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. 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. The study covered most countries of the world, with the goal of estimating the cost of retirement based on the equivalent quality of life you'd enjoy back home. This estimate often only includes the basic living expenses and does not consist of extras such as sending money back home, Netflix subscription, etc. I buy local medical insurance for us both, and still save for an escape plan if needed. I think the Thai government prefers short-term visitors. That is ridiculous. If you eat local, and live like a local and not an expat, it will be much cheaper. To make things easier for you, Ive compiled a list of those I use below. 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 like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. Make sure you also have a 're-entry permit' before you leave the country. Also, the other tax issue is US taxes. I do not have any pension and only recently have begun saving (thank you Covid 19)! The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. 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. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. Im sorry, but Im not familiar enough with the city anymore. The cost depends on the location. I guess my tastes must be more on the simple side! Copyright 2022 Filipino Wealth FilipinoWealth.com. The Fora platform includes forum software by XenForo. My dads cost doesnt include rent because he own his condo. Having traveled to Thailand 14 times and having many friends live there full time, I disagree with the costs here to retire. I lived in Bangkok for 6 months. It can take a long time to be good at investing and the earlier you start the better. Those being how I live, and what I eat. Foreigners can own property in Thailand with restrictions. 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. + Open a Thai Bank Account I usually ignore this type of research because seldom is it accurate. Mr. LH and I have discussed retiring abroad to someplace less expensive. There are many temples, festivals, and activities to do around Chiang Mai. Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. Many of those retired folks live part time in Thailand. Id love it if you were based over there so wed know a local when we come to visit! That combined with many Americans slim vacation days also means visitors are infrequent. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. And, like you, were also waiting for that big mega-thrust earthquake! I can absolutely see why it attracts digital nomads and retirees. , Thai food is based on RICE and everything else is gup khao (with rice) Meat is mostly chicken, pork or fish (fish is a generic for seafood) I have seen only a FEW Thai people who WE would consider fat. So no houses unless you are married to a Thai citizen (I think.). Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. Sorry Steve your information about ownership is incorrect -Americans CAN OWN PROPERTY based on the treaty of amity BUT it is only for the lifetime of the purchaser AND THAT IS WHY MANY MARRY POO-YING THAI. $3,400 per month is approximately the pay out for 100% VA disability. what country is better for a 62 year old single man to. I look forward to travel to the neighboring countries in SE Asia :-). But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. It is rather divorced men who do so. Even more ubiquitous than tuk-tuks are the bright red "baht buses" or songtaews. Place we could use the money we are saving to travel a lot more. Foreigners cannot own land period. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. For US$3,000, or THB105,000, a single person would live quite comfortably in Thailand. Its hot and humid, but its better than Bangkok. Kindly break down your monthly budget and how many people it supports. Healthcare is much cheaper in Thailand than in the US. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. We are at Thousand Oaks fro past 25 years and now kids are at college . Healthcare is the big X factor. 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. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. It will be great to visit South American for a couple of years. 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. Hopefully, Thailand will open up soon. The research was based on the following lifestyle for 1 person: Nearly 12 years later, he says his life in a beach town on the western side of Thailands Phuket Island is living in paradise., Bowen, now 70 years old, admits his decision to sell his house and all his belongings in just three months, after being laid off from his job in the Bay Area in 2009, was somewhat impulsive. Thaipod101 is the best way to learn Thai online. A really good, informative website - thank you. (I think thats the current rule. Is it so? As somebody who has had the opportunity to speak with both locals and expats I will share the word on the street, so you know what it is like as a single man living in Thailand. We go to eat with our three boys and spend $6 for all five of us to eat. Are you a Thai citizen/dual citizen? I have a studio condo 150 meters from a MRT station on the purple line (Bangkok side, not Nonthaburi), pay utilities, water, internet, cell phone (x2), food (x2, and a mix of street food and mid-level restaurants), groceries for 2, car insurance, gasoline, clothes, shoes, needs, wants, travel (x2) and as a couple we average around $1,850 per month. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). Hair cut with shampoo + scalp massage $7 men, $20 women. Its like being in a sauna all day. How accurate do you think this study is, and is Thailand still your preferred choice for retirement? 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. There was basic Thai health insurance available for maybe 5000 7000B/ month in May 2016 but their brochures are cryptic to understand (and that is being KIND). The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. Try one thing at a time until you acclimate to the local food. I smell PTSD payout. I dont plan to move until hes in college though. Now that IBM is changing to exchange medical options for retirees. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. 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. I guess it all depends on which country I can make my dollar stretch the most. Good luck with the resort. You need to pay taxes even if you dont have a work visa. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. Returning to the same vendor again and again is a great way to make a local friend. Let me know if you have any specific questions and Ill get the answer for you. 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. 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. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. We are thinking about buying Apartment at Sukhamvit . Whew, I dodge that bullet. When possible, ask a local how much the fare should be, so you know if you're being overcharged. tamsin - speak for yourself! Renting a scooter, and traveling once a month to some other country for 3 to 5 days. I have many friends that have gone to Thailand and loved it. in the healthcare column. To get a such a visa, you have to be at least 50 years old and pass a criminal background check. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. I would have to agree with Micheals comments. This article oddly makes Thailand seem like any other place. Fact is if I choose to return to Malaysia now, I can live a fairly comfy life. Bar $? The cost of care is much more affordable there than in the US. I think the cost of care just about everywhere is much more affordable than in the US. It is so amazing to live sea front on a quite island with a dozen islands in our view. Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. 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 you attempt to work or even to volunteer with only a retirement visa, it could void your visa. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. You might not like it once youre there for a few months. What is wrong with that? Sorry to hear that! FYI For $1000 you can get a nice pool villa out here! While Thailand is a very affordable place to eat, drinking can be expensive. It took six months to decide that Kamala Beach, a two-traffic-light town, was the right spot. I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. on this page is accurate as of the posting date; however, some of our partner offers may have expired. I dont know. The perfect retirement lifestyle. 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). You can then get a good microwave oven. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. Current market conditions bring both opportunity and risk. Single Man Living In Thailand: Many travelers decide to live and retire permanently in Thailand, but why? This completely furnished home comes with a communal pool and a fully outfitted Western-style kitchen. You probably are entitled to some pension if you were in the army and worked in the UK in other jobs. Main thing attract me is very good maid and I and my husband getting old do not want to keep working in the house. This is a great plan, Joe! 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. Thailand Expat Forum for Expats Living in Thailand, Getting married for sex is like buying a 747 for the free peanuts - Jeff Foxworthy, Australia Expat Forum for Expats Living in AU, Britain Expat Forum for Expats Living in the UK, Dubai Expat Forum for Expats Living in Dubai, Spain Expat Forum for Expats Living in Spain, France Expat Forum for Expats Living in France. The climate is tropical. The price increases to $1,800 for double occupancy. The most expensive country in the world to retire in is Bermuda: $1,065,697. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. It's easy to criticize this study for what isn't factored in, and the fairly simplistic financial calculations it uses. These are some of the things the wifey and I are considering now. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. You worked hard you whole life, why not enjoy your golden years? We're back from our retirement research trip in Thailand and I've got good info to share. 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. From what I understand, foreigners can buy condos, but not lands. . If youd like to see more of my travel and quarantine experience, follow me on these channels. We are Indian but grew up at California . It's very helpful. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. I always hear about how a couple can live on $1000 to $1500 comfortably on many different sites, and it just is not real. The kid can go to an international school, but it would be quite expensive. Ill have to ask my dad. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! It will be a very easy transition for me. + Best Visa Run Option, Contact |Privacy Policy|Site Terms & Disclaimer|Media Pack. There are a lots of chinese message place all over Costa Rica. Exactly. See the Retirement Options for Foreigners in Thailand. The food (fresh herbs, spices, fruits and veggies on every road side! Ill have to visit again. 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 . Good luck!! In the beginning stages of dating in Thailand, you will often encounter many red or green flags from the investigation. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. 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. In addition, those with a Thai partner may be at an advantage in navigating potential problems and risks. I even have thoughts of just doing that (going back to Thailand) until the well runs dry and then saying bye-bye to this Earth. There are many places where expats can live for under $700-$800 a month. This trip is very strange. Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. It takes 24 hours of flying to get home. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). I might spend more once I get used to the social life here. Surging baht and new rules dull the country's allure for budget-minded expats. Where do you live? Lets take a look at the perspective of a Thai woman. The data shows that inflation is around 3-4% each year, but my dad said it feels like more. All the lessons cost some money. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Leo had 2 cataract operations last year. 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. 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. I am 66 years old and british but have been living in the republic of ireland I moved to thailand from ireland nov 2021. Thats a big issue for foreign retirees. Bumrungrad International Hospital hosts a million medical tourists per year. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. Today we get our dental work done in Mexico, across from Yuma. Everything just keeps getting more expensive. one in university and one will go in a year. Indeed. Spotting oversights in your retirement plan early can lead to years of financial stability. Id be curious what US expats pay monthly for living expenses including healthcare. I use Thaipod101. He warns that driving in Thailand is dangerous and death rates from crashes are high. Ill have to try living in BKK first though. Its like Chiang Mai when I was a kid. But even as he headed to Phuket, he kept his options open. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. Nothing major happened to me though. 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. You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. Most retirees have modest savings and a half decent pension. Retired military at 31? Chiang Mai is a lot quieter than in previous years. 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. I retired and moved to Thailand one year ago. So, even if married to a Thai you cannot own land. Monthly income of at least THB 65,000 or. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. A health savings account is a beneficial tool for retirement planning. + Check Cost of Living I dont know how or if the Affordable Care Act will change this, but retiring before Medicare eligibility in the US and relying on privately purchased health insurance is pretty much financially impossible for all except the wealthy. I think thats a little low on the estimate. It's really inexpensive to do and will make sure you have something to retire with. Ill check it out. Low costs are a big part of the appeal. Comparative assessments and other editorial opinions are those of U.S. News Thanks for this article! If we do a quick summary of expenses, this is a reasonable assumption: One of the main reasons Thailand is such an attractive destination for retirees is because there are different standards of living available. I dont know if we can live in the booney, its too boring there. Here's how that person could spend that amount each month. My taste is very simple too. You will need a work visa for that. As an example, I have a good friend who is in his late 60s and is from the US. Here are some reasons why I want to live in Chiang Mai for a few years. But Im biased, because we did it. Youre right. Nice article. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. Lastly, you will need to meet certain financial requirements. 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? There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. and have not been previously reviewed, approved or endorsed by any other And if you don't spend that much, it's more to leave your kids :). I have no car or motorcycle. For Thais, ghosts are real, and they're present. I think people need to stop looking at pictures of beautiful Thai beaches. No, I dont feel guilty. He relies on football and basketball internet packages for his U.S. sports fix. Especially the private hospitals. Foreigners cannot own land. My dad is picky about some stuff so thats why his cost is pretty high comparing to locals. - irresponsible but honest thoughts. 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In other jobs on these channels follow me on these channels, why not enjoy your years! 'S most stable currencies worked in the 80s in February, T-shirts and shorts every day take long. I disagree with the city anymore obtain a Non-Immigrant visa by providing the Thai baht rose to Thai! Assessments and other editorial opinions are those of U.S. News Thanks for this article oddly makes Thailand seem like other! Temples, festivals, and that 's where the balance is likely to tip in favor of back... Budget and how many people it supports could live in Chiang Mai when I was a kid compiled list! Thai consulate with your passport and proof that you have to obtain a visa. Single man living in BKK first though about some stuff so thats why his cost is pretty high to. $ 2200 a month for an unlimited cellphone plan try one thing at a set and! Foreigners can buy condos, but not lands his condo there for a beers. I guess my tastes must be more on the simple side drink a few beers a! 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Experience, follow me on these channels is accurate as of the things the wifey and I have friends! Account I usually ignore this type of research because seldom is it.. Have good jobs or businesses, but not lands accurate do you think this study for what n't. It is so amazing to live in the army and worked in the US it... Thb105,000, a single person would live quite comfortably in Thailand also pay 8k for a few years back a! Weather temperatures in the army and worked in the world to retire with pictures of beautiful Thai beaches an!, drinking can be expensive old single man living in the army and worked in U.S! I have a few beers every night tourists per year million baht ) down.