Thinking About Retirement in Thailand? Better Have 1.6 Million Baht in the Bank.

[NCC1701A]

Lets say you are 65 years old right now. It is very possible for you to live 20 more years. 

 

Thai immigration in the past ( a long time ago) doubled the cash requirement for your Thai bank account.

 

Do you think it is realistic 20 years will go by without them doubling the amount again?   

 

 

 

[Pilotman]

I think that is very conservative for a 65 year old.  I would suggest that the person should have access to liquid funds of around 5 million Baht, not necessarily all in a Thai bank, before thinking of leaving their home country to retire in LOS. In mitigation, this could be a combination of cash and regular, guaranteed, income over, say 3 to 4 years.   

[55Jay]

I think it is realistic to expect an escalation in the amount threshold at some point in the future. 

 

Seem to recall folks on TVF saying existing retirees here were grandfathered when the amounts were increased before, a long time ago.  

 

I would counsel anyone moving here full-time, to keep a surplus of cash onshore for contingencies as well as Immigration financial requirements. 

[Kwasaki]

Get married. 

[KittenKong]

36 minutes ago, NCC1701A said:

Thai immigration in the past ( a long time ago) doubled the cash requirement for your Thai bank account.

They did. And anyone who was already on a retirement extension at the lower rate was allowed to continue it at that lower rate.

 

I see no reason why they should not do the same next time.

[PatOngo]

27 minutes ago, KittenKong said:

They did. And anyone who was already on a retirement extension at the lower rate was allowed to continue it at that lower rate.

 

I see no reason why they should not do the same next time.

I think their greed and xenophobia may prove you wrong in time.

[ubonjoe]

1 hour ago, NCC1701A said:

Do you think it is realistic 20 years will go by without them doubling the amount again?   

 

Actually the increases to the 800k baht number that started in 2003 was over a period of time.

As far as I know it went from 200k baht to 500k baht and was at 600k baht in 2003 when they increased it to 800k baht.

All the changes then were due to the devaluation of the baht starting in 1997.

So calling it a doubling of the amount is not correct.

[JayBird]

Or....

Buy some bonds at 3% over 20 years and you'll be fine.

It sounds like normal inflation.

You should be more worried about cost of living increasing if you are living on savings that has no growth

[mauGR1]

1 hour ago, Kwasaki said:

Get married. 

That seems a bit harsh to me

[overherebc]

2 minutes ago, mauGR1 said:

That seems a bit harsh to me

Yep. Receiving mental torture should not be required.

[kannot]

1 hour ago, Kwasaki said:

Get married. 

what ! again............i mean  her Sisters  ok but...........

[stanleycoin]

1 hour ago, Kwasaki said:

Get married. 

You should get a 4 week ban for that, outrageous.  

[Henryford]

You need 1.6 million NOW. 800k in the bank that you can't touch and at least another 800k for "emergencies".

[wgdanson]

4 minutes ago, Henryford said:

You need 1.6 million NOW. 800k in the bank that you can't touch and at least another 800k for "emergencies".

65k per month plus Health insurance.

 

[Odysseus123]

2 hours ago, Pilotman said:

I think that is very conservative for a 65 year old.  I would suggest that the person should have access to liquid funds of around 5 million Baht, not necessarily all in a Thai bank, before thinking of leaving their home country to retire in LOS. In mitigation, this could be a combination of cash and regular, guaranteed, income over, say 3 to 4 years.   

Very good post.

 

I read the OP and instantly though 5 million..

Then I doubled it..

And no I think I need to double it again (just to be on the safe aside..)

[BertM]

Not enough to live on, but enough for future immigration regs, maybe.

[BritManToo]

2 hours ago, NCC1701A said:

Lets say you are 65 years old right now. It is very possible for you to live 20 more years. 

63 ...... doubt I've got another five (not sure I even want another five).

Most of my pals died way before 70, Dave2 was the only guy I know made 70 in Thailand.

[Odysseus123]

7 minutes ago, Henryford said:

You need 1.6 million NOW. 800k in the bank that you can't touch and at least another 800k for "emergencies".

If you do not have health insurance than you need 3-5 million in the bank.

 

If you have an extensive list of exclusions or are over 65-70 then you need to go home.

 

And no..I am not being harsh on anyone..that is what I had to do.

[Kwasaki]

5 minutes ago, wgdanson said:

65k per month plus Health insurance.

 

Not if you marry a Thai that works for the government.

[wgdanson]

3 minutes ago, Kwasaki said:

Not if you marry a Thai that works for the government.

Which government is that please? 

[Kwasaki]

14 minutes ago, wgdanson said:

Which government is that please? 

You know what I mean in Thailand whether it's run by Army or political party a wife working in government office regions is beneficial.

[Jim P]

I saw a similar debate on a forum recently. This guy was asking how much he needed to retire to Thailand, he didn`t really give enough detail, ie age, investments etc to make any reasonable calculation. But lots were telling him I live on 40k, 50k etc I tried to point out that what they were living on now was completely irrelevant to a retiree and the income he will need in 20 years. You need growth in your income or a very large sum of cash to draw down on if your retiring. The possibility of increasing financial demands to maintain your visa and health care being two of the main expenses.

 

[watcharacters]

23 minutes ago, Kwasaki said:

More than enough if your married to one.

 

 

IF you like a good portion of austerity that is.

[ocddave]

2 minutes ago, bkk6060 said:

So, what is your minimal point?

 

I know several government workers their salaries increase pretty quickly especially with promotions and higher degrees of education.

RTP even more so female and males.

And, the guys I know married to them get free medical care at government facilities.  Maybe not the greatest, but sure better then nothing.....

Yes, my wife works in a government hospital, so my daughter and I are covered under her policy. She has a PHD, which means her pay is considerably higher than the average quoted by Skallywag above. However, I prefer to use Yahnee International Hospital when I can, less traffic, and they treat you like a king for fairly cheap prices compared to the US.

[metisdead]

A post containing a link to Bangkok Post has been removed as well as the replies:

 

26) The Bangkok Post and Phuketwan do not allow quotes from their news articles or other material to appear on Thaivisa.com. Neither do they allow links to their publications. Posts from members containing quotes from or links to Bangkok Post or Phuketwan publications will be deleted from the forum.

[DrJack54]

Another hypothetical post pretty much about nothing. Maybe tact it onto "future compulsory health insurance".... 2 pages already. Hells bells.....

[RJRS1301]

1 hour ago, Henryford said:

)You need 1.6 million NOW. 800k in the bank that you can't touch and at least another 800k for "emergencies".

Got all that, and (considerably more)but the problem of opening a Thai bank account without a 12 mnth lease is proving difficult. (have 6 month lease, as I wanted flexibility to move+  Income of 60, 000 bht per month from pension.

I was not informed when granted visa that funds had to be held in Thai Bank, do not feel comfortable transferring funds into a Thai account with all the changes, and have been caught before when a regime change occurred elsewhere and accounts for foreigners seized, and not ever returned

.

 

 

[RJRS1301]

1 hour ago, Odysseus123 said:

If you do not have health insurance than you need 3-5 million in the bank.

 

If you have an extensive list of exclusions or are over 65-70 then you need to go home.

 

And no..I am not being harsh on anyone..that is what I had to do.

Health insurance costs over 70 become quite costly and need to be factored into living costs, expecially for the unmarried

[sammieuk1]

3 hours ago, 55Jay said:

I think it is realistic to expect an escalation in the amount threshold at some point in the future. 

 

Seem to recall folks on TVF saying existing retirees here were grandfathered when the amounts were increased before, a long time ago.  

 

I would counsel anyone moving here full-time, to keep a surplus of cash onshore for contingencies as well as Immigration financial requirements. 

I also would counsel anyone moving here full-time to fly on bye????

[Kwasaki]

2 hours ago, watcharacters said:

If you like a good portion of austerity that is.

Not at all her wage just makes budgeting a breeze.