I have a friend ( Australian) about to retire to Thailand ( Phuket), 

he has turned 60 and is eligible for his Superannuation.

/ retirement funds.

 

He will receive approx , roughly around 11 to 12 million baht at todays rates.

he has to wait until 67 to access the Govt pension scheme 

 

Questionif your retired , what age did yiu retire? 

How much in thai baht did you retire

 

has it lasted a long time

 

gg&

 

 

 

 

 

You better advise him he will have to return to Australia at 65 for 2 years

to get his OAP.

 

Retired here at 45.

 

 

Retired here aged 43.

15 years ago.

With nowhere near enough funds.

Still here.

If the monthly income is good, the lump sum just sits there and doesn't get eaten up. Subject, of course, to infection by the wannarunabusiness, propertymogul and lurve viruses.

8 minutes ago, thaiguzzi said:

Retired here aged 43.

15 years ago.

With nowhere near enough funds.

Still here.

but now you are only 58 years old !    I think a few of us would like to move back the clock ten years or so.

You are lucky.  TIME is money !   I have been here better part of 30 years ( with a break to go back to

earn a few more dollars).   

We may have "retired" early.........but i opted for a lifestyle over working 30 years to come here an old man.

 no regrets. 

42  and enough

regards worgeordie

If that is his only savings/income then 11.5 million baht is barely enough. Will he spend several million to buy a property? If not you need say 1 million a year to live on. By his early 70s it will be gone. It is possible but he will have to budget carefully. I retired at 51 and the money goes quicker than you think.

2 hours ago, Will27 said:

You better advise him he will have to return to Australia at 65 for 2 years

to get his OAP.

 

Retired here at 45.

 

 

Better for him to go back to Oz before 65 and prove his residency otherwise he will not get the pension. It will depend on how long he has been paying taxes there. I know of people that went back, went on the dole until they got the pension and were sweet.

2 hours ago, georgegeorgia said:

he has to wait until 67 to access the Govt pension scheme 

Not sure what you by the above pension scheme, you mean old age pension? if so, very rarely old age pension given to people in Thailand as Australia and Thailand doesn't have reciprocal arrangements regarding OAP...

I retired here at 63 with about that amount of money but income around 600,000 baht. He will need to be very frugal if he has little other income as my budget was 800,000 per year with cheap rent and eating Thai food. Have now spent 5M baht on house and land so the income has gone down as well as the aud/baht exchange rate. That leaves maybe 10 years money left, so at 60 yo it is not enough without other income.

I would love to see the entries of the guys who thought they would retire and who thought they had enough money but then they found out that was not the case.

 

I know a couple of guys who thought they saved enough and they wanted to live from the interest - it didn't work out that way.

And then there was this about 65 year old guy at the pool table and I asked him what he does for a living. He told me a few months ago he thought he retired. And then the stock market crashed...

 

Personally I still work and I will do that for the foreseeable future. I like my work, playing with computers.

Going through this I can't help thinking about some other threads on income letters and compulsory health insurance. The more i read the more I can understand that the Thai authorities are getting restless about a large group foreigner who have put themselves in a potentially difficult situation.

As far as I am concerned I came at 62, when eligible for a full pension of about 2.7M a year with about 15M, half of which has be spent on a nice house. I also have a "no limit" health coverage for me and my elder daughter. And all this doesn't make feel like I and my family were 100% safe.

Retired here at 54 years of age, two years ago, on a US Navy military pension (24 years). I will receive additional pensions when I turn 62 years of age. Currently plenty to live a very comfortable lifestyle in rural Thailand. We also bought our house (wife's house), and a truck (my truck) with cash. Our monthly bills here are about 2000 baht for electricity ($63 USD), 700 baht for internet ($22 USD), and 200 baht for water ($6 USD), fuel for the truck varies but is less than $100 USD per month, and about 6000 baht ($188 USD for health insurance). No debt, life is good.

47 minutes ago, GreasyFingers said:

Better for him to go back to Oz before 65 and prove his residency otherwise he will not get the pension. It will depend on how long he has been paying taxes there. I know of people that went back, went on the dole until they got the pension and were sweet.

He doesn't qualify until he's 67 so going back at 65 would be perfect.

48 minutes ago, ezzra said:

Not sure what you by the above pension scheme, you mean old age pension? if so, very rarely old age pension given to people in Thailand as Australia and Thailand doesn't have reciprocal arrangements regarding OAP...

There are loads of Aussies living in Thailand getting the Old Age Pension.

 

Once you qualify, you can get portability.

1 hour ago, worgeordie said:

42  and enough

regards worgeordie

 

 

If it was “enough” then, it is unlikely to be enough now with exchange rate factors.

Some of you guys are not giving your financial status when you retired , please give out the financial details too as well as your age when retired.

 

and is there still much left after your retirement?

3 hours ago, georgegeorgia said:

Questionif your retired , what age did yiu retire? 

I retired at age 45 with quite a lot of money and a big house.

My wife divorced me at 52, so I no longer had a big house and only 50% the money.

Then the Thai baht got strong and I only have 40% of the money.

2 hours ago, SheungWan said:

If the monthly income is good, the lump sum just sits there and doesn't get eaten up. Subject, of course, to infection by the wannarunabusiness, propertymogul and lurve viruses.

 

 

Capital can be temporary (I have seen many Farangs lose their stack), income is permanent.

 

With sufficient income you retain independence.

11 minutes ago, Ahab said:

Retired here at 54 years of age, two years ago, on a US Navy military pension (24 years). I will receive additional pensions when I turn 62 years of age. Currently plenty to live a very comfortable lifestyle in rural Thailand. We also bought our house (wife's house), and a truck (my truck) with cash. Our monthly bills here are about 2000 baht for electricity ($63 USD), 700 baht for internet ($22 USD), and 200 baht for water ($6 USD), fuel for the truck varies but is less than $100 USD per month, and about 6000 baht ($188 USD for health insurance). No debt, life is good.

I guess a lot of you from the USA are lucky with your Govt paying military pensions and other Pensions after 20 years Service.

 

38 minutes ago, Jip99 said:

 

 

If it was “enough” then, it is unlikely to be enough now with exchange rate factors.

Well its 31 years here,and have more than I started with,and about 70 % in THB,

so i think it will still be enough.

regards worgeordie

42 minutes ago, georgegeorgia said:

Some of you guys are not giving your financial status when you retired , please give out the financial details too as well as your age when retired.

 

and is there still much left after your retirement?

What bank account numbers and balances,property,anything else ?

regards Worgeordie

I retired at 58 with two million US dollars in cash in the bank.

 

I worked for 40 years. I lost so much money in the stock market and the 2008 housing crash I had to walk away from a house in Hawaii. I went to all cash after that and stayed there.

 

And I receive $1971 from the US government every month to help covertly continue US involvement in Pattaya by helping to win the local female populations hearts and minds. At today's exchange rate that is 770,734.48 baht a year for boom boom. 

 

It is a dirty job but someone has to do it.  

 

 

6 hours ago, georgegeorgia said:

I guess a lot of you from the USA are lucky with your Govt paying military pensions and other Pensions after 20 years Service.

 

Aussies are even luckier if they served in Vietnam, declared PTSD and retired very comfortably.

Retired at 60, moved here at 65 with an aged and super pension  and about 15 mil baht in the bank. Now living comfortably enough.

Retired here at 60.  Almost 20 years ago.  Have more now than when I got her, so I'm satisfied.  The key factor was putting my money in a Thai bank 20 years ago.????

6 hours ago, worgeordie said:

Well its 31 years here,and have more than I started with,and about 70 % in THB,

so i think it will still be enough.

regards worgeordie

 

 

So your income (forget capital) has been higher than your expenditure for 31 years +/- exchange rate factors since 1987.

1 hour ago, giddyup said:

Aussies are even luckier if they served in Vietnam, declared PTSD and retired very comfortably.

Doubt PTSD considered lucky except by the #@$%^ type people. 

41 and none of your business. ????

retired at age 46 with more than enough income from investments. that was 29 years, 1 month and 23 days ago. using nowadays ~26% of my income to cover all living expenses.