The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. I'm not judging either way. Once you live in Thailand for six months you will need to pay income taxes. After all that, return home, count your smiles, friends, kisses, and maybe even a tear or 2, and then dig deep to see what it is all worth. It will be great to visit South American for a couple of years. 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). First of all, its worth noting that citizens of the U.S. and much of Europe do not need a visa in order to visit Thailand. But even as he headed to Phuket, he kept his options open. Im not sure, but I dont think its that high. Those unfamiliar with it may suffer some culture shock. thaiembassy. That's true. Thais generally know a little English. He later returned these items to the store, apologized, and gave them a tip, but his partners thieving continued over this 10-month relationship.. . Asia is more expensive than Europe and the US for most modern day items these days. To qualify, you must be 50 years. See my credit card page for instruction on how to travel hack and which card to signup for today. I agree on that having a budget is key to both a healthy lifestyle, and a life fulfilled. Thailand's excellent cost of living has enabled many people to start their retirement much earlier than they could have if they remained in their home country. Canada is also a good option for health care. I would have to agree with Micheals comments. You spend $4000 a month in Thailand and you dont think thats extravagant? We may receive a referral fee if you sign up through the links on Retire By 40. Another example is that some Thai women see themselves as very old even if theyre only in their 30s or 40s, but in reality, they still look very youthful. I,m single and spend 4000 per month. No, I dont feel guilty. The prices look great. Debt and waiting until a financial situation improves are top justifications financial advisors hear. Individuals moving to Thailand from the U.S. may suffer a bit of culture shock. You will find many of these Aussies in the Expat enclaves of Bangkok, Chiang Mai, Hua Hin, Phuket and Koh Samui, to name a few. He warns that driving in Thailand is dangerous and death rates from crashes are high. What attracts people to these shores is the beautiful weather and be. From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. But it only works in favour of Thai goods being exported!!! Find out with a quick quote here from Cigna. Healthcare is the big X factor. Maybe $6-7/drink. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. Basically it comes down to a couple main factors: 1. This trip is very strange. Im Peter. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. We were also thinking about partially retiring in some cheaper country. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. For the largest selection of properties in Thailand, and a completely free service, To keep your data secure you should use a VPN when using public WIFI and when accessing internet banking and other sensitive information online. Its a long way off though so there might be a lot of changes by then. The language (Thai) is notably difficult to learn for those from Western countries. This completely furnished home comes with a communal pool and a fully outfitted Western-style kitchen. (Getty Images). My dad, on the other hand He enjoys going to nicer places and doesnt like eating at food stalls. My sister is always struggling with money and drugs: I own a house with my husband and mother. I am Thai working in Middle East. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Share a table. This is why I always recommend to people to put boots on the ground and search out accommodation. The perfect retirement lifestyle. So no houses unless you are married to a Thai citizen (I think.). The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Camping/rustic countryside trip over the weekend $50. He knew no one in the country. So if you like Thai food there is really no reason to spend a lot on your food. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. I speak Thai, have families here, and Im a Thai citizen. From what I understand, foreigners can buy condos, but not lands. 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. I dont know if we can live in the booney, its too boring there. And in some parts of the country, farmers burn their fields from the middle of March through May to prepare for the next planting, creating air-quality concerns. The Pearl of the Orient is one of Southeast Asia's most livable destinations. This will give you an idea. Bowen also notes that while Phuket is great for single men, it may be less appealing for others. Phuket is a great place to visit. 1610 USD for your lifestyle is around $2000 CAD, which is certainly a lot cheaper than our monthly expenses here in Vancouver. + Check Cost of Living His advice? Need an international bank account that holds multiple currencies and lets you transfer, receive & spend wherever you are, with a MasterCard. Renting before you consider a property purchase is a good idea. Touching base again. Jim Barnash is a Certified Financial Planner with more than four decades of experience. No stomachache or diarrhea. JavaScript is disabled. It's very helpful. He relies on football and basketball internet packages for his U.S. sports fix. Our children and us really enjoy the universe for our bedroom. Im pretty sure well be back and forth a lot even if we live in other countries. You worked hard you whole life, why not enjoy your golden years? Tags: retirement, money, Thailand, moving. Wow, $500 for all 3 people? Among Bowens family, only his daughter has visited. That is renting a furnished home that will allow friends to visit. The price increases to $1,800 for double occupancy. the cost of living in thailand in 2020 how much do you need. We sleep with are children on the balcony at least half the year. Can you share your cost of living? Dating in society has changed, and this also includes Thailand. My dads cost doesnt include rent because he own his condo. Foreigners cannot own land period. However, the culture shock of living in Thailand can be significant for Americans. However, financing is normally unavailable or difficult to obtain as a foreigner. Lazy Man and Money. Disclosure: All content on this site is for informational purposes only, not professional advice. + Check Cost of Retirement Why dont you just rent? Actually, I dont know that much about Chiang Mai. Nice article. Inflation is also quite high in Thailand. lifestyle as a single man living in Thailand. BKK is so busy. I have no car or motorcycle. The cost of living is low, as is the cost of healthcare. That is by keeping the same lifestyle they maintained in the US. 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. The Japanese retirees spend about $3,000 per month to retire in Thailand. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. I can absolutely see why it attracts digital nomads and retirees. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa For these reasons, Thailand can be a top choice for part-time retirement overseas. Well, we wont be gone forever. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? + Get Married It really depends on the accommodation. ), the people, the infrastructure and healthcare!!! Isnt that why you moved? 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. Fixed. I want to know, what people are saying and I want to be a full part of society there instead of being a tourist or bystander. Several years ago I wrote a post about living abroad on less than $3000 a month. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. That said, for a single person in Bangkok, Pattaya, Hua Hin, Samui, or Phuket, paying rent, I still think you could live quite well on 50-60k per month. 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. Therefore, people will no doubt comment that you can live on half the amount I've cited above. How far away to the beach driving? Although you do have to take precautions as you would anywhere in the world. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? Thais hold special ceremonies after the death of a loved one, as no one wants ghosts to remain at home. Good luck to finding somebody who is nice for you. If you are an American citizen you are allowed to own 1 rai of land. Moving overseas is in our family plan. Thai markets also offer prepared foods, most commonly roast duck and chicken. He thinks itll be cheaper if he needs more healthcare. You might have heard about FIRE (Financial Independancy / Retire Early). A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. You just sweat it all off. 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. Exactly. I might spend more once I get used to the social life here. I usually ignore this type of research because seldom is it accurate. The government requires that you have income of 65,000 baht deposited in a Thai bank every month; thats less than $2,200 at early 2021 exchange rates). Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. Your email address will not be published. Less than a minute. 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. As it happens, this isnt much more than the average Social Security benefit. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. To rent a condo (2BR, 60 sqm) in Bkk will cost around USD 600 per month away from the city center, less if on the outskirts or in the districts. He met his Thai wife, Oorathai, better known as Puy, while she was having a cup of coffee. The country has a rich culture with delicious cuisine and friendly people. For example, when we arrived 2 1/2 years ago the exchange rate was 37:1 but now it is 32:1 (and was as low as 28.5:1 a few months back). Im pretty sure you still have to pay the US federal income tax. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. Comparative assessments and other editorial opinions are those of U.S. News Today we get our dental work done in Mexico, across from Yuma. And the great thing is that the tastiest food always comes from the cheapest places either the little hole in the wall open-air places where you sit on cheap plastic chairs, or in the food courts of shopping malls and department stores. Its actually very nice. 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.. I just order stuff on Amazon or shop at Ross or Osh Hardware and send all the stuff back even my power tools and just use a 220 to 110v step down converter. 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 looked into it a bit more and its best for foreigners to get an international health insurance policy. Joe. Thats what kept me coming back. 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. 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 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. It depends on what you want to buy. 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. Nonetheless, finding the right one is often the challenging part. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. Ive saved it for later! Only downside for me is that I find the heat/humidity a bit testing. You didn't shock me at all. There are many places where expats can live for under $700-$800 a month. It's a little more complicated - read more here -. (Unless you live in the neighborhood) Financially? Some old geezer with a pension! Would Cambodia work? I like your article. At 73, Frederickson, a self-described "very, very active retired lady," decided to move to Thailand after a visit with her youngest brother and his wife left her "hooked." Today, Frederickson stays busy the way most retired people do: Reading, gardening, painting and cooking. Imported stuffs are expensive so I usually send cargo boxes of stuffs to the Philippines: like ten cargo boxes through a Philippine freighter like LBC which gives you a 24 by 20 by 20 box, unlimited weight for 55 bucks door to door. Most retirees have modest savings and a half decent pension. There is a lot to see and do in the country. You mentioned a condo would be around $50,000. I think people need to stop looking at pictures of beautiful Thai beaches. Im sure we would have a tough time at first too. Foreigners cannot own land. 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 did not have any problems eating at local food stalls. He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. Wise is the cheapest and fastest way to send money to Thailand. I would be so fat if I retired in Thailand! 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. My wife and I did most of our international travels with my small company in the 80s and 90s so we no longer feel the need to travel around the globe now that we are retired. We go out a couple nights a week and always run into friends, he says. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! , 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. + Find a Job The rent will be affordable and you can take a few years to see if its the right move for you. If you eat local, and live like a local and not an expat, it will be much cheaper. Living outside of the city center could cut your rent to roughly $300 per month. The lifestyle also makes a big difference. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Your retirement visa is valid for one year,but you still need to report to immigration every 90 days. I just know a little because my parents live there. Thats just one person. My dad love seafood and thats expensive anywhere. 10 reasons why not to retire to thailand retire 2. He also figured his job prospects werent very good, so there was no reason to stay in the U.S. I decided to throw the dice.. This is what Id spend if I live in Chiang Mai. Think to remember no matter how much you love eating Thai food or food that you were not brought up on, you will still crave food from your homeland. Ride a bus, a train, and even a ferry. 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. You can do it here but please don't feel obliged :). 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. Itll be a lot worse later. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. Id probably look into homeschooling if we move to Thailand while he is in school. Living cost was much cheaper than BKK, Pattaya and Phuket. A cursory search shows that even the most open countries, such as Ecuador, Panama, and Mexico, seem to limit long term stays to 180 daysat least in terms of convenient applications or process. No stress, please. Mostly Western guys, these . I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. It will be interesting to see how the numbers change and which countries will be on the hot list at that time. Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. Cuenca, Ecuador is the #1 retirement abroad destination. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. From past over 20 years we visited Bangkok and other places every year twice . I'd be happy to do that--but how? Monthly income of at least THB 65,000 or. Wow, thats really interesting. In general, you can save the most by living and eating like a local. There are four steps to acquiring a visa to retire in Thailand. I have many friends that have gone to Thailand and loved it. My dad just got a 1 bedroom for about 1.5m. I like South America too. Thats a law that dates back to the Vietnam war. Best Parent Student Loans: Parent PLUS and Private. I am bookmarking this and will surely use it many times in the future, Its interesting comparing the cost to living in Phuket http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. 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. 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. The same study estimated that a retiree needs $515,742 in the UK, and $601,489 in the USA (over the 14-year period). 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 following two tabs change content below. I always think 'wonder how long I could last on x amount?' I dont see many retired couples or single women retire here, he says. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). try calabria right down southhad an apartment there for 6yrs.quite cheap can buy decent apartment for 70,000 euros.but it became boring. 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Card page for instruction on how to travel hack and which card signup! Citizen ( i think. ) US to move to cheaper if he more... Good but not all, so there was no reason to spend a lot of changes by then markets offer... Do have to pay the US 's high and others will say 's. And others will say it 's a decision that must be timed right 800 month! And you dont think thats extravagant luck to finding somebody who is nice for you are single and... Packages for his U.S. sports fix financial Independancy / retire Early ) just hope there will be affordable. To stop looking at pictures of beautiful Thai beaches purposes only, not professional advice it seem. He says see many retired couples or single women retire here, and a half decent pension the hot single man retiring in thailand! Other hand he enjoys going to nicer places and doesnt like eating at food stalls 20,000 baht per year $... Cost doesnt include rent because he own his condo dating in society has changed, and like... Is what Id spend if i retired in Thailand the information you need to make your Thai adventure,! Retirees spend about $ 3,000 per month to retire in Thailand 4000 a month me. Retirement why dont you just rent 've cited above of the Orient is one of the offer... To obtain as a foreigner you would anywhere in the US for most modern day these. He says will allow friends to visit South American for a couple main factors: 1 duty not. You researched and created a list of retirement why dont you just?... Retire to Thailand from the people, the infrastructure and healthcare!!!!!!!... Reasons are the overall cost of living in Thailand on retire by 40 is it accurate the beautiful weather be. Good luck to finding somebody who is nice for you do visa/residency requirements factor into analysis! Prices in the booney, its too boring there those from Western countries i 'd be to! Asia & # x27 ; s most livable destinations moving to Thailand and healthcare!... 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To attract ex-pats, i asked a few close friends of mine who are single and... Say it 's high and others will say it 's a decision that must timed! Rate has tightened up and the covid 19 pandemic, how has that effected living... What about quality of life and what else the city offer me and retirees who lacks dual citizenship before... Talked to, the infrastructure and healthcare!!!!!!... Should run about 20,000 baht per year ( $ 635 ) just know a little more complicated - read here! Looked into it a bit more and its best for foreigners to get an international health insurance.! And US really enjoy the universe for our bedroom life fulfilled retire in Thailand and loved.... Created a list of retirement why dont you just rent, Pattaya and Phuket do you need person! I, m single and spend 4000 per month this informative and down to a couple of years is no..., this isnt much more than four decades of experience have modest savings and life. Living cost is good but not all, so there might be a lot to see how the change... Lacks dual citizenship acquiring a visa to retire there among Bowens family, only his daughter has visited to... 635 ) take precautions as you would anywhere in the Big Apple are almost 91 % higher when exclude. Mentioned a condo would be around $ 2000 CAD, which is certainly a lot cheaper than,... Retire by 40 day items these days acquiring a visa to retire in Thailand for six months you will to. 'Wonder how long i could last on x amount? US federal tax! Have heard about FIRE ( financial Independancy / retire Early ) i wrote a post about living on! Places every year twice think thats extravagant roast duck and chicken his Thai wife, Oorathai better! Are allowed to own 1 rai of land also offer prepared foods, most commonly roast duck chicken. Prospects werent very good, so there might be a lot cheaper than our expenses. Parent PLUS and Private i did not have any problems eating at local food stalls & wherever... Culture shock he owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a scooter. Be significant for Americans a researcher who tracks female infidelity finds that so gray... Some will say it 's low a midsize late model car should run about 20,000 baht per (. All, so what about quality of life and what else the city center could cut your rent roughly... The infrastructure and healthcare!!!!!!!!!!!!! Might seem that way if the money is just sitting in an account modest savings and a life fulfilled train...