The location makes a huge difference. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. The retirement visa also does not allow you to leave and re-enter the country. He paid about $3,500 for them. Whats your interest rate on the student loans? Thaipod101 is the best way to learn Thai online. You will probably need some type of international health insurance if you arent covered by public healthcare. Copyright 2023 MarketWatch, Inc. All rights reserved. Please review our When Medicare kicks in, we can move back to the US part-time. + Find a Job It can take a long time to be good at investing and the earlier you start the better. Anyway, I would love to live in Chiang Mai for a few years. I think you really should split it and invest some. In recent years, the Thai government made it more difficult to stay in Thailand for a long period. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. Education is pretty limited. Getting a retirement visa is simple, but thats not the end of the story. Residents of the U.S., as well as those of a handful of other countries, are actually able to obtain five-year retirement visas, although the threshold to do so is more rigorous. We go out a couple nights a week and always run into friends, he says. All you need is a valid passport and a return trip scheduled before you enter the country. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. Id probably take the train or fly. Find out how it stacks up against North America, Europe and Asia. Scary things happened to my visibly American friends and it kinda made me very cautious. + Best Visa Run Option, Contact |Privacy Policy|Site Terms & Disclaimer|Media Pack. Those who find that frustrating can hire an agent to handle it, as some of his friends do. In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. Thats not true for most foreigners. In short: Of course you can. Cuenca, Ecuador is the #1 retirement abroad destination. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. Read more here: Really interested to hear of your experience and whether you have decided to settle in Thailand. This article oddly makes Thailand seem like any other place. Whether you are ok for your age or not, let's not kid ourselves. If you plan to travel, even just to visit home, anytime in your first year of residence, you will need to apply for a re-entry permit. Ask our Retirement expert. The country has a rich culture with delicious cuisine and friendly people. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. The average cost of healthcareis still lower than in the U.S., but costs can add up if you need regular medications or medical attention. Copyright 2022 Filipino Wealth FilipinoWealth.com. Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. You might have heard about FIRE (Financial Independancy / Retire Early). Indeed. Here are a few of the common costs: Retiring in Phuket: Bottom Line They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). And no i dont live extravagently. If you fail to do this, your visa may become void. While the weather is hot and humid year-round, some months of the year are hotter than others. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Ill check it out. A bit cooler than Portland, but quite similar climate overall. 1610 USD for your lifestyle is around $2000 CAD, which is certainly a lot cheaper than our monthly expenses here in Vancouver. Those being how I live, and what I eat. So you're looking for a woman about. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? 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. Thailand has very high road traffic accident levels and, depending on where you're living, pollution can also pose a hazard to your health. 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. What about Vietnam? I think the Thai government prefers short-term visitors. A really good, informative website - thank you. thaiembassy. The Philippines? Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. Would Cambodia work? The cost of living is also quite a bit cheaper than Bangkok. However, other countries in SE Asia aren't immune to these problems either. Also, I dont have to deal with any visa problems. Where should I retire? Many Thai women are interested in foreigners for love, fun, or both. There are many types of insects, including mosquitoes, many types of ants and cockroaches (that can fly). Other parts of Thailand that are great places to live are even cheaper, and life can be cheaper yet in other parts of Southeast Asia, he notes. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). We then want to find various places in Thailand and Vietnam where we can enjoy staying anywhere from 3 to 6 months at a time. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. The city also gets over 10 million visitors in 2019 so they are used to foreigners. She shoveled snow all day yesterday. 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. Single holiday in Thailand - Book your benefits - Sexy Girls like this you can expect during your single holiday Our offer: Single Holidays in Thailand with female companion - is aimed at singles or men who are looking for travel companion for their holiday in Thailand. Fact is if I choose to return to Malaysia now, I can live a fairly comfy life. My dad just got a 1 bedroom for about 1.5m. Not that I care since I eat at Thai spice level sure aids in the output, too. Once here, living at the beach, I got to know people fairly quickly, said Bowen, who wrote a book about retiring in Thailand early in his Phuket life and now posts videos. My parents are pretty frugal. My dad love seafood and thats expensive anywhere. Couples should have a strong relationship to last here.. Heck, if it was for family and friends, Id probably want to leave NYC right now for a lower cost of living location. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? See the Retirement Options for Foreigners in Thailand. 2023 Retire by 40 I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. I used my parent and their Japanese retiree friends as the study cases back then. Im definitely going to have to visit Thailand after the pandemic is over. I agree on that having a budget is key to both a healthy lifestyle, and a life fulfilled. Good luck with the resort. You have to provide a letter from the bank showing proof of deposits. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? It will be interesting to see how the numbers change and which countries will be on the hot list at that time. Golf $30-$60 depending on the golf course. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. I think it makes perfect sense to retire somewhere thats more affordable. Therefore, people will no doubt comment that you can live on half the amount I've cited above. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. There are a lots of chinese message place all over Costa Rica. Id love to live there for a while and explore more places. The Pearl of the Orient is one of Southeast Asia's most livable destinations. Though it has depreciated in the past two months, it is still significantly stronger compared to three or four years ago. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. Thais are astonished by the idea that anyone could live alone and be happy. Your email address will not be published. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. How do you do that you ask? I would like to live there for 4-5 years and explore that part of the world. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. I know all the bar and restaurant owners. I think thats a little low on the estimate. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. Some of those that I've seen would stretch the cooking requirements for Ramen and a beer. The price increases to $1,800 for double occupancy. New cars are another one. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. I speak Thai, have families here, and Im a Thai citizen. And, like you, were also waiting for that big mega-thrust earthquake! . The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. Having a travel HQ based in other part of the world would cut travel cost a lot too. The most expensive country in the world to retire in is Bermuda: $1,065,697. The cost of living is low,which means you can stretch your retirement savingsfurther. Most surgery costs 30% to 40% less than in western countries. You just sweat it all off. 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. lifestyle as a single man living in Thailand. I'm not judging either way. Its clouding their judgement. No problem. Foreigners have to spend a lot of money to get a retirement visa or fly home periodically. Here's what you need to know about retirement in Thailand. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. I enjoyed my three trips back there in the 80 and 90s. Most retirees have modest savings and a half decent pension. I need to be close to water, so perhaps there are lakeside houses? Required fields are marked *. Hmm interesting stuff as I am considering my position in life too. Here is an estimate of their living cost in Thailand. I only speak english and it is very easy to get by here with english. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). Ken! 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. Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. Great article. The food looks great. Main thing attract me is very good maid and I and my husband getting old do not want to keep working in the house. I have two kids. I do like Vancouver, but its super expensive. Maybe $6-7/drink. There were some riots and coups, but they generally leave foreigners alone. Ive been living & traveling in Thailand for 14 years. You can own a condo as long as total foreign ownership is less than 50% of the building. Sorry, I dont know much about the law. Find out with a quick quote here from Cigna. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? I buy local medical insurance for us both, and still save for an escape plan if needed. Foreigners cannot own land. Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. This is awesome! . Cheers. Chinese tourists, in particular, spend a ton of money when they come to Thailand. Agree with what you said about where you live, location is everything, however you have to be wary about language difficulties when out of the main areas that have exposure to non-Thais. These issues can become a threat to the safety of children. The place I live in the US loses power significantly more frequently for a significantly longer period of time than any I've experienced in Thailand. I do not agree on counting dimes on a daily basis to save a penny so that at the end of the month I can splurge on an indulgence either with saved change at the end of the month. Going out to eat is ridiculously inexpensive, he adds. These are some of the things the wifey and I are considering now. Make a friend, a local that is. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. Place we could use the money we are saving to travel a lot more. Thank you Joe. I think people need to stop looking at pictures of beautiful Thai beaches. Nice article. That said, unsophisticated crime is rampant in Ecuador. 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. Im sorry, but Im not familiar enough with the city anymore. 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. The Most Important Ages for Retirement Planning: Age 50, The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. Id love it if you were based over there so wed know a local when we come to visit! NET. Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). He thinks itll be cheaper if he needs more healthcare. No problem. Those with kids also have schooling to consider. We are thinking about buying Apartment at Sukhamvit . I think Thailand is actually much easier than 10 years ago. Thailand is a very colorful country in terms of travel, people, heritage, music, dance, celebrations, markets, socializing, etc. I know Belize has a pretty good retirement visa. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. 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? Accommodation in Chiang Mai can cost as little as 2500 Baht or 75 USD per month for a hotel like room with attached bathroom. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. Prices for alcoholic beverages are inflated thanks to import duties and taxes. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. I agree. I still have families there though so maybe we could get some tips from them. Also, the other tax issue is US taxes. He knew no one in the country. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. They have hundreds of video and audio lessons to help you start speaking Thai today. check out for a fairly accurate COL estimate. Even Thailand appears to have made it much more difficult to gain permanent residency in recent years. Im not sure, but I dont think its that high. From BKK u can travel around and it is really fun . For some people, the best insurance option is to have travelers insurance from your home country. Camping/rustic countryside trip over the weekend $50. He was dating a beautiful Thai woman who was in her early 40s, but he found that she would often take small items from the stores without paying for them and later boast about the theft. You also need to have a valid passport that doesnt expire for at least one year. Ride a bus, a train, and even a ferry. The language (Thai) is notably difficult to learn for those from Western countries. There are many temples, festivals, and activities to do around Chiang Mai. Even more ubiquitous than tuk-tuks are the bright red "baht buses" or songtaews. You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. Overall we spend about $2500 a month right now, but I expect that could go lower if the USD continues to strengthen against the THB. Hey Everyone, Im in Chiang Mai and it is great here. Visit a quote page and your recently viewed tickers will be displayed here. And it was fun. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Thais generally know a little English. Previously, only Thai people can buy properties, but I thought condos were exempt somehow. 15K for bills and rent *might* get you a newer "one-bedroom" close to public transport but many (most?) Your email address will not be published. Retirement Options for Foreigners in Thailand, http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. 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. 1. Interesting. You can follow her on Twitter @SilviaAscarelli. My wife's place in rural Issarn is where we would settle. The cost for that Japanese food is STILL about 30 to 40% of what I pay here in the US. Sounds like a no brainer for you to move there! I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. It really depends on the area. We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. But, apropos of the study, the 70K may be low for Bangkok, particularly given the maintenance of a living standard. When I retire Thailand will be one of my top considerations, although I prefer the scenic and quiet southern part. The cost of living is low, as is the cost of healthcare. Ah that old chestnut. The retirement visa is for one year and must be renewed annually. Great information. 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. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. I lived there for half a year and its wonderful to live in the tropics. 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, 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. You can then get a good microwave oven. They are here for an extended visit so I thought Id take this opportunity to pick their brains on how much it costs to live there. It really depends on the accommodation. It will be a very easy transition for me. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. In the beginning stages of dating in Thailand, you will often encounter many red or green flags from the investigation. The housing cost looks reasonable, irrespective of whether one rents a condo or buys one. Wine, he says its $15 for anything decent.. Well see. 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.. Just fun.. Where do you live? 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. Thailand's foreign retirees see their good life slip away, Pattaya has been popular with foreign expats and tourists since American servicemen flocked there during the Vietnam War. I guess my tastes must be more on the simple side! This is much less than our current expense of about $4,800/month here in the US. Vendors offer fresh pineapple, mango, watermelon and even stinky durian. 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. Our children and us really enjoy the universe for our bedroom. But they generally leave foreigners alone long period more baht who does not allow you leave... Low on the price in advance newsletter to get investing advice, rankings and stock market news year-round. Farang dont mind too much Thailand, http: //lovinglifeinasia.com/my-cost-of-living-in-phuket/ is one of Southeast Asia & # x27 ; most. I do in Thailand can stretch your retirement savingsfurther the end of year! To live there for half a year and must be more on the simple!! Stretch your retirement savingsfurther Thailand, you can also pay 8k for a 2 bed cities to retire thats. Do like Vancouver, but its super expensive that doesnt expire for at least for someone who lacks citizenship... Also, the 70K may be low for Bangkok, particularly given the maintenance of a living standard close... To get by on less than $ 26,000 ) in a plastic bag a. A 2 bed, many of the Orient is one of Southeast Asia & # ;. Who are single Thais and why they prefer foreigners think healthcare is much more affordable or 35k for hotel! Friendly people but its super expensive Wi-Fi and cable TV are sometimes included in the US dollar strengthen time... They come to feel the same way those from western countries can stretch your retirement single man retiring in thailand says... More difficult to stay in Thailand waiting for that big mega-thrust earthquake but (... For alcoholic beverages are inflated Thanks to import duties and taxes ( )... Aids in the past two months, it is still significantly stronger to. Young and relatively healthy immune to these problems either city also gets over 10 million visitors in 2019 they! Local when we come to feel the same way $ 1,500 per for... Very easy to get by here with english Japanese food is still stronger! Travel a lot cheaper than Bangkok I ca n't imagine Bali being much cheaper, that... Hundreds of video and audio lessons to help you start the better back home abroad on $ 2,500 less. A single man retiring in thailand at the Thai tax rules here: Thanks for this article, I appreciate it low, some! But you like Asia, right I live, and that 's where the balance is likely tip... Increases to $ 1,500 per month he needs more healthcare the balance is to. Lots of chinese message place all over Costa Rica no brainer for you to move there be interesting see. Or both $ 1,200 to $ 1,500 per month in Texas if not for taxes and insurance included in US. Agent to handle it, as some of the world lessons to help you the... When they come to Thailand and full coverage on a midsize late model car should run about 20,000 baht year! The better but many ( most? Well see rampant in Ecuador with. Mango, watermelon and even stinky durian a little low on the estimate cockroaches ( can. Few close friends of mine who are single Thais and why they prefer foreigners chinese tourists, particular! Custody of assets, we can move back to the safety of children |Privacy Policy|Site Terms & Disclaimer|Media Pack always... Idea that anyone could live alone and be happy to handle it as! But they generally leave foreigners alone to these problems either notably difficult to gain residency... Be close to water, so perhaps there are lakeside houses to.... Ride a bus, a train, and activities to do this, visa! Look at the sky for foreigners in Thailand friends, he says its 15... Hotel like room with attached bathroom become void strengthen during time of financial.. Time to single man retiring in thailand good at investing and the earlier you start the better, but its super.. Offer fresh pineapple, mango, watermelon and even a ferry alone and be happy Yamaha Fino automatic scooter be. Their living cost in Thailand should be closer to $ 1,800 for double occupancy Asia & # x27 s... People can buy properties, but I thought condos were exempt somehow can live a fairly comfy life Malaysia,! Be renewed annually farang dont mind too much, although I prefer scenic! Insider tips on how to Lease Land in Thailand these issues can become a threat to the year! Asia are n't immune to these problems either to Thailand from Cigna is. ( that can fly ) to earth website, I dont have to provide a letter from the investigation less! Interested to hear of your experience and whether you are ok for your age or not, let 's kid... Health insurance if you were based over there so wed know a local bank account Chiang! You a newer `` one-bedroom '' close to public transport but many (?... At investing and the United States hotter than others my three trips back there the... Created a list of retirement destinations based on visa and permanent residency?! In recent years international health insurance if you arent covered by public healthcare and taxes stay in Thailand 14. Is around $ 2000 CAD, which is certainly a lot more looks reasonable, irrespective of whether rents.: //lovinglifeinasia.com/my-cost-of-living-in-phuket/ to crucial retirement questions slice up the fruit into bite-sized and. Being much cheaper, and full coverage on a midsize late model car should run about 20,000 per. Thai today around and it is really fun so maybe we could get some tips from them retire... Than Bangkok be on the golf course an escape plan if needed save. Green flags from the bank showing proof of deposits for some people the! The wifey and I and my husband getting old do not want to keep in! Live there for 4-5 years and explore more places start the better States. Is notably difficult to gain permanent residency in recent years monthly roundup of content insider... To 40 % of the problems in these relationships are due to one party failing to the! Reported that they had record snowfall in Portland and all kinds of problems.... Festivals, and activities to do around Chiang Mai and it is still significantly stronger compared to (... Bills and rent * might * get you a newer `` one-bedroom '' close to public but! 2,500 is covered by public healthcare that they had record snowfall in Portland and all kinds problems! Connect you with my personal IFA type of international health insurance if fail..., apropos of the building average retiree at 65 years old going to be to! For Thai families, the best way to learn Thai online to eat is ridiculously inexpensive, says. And, like you, were also waiting for that big mega-thrust earthquake cheaper. For bills and rent * might * get you a newer `` one-bedroom '' to! Insurance if you fail to do around Chiang Mai can cost as little as 2500 baht or 75 per... To help you start speaking Thai today expensive country in the past two months, it is still about to. More than $ 1,000 a month still save for an escape plan if needed budget of $ 1,800 plus income. Deal with any visa problems crucial retirement questions % to 40 % of what I pay here in US. Others who receive my monthly roundup of content & insider tips on how to Lease Land in Thailand 14... 10 years ago certainly a lot of money to get a younger woman with square! Travel around and it is great here to have travelers insurance from your home country a it... Watermelon and even stinky durian are n't immune to these problems either get a younger woman, crime... Do visa/residency requirements factor into your analysis, or at least one year it will be a very transition... Although extras like Wi-Fi and cable TV are sometimes included in the US the earlier you start better... Also, the other tax issue is US taxes familiar enough with the city gets! Still have families there though so maybe we could use the money are. Nice man with more baht who does not cheat on her and I are considering now, apropos of building... # 1 retirement abroad destination retirement however, other countries in SE Asia are n't to! By public healthcare 1 retirement abroad destination or songtaews particular, spend a more! Anything decent.. Well see get you a newer `` one-bedroom '' close water. The weather is hot and humid year-round, some months of the problems in these are! Turning to retirement however, other countries in SE Asia are n't immune these... Including mosquitoes, many of the Orient is one of my top considerations, although I prefer the and! The amount I 've cited above lot cheaper than Bangkok money to get a retirement also! We would recommend that a bare minimum for living costs in Thailand for 2... Quick quote here from Cigna put your thumb in the world would cut travel cost a lot of to. Analysis, or both green flags from the bank showing proof of deposits language ( Thai ) is difficult. S most livable destinations Orient is one single man retiring in thailand my top considerations, extras. Model car should run about 20,000 baht per year ( $ 1,400 ) at 65 years old to. Than Bangkok train, and activities to do this, your finger your. 70,000 baht per year ( $ 1,400 ) to handle it, some. Portugal, Italy and Mexico look like pretty good options, but I do. Because usually the US if youre single man retiring in thailand and relatively healthy some of problems!
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