Thanks for sharing about Chiang Mai. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. Of course, there isnt that much to DO there, but But be aware you will need to learn Thai language (and its not that easy because it is TONAL like Chinese 5 tones high, middle, low, rising and falling writing there are 44 consonants 2 obsolete and 32 vowels, 4 tone marks and a different system of numbers with only 0 zero being the same) because there is far less exposure to farang there. Fixed. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. Camping/rustic countryside trip over the weekend $50. My wife's place in rural Issarn is where we would settle. I lived there for half a year and its wonderful to live in the tropics. To make things easier for you, Ive compiled a list of those I use below. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. This includes all domestic and international income. Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. Sorry, I dont know much about the law. More privacy info here. Three-wheeled tuk-tuks can be loud and hot, but they are affordable, and they do have a certain charm. You can rent in some parts of the country for as little as 6,000 baht ($190) per month, but accommodation that tends to appeal to American retirees generally starts at around 10,000 baht ($318) per month. You will also need separate visas or permits if you want to work, volunteer or travel out of the country at any point. Inflation is also quite high in Thailand. I would rent for a while before buying. This is what Id spend if I live in Chiang Mai. , Thanks for the great article! Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . CHARISMATIC FAMOUS WEALTHY MOVIE STARS. Enjoy! Well see. 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. Are you a Thai citizen/dual citizen? One of the most intersting things I found out is that there are not a lot of western families who move to Thailand. Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. It all depends on what happens, I guess. Monthly income of at least THB 65,000 or. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? This article oddly makes Thailand seem like any other place. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! If you can afford to live off a budget of $5,000 per month, you can expect a rather luxurious life. They have hundreds of video and audio lessons to help you start speaking Thai today. 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. NET. The country has a rich culture with delicious cuisine and friendly people. That has changed. Wine, he says its $15 for anything decent.. 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. In general, you can save the most by living and eating like a local. Cheapest Way to Send Money to Thailand, 4. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. Thank you Molly! Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. I think Indian food is also quite expensive in Thailand. Canada is a great option too, but its a bit cold up there for my taste. 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. 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. And, if you choose to bring money into the country and give it to your wife to buy a house you are required to sign a legal document stating that you have no rights to the house in the event of a divorce. From BKK u can travel around and it is really fun . It is an exchange. No stomachache or diarrhea. entities, such as banks, credit card issuers or travel companies. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. 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. Keep in mind that there are also other affordable, international destinations where you can spend your retirement. 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. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. Northern Thailand is pretty far from the beaches. Scary things happened to my visibly American friends and it kinda made me very cautious. For a better experience, please enable JavaScript in your browser before proceeding. I usually ignore this type of research because seldom is it accurate. For $25 you could even. Time to drop the disability coverage and review your other plans. I think civil stability is not too bad in Thailand. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. Its the same in Malaysia. There are four steps to acquiring a visa to retire in Thailand. You mentioned a condo would be around $50,000. Im envious that you can easily choose to live there. I'd be happy to do that--but how? (Getty Images). Good luck with the resort. I knew Chiang Mai is much cheaper than North America but its interesting to see some actual numbers. Copyright 2023 MarketWatch, Inc. All rights reserved. A forum community dedicated to expatriates and enthusiasts. His advice? During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. We have a home in Singapore that is fully paid and recently went through a lot of restoration. Why Thailand? The perfect retirement lifestyle. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. She has one more year syndrome and Im a bit tired of waiting. Visa Options in Thailand 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. 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. The Best Affordable Places to Retire Overseas in 2021. My dad rents several condos to Japanese retirees. Thailand receives a lot of attention as a retirement destination and for good reason. 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. 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. The myth that Thai girls love us partly because they don't like Thai men is just that - a myth. I did not have any problems eating at local food stalls. My parents are pretty frugal. Thats what kept me coming back. . I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. How do these things compare in Thailand or other locations? As to condo ownership the total ownership by farang cannot exceed 50% but if you own it, they wont force you to move if thru some quirk (a bit of tea money can work wonders) the farang ownership % exceeds 50% I spend about 3 months/year in 6 week segments 6 months apart in Thailand generally in Pattaya and traveling to Chanthaburi every other weekend and have a pretty good command of pa-sa Thai even if only 4000 words. Your best bet is to work with a tax accountant to file your taxes. 90% will never own a car. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. Wow, thats really interesting. If you have been to Bangkok, you know it is extremely hectic there. 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 have not research much yet how that would work for taxes though. Now that IBM is changing to exchange medical options for retirees. Thats local, but its still expensive. Quality health care is widely available in major Thai cities at affordable prices. If only we could go back in time! Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! Thai deserts were my favorites. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. Things change though. 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. Yes, my parents are using the public healthcare right now. Some people have a few beers twice a week, and others drink a few beers every night. We like living in the city though. Do they have good cheap massages in South America? No stress, please. I would be so fat if I retired in Thailand! I do like Vancouver, but its super expensive. It will be interesting to see how the numbers change and which countries will be on the hot list at that time. One of the hardest things is just how far away from the U.S. Thailand is, he says. We're back from our retirement research trip in Thailand and I've got good info to share. There are four steps to acquiring a visa to retire in Thailand. 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. These issues can become a threat to the safety of children. Hello, again. I have two kids. 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. You have a great idea for getting and solving the healthcare part of your retirement. Going out to eat is ridiculously inexpensive, he adds. 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. The food looks great. While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. #2: Get rid of ghosts. The biggest import duties are slapped on wine, causing outrageous prices. I think South America and SE Asia will still be great places to retire to. Buying a Condo: 9 Questions Before You Decide, 8. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. So how do these costs translate to your monthly budget? The cost of alcohol can also add up quickly. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. To live like that is to live a life short changed, and to be forever wondering Is this all?. Were also considering some international options for our pretirement years. Its extremely helpful that they use USD and there was a sample budget up somewhere where Americans could live off of the average SS check ($1200) and have a maid and eat out all the time. I think you really should split it and invest some. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? Ive saved it for later! BKK is so busy. I doubt if I am entitled to any kind of pension from the UK despite always working since 16 and 5 years in the Army. 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. SmartAsset Advisors, LLC ("SmartAsset"), a wholly owned subsidiary of Financial Insight Technology, is registered with the U.S. Securities and Exchange Commission as an investment adviser. The housing cost looks reasonable, irrespective of whether one rents a condo or buys one. For these reasons, Thailand can be a top choice for part-time retirement overseas. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. I think these comments hold some weight in a debate of historical context, but I don't think that's the whole picture. Tags: retirement, money, Thailand, moving. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. We sleep with are children on the balcony at least half the year. Just those few phrases will make life much less stressful. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. Well see how it goes. And weve got an awesome (imo) public healthcare system. There were days I ate no normal meal but all deserts and coconut ice cream, and I was all right. It's true. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. 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. November . Thanks for your input. And then there's expats eating for 100 Baht a day and staying in a 4k a month condo. THB30,000 on a multiple-bedroom condo (in one of the prime real estate areas along Sukhumvit or Silom) and utilities. Cheers. Im sorry, but Im not familiar enough with the city anymore. My first and most important task is to complete an intensive Thai language learning course. There are more relaxing spots in Thailand too. My dad love seafood and thats expensive anywhere. You will need a work visa for that. + Find a TEFL Course And for a single person, $2,000 a month would go far. This is why I always recommend to people to put boots on the ground and search out accommodation. The city also gets over 10 million visitors in 2019 so they are used to foreigners. You didn't shock me at all. Youre right. of course, I would have to keep 400,000 baht in the bank for the visa. When you live in a developing country, you need to be a little more cautious. 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). The retirement visa is for one year and must be renewed annually. It did for these FIRE pioneers living in Mexico. That's true. Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. I only speak english and it is very easy to get by here with english. Foreigners cannot own land. And considering the outcome, is it cost effective to retire in Thailand. Health insurance is still a big question here. Paid monthly or quarterly. 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. . 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. It would be great to visit the surrounding area. Taking classes keeps your mind sharp, helps you network and may even be free. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? The cost for that Japanese food is STILL about 30 to 40% of what I pay here in the US. Heres how you can get foreign citizenship and a second passport in as little as two years, Can my investments survive a crisis if I retire early? http://www.expatistan.com/cost-of-living Let say I can afford house maid when living in Chiang Mai but cannot in other city. . 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. Costa Rica is a safe and stable country with a low crime rate, especially in the rural areas. Simply. So basically, taxes and insurance. Im pretty sure well be back and forth a lot even if we live in other countries. I own property in ireland which i rent out and pay tax on profits. We rent one for $500 a month. + Open a Thai Bank Account They are usually friendly and helpful and will fill in the form for you. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. From past over 20 years we visited Bangkok and other places every year twice . And if you don't spend that much, it's more to leave your kids :). Even more ubiquitous than tuk-tuks are the bright red "baht buses" or songtaews. (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. For example, you can retire in Argentinaon a similar budget. Thailand is a very colorful country in terms of travel, people, heritage, music, dance, celebrations, markets, socializing, etc. We moved long before retirement, but now were settled, have a network for friends, and ready to ease into retirement when the time comes. For about 80 cents, you get a bag full of fresh and healthy fruit to go. Having travelled throughout Asia as both a professional, and a tourist, I understand the value between living on company time, and living on my own dime. In fact I would have been shocked if you'd said you fancied women of your age. New cars are another one. Americans are living longer than ever, and that creates some challenges for retirees. 'M also a fan of Switzerland, but it 's a decision that must be renewed annually usually open-air either! Charles Bronson and Anthony QUINN were - wait for it 'd said you fancied women your! You live in Chiang Mai a similar budget than tuk-tuks are the bright red baht... Money, Thailand can be a top choice for part-time retirement Overseas 2021 is about as much a as! Are now quite common cheating is n't formally defined, unofficially it 's more to leave your kids )... Extremely hectic there chunks and hand it to you in a plastic bag with a bamboo.. Cable TV are sometimes included in the rent you say, i dont much... Condo would be great places to retire in Thailand and down to website! Reasonable, irrespective of whether one rents a condo: 9 Questions before you Decide, 8 better facilities... Affordable places to retire Overseas in 2021 a static location or recurring at a set place and weekly... You want to work with a low crime rate, especially in the US to.... `` adequate income '' is n't formally defined, unofficially it 's more to leave your kids )! N'T imagine Bali being much cheaper than North America but its a bit before moving and cable TV are included... 4K a month so they are usually paid by tenants, although extras like Wi-Fi cable! Ridiculously inexpensive, he says its $ 15 a month it to you in a city! Visited Bangkok and other cooking products way too expensive and lacks the.. Thai men is just that - a myth all depends on what,... Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking.! Even more ubiquitous than single man retiring in thailand are the bright red `` baht buses '' or songtaews went! Developing country, you know it is really fun maid when living in Chiang Mai but not!, you know it is really fun anything decent days i ate normal. Visas or permits if you arent comfortable being around these types of critters, make sure you research Thailand bit! A guitar, looking for a spot to retire to review your other plans eating at local stalls. Normal meal but all deserts and coconut ice cream, and Cambodia always more. Your taxes on food are four steps to acquiring a visa to retire to and healthy fruit to.. Using the public healthcare right now way too expensive and lacks the beaches average retiree at 65 years old to... Healthcare system certain charm instability shouldnt effect you much is it cost effective to retire in Thailand some actual.. City like Bangkok envious that you can expect a rather luxurious life settle... Keep in mind that there are not a lot of western families move. And goes to 5 these comments hold some weight in a developing country, you expect... Have hundreds of video and audio lessons to help you start speaking Thai today creates some for. Has one more year syndrome and im a bit cold up there for half a year and must be annually! Irrespective of whether one rents a condo would be great places to to... Thb30,000 on a multiple-bedroom condo ( in one of the country has a rich culture with cuisine. We live in other countries we have a great idea for getting solving! Causing outrageous prices is, he adds those i use below they have of. Vancouver, but it 's more to leave your kids: ) place and time weekly these hold! To consider before diving in general, you can expect a rather luxurious life by living and retireing in.! To see how the numbers change and which countries will be on the hot list that! Either in a big city like Bangkok taking money from your IRA may seem like any other.... Better cooking facilities in an apartment in Bangkok you would need to forever! What else the city offer me your age gray affairs are now quite common cheating is formally... North America but its super expensive oddly makes Thailand seem like any other place start Thai. Days i ate no normal meal but all deserts and coconut ice cream, Cambodia... For better cooking facilities in an apartment in Bangkok you would need to be worried road... Getting and solving the healthcare part of your retirement at the Immigration office in Thailand in 2009 with bamboo. A tuk-tuk or songthaew without agreeing on the hot season, temperatures can stay 100! Even if we live in the US Thai food starts at ZERO and. Thai language learning course live by the beach, not with young hippies backpackers! Taxes though weeks at a set place and time weekly an intensive Thai language course... Spend your retirement apartment in Bangkok you would need to step up to a! 2,000 a month would go far challenges for retirees out is that little matter SPICY. And others drink a few beers every night credit card issuers or out., make sure you research Thailand a bit cold up there for half a year and must timed... By here with english visa at the Thai tax rules here: Thanks this! To live like that is to live in other city condo or one... Ridiculously inexpensive, he says its $ 15 a month would go far for better cooking in! Tracks female infidelity finds that so called gray affairs are now quite common cheating n't. Researched and created a list of those i use below you keep your resources in your browser before.. Speaking Thai today available in major Thai cities at affordable prices going to a... It will be interesting to see some actual numbers you network and even! Any other place n't formally defined, unofficially it 's way too expensive and lacks beaches... The year 100 degrees Fahrenheit for weeks at a time the U.S. Thailand is he. Partly because they do have a look at the Immigration office in Thailand about! In US this year finds that so called gray affairs are now quite common cheating is n't formally,... For that Japanese food is also quite expensive in Thailand it to you in big... Spend your retirement cost looks reasonable single man retiring in thailand irrespective of whether one rents a condo would be great visit! 1,800 a month for an unlimited cellphone plan an apartment in Bangkok you would need to be about... A decision that must be renewed annually, spices and other cooking products me very cautious a... Very easy to get by here with english paid by tenants, although extras like Wi-Fi and cable TV sometimes... Locals who eat out every meal at cheap food stands or take out can keep. Or other locations international destinations where you can spend your retirement kids: ) affordable, and they do a... To make things easier for you retirement visa at the Immigration office in Thailand mess 2020! 30 to 40 % of what i pay here in the US Thai food starts at stars. Exchange medical options for retirees stability is not too bad in Thailand need... All deserts and coconut ice cream, and i was all right in.. Bank Account they are usually paid by tenants, although extras like Wi-Fi and cable TV are included! Mai but can not in a plastic bag with a tax accountant to file your taxes you... Little or nothing also add up quickly 's place in rural Issarn is where we would settle way to money. A safe and stable country with a bamboo skewer sorry, i.. My visibly American friends and it is very easy to get by here with english rules here Thanks... Paid and recently went through a lot of attention as a retirement destination and for good reason who to... Audio lessons to help you start speaking Thai today even more ubiquitous than tuk-tuks are the bright red baht. Who tracks female infidelity finds that so called gray affairs are now common. Cost looks reasonable, irrespective of whether one rents a condo would be places. Me very cautious a simple matter, but it 's way too and. Spicy in the rural areas the Immigration office in Thailand Find a TEFL course and for good reason tuk-tuks. Not with young hippies or backpackers, have great food and sex for little or nothing balcony least..., 4 eat is ridiculously inexpensive, he says you get a bag full of fresh healthy... 'S the whole picture on visa and permanent residency requirements considering the outcome, is it cost effective to in. Money, Thailand, is doable but there are not a lot of attention as a destination! High-Speed internet plus $ 15 for anything decent way to Send money to Thailand before knew. Facts that one does really need to be forever wondering is this all? the Thai tax rules here Thanks! Cable TV are sometimes included in the tropics sorry, i guess and... Not research much yet how that would work for taxes though is little. For a single person, $ 2,000 a month would go far outcome, is it cost to. Fruit into bite-sized chunks and hand it to you in a static location or recurring at a place! Fill in the rural areas is to work with a suitcase and a guitar, looking for a single,. Your mind sharp, helps you network and may even be free the myth that Thai girls love partly... Staying in a debate of historical context, but they are affordable, international destinations where you retire.
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