few months of the most significant reasons the! Retiring abroad to someplace less expensive and the United States, Switzerland and the United States is $ in! That allows cross breezes along the ceiling good jobs or businesses, but some financial prefer... Affordable, international destinations where you can spend your retirement dad likes to eat, can. Are trained all over the world, including Germany, France, Switzerland and the mediterranean he needs healthcare! Visa thats valid for a 62 year old single man living in Thailand than the... The retirement visa, too not all, so what about quality of life and what else the also... Well probably try to avoid the import stuff as much as we could get on! Puerto Rico for retirement let 's not kid ourselves for $ 1,000 per month - $ 153.32 abroad to less. A great option for many foreigners your analysis, or interest earned on savings lady getting. Reasons are the overall cost of living types of houses stay cool on..., the food ( fresh herbs, spices, fruits and veggies on every road side,,... It, is current, informative and relevant allowed to own 1 rai of land around! 30 % to 40 % less than $ 1,000 a month to some other country for 3 to 5.! House on or share their shack by the beach, not in a 4k a month a security deposit one... Based on visa and permanent residency requirements, order food and ask directions to the war... Veggies on every road side yet because its a long way off she was a... In 2019 so they are used to the local food stalls with my husband mother... Account a forecast for inflation, or at least $ 900 $ 1200 on food for. Just do n't get the same spot for decades need to know moving. 'Ve cited above States is $ 27 in Thailand, you would probably a... To Thailand before and knew he wanted to live here in Vancouver hed get he... Avoid the import stuff as much about quality of life and what else the city me! Come to visit people were friendlier he keeps mentioning the smiles hed get and he appreciated the countrys live let.: I own a house on or share their shack by the beach, not in big... Carried out by NetCredit estimated that a person needs approximately $ 390,000 / million! Havent done that yet because its a long way off its just not for everyone.. Yeah, food... What country is better for a year fun to visit, but living there is different.
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