I havent gone to a bar in ages. I have not research much yet how that would work for taxes though. We have almost no mosquitoes year round. Its the same in Malaysia. If youre interested, it may be worth consulting with a financial advisorbefore actually making your move. The price increases to $1,800 for double occupancy. Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). For these reasons, Thailand can be a top choice for part-time retirement overseas. If only we could go back in time! Ill probably do that again next year. 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 think thats a little low on the estimate. Even with the insurgency in the far south? Sorry, Im not that helpful. Time to drop the disability coverage and review your other plans. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. Especially the private hospitals. However, financing is normally unavailable or difficult to obtain as a foreigner. A really good, informative website - thank you. There are a few ways to satisfy these requirements: Note that if you go with the first option in the list above, you need to have the money in the Thai account for at least two months prior to your visa application. But I think the main challenge would be cultural. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. This may work for you if you plan to travel a lot or return home frequently. I only speak english and it is very easy to get by here with english. Ill check with my dad. 75% will never buy adequate medical coverage (will spend $1000s to fly home if needed, but will not spend 1/3rd of that for annual coverage that is 100% better than US medical services). Do they have good cheap massages in South America? Whats your interest rate on the student loans? Disclosure: All content on this site is for informational purposes only, not professional advice. That is generally a sign of good food and it wont make you sick. Thailand also has agreements with a number of other countries to ensure that you dont pay taxes twice on your income. What are the rules, if any, about foreigner ownership of property in Thailand? Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! A rotisserie roast chicken costs just 140 baht ($4.50). Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. Golf $30-$60 depending on the golf course. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). What do you think about retiring part-time in more affordable countries? It all depends on what happens, I guess. The real benefit of a single man living in Thailand in terms of living expenses is that you only need to pay for yourself. Therefore, people will no doubt comment that you can live on half the amount I've cited above. Chiang Mai is a lot quieter than in previous years. At 60, I can allow myself to spend at least $5-8.000 a month, so money is not the issue here. As you can imagine, there are many different stories and tales about dating in Thailand as a single man. They are usually friendly and helpful and will fill in the form for you. Single Man Living In Thailand: Many travelers decide to live and retire permanently in Thailand, but why? Most carts are attached to a motorcycle, and many operate from the same spot for decades. 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. I have probably mentioned this before but 10 years ago when I lived in Phuket with my girlfriend for a year we managed to get by very nicely on 39K Baht ($1300) a month. If you dont go looking for trouble, you wouldnt even notice it. To live like that is to live a life short changed, and to be forever wondering Is this all?. 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. Monthly income of at least THB 65,000 or. He has opted out of Medicare and no longer pays premiums. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. 1. Many of those retired folks live part time in Thailand. I realize that to each, one's own but for me being unable to cook or to have a space dedicated to "work" and "relaxation" would be a bitter pill, indeed. We been USA over 30 year and it is boring so we keep going Thailand . Rents are around 70% lower on average. Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. Returning to the same vendor again and again is a great way to make a local friend. Great article. My parents dont have health insurance and rely on public healthcare. Sunrises and moon-rises are so good. I get a lot of requests for recommendations on services related to living in Thailand. Our children and us really enjoy the universe for our bedroom. Not included in rent. Interview: Marc Benioff reminds Wall Street that this isnt my first recession, saying Salesforces activists made a lot of money today, Teslas stock falls 5% as Elon Musks Master Plan 3 is short on details about both cars and finances, Saturday Night Live star Chloe Fineman says Lorne Michaels gave her the best financial advice, What's next for bonds in 2023 after the worst year in history. Quality health care is widely available in major Thai cities at affordable prices. It would be nice to get away once in a while, but I dont think Id like living in a secluded spot for long. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. He warns that driving in Thailand is dangerous and death rates from crashes are high. You have to provide a letter from the bank showing proof of deposits. Takes 2 minutes. Well see. And for a single person, $2,000 a month would go far. Canada is also a good option for health care. The Best Affordable Places to Retire Overseas in 2021. If you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. Thaiger Video Sunday, March 6, 2022. Once this money has been in the account for 60 days you can apply for a 1-year extension of stay based on retirement at a local immigration office. lifestyle as a single man living in Thailand. Buying a Condo: 9 Questions Before You Decide, 8. For couples honestly, there are many beautiful young single women who would love to meet a foreign man. The climate is tropical. You're probably thinking that Portugal, Italy and Mexico look like pretty good options, but you like Asia, right? All the lessons cost some money. Living in Thailand on US$3,000 Per Month. But this is surprisingly accurate. Hahaha! I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. Your email address will not be published. Having a Thai girl by your side makes it possible to get to get to know the Most contracts are for a year, but six-month leases are also common. The language (Thai) is notably difficult to learn for those from Western countries. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. 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. The cost depends on the location. Hair cut with shampoo + scalp massage $7 men, $20 women. Several years ago I wrote a post about living abroad on less than $3000 a month. Living cost was much cheaper than BKK, Pattaya and Phuket. Also, we do not eat at home..ever. Yes, my parents are using the public healthcare right now. Good luck to finding somebody who is nice for you. So let's look at how neighboring countries stack up to Thailand. If you want to move to Thailand The government requires that you have income of 65,000 baht deposited in a Thai bank every month; that's less than $2,200 at early 2021 exchange rates).. There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. Were also considering some international options for our pretirement years. 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. For $25 you could even. That said, unsophisticated crime is rampant in Ecuador. I did not have any problems eating at local food stalls. Visit beforehand. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. It would be tough to leave this close community at this point.. Should we cut my sister out of the family inheritance? And considering the outcome, is it cost effective to retire in Thailand. Thanks for your comment. Now that IBM is changing to exchange medical options for retirees. How do I make it last? Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. Glad you found the website. Great idea to use it as a base for exploring Asia. 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. 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. Itll be a lot worse later. Must admit my expenses are a lot more. The cost of living is low,which means you can stretch your retirement savingsfurther. For a comparison, a one-bedroom apartment in the city center of New York costs under $3,100 per month in rent, which is almost five times more than Bangkok. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! Either way, the amount required is still the same. Here's how that person could spend that amount each month. I havent done that yet because its a long way off. It's very helpful. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. They dont keep track of every dollar so this is just an estimate, but they generally spend about $1,300/month and live quite comfortably. . I might have to drop by and say hi when were over there. I would like to live there for 4-5 years and explore that part of the world. I lived in Bangkok for 6 months. I think people need to stop looking at pictures of beautiful Thai beaches. In fact I would have been shocked if you'd said you fancied women of your age. I'd be happy to do that--but how? $3,400 per month is approximately the pay out for 100% VA disability. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. (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. Here's a look at the most recent IRA and 401(k) tax reform laws. Im 73 and will only have my 401(k) after retiring. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. The point is we never felt poor or like we were scraping by. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. As an example, I have a good friend who is in his late 60s and is from the US. But for 3,500 I can live comfortably in many parts of the US (Florida even), You keep talking about Mrs RB40s retirement in every post, but when the time comes you push it out to next year or two. 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. Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. 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. For about 80 cents, you get a bag full of fresh and healthy fruit to go. I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. It is an exchange. If you're living in a Thai style house then it's really cold. You can process the paperwork yourself and pay about 2,500 baht ($80), or you can seek help from an attorney who will charge 10,000 to 15,000 baht ($318 to $475). Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. You should learn how to count at least to 10, direct a driver, order food and ask directions to the bathroom. 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. 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. Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. The kid can go to an international school, but it would be quite expensive. 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. Thats what kept me coming back. All you need is a valid passport and a return trip scheduled before you enter the country. You really need to live there 3-5 years to get used to spending down instead of spending up to find out where to get all the great deals. Its not as great as most people think. Ill check it out. The longer you stay somewhere the more you come across great deals on rentals.The research uses the same algorithmic metrics to estimate the amount required for retirement across all the countries, so it's not an exact science and will be inaccurate in places. Is it so? For more active retirees, you can visit beautiful temples or go for a hike. Consider your health care plans, income sources and tax bracket before making the transition. Thanks for the information. 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. It seems like they keep changing it.) ), the people, the infrastructure and healthcare!!! My parents are pretty frugal. The cheapest country to retire in is Pakistan: $182,018. Jim Barnash is a Certified Financial Planner with more than four decades of experience. You need to pay taxes even if you dont have a work visa. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. Even more ubiquitous than tuk-tuks are the bright red "baht buses" or songtaews. 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. + Find a Job Okay, thats my updated numbers for one person. However, do not expect to find English to be spoken or understood everywhere you go. Fixed. The retirement visa also does not allow you to leave and re-enter the country. He thinks itll be cheaper if he needs more healthcare. If you live on a budget at home, adopt the same budget in your chosen home, Eat as you would, dance as you should, and sleep in like everyday is a Sunday. One of the hardest things is just how far away from the U.S. Thailand is, he says. 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. 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. You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). Inflation is also quite high in Thailand. I jest. Thank you Joe. Ill have to ask my dad. 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 usually ignore this type of research because seldom is it accurate. You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. Please review our Sorry to hear that! Thanks for sharing these budget numbers! Kamala Beach has a small but closely knit expat community, he says. I think the Thai government prefers short-term visitors. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. You can probably find a condo for around 2 million baht. Nikkei Inc. No reproduction without permission. I have lived and worked in Asia since 1989.The bulk of those years has been in Thailand, followed by Korea, Vietnam (now), Malaysia, Hong Kong & China (Shanghai). Bowen also notes that while Phuket is great for single men, it may be less appealing for others. Did I miss anything? Monthly income of at least THB 65,000 or. I like your article. It did for these FIRE pioneers living in Mexico. About a week ago we had a meteor shower. I am Thai working in Middle East. It's how I started learning. Trouble is that since the property is in her name (his if you are female), they can jut divorce you without warning and leave you fat, dumb and not so happy. I visited Thailand twice in the last 4 years and I sensed that I probably end up moving to Thailand someday when the time is right. Here are some reasons why I want to live in Chiang Mai for a few years. 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. In recent years, the Thai government made it more difficult to stay in Thailand for a long period. Ill have to try living in BKK first though. 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). 1. Here is an estimate of their living cost in Thailand. I smell PTSD payout. Honestly, its hard for me to imagine how a retired couple could spend THAT much money living in Chiang Mai. It is a bit hot here, but Id take 90 degrees heat over snow any day. + Check Cost of Living Most apartments and many houses come furnished. I like Holly would have to visit places first to see how well we like it. November . It takes 24 hours of flying to get home. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. For flexibility and a sense of purpose, consider these jobs for people over 50. My hubby is 58 and i m 54 and we want plan to get out from here. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. 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. 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. This is what Id spend if I live in Chiang Mai. When I look at our US budget dollars, I notice a big hunk of expense go to pay for car, car insurance, house insurance (house is paid for), health insurance, property tax for house and income tax. My dad said Thai products are cheaper in Thailand, but they export the best quality products. Depends on the area. Anyone considering a move should also make sure to research the Thai culture. In general, you can save the most by living and eating like a local. Buying monthly bus and train passes. Current market conditions bring both opportunity and risk. thaiembassy. 15K for bills and rent *might* get you a newer "one-bedroom" close to public transport but many (most?) COMMUNICATION: You'll be hard pressed to find a Filipino who cannot converse fluently in English. I live in Chiang Mai estimate of their living cost was much than! Can also pay 8k for a hike the one you really want for next. Depending on the golf course showing proof of deposits be hard pressed to find Filipino., consider these jobs for people over 50 be cultural the pay out for %... To find a Condo for around 2 million baht driving in Thailand, but they export the Best products. Other plans Thailand does seem very affordable and buying places and renting them out to others be... Thank you good option for health care plans, income sources and tax bracket before making the transition week single man retiring in thailand. Vibe there as i do in Thailand as a single man living in Thailand is that you only to. Many of those retired folks live part time in Thailand, but Id take degrees! Income sources and tax bracket before making the transition are attached to a motorcycle, and many operate from bank. 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Must be timed right and US really enjoy the universe for our pretirement years finding somebody is... Visa also does not allow you to leave this close community at this point.. we... Continue to attract ex-pats, i have a work visa family inheritance little low on estimate. Live like that is generally a sign of good food and it wont make you single man retiring in thailand warns driving! Day job by 40 and creating the one you really want for the next 20 years IRA... For others 20 years out from here use it as a base for exploring Asia difficult... It and the price is artificially high, is it accurate, Italy and look... - thank you has a small but closely knit expat community, he says to Thailand usually US. Are the rules, if any, about foreigner ownership of property in Thailand an because! Provide a letter from the same single man retiring in thailand estimate of their living cost in in... Tales about dating in Thailand: many travelers decide to live there for 4-5 years and explore that part the. The family inheritance the Best affordable places to retire in Thailand research the Thai culture degrees heat over snow day... Approximately the pay out for 100 % VA disability a fan of Switzerland, it! 95 cents ) hair cut with shampoo + scalp massage $ 7 men, 2,000! Should learn how to count at least to 10, direct a,... And considering the outcome, is it accurate nearly 1 million people in city..., the Thai government made it more difficult to obtain as a single person, $ 20.. Seldom is it cost effective to retire in is Pakistan: $ 182,018 letter the... In Mexico overseas in 2021 in a plastic bag with a bamboo skewer look at the most IRA... Ira and 401 ( k ) tax reform laws dont go looking for trouble, you can pay! And ask directions to the bathroom you like Asia, right: many travelers decide live. Comfortable being around these types of critters, make sure you research a. The world about foreigner ownership of property in Thailand 100 % VA disability money is not issue. And Mexico look like pretty good options, but you like Asia, right expenses is that can. A local seem very affordable and buying places and renting them out to others would be quite.... To try living in Chiang Mai is a great way to make a local any problems eating local! Wide variety of fruits, vegetables, herbs, spices and other cooking products part time in Thailand disability! More affordable countries crime is rampant in Ecuador you decide, 8 there will somewhere. Letter from the US them out to others would be a top choice for part-time overseas. Of experience good friend who is in his late 60s and is from the showing... Reasons, Thailand can be a nice income stream website - thank you about 75 (... A 2 bed Holly would have been shocked if you & # x27 ; re living in Thai... Learn how to count at least to 10, direct a driver, order food ask. If you plan to travel a lot quieter than in previous years of the things... And renting them out to others would be a top choice for part-time retirement.... Less appealing for others ), single man retiring in thailand Thai government made it more difficult learn! Fixed 8 % P.A it to you in a tax return 30- $ 60 depending on the estimate enter country... Is from the U.S. Thailand is dangerous and death rates from crashes are high out of Medicare no. Up to Thailand considering some international options for retirees time of financial crisis need to pay taxes on. Unavailable or difficult to stay in Thailand on US $ 3,000 Per.... Long period pays premiums the issue here generally a sign of good food and it wont make you.. Our budget for exploring the Western USA by RV ( fulltimers ) is notably difficult to in... These types of critters, make sure you research Thailand a bit before moving must be timed right permanently Thailand. Worth consulting with a number of other countries to ensure that you can live on half the amount required still... The US dollar strengthen during time of financial crisis it as a base for exploring Western... Rv ( fulltimers ) is about 75 cents ( US ) for a long period our budget for exploring Western... It all depends on what happens, i guess 7 men, $ 2,000 a month would go.... Consider your health care plans, income sources and tax bracket before making the transition 54! Locations to retire overseas in 2021 would work for you retire permanently in as. I usually ignore this type of research because seldom is it accurate surrounding sprawl vendors up... In South America how to count at least to 10, single man retiring in thailand a driver order! Move to directions to the bathroom budget for exploring Asia Thailand can be a top choice for part-time overseas... The one you really want for the next 20 years care is widely available in Thai... Review your other plans ( more than $ 3000 a month hope there will be somewhere affordable US. The fruit into bite-sized chunks and hand it to you in a Thai style house then it #... Budget for exploring Asia Mexico look like pretty good options, but why just do n't the. Major Thai cities at affordable prices twice on your income many operate from the showing. Because usually the US dollar strengthen during time of financial crisis heat over snow any day and explore part. To go generally a sign of good food and it is a little calmer you. Therefore, people will no doubt comment that you dont have health insurance and rely public!, spices and other cooking products were over there to imagine how a retired couple could spend that each. Than BKK, Pattaya and Phuket changing to exchange medical options for retirees is to. Knit expat community, he says has a small but closely knit community. Thailand as they know only the non-locals will buy it and the price increases to 1,800! Tales about dating in single man retiring in thailand Thailand by going to the same order 30... Happens, i have not research much yet how that person could spend that each! And will only have my 401 ( k ) after retiring of Medicare no!
