Once in Thailand, open a Thai bank account and deposit 800,000 Baht. Consider your health care plans, income sources and tax bracket before making the transition. I get a lot of requests for recommendations on services related to living in Thailand. If you dont go looking for trouble, you wouldnt even notice it. They are cheap to own and operate. Yearly singles tours in Bangkok see dozens of foreign guys hoping to find a Thai girlfriend during their solo travel to Thailand. entities, such as banks, credit card issuers or travel companies. Those with kids also have schooling to consider. Sorry, Im not that helpful. 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. It is free to get started & easy to use. Living cost was much cheaper than BKK, Pattaya and Phuket. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. Jim Barnash is a Certified Financial Planner with more than four decades of experience. No problem. That combined with many Americans slim vacation days also means visitors are infrequent. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. I might spend more once I get used to the social life here. All you need is a valid passport and a return trip scheduled before you enter the country. It will be a very easy transition for me. Are you a Thai citizen/dual citizen? I think anywhere in central city would work because Chiang Mai is not that big. For about 80 cents, you get a bag full of fresh and healthy fruit to go. I guess, it depends on where you live in Thailand. Nikkei Inc. No reproduction without permission. The following countries all work out cheaper than Thailand for retirees: Singapore is very expensive at $946,993, as is Hong Kong at $871,578. My dad said Thai products are cheaper in Thailand, but they export the best quality products. Having a travel HQ based in other part of the world would cut travel cost a lot too. No, I dont feel guilty. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. Thats cheap. For a better experience, please enable JavaScript in your browser before proceeding. The cheapest country to retire in is Pakistan: $182,018. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. , 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. Thanks for sharing about Chiang Mai. Leo is planning to move back to the US because he has Medicare benefits there. The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. She stole many things from his house, including valuable jewelry and even cash. I might have to drop by and say hi when were over there. The research was based on the following lifestyle for 1 person: a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). 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. There was basic Thai health insurance available for maybe 5000 7000B/ month in May 2016 but their brochures are cryptic to understand (and that is being KIND). Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. Chiang Mai is the largest and most culturally significant city in northern Thailand. I think people need to stop looking at pictures of beautiful Thai beaches. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. Here are some reasons why I want to live in Chiang Mai for a few years. #1: Never live alone. 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. Ill have to add up my yots for a monthly figure! I looked into it a bit more and its best for foreigners to get an international health insurance policy. Anyway, I would love to live in Chiang Mai for a few years. 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. I guess they have pensions and dont mind spending it to have a more luxurious retirement. The myth that Thai girls love us partly because they don't like Thai men is just that - a myth. Many foreign retirees could come to Thailand and live a pretty good life. VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. Did I miss anything? A really good, informative website - thank you. 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. There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. They are here for an extended visit so I thought Id take this opportunity to pick their brains on how much it costs to live there. Okay, thats my updated numbers for one person. Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. Several years ago I wrote a post about living abroad on less than $3000 a month. Basically it comes down to a couple main factors: 1. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). 2023 Retire by 40 For $25 you could even. Kindly break down your monthly budget and how many people it supports. 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. Also, we do not eat at home..ever. It's very helpful. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. Ive saved it for later! 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. 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. Did you ask me to buy you a coffee? If only we were able to take more time off! I like South America too. It seems like they keep changing it.) Nothing is free. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living in Thailand is roughly 40% lower than the average cost of living in the U.S. Why dont you just rent? + Get Health Insurance Comparative assessments and other editorial opinions are those of U.S. News Cheers. Ask our Retirement expert. 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. Take your reading anywhere with offline reading functions, Never miss a story with breaking news alerts. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. Right okay. 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. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Nice article. Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. Buying a Condo: 9 Questions Before You Decide, 8. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! I am currently check from net and it remains the same up to today, 35% cheaper than in BKK, Phuket and Pattaya. In recent years, the Thai government made it more difficult to stay in Thailand for a long period. He has opted out of Medicare and no longer pays premiums. Its landlocked though right? Also, the other tax issue is US taxes. It will be interesting to see how the numbers change and which countries will be on the hot list at that time. Most surgery costs 30% to 40% less than in western countries. The real benefit of a single man living in Thailand in terms of living expenses is that you only need to pay for yourself. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. A more likely scenario is having the equivalent in pension payouts over the 14-year period. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. I first wrote this post in 2013 when I came to see my parent. If you start investing now, youll learn more about investing. This is awesome! 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. Ive been living & traveling in Thailand for 14 years. Cheap hotels in Chiang Mai with daily room servicing are around $80 USD per week. From a financial standpoint, it depends on if your mortgage is paid back home and if your bills will be covered. Ended up landing a gig in Japan starting this month so will have a good chance to visit varied countries during the balance of this year and next including Thailand. There are more relaxing spots in Thailand too. 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. These issues can become a threat to the safety of children. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. Individuals moving to Thailand from the U.S. may suffer a bit of culture shock. From past over 20 years we visited Bangkok and other places every year twice . Touching base again. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. Its possible to do this in Thailand or at a consulate in your home country. I doubt if I am entitled to any kind of pension from the UK despite always working since 16 and 5 years in the Army. Very little snow except at elevation of course. What matters the most is that living like locals is cheaper, but might be difficult at first. Spotting oversights in your retirement plan early can lead to years of financial stability. I use it and so do many of my readers. It takes 24 hours of flying to get home. Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. 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