Poll: People over 50, do you have enough money for retirement?

[Skeptic7]

6 hours ago, joecoolfrog said:

I have comfortably enough for retirement providing I dont live past 72.

Another base jumper without wings or 'chute when that time comes...

[Skeptic7]

On 9/18/2017 at 5:41 PM, inThailand said:

Based on TV posters huge concern over fags and booze prices, the answer to the OP's question seems to be a resounding No.

Funny...but au contraire really. Those frugal, with high regard and respect for money usually have it. 

[inThailand]

1 hour ago, Skeptic7 said:

Funny...but au contraire really. Those frugal, with high regard and respect for money usually have it. 

So true!

 

Correction... replace huge concern with huge panic

[JimHuaHin]

So the median, thus far, is 'up to $700,000".

[Elkski]

You should toss out the 10 million guys to do an average.   They may be honest answer but they don't reflect average western man who didn't win the lottery. 

[Jingthing]

52 minutes ago, Elkski said:

You should toss out the 10 million guys to do an average.   They may be honest answer but they don't reflect average western man who didn't win the lottery. 

Actually, I think you'd get a much more accurate average picture eliminating every vote starting at a million.

 

 

[Elkski]

Why toss out 1 million?   

Better survey question would be ;

 

How much in assets do you think a person needs to retire in Thailand? Assume 60, with living till 92,  healthy, non smoker, light drinker, 1 beer per day,  with health insurance, some travel, happy with low cost Thai food or cooking at home.  

Variant A,  needs budget for rental companionship. 

Variant B will have longer term gf or wife. 

 

 

Just simple math tells us 32 years at 75,000 baht/mo is872,727$usd.    That doesn't include any inflation or anything.  So a retiree with less than 1 million is in trouble if they are 60 or younger.   

 

But of course we need to add in pension or SS income streams.  But no telling what that will be. 

 

Like someone said we should compare Present Value of all assets and projected income streams.  

 

Edited September 20, 2017 by Elkski

[Jingthing]

I would throw out the million and over based on the evidence that I posted that only 1 in 20 Americans have a million or over in asset. So I'm assuming globally that ratio is even less. Which means the results here, full of lies or not, is almost definitely not really representative. Actually, massively unrepresentative.

Edited September 20, 2017 by Jingthing

[Jingthing]

 A U.S. thing and I know some country's nationals are better off and some worse, but paraphrasing something I heard on the news yesterday.

The average government pension (social security) check in the U.S. is only 1300 dollars a month, about 85 of current workers have no other pension, and most people aren't saving very much in their retirement accounts.

Not really surprising, but still, wow. 

I know many people say, no worries, I won't ever retire. Yeah that works only if you've got your own successful business or somebody willing to employ you at age 80.

Good luck!

Edited September 20, 2017 by Jingthing

[Elkski]

I would actually expect more millionaire people than the average in farang home country.  I mean you don't leave all your family and ability to work to retire in Thailand unless you think your set for the duration.  If SS is 1300 and let's say you want 2600$ USD each month (85,000 baht). For 32 years that's 500,000 in assets needed in addition to SS.  

I also think there may be a lot of guys on the  lower end of the spectrum.  

Let's say a guy is 55 he may want to wait till 62 or65 to start his SS.  So 7 -10 years of 2000-3000 USD will be quite a bit needed in the short term. 

Edited September 21, 2017 by Elkski

[steven100]

I'm thinking of moving to Zimbabwe  .....   I'm a multi millionaire there.

[hawker9000]

15 hours ago, Elkski said:

You should toss out the 10 million guys to do an average.   They may be honest answer but they don't reflect average western man who didn't win the lottery. 

Why?  It's a survey.   Whatever you think the reason for someone's wealth is, I don't see why where the money's from is at all relevant.   I get that you think that skews the results in computing an average, but why so?  You'd be throwing out 1 in 20 people who voted, which is statistically fairly significant and actually one of the larger groups (although 173 doesn't seem like an overwhelmingly large sampling).   Frankly, I don't think $10M is all that much for many professionals.  And in some places it's pretty easy to have several millions just in home equity.

 

My idea would've been to have TWO survey questions.  This one, and then a 2nd one asking something like "How much do you think is necessary for a westerner to retire comfortably in Thailand?"

 

 

[George FmplesdaCosteedback]

17 hours ago, steven100 said:

I'm thinking of moving to Zimbabwe  .....   I'm a multi millionaire there.

Vietnam is nearer and most likely nicer, you can get a million dong at the ATM...

 

 

Edited September 21, 2017 by George FmplesdaCosteedback

[The manic]

The issue is income. We are obliged to have a minimum Income of aprx 60k baht per month. I think mine is nearer to 75 to 90k a month.

[Jingthing]

10 minutes ago, The manic said:

The issue is income. We are obliged to have a minimum Income of aprx 60k baht per month. I think mine is nearer to 75 to 90k a month.

This thread really isn't about Thailand retirement extension requirements. That's covered on hundreds of other threads.

That said, the minimum income requirement for the O-A visa and retirement extensions is exactly:

 

ZERO baht

[Ruffian Dick]

28 minutes ago, Jingthing said:

This thread really isn't about Thailand retirement extension requirements. That's covered on hundreds of other threads.

That said, the minimum income requirement for the O-A visa and retirement extensions is exactly:

 

ZERO baht

Possible "The Manic" means that having cash in a bank is one thing, another thing is having income, say rent from a property or a pension....

[The manic]

30 minutes ago, Jingthing said:

This thread really isn't about Thailand retirement extension requirements. That's covered on hundreds of other threads.

That said, the minimum income requirement for the O-A visa and retirement extensions is exactly:

 

ZERO baht

Ah. Next time I renew my visa at the IO I'll tell them I have no money and see how it pans out. Thanks for the advice. I think more people should be informed of the good news.

Edited September 21, 2017 by The manic

[Jingthing]

1 hour ago, The manic said:

Ah. Next time I renew my visa at the IO I'll tell them I have no money and see how it pans out. Thanks for the advice. I think more people should be informed of the good news.

I didn't say no money. I said zero baht required of INCOME. That's a FACT, Jack. 

[swissie]

Of course this poll can not be representative. The segment of "less than zero" is under-represented.

Think of all the guys that are so broke, they can't even pay attention.

In order to read posts and compose a reply, one has to be able to pay attention.
Cheers.

[thaibeachlovers]

On ‎9‎/‎19‎/‎2017 at 1:58 PM, natway09 said:

Pretty silly poll,,, if you ask me

I'd have answered if it were a yes or no poll based on having enough or not to stay.

Someone living in a 50 million baht penthouse will have different monetary needs to one happy to live in the village on 5,000 baht a month.

[George FmplesdaCosteedback]

Some are getting confused with this. The retirement extension rules seem to be the parameters.

Money in the Thai bank to cover the rules do not require income, or you need proof of income to cover the deficit. If you don't yet get a pension and have an income from investments it is not always possible to get it verified as it varies from month to month, year to year.

As a good post said, it depends on the lifestyle you want: Luxury or the simple life.

Lots of people want to escape from the rat race but have lots of capital. Money is better invested in secure things, and there is little security for house or condo buyers here. Tying up millions of baht in property or a visa in Thailand gives no return.

 

It is a silly poll. I didn't answer.

Comments are interesting though.

 

 

 

[pauleddy]

The GB embassy never argue if you show the bank statements and pension book.  I hear that some people move money around their banks 3-4 months prior. So it always looks like more than 65k over the past few months..... some nationalities, incl USA, only need to "swear" what they own/have. Is this true?? OMG. 

[Skeptic7]

39 minutes ago, pauleddy said:

The GB embassy never argue if you show the bank statements and pension book.  I hear that some people move money around their banks 3-4 months prior. So it always looks like more than 65k over the past few months..... some nationalities, incl USA, only need to "swear" what they own/have. Is this true?? OMG. 

Yes...but we don't "swear" anything. No superstitious book, no raising of right hand.. or left. We just fill out the proof of income form...the Notary reads it and asks if all is true and correct? Say "yes" and sign. The Notary signs and stamps it...and done. E-Z! 

[Elkski]

I'm not sure about retirement in Thailand.  The more time I spend on TV the more doubts I have. But I am  up for a longer stay to look.  I'm from USA, 57. I was thinking I would need to park the 800,000 in the bank because until I turn on SS I will be drawing down from cash and or investments if rental income is not enough. Can I just claim  rental income or my intent to draw down things to meet the requirement?   And then if I spend less or find a rich lady friend would I be ok in the future if I don't bring in the requirement each month??

I should post this in the visa section.  

Edited October 5, 2017 by Elkski

[Jingthing]

54 minutes ago, Elkski said:

...

I should post this in the visa section.  

Yes, you should, and all your questions easily answer there.

[Skeptic7]

9 hours ago, Elkski said:

I'm not sure about retirement in Thailand.  The more time I spend on TV the more doubts I have. But I am  up for a longer stay to look.  I'm from USA, 57. I was thinking I would need to park the 800,000 in the bank because until I turn on SS I will be drawing down from cash and or investments if rental income is not enough. Can I just claim  rental income or my intent to draw down things to meet the requirement?   And then if I spend less or find a rich lady friend would I be ok in the future if I don't bring in the requirement each month??

I should post this in the visa section.  

Unless this has changed, the requirement is pension or other income from home country of at least B65,000/mo. OR a combination of the two...Thai bank acct and income from home country...totalling B800,000.

[Gruff]

I set myself a minimum target of a combination of annual income and capital before i took the decision to retire at the age of 55. I am all for investing for the future when young but when you retire renting makes a lot of sense, both financially and creating a 'hassle free life. In this respect i will sell my property in London and rent for the future. This enables me to work out how much i will have to live on depending, of course, on what age i die. Annual income in the form of private and gov. pensions of course becomes a very important feature if you live to a fine old age. Possible health issues aside i think it is most likely that you will tend to spend less as you age. I reckon that US $ 65 per day would allow you to lead a reasonable (but quite simple life) in most countries in the world. The cheaper the country the more you can treat yourself.

 

Apologies if i sound pedantic but i would have thought you also need a 'dying age' to understand your real net worth. If i live until 90 i will receive another US$520,00 in pensions alone, is that part of my net worth? Maybe this explains some of the over 1 million answers.

 

Don't see why you have had so much grief on this OP, seems a reasonable topic to me.

 

What is very evident to me (partcularly in Pattaya) is that the busiest places are  the cheapest beer bars. Suggests to me that a lot of folk don't have a great net worth.

[totally thaied up]

I am under a Family Trust for health reasons with a pension. I don't get to choose anything from this list. lol!!!!!

[oldhippy]

On 18/09/2017 at 10:43 PM, Jingthing said:

Perhaps.

Of course, this poll doesn't touch on INCOME at all. Only assets expressed in net worth, value of all assets minus debt.

Your question sounds very american.....

Europeans do not (or not mainly) rely on assets for their retirement, since they have guaranteed pensions.

[Jingthing]

33 minutes ago, oldhippy said:

Your question sounds very american.....

Europeans do not (or not mainly) rely on assets for their retirement, since they have guaranteed pensions.

Very American?
Surely, I'll never live that down.