Is money important to you now you have retired

[georgegeorgia]

Now that you have retired and some of you are on lower incomes than when you were working , are you now more frugal and watching your money more ?

 

OR are you living it up ? Spending the kids inheritance.

 

I know some of you especially in the last few years have retired with bigger retirement incomes than the retirees gone by so are you still watching your money or you dont care anymore.

 

one thing im scared off is my lifestyle going down when one day I retire .

 

Has the strong thai baht affected your lifestyle and you have had to budget more?

Ironically i find the richer people much more penny pinching .

 

A few years ago  ( 2010) i had a workmate retire to Thailand ( Phuket)

25 years in the same job he finally pulled the plug and at 60 retired to Thailand.

 

Kevin never ever had such a big amount of cash in his life until he retired and accessed his Retirement Super of close to $300,000.

 

By 2014 he was back in Australia driving a Cab at night to survive , he had blown it all , girlfriends family parties, a wedding , mother in laws house renovations etc 

Now 68yo he is now a bus driver doing school runs in the afternoon putting up with rowdy kids .

 

Do you do a monthly budget ? Is money going to last you to live your lifestyle?

I often wonder the farangs i see throwing money away in tips beer etc how they will survive once they retire in Thailand.

 

At least one member of a couple needs to be financially savvy , its no use both of you not caring about  money , because if you retire at 60 it has to last unless of course your lucky to retire with a few million .

 

I know theres a difference between the 2 week tourists and the retired expat so budgeting has to be one thing to learn as a retired expat.

 

I write everything down i spend in Thailand, however the Thai baht has made many things now more expensive so budgeting to survive is a must regardless if you have a big retirement income.

 

 

 

 

 

 

Edited January 31, 2019 by georgegeorgia

[indepth]

will it never stop.

[lipflipper]

Regardless of your money situation here in Thailand you should always keep an eye on your spending. Bill Gates rich or poor as a pauper should not make a difference. I count myself very lucky as I am well off and can enjoy doing what I want here in Chiang Mai but I still try to keep a budget, albeit a liberal one as things come up. Only a foolish person spends their money willy nilly like.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app

[from the home of CC]

I guess if you knew your death date planning life would be so much easier..

[HLover]

I find oxygen to be worth more than money.

[VocalNeal]

8 minutes ago, from the home of CC said:

I guess if you knew your death date planning life would be so much easier..

 

Yep. Planned euthanasia. What would you say? 80? 

 

But then again we have to get sick and crap in diapers so the medical industry can relive us of all the money we accumulated?

[HAKAPALITA]

17 minutes ago, lipflipper said:

Regardless of your money situation here in Thailand you should always keep an eye on your spending. Bill Gates rich or poor as a pauper should not make a difference. I count myself very lucky as I am well off and can enjoy doing what I want here in Chiang Mai but I still try to keep a budget, albeit a liberal one as things come up. Only a foolish person spends their money willy nilly like.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app
 

What is there to do in C.M. that needs much money. I spent mine at the Red Lion.

[from the home of CC]

4 minutes ago, VocalNeal said:

 

Yep. Planned euthanasia. What would you say? 80? 

 

But then again we have to get sick and crap in diapers so the medical industry can relive us of all the money we accumulated?

Told the wife years ago that if I start heading down that road of infirmity I'll be pulling my own plug. Watched both parents suffer before death and I'm just too much of a coward to go through it myself.

[NCC1701A]

45 minutes ago, georgegeorgia said:

OR are you living it up ?

my monthly boom boom budget is $1000 USD.

[steve73]

In my mid 40's I had a great job that enabled me to live (almost) like a proverbial king...  After I divorced (and my older brother died at a fairly young age), my priorities changed.  I worked to save so that I could retire early... At the same time I discovered Thailand, and realized that you could live reasonably comfortably at a much lower cost than in the west, and with substantially better weather.

 

Within a few years I had decided to retire, and made the permanent move here.  Now, still below 60, I have a small private pension, but am carefully living off my investments. My state pension does not kick-in for another 8 years, and even then my pensions income will be much less than what Thailand deems I should spend, so careful planning of my investments will still be necessary to ensure a comfortable future. 

 

I have adequate emergency funds to provide for some health problems, although no one knows when their time is up.  It would be good to be able to time ones expiry as the last satang gets used up.  I'm planning on another 30 years or so, or until I start dribbling incoherently and uncontrollably, although I could have a ball if I thought there were only 10 years left... 

[BritManToo]

54 minutes ago, georgegeorgia said:

Do you do a monthly budget ? Is money going to last you to live your lifestyle?

I often wonder the farangs i see throwing money away in tips beer etc how they will survive once they retire in Thailand.

I have a pension, so every month I get more money.

If the worst happens, I'll be hungry for a week or two, then more money arrives.

 

Living with capital only causes many people problems, but monthly pensions are great.

I still manage 4 really wild SEA holidays a year.

Edited January 31, 2019 by BritManToo

[baansgr]

Stay away from Thais and your money will last a lifetime. Feel sorry for guys whos pensions have almost halved yet their tirak still demands the same amount every month to send to the jungle. Thailand is dirt cheap  to live on a healthy diet with enough to enjoy luxeries...factor in a MIL, step kids, expensive shampoo and saloon visits for a tirak that dosnt work and its soon gone

[j8k]

I am on a healthy(ish) budget of AUD $5000 a month. I'd be a pauper back in Aus, but here in the LOS I can live like a king. I still manage to shore pros so don't even have that expense ????

 

People living here on $1000 are paupers. You need to sort your shit out as LOS will only become more expensive, what with the influx of chinky and indian $$

[BritManToo]

1 minute ago, j8k said:

People living here on $1000 are paupers. You need to sort your shit out as LOS will only become more expensive, what with the influx of chinky and indian $$

Not sure someone getting 2x the Thai minimum wage can be called a pauper.

Without hookers, I can easily live well on that.

[Kwasaki]

1 hour ago, georgegeorgia said:

however the Thai baht has made many things now more expensive so budgeting to survive

Some things will always increase in price, the Thai baht hasn't made things more expensive for an expat exchange rates have.

 

Just live to your single or joint baht income when retiring having planned living costs at the baht at it's lowest exchange rate.

[wgdanson]

1 hour ago, georgegeorgia said:

Do you do a monthly budget ? Is money going to last you to live your lifestyle?

I often wonder the farangs i see throwing money away in tips beer etc how they will survive once they retire in Thailand.

 

At least one member of a couple needs to be financially savvy , its no use both of you not caring about  money , because if you retire at 60 it has to last unless of course your lucky to retire with a few million .

 

I know theres a difference between the 2 week tourists and the retired expat so budgeting has to be one thing to learn as a retired expat.

 

I write everything down i spend in Thailand, however the Thai baht has made many things now more expensive so budgeting to survive is a must regardless if you have a big retirement income.

Answers. Yes. I am the savvy one. Been there and done it, now settled. Fill in an Excel every day.

 

1 hour ago, from the home of CC said:

I guess if you knew your death date planning life would be so much easier..

You CAN plan it. 

[Mavideol]

It's a matter of organization and watch out for the unnecessary expenses, stay away from the bars. Keep some on the side for the unexpected emergencies so you don't have to cry the blues when they Happen and not be forced into the GO FUND ME option. I play it safe with always having a back up option, but overall it all depends on the person's frugalness

[wgdanson]

24 minutes ago, baansgr said:

Stay away from Thais and your money will last a lifetime. Feel sorry for guys whos pensions have almost halved yet their tirak still demands the same amount every month to send to the jungle. Thailand is dirt cheap  to live on a healthy diet with enough to enjoy luxeries...factor in a MIL, step kids, expensive shampoo and saloon visits for a tirak that dosnt work and its soon gone

That all depends on how much you actually have every month, and, in my case, I live with tirak in the jungle in my nice big house. Step daughter will look after me after she graduates if my pension does not cover all expenses. Mrs goes to salon 4 times a year, I go more often ! 

[wgdanson]

7 minutes ago, Mavideol said:

It's a matter of organization and watch out for the unnecessary expenses, stay away from the bars. Keep some on the side for the unexpected emergencies so you don't have to cry the blues when they Happen and not be forced into the GO FUND ME option. I play it safe with always having a back up option, but overall it all depends on the person's frugalness

Not particularly frugalness, but being careful, never spend more than comes in. And of course, Health Insurance.

[xylophone]

9 minutes ago, Mavideol said:

I play it safe with always having a back up option, but overall it all depends on the person's frugalness

Yes, that is certainly one aspect to take into consideration, being frugal, however for me it was about understanding the cost of living here and how much I would need to live the life I wanted to lead, so I set a monetary figure that I would need to achieve before actually making the move to Thailand, and when I made that figure, I made that move.

 

Luckily enough that "planning" has stood me in good stead and although both part-pensions from the UK and NZ have decreased quite markedly, I wasn't fully relying on them, they were just the icing on the cake, so to speak.

 

Of course money is important to me, as I want to stay here for the rest of my life, and also want to be able to leave something behind for my daughter here and also for my nieces and nephews overseas.

 

Having said that, I don't scrimp on anything and shocking as it may sound, my annual wine bill alone comes to about 150,000 baht, but then again I always knew that this was going to be something I would need to consider and build into my budget, so I did.

 

Funnily enough, I was out last night with friends and one of them was saying how expensive Thailand was as we were eating a meal, and my reply was that sure everything goes up because of inflation and poor exchange rates, but in my opinion, being able to eat a main course meal in a restaurant here for around NZ $12 is cheap. Whereas my friend was disputing that, but he was basing his comments on the fact that he has lived in Thailand for some time, so naturally feels the increase, whereas I haven't lived here as long and I can still compare prices with my home country, and in general I am ok with them here.

 

So, planning how much one will need, knowing what the cost of living is in the particular country and knowing one's spending habits are important so that they can be controlled if necessary. 

 

Retiring means the salary has stopped, so income has to come from elsewhere, and that can put pressure on if the investments are not performing, and if one makes "silly decisions" with regards to funding houses up north, farms and taking care of sick buffaloes as well as entering into harebrained schemes, then money becomes even more important, and how.

[abrahamzvi]

2 hours ago, lipflipper said:

Regardless of your money situation here in Thailand you should always keep an eye on your spending. Bill Gates rich or poor as a pauper should not make a difference. I count myself very lucky as I am well off and can enjoy doing what I want here in Chiang Mai but I still try to keep a budget, albeit a liberal one as things come up. Only a foolish person spends their money willy nilly like.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app
 

Well said. Join the club!!

[BritManToo]

1 hour ago, wgdanson said:

Not particularly frugalness, but being careful, never spend more than comes in. And of course, Health Insurance.

I agree with all apart from health insurance, I accept my death will happen, and probably soon.

[BritManToo]

42 minutes ago, xylophone said:

being able to eat a main course meal in a restaurant here for around NZ $12 is cheap.

I'm happy enough with a phad Thai for 40bht.

Sometimes I share a fish with my gf, 120bht.

Why pay more?

Edited January 31, 2019 by BritManToo

[Mavideol]

1 minute ago, BritManToo said:

I agree with all apart from health insurance, I accept my death will happen, and probably soon.

are you tired of living. is life not worth fighting for it? even with pains and aches  we have to keep going and enjoy each day as if it was the last one... keep going, don't give up

[BritManToo]

Just now, Mavideol said:

are you tired of living. is life not worth fighting for it? even with pains and aches  we have to keep going and enjoy each day as if it was the last one... keep going, don't give up

I admit, I am tired of living.

Death would be a welcome change from betrayal and disappointment.

[marcusarelus]

Wife is 40 and wants to travel before I get too old to stay by myself.  I agree and it gives me a vacation while she is gone.  She has family in Europe, Australia and Japan.  So I think those will be her next 3 stops.  I'll help her pay for the trips.  I've been everywhere and have no desire to travel anymore.  Budget no problem as I'm not a big spender and wife is cheapskate.  NY I bought her 10,000 baht worth of fill dirt for a property she is developing.  I may buy a new gaming computer that I can see the insides of and do some more VR stuff.  I'm getting into movies with surround sound now and it's adding a new dimension to my entertainment.  I walk every day for exercise and to say hi to friends and women I've never had.  Since my x wives got rid of me I don't have any money problems.  They were wonderful women all but boyo did they cause stress and money worries.  Now I'm retired and have everything I want and want nothing I don't have. 

[wwest5829]

Working on the 2018 tax recogning for Uncle Sam. All figures not in yet but the plan has been to live on the 65,000 baht a month. Getting shaky this past year as I needed to replace the laptop and iPhone...gulp. If I can hold the line, the Sons get the retirement funds. End of the year Trump dip will make the comparison with last year look anemic (fortunately, looks like a bit of a recovery).

[nausea]

Money is only important when you don't have it. When you have enough for your everyday needs it means nothing. Maslow's hierarchy of needs and all that. Met enough unhappy rich people in my time. As a retiree, I'd say having enough put aside to cover possible emergencies is important. Living on the edge is all very well, and good for a young man, but he has time to recover if he falls off the edge, we don't. Knut Hamsun's Hunger and Dostoevsky's Crime and Punishment illustrate how poverty, for a young man, can be an illuminating experience; not so much for us oldies. 

[fxe1200]

If you do not have money, there is no money to worry about.

[murraynz]

somebody said-'spending the kids inheritence'.... i seriously object to that attitude--this is 2019..i hope not too many of you retirees are saving your money for the next generation ..

i taught my kids to create their own investments-early in life--they have done so---live great lives....

my pension is small, but i have good income from commercial property,  selling more houses over next few yrs...most will go to a charitable trust in nz -when im gone..

[looking after sick kids}...

i still live to a budget, but each year increasing my spending.... i dont think the money is much good to me in my eighties---i like being a butterfly in thailand... im generous with the girls but  not stupid....

im soo glad that i dont have to scrimp in my retirement yrs----but of course i have made many sacrifices in 40 previous yrs , to achieve that ...

once again---we reap what we sow......of course there is the odd exceptions, due to illness etc---

many men use their divorces, as an excuse for having very little in retirement yrs.. thats a feeble excuse...