Retire, to Chiang Mai!

[VIPinLanna]

Thinking of retiring to Chiang Mai early. Am I financially ready? Chiang Mai condo  bought basic spend 10,000 baht per month including basic food. Sure I can do 6000 if economizing. My place here has been rented out for 5 years and needs to be redecorated with new due to damage and powerful odor of cigarettes. Some Chinese liked the room so much they even took the shower head! Every one says no smoking most do and treated my furniture and appliances like <deleted>. Will never rent out again it is not worth it. My assets around USD 1.3 Mil most in 401k (USD400k liquid) and I cant do withdrawals without penalty for about 5 more years. US Social security at 62-70. No pension. Yard Sale. Hard to estimate but would sell everything. Have some "toys", and equipment I will flog off on eBay. Own condo in US small cash positive if rented out will probably refinance soon. Backup Plan 1: Cant get Thai visas, Vietnam. Backup plan 2: Health issues, return to live in US. Backup plan 3: Spend down in cheap room, perhaps Pattaya Flying Club. I really thought I should pay off the condo maybe work 5 more years but cant hardly bear it anymore, Hard to deal with the crazy people and politics, guns. I think it is turning into the real third world. In Thailand I would like to study Thai  maybe get my Masters degree. Also study about investing my assets so I don' have to draw down my nest egg.  I have been here 10 days this time on vacation and don't want to go back. Not fun anymore.

 

[chingmai331]

You gotta be 50 yrs old, i think you qualify.  400K US$ plenty ample. You should have a bank account if CM condo owner. Dump in to that account 810K Thai baht, then open new account with only that cash. 

You can hire cheap help to scrub the walls and paint the condo. If you live in own condo then go cheap on furniture, appls, etc. Clean up loose ends in USA, move here on tourist stamp, wait and get extension, wait and get Non-O Visa, wait and get One Year Retirement stamp. 

A year from now you can be on easy street, chatting up the girls without the threat of guns and trump.

[BritManToo]

Don't do it.

We have the worst air in the world from February to March.

And the most corrupt immigration office in the country.

Not to mention police stops around the moat and superhighway every day looking for bribes.

Edited September 18, 2019 by BritManToo

[Vacuum]

1 hour ago, BritManToo said:

Don't do it.

We have the worst air in the world from February to March.

And the most corrupt immigration office in the country.

Not to mention police stops around the moat and superhighway every day looking for bribes.

I call BS. If you have all the proper documents required from Immigration, there's no corruption involved. I've never paid 1 baht in corruption money.

 

Same with the police stops, just keep a valid DL and tax sticker on your vecicle, and you'll have no problems.

 

Agree with the bad air though.

[tabarin]

1 hour ago, BritManToo said:

Don't do it.

We have the worst air in the world from February to March.

And the most corrupt immigration office in the country.

Not to mention police stops around the moat and superhighway every day looking for bribes.

Make it end of January until May instead. Would say CM is only nice for the high season (winter weather makes it heavenly), not all year around anymore.

Edited September 18, 2019 by tabarin

[sfokevin]

Given your financial position (No 65k/month or 800k bank) your Backup Plan 1 seems to be the most likely scenario...

Edited September 18, 2019 by sfokevin

[moontang]

2 hours ago, tabarin said:

Make it end of January until May instead. Would say CM is only nice for the high season (winter weather makes it heavenly), not all year around anymore.

Jan thru May?  Are you coming specifically for the burn season?  Summer is much better, especially to be a local. 

[sunnyboy2018]

Retire ASAP .Do not wait till you're old. Re think CM in my opinion. Udon Thani or Roi et are better options as is Pattaya. Anyway good luck.

[ThaiPauly]

Air quality ( as already stated) from March to early May (last year),  is absolutely awful.

 

If I could retire all over again it would certainly NOT be in Chiang Mai

 

It just did not seem as bad 15 years ago and probably wasn't?

[sidjameson]

1.3 million.....youre in the wealthiest 5% of the planet and you are not sure you can afford to retire????

[sidjameson]

Oops....i was wrong.

You are in the top .5%

 

 

A new report reveals that there are 2.3 million new millionaires in the world. A new Credit Suisse report finds there are 2.3 million new millionaires in the world, putting the total at 36 million. Collectively, they make up less than 1% of the population but hold as much wealth as 46% of the world.

[Lacessit]

7 hours ago, BritManToo said:

Don't do it.

We have the worst air in the world from February to March.

And the most corrupt immigration office in the country.

Not to mention police stops around the moat and superhighway every day looking for bribes.

Just buy an air purifier for that period, and run the aircon when sleeping.

Never had a problem with Immigration. My 90 day reports and retirement extensions are handled by an agent, 8 years now with nary a glitch.

On the few occasions I have been stopped around the moat, it is by an American farang who works as some kind of volunteer for the police. Checks my licence, off I go. Have never been asked for a bribe, period.

Do you and I live in the same Chiang Mai?

The OP is more than adequately funded to retire here. My only caveats are - leave 80% of his assets in the US. Only put into Thailand what he can afford to lose.

 

 

 

[lexilis]

This guy is better situated than plenty of people retired in CM. More than 1M $US is assets with 400k liquid and 5 years to SS income and the rest of his assets. And he is talking about having to live in a place for 6000 Bt a month? That's ridiculous. He could live well here paying 15-20k for a very comfortable place (or a bit more for even better). Since he is apparently about 60 he could even afford to buy good health insurance which he could maintain. Financially he would not have a problem (if all that is true). In Chiang Mai though? I have been here for many years and if I was in his situation I would look around for a year or so before committing. Spend a couple of weeks (or months) in Hua Hin, maybe Ao Nang or else where in VN, or maybe even South America. CM is OK (and I am basically committed to staying here) but there are definitely increasing problems with Thailand in general. Good luck.

[NCC1701A]

8 hours ago, VIPinLanna said:

Thinking of retiring to Chiang Mai early. Am I financially ready?

i am an American in Thailand almost 6 years and I say yes.

8 hours ago, VIPinLanna said:

My assets around USD 1.3 Mil most in 401k (USD400k liquid) and I cant do withdrawals without penalty for about 5 more years. US Social security at 62-70.

more than enough you can live on $1500-$2000 a month easy. don't forget about inflation, exchange rate and your return to USA plan. Maybe a small house or condo that is paid for.

8 hours ago, VIPinLanna said:

Backup Plan 1: Cant get Thai visas, Vietnam.

good, or both. don't think in absolutes. there is no reason you can't get a Thai visa. Do yourself a big favor and put 800k baht in Bangkok Bank and forget about it. this is for your retirement extension of stay requirments. 

8 hours ago, VIPinLanna said:

Backup plan 2: Health issues, return to live in US.

good. i have health insurance with aetna insurance thailand. get it before you are 60 if you can.

8 hours ago, VIPinLanna said:

I really thought I should pay off the condo maybe work 5 more years but cant hardly bear it anymore, Hard to deal with the crazy people and politics, guns.

all my friends say the same in USA. The last few years before retirement are tough once you have been to Thailand.

 

there are more people carrying guns in Thailand than the USA. That is why everyone is so polite.

8 hours ago, VIPinLanna said:

In Thailand I would like to study Thai 

good. start now.

 

don't listen to negative people on this forum. it is very easy to live in Thailand FOR SOME PEOPLE.

Check out Hua Hin as a base location and then think about traveling to different areas within Thailand.

 

good luck.

 

 

[FolkGuitar]

Chiang Mai is the perfect place to retire. With your money you can live like royalty! Sure, the air is bad for a couple of month. So what? If you hang out with people who smoke, their second-hand smoke is far worse for you. If if really bothers you, get an air purifier for your home, and wear an N95 mask when you go out. The bad air doesn't last forever,

 

We've been here for 18 years. Never had a problem with Immigration. I ride motorcycle every day in the city, get stopped often by police checks, and never had to pay a cent. Just obey the vehicle laws and you never will either. With great hospitals, shopping malls, restaurants, sports venues of all sorts, good music, nice friendly people, and a comfortable choice of living styles, I don't think I'd want to live anywhere else!

 

[Bill97]

FGuitar

Do you write for TAT, hotel association or real estate promotion?

Ok seriously I think the air issue may be heavier but otherwise agree.


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[Suradit69]

10 hours ago, Lacessit said:

 

Do you and I live in the same Chiang Mai?

After reading some posts on TV complaining about this and that, I too wonder if I live in the same Thailand as they do.

 

Some people seem to make things unnecessarily difficult for themselves or else they have personal problems that they blame on Thailand rather than accept responsibility  for the problems they've made for themselves.

[Bill97]

After reading some posts on TV complaining about this and that, I too wonder if I live in the same Thailand as they do.
 
Some people seem to make things unnecessarily difficult for themselves or else they have personal problems that they blame on Thailand rather than accept responsibility  for the problems they've made for themselves.

Not some, a lot, way too many for sure.


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[Presnock]

I have lived in Thailand a total of 25 years, last five in C/M and still like Thailand.  If you meet the retirement requirements do consider coming here but as many say, plan at first to check out the area and other possible areas for at least several months.  There are a multitude of places to retire here depending on what you are interested in.  I also note from many respondents that the air quality during the burning season is horrible and a N95 mask blocking out the 2.5mm particles is a must during that time. In addition for all those who do read this, for the past month the air quality for C/M has been more in the 90's than in the green so I guess it is due to auto exhaust but for anyone with breathing problems it could negatively affect you!

 

[MadMuhammad]

I’m 41 and retired to Pattaya last year. I liquidated everything in Australia, my home amongst them. 

 

I invested a large chunk of cash in my ASX portfolio which has returned 11%p.a. in the last 3 years plus I have around 7 years living costs in cash should the need arise. 

 

I have a budget of 70Kthb a month without touching my capital. That pays for rent (24K. Modern 2 bed condo 100m2), utilities, insurance and registration on 3 bikes and 1 car, groceries, dental, visa etc with approx 1000thb a day for whatever. 

 

I planned for 3 years before relocating, worrying whether it was a good idea, what people would think etc and it’s honestly the best decision I have ever made. 

From the basics you have presented you  look financially sound, just be sure to plan for every eventuality, an for the worst and hope for the best and you’ll never look back. 

 

good luck! 

Edited September 19, 2019 by MadMuhammad

[CMNightRider]

If I were you, I would look at Portugal or even Japan.  Thai Immigration imposes far too many requirements for westerners to live in Thailand.  

 

These people want 800,000 baht deposited in a Thai bank, they require you to check in with Thai Immgration every 90 days, and demand to submit a TM30 form to immigration within 24 hours everytime you return from any trips where you spent the night in another location.  

[Ron jeremy]

39 minutes ago, Presnock said:

I have lived in Thailand a total of 25 years, last five in C/M and still like Thailand.  If you meet the retirement requirements do consider coming here but as many say, plan at first to check out the area and other possible areas for at least several months.  There are a multitude of places to retire here depending on what you are interested in.  I also note from many respondents that the air quality during the burning season is horrible and a N95 mask blocking out the 2.5mm particles is a must during that time. In addition for all those who do read this, for the past month the air quality for C/M has been more in the 90's than in the green so I guess it is due to auto exhaust but for anyone with breathing problems it could negatively affect you!

 

What a lovely place to spend your golden years, walking around with an n95 mask on. 

Have a look around mate, certainly it would be nice to live in a place with clean air?

and udon Thani?????? Really???? I thought Chang Mai was boring.

[BobBKK]

I now live in CM but have been all over the place BKK, Pattaya. CM is not what it was but still the best place in a now miserable Thailand. I stay here and travel Philippines mostly. If I started again and did not have ties here I'd probably retire to Philippines. As I'm here CM is best place in Thailand to settle. You have more than enough cash.

[Captain 776]

Absolutely agree with OP, you will never that cigarette stench out.

Everything has to go, all furniture, mattresses, rugs if u had........anything that can hold that stench.

100% fresh paint including ceiling.

I rented my 2 Condos in Jomtien for 3 years.

I was lucky, I had 2 Thai girls in one that worked in Bank, they kept it very nice and a single Canadian guy in the other, no prob from him either.

[wwest5829]

13 hours ago, sidjameson said:

1.3 million.....youre in the wealthiest 5% of the planet and you are not sure you can afford to retire????

Just curious as to what you are using to determine 1.3M USD puts him in the category (read your correction). Curious for myself.

[Just1Voice]

Been in CM a little over 10 years now. It's not perfect by any means, but then, no where is. Foe me, I can't think of any other city in LOS I would rather be. 

Edited September 19, 2019 by Just1Voice

[LivinLOS]

21 hours ago, Vacuum said:

I call BS. If you have all the proper documents required from Immigration, there's no corruption involved. I've never paid 1 baht in corruption money.

 

Same with the police stops, just keep a valid DL and tax sticker on your vecicle, and you'll have no problems.

 

Agree with the bad air though.

So never got a residence paper for a driving license ?? Or did you wait the month for the free one rather than paying 500b for the 'service'. 

Every kilometer you drive on a badly maintained thai road is tainted with corruption.. Every badly maintained drain belonging to the orbortor.. Every bad driver who bought thier license occupying the road around you. 

How some people are so blind to connect the dots of corruption, claiming from a high horse it doesnt effect them, is laughable. 

[bkk6060]

I would highly recommend it to retire.

The 3 months of bad air use for travel.

BKK is a huge busy city.

Pattaya is big buzz town.

CM has all the rural and modern amenity options for a very good life.

Edited September 19, 2019 by bkk6060

[Vacuum]

12 minutes ago, LivinLOS said:

So never got a residence paper for a driving license ?? Or did you wait the month for the free one rather than paying 500b for the 'service'. 

Every kilometer you drive on a badly maintained thai road is tainted with corruption.. Every badly maintained drain belonging to the orbortor.. Every bad driver who bought thier license occupying the road around you. 

How some people are so blind to connect the dots of corruption, claiming from a high horse it doesnt effect them, is laughable. 

Residence paper: I use the Yellow Book.

 

Badly maintained roads etc: Not specific to CM.

 

Bad drivers around me: Not specific to CM.

 

Don't have a horse.

[Dante99]

46 minutes ago, LivinLOS said:

So never got a residence paper for a driving license ?? Or did you wait the month for the free one rather than paying 500b for the 'service'. 

Every kilometer you drive on a badly maintained thai road is tainted with corruption.. Every badly maintained drain belonging to the orbortor.. Every bad driver who bought thier license occupying the road around you. 

How some people are so blind to connect the dots of corruption, claiming from a high horse it doesnt effect them, is laughable. 

It is nice to have your input as a person from a corruption free country?  Do tell us where you come from to have enjoyed such an experience.