we been Thailand over 30 times with kids so far. I want the whole experience. Thai markets also offer prepared foods, most commonly roast duck and chicken. I would rent for a while before buying. I look forward to travel to the neighboring countries in SE Asia :-). We go to eat with our three boys and spend $6 for all five of us to eat. Thais are astonished by the idea that anyone could live alone and be happy. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. 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 myth that Thai girls love us partly because they don't like Thai men is just that - a myth. Consider your health care plans, income sources and tax bracket before making the transition. Thai deserts were my favorites. 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. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. I would like to live there for 4-5 years and explore that part of the world. Foreigners can own property in Thailand with restrictions. 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. Hi Cheryl, it's just an optional thing I mention at the bottom of my newsletter. Anyway, Chiang Mai is a great place to visit. If he had to rent, itll probably be closer to $2,000. Thanks for your input. Inflation is also quite high in Thailand. I plan to live comfortably on USD 2,000 per month, and set aside some money every month for medical expenses rather than pay an insurance premium. The housing cost in Bangkok is much higher than in Chiang Mai, but I think other stuff are pretty comparable. Im very curious what the education options would be for your child especially if this happens in high school or if you want to be close by for college? This is a great plan, Joe! 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). 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. Cheapest Way to Send Money to Thailand, 4. These are some of the things the wifey and I are considering now. Will be seeing how different Thai living areas feel and would be up to buying dinner or a beer if you have a couple of hours available during one of my scouting trips this year. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa People who want to see the grandkids are going to be out of luck. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. Most said preference, but upon digging deeper, some would say that the local men are not good and cheat, and therefore, they prefer foreigners who they see as being more loyal I would add that this is a generalization, but this is what they mentioned. The real benefit of a single man living in Thailand in terms of living expenses is that you only need to pay for yourself. 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. Nonetheless, finding the right one is often the challenging part. Its extremely helpful that they use USD and there was a sample budget up somewhere where Americans could live off of the average SS check ($1200) and have a maid and eat out all the time. Id love it if you were based over there so wed know a local when we come to visit! You also need to have a valid passport that doesnt expire for at least one year. Besides the application form, you need to have a picture of yourself and various parts of your passport. For these reasons, Thailand can be a top choice for part-time retirement overseas. Most contracts are for a year, but six-month leases are also common. Ive been living & traveling in Thailand for 14 years. However, Im also looking in to retiring in South America. thaiembassy. Mr. LH and I have discussed retiring abroad to someplace less expensive. $3,000 per month seems to be top spending there for complete luxury. Unless you become Thai you wont be able to live like a Thai. Golf $30-$60 depending on the golf course. Hopefully, Thailand will open up soon. There are many affordable public transportation options in Thailand. You will need a work visa for that. Ask our Retirement expert. Sign up to receive new articles via email. I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. Southern Thailand would be a great option for us too. They are easy to drive, maintain and park. Is it so? Thailand is only $125,000 less than the UK, but the UK is cold, grey and rainy for 6 months of the year! Why dont you just rent? Dating in society has changed, and this also includes Thailand. I really want to visit Thailand and it sounds like its extremely affordable. If you use a real estate agent to find a place, the standard commission is one month's rent for a 12-month contract and is paid by the landlord. There are a lots of chinese message place all over Costa Rica. I need to emphasize that you want to EAT WHERE YOU SEE THAI PEOPLE EATING. Chiang Mai sounds like a city to investigate. I have many friends that have gone to Thailand and loved it. 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. A very valid comment. The retirement visa is for one year and must be renewed annually. The following two tabs change content below. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. We go out a couple nights a week and always run into friends, he says. We both get what we want while paying a price for it. What do you think about retiring part-time in more affordable countries? Buying property in Thailand should not be taken lightly, although many have, both this government and the one which just passed has proposed changing the Law governing the legal loop hole used, that allows non-Thais to own property in Thailand. $3,400 per month is approximately the pay out for 100% VA disability. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. I like South America too. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? Rents are around 70% lower on average. This application is similar to the initial application with some additional requirements. Once we get tired of SE Asia, then we can move to South America for a few years. The heat/humidity isnt bad at all right now. . Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. Thats a law that dates back to the Vietnam war. Im definitely going to have to visit Thailand after the pandemic is over. This content was commissioned by Nikkei's Global Business Bureau. I know Belize has a pretty good retirement visa. For example, in Thai society, if a woman is slightly overweight, she can be seen as fat, but she can be seen as slim or average in the West. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Great article. A, Thailand is an affordable travel destination, and a budget of $1,500 each month is enough for many people to live comfortably. on this page is accurate as of the posting date; however, some of our partner offers may have expired. 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. 10 reasons why black men should travel to thailand expat. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. Thanks for this article! Then you have to be able to speak Thai to not pay an inflated price here and there. How are you getting access to the free public healthcare? Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. I will admit that I am neither frugal, or spend thrifty, regardless of whose dime I am on, I always opt for what I like and make no reservations or excuses about certain indulgences. Im dual. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. Share a table. Great information. 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. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. Copyright 2022 Filipino Wealth FilipinoWealth.com. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. One of the most intersting things I found out is that there are not a lot of western families who move to Thailand. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? 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. The perfect retirement lifestyle. 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. All the lessons cost some money. A rotisserie roast chicken costs just 140 baht ($4.50). (Unless you live in the neighborhood) Financially? From a financial standpoint, it depends on if your mortgage is paid back home and if your bills will be covered. We were in Hong Kong last summer and everyone said that we should have stopped by Thailand since we were nearby as the flights werent too expensive. Jim Barnash is a Certified Financial Planner with more than four decades of experience. This completely furnished home comes with a communal pool and a fully outfitted Western-style kitchen. I think the Thai government prefers short-term visitors. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. I think anywhere in central city would work because Chiang Mai is not that big. Some people will accept an average condo and reduce their rent, while others will keep eating out expenses low to live in a more modern, spacious dwelling. There are many types of insects, including mosquitoes, many types of ants and cockroaches (that can fly). Its like Chiang Mai when I was a kid. 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. Good luck with the resort. 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.. FYI For $1000 you can get a nice pool villa out here! Kamala Beach has a small but closely knit expat community, he says. 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. The kid can go to an international school, but it would be quite expensive. I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. Ah that old chestnut. The point is we never felt poor or like we were scraping by. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. 90% will never own a car. He may not have a pile of money to live on and is depending on Social Security or a pension. Debt and waiting until a financial situation improves are top justifications financial advisors hear. While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. Having a Thai girl by your side makes it possible to get to get to know the Learn how your comment data is processed. But even as he headed to Phuket, he kept his options open. Either way, the amount required is still the same. Just eating out. To get a such a visa, you have to be at least 50 years old and pass a criminal background check. I'm not judging either way. question with a Yes. Cuenca, Ecuador is the #1 retirement abroad destination. 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. There were some riots and coups, but they generally leave foreigners alone. I thought it would actually cost less to retire in Thailand or the Philippines, but its actually cheaper in the US for me right now since I know all the budget areas although of course I cant afford seafood like I can in the provincial beach town of Bolinao. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. 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? Monthly income of at least THB 65,000 or. Id probably take the train or fly. You definitely can live cheaper; I just havent figured it out yet and still learning. Many local Thais can live on this budget in the north, but naturally, some locals are restricted due to this low amount. See the Retirement Options for Foreigners in Thailand. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. There are many reasons why you might need to get additional permits or different visas. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. A doctors visit costs $10, but pharmacists can handle many problems. I think I prefer Chiangmai. Thanks for sharing about Chiang Mai. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. The people are generally friendly and understand that its a new culture for retirees, but its easy to make a faux pas. 10 reasons why not to retire to thailand retire 2. Less than a minute. I like the modern life. Another option would be to purchase the house (you can own the house, just not the land) and then do a 30 year lease on the land. I knew I would shock some people with my idea of having a relationship with a woman 20 years younger. It's very helpful. Lets take a look at the perspective of a Thai woman. Camping/rustic countryside trip over the weekend $50. I have been saving my whole life for this, and I cant wait for this new adventure of mine to start. check out for a fairly accurate COL estimate. I have two kids. (Getty Images). Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? This is much less than our current expense of about $4,800/month here in the US. 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. I would like to do the RV thing when Im a bit older too. Actually, I dont know that much about Chiang Mai. Thais take ghosts seriously. A visit to the dentist that includes a cleaning and cavity filling is less than $30. Thai culture is also quite different from U.S. culture. Its not as great as most people think. Retiring in Thailand The mantra used to be that you could move to Thailand and live off your pension (which would translate to lots and lots of baht), strolling along Phuket beaches, shopping in Bangkok or living a quiet life in Chiang Mai. When you live in a developing country, you need to be a little more cautious. Ill check it out. Id be curious what US expats pay monthly for living expenses including healthcare. 5. Good luck! Its just not for everyone.. Healthcare, however, is the big mystery. If they need more extensive care like specialized surgery, then maybe they might use private care later. Thus, due to Westons cultural upbringing and other factors, foreigners may be kinder and gentler, but this is in general. Required fields are marked *. You never know I would love to live in South America for a few years. Visit more than once. Interesting. You spend $4000 a month in Thailand and you dont think thats extravagant? Paid monthly or quarterly. 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. Thai people can go to the public hospital, but the wait is very long. . 2023 Retire by 40 $2,200 is pretty good. Get a 90-day single entry Non Immigrant O Visa from your local Thai embassy. Retiring in Thailand sounds amazing, but I would just like to visit there to start. For more active retirees, you can visit beautiful temples or go for a hike. + Check Cost of Retirement The weather is sunny and hot, and there are plenty of beaches to kick back on. Thais generally know a little English. Those unfamiliar with it may suffer some culture shock. Well see. I think it makes perfect sense to retire somewhere thats more affordable. Isnt that why you moved? About a week ago we had a meteor shower. If you still have assets and family back home, that 13-hour trip (for me) gets increasingly tiresome with age, particularly dealing with the jetlag. Those being how I live, and what I eat. I have so many folks asking me what it costs to live here in Chiang Mai. 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. No stomachache or diarrhea. I dont see many retired couples or single women retire here, he says. I LIVE IN Thailand and I must say I am quite impressed with your cost of living figures, have lived in Thailand since 2003 now. I would also add that many locals see foreign partners as being very kind. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. This country has a low cost of living as well as some of the world's most beautiful beaches. 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). In my mind the best option though is to just stick with a condo and be spared the legal hassles. We can probably live comfortably on $1,200/month and budget $1,000/month for traveling. For example, you can retire in Argentinaon a similar budget. Thanks for your comment. Great post! We plan on making the the primary move to Singapore and use our place their as a base at a very reasonable monthly living cost. NET. In general, you can save the most by living and eating like a local. A forum community dedicated to expatriates and enthusiasts. what country is better for a 62 year old single man to. The process for getting a retirement visa is relatively simple, but it can also become quite long depending on how, exactly, you want to spend your retirement (more on that in the next section). Your best bet is to work with a tax accountant to file your taxes. That said, unsophisticated crime is rampant in Ecuador. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. The cost of living is low, as is the cost of healthcare. i am setting aside $1000/month for paying down debts primarily student loans. Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. Please review our Tinder and other popular dating applications are booming in Thailand! For 20k you will get a decent worktop area and a couple of hobs, plus a fridge space. Read more here: Really interested to hear of your experience and whether you have decided to settle in Thailand. lifestyle as a single man living in Thailand. There are some lower cost Japanese (Yipun) food in what amounts to a fast food version of a traditional restaurant usually found in some of the malls. But your familys living on $1,300 per month sounds pretty luxuriant too so I guess it could really be possible to make a good living there for around $1,500. The cost of alcohol can also add up quickly. One other consideration is relative civil stability. I believe the entire text of the Thai wiring code is: "Don't let the smoke out." Retired military at 31? Hopefully South America will be more accommodating in the future. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. 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. Are you a Thai citizen/dual citizen? i really want to start investing in index funds and i am concerned that i dont have much time to wait it out since im hoping for some financial independence in 10 years. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. Wow, $500 for all 3 people? Ive considered retiring outside the US, but it comes down to the same things others have said being away from family and friends primarily. So no houses unless you are married to a Thai citizen (I think.). 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 only speak english and it is very easy to get by here with english. If you can eat MSG, rice, pork, chicken and loads of oily greasy and spicy curries as well as bugs and all manner of weird snacks, you can live like a Thai. How do these things compare in Thailand or other locations?. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. Here's how that person could spend that amount each month. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. 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. Place we could use the money we are saving to travel a lot more. Thaipod101 is the best way to learn Thai online. Senior insurance needs are different. Our children and us really enjoy the universe for our bedroom. My girlfriends family has five sea front houses. 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. It will be interesting to see how the numbers change and which countries will be on the hot list at that time. When possible, ask a local how much the fare should be, so you know if you're being overcharged. I do not have any pension and only recently have begun saving (thank you Covid 19)! try calabria right down southhad an apartment there for 6yrs.quite cheap can buy decent apartment for 70,000 euros.but it became boring. Find out how it stacks up against North America, Europe and Asia. FIRE is much easier if youre relatively healthy. Enjoy! Disclosure: All content on this site is for informational purposes only, not professional advice. Malaysia? By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. My dad, on the other hand He enjoys going to nicer places and doesnt like eating at food stalls. Were actually considering retiring in a more expensive country (Germany, Austria, Switzerland are on the list), but we dont know much about how wed go about doing that especially since we dont have any family or other ties to those countries other than that we like them. Good luck to finding somebody who is nice for you. 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. No problem. It doesn't take into account a forecast for inflation, or interest earned on savings. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. I havent gone to a bar in ages. Among Bowens family, only his daughter has visited. Its a great way to explore and get to know other parts of the world. You didn't shock me at all. Its on my list, although Im not sure when it will happen. Would Cambodia work? The houses come with a mooring for sailboats or other yachts. The language (Thai) is notably difficult to learn for those from Western countries. I would love to retire in Italy for a few years too. A Single Man's Monthly Cost of Living Near Pattaya Thailand 2019 144,813 views Jan 8, 2019 Like Dislike DoMoreLife 30.2K subscribers #DoMoreLife #Pattaya #Thailand This video is a breakdown. Also having as a possibility to retire in Europe in 10+ years. Silvia Ascarelli is a senior news editor for MarketWatch based in New York. There are downsides to Thailand, perhaps the biggest being health and safety. Its hot and humid, but its better than Bangkok. You could top up your contributions now and you're allowed to backpay for 6 years. Care just about everywhere is much less than $ 1,000 per month in Thailand sounds amazing, but its than... In Chiang Mai is not that big n't let the smoke out. look forward to travel Thailand! 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