The financial requirements are: Bank account with THB 800,000 or. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. Surging baht and new rules dull the country's allure for budget-minded expats. Not as an retirement option but for living in general as a lot of places are just so much cheaper than the US. I think the Thai government prefers short-term visitors. This leads us to todays question of what it is like to be a single man living in Thailand? 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. Thanks for the information. There are more relaxing spots in Thailand too. If only we were able to take more time off! Especially the private hospitals. Its not as great as most people think. Smog is a huge problem. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. Sign up to receive new articles via email. For a better experience, please enable JavaScript in your browser before proceeding. Hi Great site and very informative Im 57 have worked for over 39 years in govt and have been thialand many times I have had a marriage break up and lost my home able to keep my super I have had a gut full of my work recently due to a new boss need to get out I want to use my super and move to Chang Mia I will not be able to acces my pension for 10 years could I live with 6 million baht till then I have a thia girlfriend and need to buy condo so confused hope you can help Thanks Robert. Ill check with my dad. We are Indian but grew up at California . My dad love seafood and thats expensive anywhere. Monthly income of at least THB 65,000 or. Im dual. It all depends on what happens, I guess. I am very sceptical when I read these articles as I find most are written by persons associated or have ties with the local real estate market and sole aim is to draw attention to selling more property. She stole many things from his house, including valuable jewelry and even cash. So basically, taxes and insurance. Also, I dont have to deal with any visa problems. + Get COVID Insurance Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. Annuities provide steady income in retirement, but some financial planners prefer alternatives. They spend a lot more money than retirees. 1. This article oddly makes Thailand seem like any other place. Malaysia? We both get what we want while paying a price for it. I guess they have pensions and dont mind spending it to have a more luxurious retirement. No content on this site may be copied without written consent from TheThailandLife.com, The Cost of Living in Thailand in 2023 How Much Do You, Retiring in Thailand? Silvia Ascarelli is a senior news editor for MarketWatch based in New York. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. What matters the most is that living like locals is cheaper, but might be difficult at first. Sorry, you'll have to zoom in on the image to see the country names. 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. Having a travel HQ based in other part of the world would cut travel cost a lot too. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa Well see how it goes. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. My dad, on the other hand He enjoys going to nicer places and doesnt like eating at food stalls. So we know that it is possible to live in northern Thailand for this low amount, but this would impact ones lifestyle as a single man living in Thailand. Thailand has always been popular as a country to come to live and retire. Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). For a single guy, thats an extremely comfortable income to live in in Bangkok, if youre not a drunk or rabid consumer of whats available in the Thai bars. The cost depends on the location. Is this because you are feeling guilty that you decided to stop working and she is still working. Also, the other tax issue is US taxes. Im 73 and will only have my 401(k) after retiring. Rents are around 70% lower on average. Here's what you need to know about retirement in Thailand. How do I make it last? How are you getting access to the free public healthcare? The weather, which is beautiful for a few months of the year, may be too hot for the rest of the year. I had visited Bangkok twice and stayed 3 weeks each visit. I think anywhere in central city would work because Chiang Mai is not that big. I,m single and spend 4000 per month. I would rent for a while before buying. Consider your health care plans, income sources and tax bracket before making the transition. Im definitely going to have to visit Thailand after the pandemic is over. Here's a look at the most recent IRA and 401(k) tax reform laws. Bar $? I have not research much yet how that would work for taxes though. Also, despite the fact that Thailand is the second most dangerous country in the world to drive in, I chose to have a motorcycle rather than a car so transportation costs were minimal. His advice? Joe. Golf $30-$60 depending on the golf course. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. Northern Thailand is pretty far from the beaches. Food carts are a way of life in Thailand. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. This is why I always recommend to people to put boots on the ground and search out accommodation. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. So let's look at how neighboring countries stack up to Thailand. We can probably live comfortably on $1,200/month and budget $1,000/month for traveling. You will need a work visa for that. It is free to get started & easy to use. But, if they do not qualify for the Thai Retirement Visa (O-A or O-X), they can apply for a Non-Immigrant Visa O or ED. Visit more than once. Lazy Man and Money. What is wrong with that? to learn how you can update your cookie settings. Which is really encouraging! How do you do that you ask? 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. There are many variables but I think 70k isn't far off the monthly figure for the average expat. Once in Thailand, open a Thai bank account and deposit 800,000 Baht. 8% P.A. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? 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. Your family partners can attend in Thailand. Here are some reasons why I want to live in Chiang Mai for a few years. Wow, thats really interesting. With its low living cost, modern infrastructure, and high-quality healthcare, Chiang Mai was ranked as the fourth-best "affordable place" to retire overseas for Americans. Some of my dads friend eat out at expensive places every day and they spend more than $5,000/month I havent heard about the property. We're back from our retirement research trip in Thailand and I've got good info to share. (I think thats the current rule. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. You need to answer that first. 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. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. For Thais, ghosts are real, and they're present. Id be curious what US expats pay monthly for living expenses including healthcare. This is awesome! Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. We have a home in Singapore that is fully paid and recently went through a lot of restoration. Many of those retired folks live part time in Thailand. Isnt that why you moved? Canada is also a good option for health care. And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. I am 66 years old and british but have been living in the republic of ireland I moved to thailand from ireland nov 2021. I do like Vancouver, but its super expensive. 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. 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. Several years ago I wrote a post about living abroad on less than $3000 a month. 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. Good luck to finding somebody who is nice for you. One week trip to the beach $300. But that would have to be a *lot* of money. Chiang Mai is cheaper than Bangkok, but it sounds as if it isnt THAT much cheaper any longer. Good luck. Its quite nice down south near the beaches. Anyway, Chiang Mai is a great place to visit. Ill have to add up my yots for a monthly figure! There are lots of reasons why you may want to retire in Thailand. Of course, there isnt that much to DO there, but But be aware you will need to learn Thai language (and its not that easy because it is TONAL like Chinese 5 tones high, middle, low, rising and falling writing there are 44 consonants 2 obsolete and 32 vowels, 4 tone marks and a different system of numbers with only 0 zero being the same) because there is far less exposure to farang there. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. Of course, booking a girl for your Thailand holiday does not mean treating them like a commodity, but treating them with respect, as you would like to be treated. 5. Thanks for sharing about Chiang Mai. Ill have to visit again. try calabria right down southhad an apartment there for 6yrs.quite cheap can buy decent apartment for 70,000 euros.but it became boring. In fact I would have been shocked if you'd said you fancied women of your age. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. Living in Thailand on US$3,000 Per Month. This will give you an idea. Main thing attract me is very good maid and I and my husband getting old do not want to keep working in the house. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. Moving overseas is in our family plan. + Open a Thai Bank Account Living it Large in Thailand Now, if you were working with $5,000 per month for living costs, you could really push out the boat and live an extremely comfortable lifestyle. I own property in ireland which i rent out and pay tax on profits. Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. Stray dogs are everywhere. Professional athletes come to Piyavate Hospital for orthopedic surgery critical to their careers. As you can imagine, there are many different stories and tales about dating in Thailand as a single man. If you have been to Bangkok, you know it is extremely hectic there. We go to eat with our three boys and spend $6 for all five of us to eat. Thais take ghosts seriously. I averaged about $15 a night for a nice mid level hotel and around $8 a day for food in Chiang Mai ( about 1.50 breakfast / lunch and $5 dinners ). Healthcare is important to factor into your budget. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? For about 80 cents, you get a bag full of fresh and healthy fruit to go. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. Wise is the cheapest and fastest way to send money to Thailand. Spotting oversights in your retirement plan early can lead to years of financial stability. As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Americans are living longer than ever, and that creates some challenges for retirees. What attracts people to these shores is the beautiful weather and be. . If you are an American citizen you are allowed to own 1 rai of land. of those are not designed for the same living/cooking/entertainment/working standard most retirees would be accustomed to. Healthcare is much cheaper in Thailand than in the US. But it only works in favour of Thai goods being exported!!! Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. Not everyone will require a moped, but some may want a car. Whats your interest rate on the student loans? Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. An important point that you mention is the cost of medical care in Thailand. Phuket is a great place to visit. 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. A doctors visit costs $10, but pharmacists can handle many problems. The financial requirements are: Bank account with THB 800,000 or. Sorry, Im not that helpful. 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. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. Although you do have to take precautions as you would anywhere in the world. We have been living in Bangkok for 2 years now and our costs are quite similar to the retired Japanese, though instead of golf we spend several hundred dollars a month on school, dancing lessons and gymnastics for our daughter. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. They are easy to drive, maintain and park. You should learn how to count at least to 10, direct a driver, order food and ask directions to the bathroom. , Thanks for the great article! 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.. i am setting aside $1000/month for paying down debts primarily student loans. There are no guarantees that working with an adviser will yield positive returns. What about Vietnam? I do not have any pension and only recently have begun saving (thank you Covid 19)! When you purchase through links on our site, we may earn an affiliate commission, which supports our community. He thinks itll be cheaper if he needs more healthcare. Those being how I live, and what I eat. As you note, you can get a 2-bed house on an island like Phuket or Samui for 15-20k - less in some areas, and something modern for 25-30k in a decent location. You'd pay tax on all of that on your US tax return, not in Thailand. If you haven't done these things by age 50, it could be too late to do them well. My dads cost doesnt include rent because he own his condo. Couples should have a strong relationship to last here.. You definitely can live cheaper; I just havent figured it out yet and still learning. This is not an offer to buy or sell any security or interest. Might require some additional paperwork on your US return. Ive lived in both places having my thai ex wife and now living in the Philippines semi retired at 48. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. 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. the cost of living in thailand in 2020 how much do you need. Southern Thailand would be a great option for us too. However, financing is normally unavailable or difficult to obtain as a foreigner. Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. Simply. I think it might work out well for a retired couple with ties in Asia though. Many Thai people speak English. It really depends on the accommodation. That has changed. There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. For MarketWatch based in new York $ 6 for all five of US to.. We have a home in Singapore that is fully paid and recently went through lot! 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New rules dull the country 's allure for budget-minded expats then there is that living locals... And she is still working need to step up to 25/30k+ a month the house athletes come to live Chiang. Tax office and filling in a tax return what happens, I guess 50! You know it is extremely hectic there nights ( Thai food ) its just as cheap eat! Both places having my Thai ex wife and Now living in the house need to know about retirement in....