VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. Healthcare is much cheaper in Thailand than in the US. If you fail to do this, your visa may become void. We are Indian but grew up at California . All you need is a valid passport and a return trip scheduled before you enter the country. try calabria right down southhad an apartment there for 6yrs.quite cheap can buy decent apartment for 70,000 euros.but it became boring. A forum community dedicated to expatriates and enthusiasts. 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? Even if you can file the taxes on your own, everything is in Thai. Which is really encouraging! Thailand is one of the best places for Australians to retire overseas and you won't be alone, there are already a massive number of Australian Expats living in Thailand. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. I havent gone to a bar in ages. Its like being in a sauna all day. My parents own a home in Malaysia that I will inherit at some point, I may still decide to return to Malaysia when the time comes. Most carts are attached to a motorcycle, and many operate from the same spot for decades. Copyright TheThailandLife.com 2023. The existence of a fiduciary duty does not prevent the rise of potential conflicts of interest. Depends on the area. However, the culture shock of living in Thailand can be significant for Americans. Food carts are a way of life in Thailand. But I think the main challenge would be cultural. Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. Canada is also a good option for health care. To see how far your benefit could take you, try this. 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.. 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. She shoveled snow all day yesterday. I would like to take a year or two in retirement and stay in Ecuador or Chile, then another year or two in Spain or Italy. Sorry to hear that! I dont see many retired couples or single women retire here, he says. Other thing I am finding kids here very selfish and they will not look after me or my husband and when we get very old they will toss us in senior home. Consider your health care plans, income sources and tax bracket before making the transition. 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. For many, living expenses may be as low as 40-50k per month. To get a such a visa, you have to be at least 50 years old and pass a criminal background check. Golf $30-$60 depending on the golf course. Ride a bus, a train, and even a ferry. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. I think Indian food is also quite expensive in Thailand. She stole many things from his house, including valuable jewelry and even cash. 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. It really depends on you. I like South America too. I always think 'wonder how long I could last on x amount?' The cost of living is low, as is the cost of healthcare. Anyone considering a move should also make sure to research the Thai culture. Paid monthly or quarterly. I am Thai working in Middle East. 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). 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. Please let me know why i m thinking is correct? The retirement visa is for one year and must be renewed annually. The prices look great. He thinks itll be cheaper if he needs more healthcare. How in the holy hell do you spend $4,000 per month without living at least somewhat extravagantly? How far away to the beach driving? There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. COMMUNICATION: You'll be hard pressed to find a Filipino who cannot converse fluently in English. If you eat local, and live like a local and not an expat, it will be much cheaper. These issues can become a threat to the safety of children. Also, I dont have to deal with any visa problems. Hair cut with shampoo + scalp massage $7 men, $20 women. I think the Thai government prefers short-term visitors. Heres what you need to know about moving to Puerto Rico for retirement. Many of those retired folks live part time in Thailand. Not included in rent. Ah that old chestnut. The rent from your condo (assuming it was paid off by then) would supply more than enough money to live on so you could leave all your other cash invested. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. 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. what country is better for a 62 year old single man to. My wife is Thai and we have been planning for our future in Thailand even since we got married 9 years ago. 90% will never own a car. Good luck with the resort. It all depends on what happens, I guess. That is ridiculous. If you start investing now, youll learn more about investing. Other parts of Thailand that are great places to live are even cheaper, and life can be cheaper yet in other parts of Southeast Asia, he notes. Maybe $6-7/drink. Your email address will not be published. We go out a couple nights a week and always run into friends, he says. Several years ago I wrote a post about living abroad on less than $3000 a month. Well see. This is much less than our current expense of about $4,800/month here in the US. Is it so? It seems like they keep changing it.) Here are a few of the common costs: Retiring in Phuket: Bottom Line Scary things happened to my visibly American friends and it kinda made me very cautious. The city also gets over 10 million visitors in 2019 so they are used to foreigners. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. 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. Read more here: Really interested to hear of your experience and whether you have decided to settle in Thailand. Thai culture is also quite different from U.S. culture. If you plan to travel, even just to visit home, anytime in your first year of residence, you will need to apply for a re-entry permit. Thailand's foreign retirees see their good life slip away, Pattaya has been popular with foreign expats and tourists since American servicemen flocked there during the Vietnam War. Most contracts are for a year, but six-month leases are also common. And then there's expats eating for 100 Baht a day and staying in a 4k a month condo. Spotting oversights in your retirement plan early can lead to years of financial stability. Its a great way to explore and get to know other parts of the world. I have to complete an irish tax return for 2021. and said return require people who are non resident land lords to submit their earnings and employment reference numbers for the country they are living in. 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. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. I love Italy. A really good, informative website - thank you. Its clouding their judgement. Yeah, the education isnt good enough so the families dont have the incentive to move there. I do not have any pension and only recently have begun saving (thank you Covid 19)! In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. Fixed. 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. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. I've used one for 4 years. $2,200 is pretty good. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. 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. How do these things compare in Thailand or other locations?. 55 Vs 35. I like the modern life. My dad love seafood and thats expensive anywhere. And, like you, were also waiting for that big mega-thrust earthquake! Only downside for me is that I find the heat/humidity a bit testing. I have been to Thailand many times, and I plan on retiring there very soon in the next few years (I will be in my 50s by then). Perhaps when medicare kicks in so I dont have to worry about medical cost as much. Kindly break down your monthly budget and how many people it supports. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Basically it comes down to a couple main factors: 1. Ill have to visit again. 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. I have not research much yet how that would work for taxes though. Might require some additional paperwork on your US return. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. Here's how that person could spend that amount each month. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. Health insurance is still a big question here. 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 ). Thai people can go to the public hospital, but the wait is very long. Unless you become Thai you wont be able to live like a Thai. No problem. In the beginning stages of dating in Thailand, you will often encounter many red or green flags from the investigation. This is always nice to know as a single man living in Thailand. As always, some will say it's high and others will say it's low. After he married, he couldnt get a U.S. visa for his wife to meet family, and theyve only been able to meet her on Zoom. Couples should have a strong relationship to last here.. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. Monthly income of at least THB 65,000 or. Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. So, even if married to a Thai you cannot own land. ), the people, the infrastructure and healthcare!!! Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). I plan to travel and live in Chiang Mai, Pattaya, Phuket but not BKK for sure (6 long years there feeling like sardine in can) then I would see where to settle down. 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. If you haven't done these things by age 50, it could be too late to do them well. #2: Get rid of ghosts. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. You need to answer that first. Healthcare is the big X factor. Returning to the same vendor again and again is a great way to make a local friend. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. One week trip to the beach $300. The grocery and restaurant cost seems a bit high, even comparing with US standards. Skype would help a lot there too. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. This is why I always recommend to people to put boots on the ground and search out accommodation. I think it makes perfect sense to retire somewhere thats more affordable. 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.. + Find a Job And then there's traveling back to home now again. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. I think these comments hold some weight in a debate of historical context, but I don't think that's the whole picture. Have a Thai bank account with at least 800,000 baht (about $24,500), Have a monthly income or pension of at least 65,000 baht (about $2,000), Have a combination of the previous options, if they bring your total funds to at least 800,000 baht ($24,500), Before you decide where youd like to spend your retirement, you need to make sure your financial plan can provide the income you need in retirement. I get a lot of requests for recommendations on services related to living in Thailand. Bowen spends $1,800 a year for what he describes as a bare-bones policy that will cover about $15,000 in expenses, or what he says is enough to cover a major health problem at a public hospital. Just fun.. A visit to the dentist that includes a cleaning and cavity filling is less than $30. In the meantime we are preparing to sell our home in the US and find an apartment for the next year until I can finish up the project. Imported liquor is about 50% more than what I would pay in the US IF I COULD STILL DRINK (interferes with my meds), I am generally there during the wet season, so room prices are lower. And almost 100% will never take the effort to learn the language of their adopted home!!! Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. You can rent in some parts of the country for as little as 6,000 baht ($190) per month, but accommodation that tends to appeal to American retirees generally starts at around 10,000 baht ($318) per month. My taste is very simple too. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. Having travelled throughout Asia as both a professional, and a tourist, I understand the value between living on company time, and living on my own dime. The cost of living is low,which means you can stretch your retirement savingsfurther. Moving overseas is in our family plan. The location makes a huge difference. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. 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. Bowen says he arrived without a visa and now has to let Thailands immigration office know every 90 days, either online or in person, that he is still there. Lawmakers consider plan to raise Social Securitys full retirement age to 70, Why a change of scenery can be life-changing in retirement. Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) I would love to have 70,000 Baht ($2,333) for retirement in Thailand. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. I enjoyed my three trips back there in the 80 and 90s. 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. Just eating out. Place we could use the money we are saving to travel a lot more. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. $3,000 per month seems to be top spending there for complete luxury. We havent been there for over 10 years. 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. It would be nice to get away once in a while, but I dont think Id like living in a secluded spot for long. I guess it all depends on which country I can make my dollar stretch the most. A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. Savings aren't static, even though it might seem that way if the money is just sitting in an account. The perfect retirement lifestyle. Yeah, the food bill is a bit out of whack. Lots of people lost power, a big branch broke off our neighbors tree and almost hit our house, our gutter froze and our basement is wet, our car needed to be move, and lots more. The Most Important Ages for Retirement Planning: Age 50, The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . My dad is picky about some stuff so thats why his cost is pretty high comparing to locals. NET. There are lots of reasons why you may want to retire in Thailand. Probably have to cut back a little while were in the expensive countries. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. Id be curious what US expats pay monthly for living expenses including healthcare. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. I guess my tastes must be more on the simple side! 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