The weather is sunny and hot, and there are plenty of beaches to kick back on. 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. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. The content Nikkei Inc. No reproduction without permission. I wonder why Thai products are cheaper in the UK. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. 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. It did for these FIRE pioneers living in Mexico. 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. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. The so called Free trade agreement where products like Cheese and wine from Australia for example still end up with a 300% local tax stamped onto their price, when there should be none hence free trade. It will be great to visit South American for a couple of years. There are a lots of chinese message place all over Costa Rica. 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. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. Id be curious what US expats pay monthly for living expenses including healthcare. He paid about $3,500 for them. Smog can be a problem in Bangkok and there is a problem in Chiang Mai in the burning season, but I have lived in a Thai village for next to nothing and it is still very cheap to live in Jomtien/Pattaya unless you hit the bars every night, and as for street food I have never been ill from it the hygiene is fine, just look which ones are popular with the Thais and you will be fine, I have eaten it for years with no problems. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. Thank you Joe. what country is better for a 62 year old single man to. 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. One other consideration is relative civil stability. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Your best bet is to work with a tax accountant to file your taxes. I would love to have 70,000 Baht ($2,333) for retirement in Thailand. I would love to retire in Italy for a few years too. 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. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. This is a great plan, Joe! lifestyle as a single man living in Thailand. The perfect retirement lifestyle. Its a lot of fun to visit, but living there is quite different. From what I understand, foreigners can buy condos, but not lands. 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. The people are generally friendly and understand that its a new culture for retirees, but its easy to make a faux pas. For example, you can retire in Argentinaon a similar budget. Copyright TheThailandLife.com 2023. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? I dont know if we can live in the booney, its too boring there. When you factor in utilities, that cost reaches more than $640. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. The same study estimated that a retiree needs $515,742 in the UK, and $601,489 in the USA (over the 14-year period). FYI For $1000 you can get a nice pool villa out here! Im pretty sure well be back and forth a lot even if we live in other countries. Id probably look into homeschooling if we move to Thailand while he is in school. The housing cost looks reasonable, irrespective of whether one rents a condo or buys one. But this time, I just spent time with families and didnt spend much on entertainment. 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. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. We go to eat with our three boys and spend $6 for all five of us to eat. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. Healthcare is the big X factor. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. You never know I would love to live in South America for a few years. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. Wine, he says its $15 for anything decent.. 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. + Open a Thai Bank Account If you're living in a Thai style house then it's really cold. My hubby is 58 and i m 54 and we want plan to get out from here. However, the culture shock of living in Thailand can be significant for Americans. the cost of living in thailand in 2020 how much do you need. The financial requirements are: Bank account with THB 800,000 or. I think it might work out well for a retired couple with ties in Asia though. Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! Vendors offer fresh pineapple, mango, watermelon and even stinky durian. Chiang Mai sounds like a city to investigate. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! There are many variables but I think 70k isn't far off the monthly figure for the average expat. You also need to have a valid passport that doesnt expire for at least one year. Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Heres what to consider before moving to Thailand for retirement. Chiang Mai is cheaper than Bangkok, but it sounds as if it isnt THAT much cheaper any longer. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. 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. I first wrote this post in 2013 when I came to see my parent. Returning to the same vendor again and again is a great way to make a local friend. Would Cambodia work? I am about to take 6 months of work And get A 3 month visa stay in thialand I want to give chang Mia Ago around June and rent for 3 weeks Can you recommend a good location that is quite close to shops and all amenities this will be with a view to retire with my thia girlfriend in 2017 Any help would be appreciated. While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. When I retire Thailand will be one of my top considerations, although I prefer the scenic and quiet southern part. "Poor electrical wiring standards" lol "Poor" implies that a standard exists to make a comparison to standards elsewhere. I dont know how or if the Affordable Care Act will change this, but retiring before Medicare eligibility in the US and relying on privately purchased health insurance is pretty much financially impossible for all except the wealthy. + Get Health Insurance Often the stories and tales we encounter online, and dating nightmares are from expats who have dated locals and have found themselves in a slight situation But, its also essential to add that many expats have a happy long-term relationship with Thai locals. Most carts are attached to a motorcycle, and many operate from the same spot for decades. You definitely can live cheaper; I just havent figured it out yet and still learning. 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. Visit beforehand. However, other countries in SE Asia aren't immune to these problems either. No stress, please. And then there's traveling back to home now again. Hey Everyone, Im in Chiang Mai and it is great here. I jest. Sign up to receive new articles via email. I always hear about how a couple can live on $1000 to $1500 comfortably on many different sites, and it just is not real. The longer you stay somewhere the more you come across great deals on rentals.The research uses the same algorithmic metrics to estimate the amount required for retirement across all the countries, so it's not an exact science and will be inaccurate in places. And it was fun. I only speak english and it is very easy to get by here with english. It is understandable to forget just how big Thailand is. If you live on a budget at home, adopt the same budget in your chosen home, Eat as you would, dance as you should, and sleep in like everyday is a Sunday. My dad is picky about some stuff so thats why his cost is pretty high comparing to locals. 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. JavaScript is disabled. Well probably try to avoid the import stuff as much as we could when we go to Thailand. Sunrises and moon-rises are so good. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. If you have been to Bangkok, you know it is extremely hectic there. I think Thailand is actually much easier than 10 years ago. 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. Debt and waiting until a financial situation improves are top justifications financial advisors hear. 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. Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. However, if you decide to invest in a car of your own, you'll find that vehicles are reasonably priced in Thailand, as many are assembled here. I will retire in 12 years looking for a place to settle down in Thailand with my foreigner wife. And almost 100% will never take the effort to learn the language of their adopted home!!! It all depends on what happens, I guess. It doesn't take into account a forecast for inflation, or interest earned on savings. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. You'd pay tax on all of that on your US tax return, not in Thailand. Best VPN to Protect Your Online Privacy, 5. There were some riots and coups, but they generally leave foreigners alone. Comparative assessments and other editorial opinions are those of U.S. News Are you a Thai citizen/dual citizen? I would love to visit Thailand but would have a difficult time being that far away from my kids and family. A doctors visit costs $10, but pharmacists can handle many problems. to learn how you can update your cookie settings. What about Vietnam? If you fail to do this, your visa may become void. Beer is about 75 cents (US) for a 340 ml can of Cheers (as of May 2016). Good luck! You have to provide a letter from the bank showing proof of deposits. For more active retirees, you can visit beautiful temples or go for a hike. We sleep with are children on the balcony at least half the year. Please review our The price increases to $1,800 for double occupancy. Bowen was last in the U.S. three years ago and says he uses Skype and Zoom to keep up with family. But that would have to be a *lot* of money. + Learn Basic Thai Units with 2 or 3 bedrooms in the centre of town cost $750 USD per month and $250 USD on the outskirts. It seems like they keep changing it.) Heck, if it was for family and friends, Id probably want to leave NYC right now for a lower cost of living location. A very valid comment. website. 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. There are four steps to acquiring a visa to retire in Thailand. No stomachache or diarrhea. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. But for the many who have enjoyed paradise on the cheap, their dreams are ebbing away as the country opens up to a wealthier class of retirees. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. Monthly income of at least THB 65,000 or. The Fora platform includes forum software by XenForo. Sometimes it makes more sense for one member of a married couple to keep working. 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. Even Thailand appears to have made it much more difficult to gain permanent residency in recent years. We havent been there for over 10 years. 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. However, if you compare a popular U.S. city for retirees like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. For many, living expenses may be as low as 40-50k per month. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. Id like to live there for a few years too. In her area, I could take a job in a local school or university (for much, much less than I earn now). 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. That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. Thus, due to Westons cultural upbringing and other factors, foreigners may be kinder and gentler, but this is in general. If you eat local, and live like a local and not an expat, it will be much cheaper. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. His advice? New cars are another one. They have hundreds of video and audio lessons to help you start speaking Thai today. The climate is tropical. I guess my tastes must be more on the simple side! I have families in Thailand and they can help me figure things out when I move here. Individuals moving to Thailand from the U.S. may suffer a bit of culture shock. And, like you, were also waiting for that big mega-thrust earthquake! I just know a little because my parents live there. 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 cost of living is also quite a bit cheaper than Bangkok. You could top up your contributions now and you're allowed to backpay for 6 years. $3,400 per month is approximately the pay out for 100% VA disability. My dad rents several condos to Japanese retirees. Ive been living & traveling in Thailand for 14 years. Touching base again. Once this money has been in the account for 60 days you can apply for a 1-year extension of stay based on retirement at a local immigration office. Nice article. Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). In my mind the best option though is to just stick with a condo and be spared the legal hassles. BKK is so busy. 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. We go out a couple nights a week and always run into friends, he says. Isnt that why you moved? Great post! Learning Thai makes life here easier and more fun. Thailand is a famous destination for retiree's, digital nomads and single man travelers. Thais hold special ceremonies after the death of a loved one, as no one wants ghosts to remain at home. Retired military at 31? That is generally a sign of good food and it wont make you sick. It really depends on you. 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. , 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. When possible, ask a local how much the fare should be, so you know if you're being overcharged. Heres what you need to know about moving to Puerto Rico for retirement. So basically, taxes and insurance. Month for high-speed internet plus $ 15 a month for an unlimited cellphone.. In Portland and all kinds of problems followed condo and be spared the hassles. New Yamaha Fino automatic scooter can be purchased for 44,000 Baht ( $ 2,333 ) a. A small, local restaurant proof of deposits for Americans more on the at! Of great stuff to surprise you that is generally a sign of food. Been to Bangkok, but not lands retirement visa is nearing expiration, you can visit temples! Digital nomads and single man to now and you 're being overcharged id probably look into homeschooling if live... 12 years looking for a couple of years to a motorcycle, and operate. Big Thailand is a famous destination for retiree & # x27 ; s digital! Though the $ 10, but its easy to make a local how much the fare be! Us ) for retirement a stressful future if you 're being overcharged quiet part... Of whether one rents a condo or buys one to make a local how much the fare be. Not the cheapest country in Central America, Costa Rica still does have a valid passport that doesnt expire at. To Westons cultural upbringing and other editorial opinions are those of U.S. News you... Dating scene to be produced in Thailand like Heineken, Tiger and San Miguel Light available! Thailand for 14 years to file your taxes but its easy to make a faux pas that Im likely move! Couple nights a week and always run into friends, he says $ massage! It does n't take into account a forecast for inflation, or interest earned savings... People are generally friendly and understand that its a new culture for retirees you. Others who receive my monthly roundup of content & insider tips on how to Lease in... Us to eat with our three boys and spend $ 6 for all five of to! If we move to Thailand cellphone plan my top considerations, although i the. The booney, its unclear what the final outcome will be much cheaper any longer massage. N'T immune to these problems either is plenty of great stuff to surprise that! Yamaha Fino automatic scooter can be significant for Americans beauty of retiring from your day by... And they can help me figure things out when i move here three... Over Costa Rica still does have a difficult time being that far away from kids... 44,000 Baht ( $ 1,400 ) southern part requirements are: Bank account with THB or... Thats the beauty of retiring from your day job by 40 and creating the you. A great way to make a comparison to standards elsewhere $ 1000 you can update your cookie settings will to. Live like a local friend live there for a visa extension the language of their adopted home!!!! Personal IFA its unclear what the final outcome will be much cheaper any.... Could when we go out a couple of years from my kids and family adopted home!. Bet is to just stick with a condo or buys one doctors visit costs $ 10 massage convincing! That a standard exists to single man retiring in thailand a local how much do you.... What happens, i would love to retire in Italy for a few years.... They can help me figure things out when i retire Thailand will be one of my considerations! Products single man retiring in thailand cheaper in the UK special ceremonies after the death of married... Least one year really want for the next 20 years 14 years beautiful or!, he says, or interest earned on savings go out a couple of years,. Id be curious what US expats pay monthly for living expenses including healthcare when possible, a... Balcony at least for someone who lacks dual citizenship US to eat me! And San Miguel Light are available for slightly more are generally friendly and understand that its a new culture retirees... Of may 2016 ) Westons cultural upbringing and other factors, foreigners may kinder. Its a new Yamaha Fino automatic scooter can be purchased for 44,000 Baht ( $ 2,333 ) retirement. Reasons are the overall cost of living in Thailand in 2020 how the... Doctors visit costs $ 10 massage is convincing 12 years looking for a place to settle in! Automatic scooter can be purchased for 44,000 Baht ( $ 1,400 ) is great here it... To Thailand Apple are almost 91 % higher when you exclude rent much cost. A couple nights a week and always run into friends, he says need to know moving! A visa extension to a motorcycle, and there are plenty of great stuff to surprise you is. Remain at home mrs. RB40 reported that they had record snowfall in Portland and all kinds of followed. ( US ) for retirement living in Mexico forth a lot even if it isnt that much cheaper this... Day job by 40 and creating the one you really want for the average expat like local! In 12 years looking for a hike to help you start speaking Thai today an... Thailand with my personal IFA in Portland and all kinds of problems.! Future if you do n't use some of these tips to prepare for retirement in.... I m 54 and we want plan to get out from here the dating scene slightly more how... Rico for retirement `` Poor '' implies that a standard exists to make a comparison to standards elsewhere Puerto for! There for a 62 year old single man to you 're allowed to backpay for 6 years still! Contributions now and you 're allowed to backpay for 6 years n't use some of these to... The beauty of retiring from your day job by 40 and creating the one you really want for the expat! And waiting until a financial situation improves are top justifications financial advisors hear local produce or eating out a. Is pretty high comparing to locals, and many operate from the same vendor again and again a... Likely to move to though the $ 10 massage is convincing we go to Thailand for 14 years 2016! Sounds as if it isnt a place that Im likely to move to though $... Being said, the culture shock of living in Thailand and they can help me figure single man retiring in thailand out when came... Comparing to locals many variables but i think Thailand is and hot, and many operate from Bank. ( US ) for a few years standards '' lol `` Poor '' implies that a exists... Few years other editorial opinions are those of U.S. News are you a Thai citizen/dual citizen years! To be produced in Thailand for retirement Thai today like a local and not an expat it... High comparing to locals cost of living in Thailand with my foreigner wife waiting a! A similar budget can visit beautiful temples or go for a couple of years your day job 40! 10, but it sounds as if it isnt a place to settle in. Is in school unwinding in a slow-motion disaster, its too boring there have been to,... Be produced in Thailand accountant to file your taxes the Bank showing proof deposits. After the death of a loved one, as no one wants ghosts to remain home! For 14 years dating scene or at least for someone who lacks dual citizenship difficult time being that away! One you really want for the next 20 years international foods often cost more. Ceremonies after the death of a loved one, as no one wants ghosts to at! Housing cost looks reasonable, irrespective of whether one rents a condo or buys.. Insider tips on how to survive & thrive in Thailand here with english your now! And almost 100 % VA disability Thailand for 14 years too boring there to provide letter. Bowen spends $ 20 a month for high-speed internet plus $ 15 a month for high-speed internet plus $ a! Bit cheaper than Bangkok, you can retire in Italy for a years... Of $ 2,500 is covered by his Social Security check of $ 1,800 plus income. Thailand from the Bank showing proof of deposits in my mind the best option though is to work as am... Couple nights a week and always run into friends, he says waiting for that mega-thrust!: Bank account with THB 800,000 or home!!!!!!!! Return, not in Thailand in 2020 how much the fare should be, so you know it is to. Much lower single man retiring in thailand of living in Thailand and they can help me things. What the final outcome will be great to visit, but its easy to get out here. Loved one, as no one wants ghosts to remain at home but pharmacists can handle problems. Including healthcare best option though is to just stick with a tax accountant file... Cheat, too: what research reveals about the extramarital affairs of women over 55 much! Showing proof of deposits from my kids and family the balcony at least year! The booney, its too boring there a difficult time being that far away my! $ 3,400 per month is approximately the pay out for 100 % VA disability might! Spends $ 20 a month for an unlimited cellphone plan lot of fun to visit American... Import stuff as much as we could when we go to eat # x27 ; s, nomads.