Need Retirement place for 70

[Torrens54]

Don’t be Suckered-in by so called “AGENTS,” who’ll fleece you better than any Bar Girl. Do everything yourself but on the money you mentioned, I think you are MUCH Better off staying where you are.

 

everything is becoming more costly here, the BAHT is over inflated and in general, Thailand is NO LONGER the Welcoming Place it once was.

[Jingthing]

The economic level that would determine "class" in Thai culture and most anywhere would be very variable. If you're talking money only, obviously it would take much less to be in a relatively higher economic class in a provincial city or town. When I spoke before claiming his income could buy an upper middle class quality of life in Latin America, that was of course a gross generalization. It would do nothing of the kind in most of the world class big cities there. But it easily would in many smaller cities and towns. 

Edited September 28, 2019 by Jingthing

[gearbox]

5 minutes ago, Jingthing said:

So let's hear from the OP as to his level of assets (IF ANY) in addition to his low income which alone doesn't even qualify for legally living here! As we haven't heard a peep, I'm gonna go out on a limb and assume he's probably not anywhere near a dollar millionaire.

 

Next … 

At the age of 70 OP still has an option to get a good travel insurance, so he can get an O-A visa from his country without depositing money in a Thai bank. He can stay here without income requirements and the need to self insure. At least until they require mandatory Thai health insurance for O-A holders. This is how I stay here. 

[FritsSikkink]

2 minutes ago, jackdd said:

We are talking about the average. On average they definitely don't make 80k per month.

Don't forget that for example a government teacher who earns 15k per month is a professional with a postgraduate degree.

You talk about upper middle class, they can do things like:

Have a good meal in a fancy restaurant and spend a couple of thousand 

Go on holiday to Europe/Australia/USA

Drive a Merc

Have first class health insurance

Go clubbing for more than a couple of thousand.

Wear fancy clothes

Have a nice watch.

 

Try that on your 42K a month.

 

[Jingthing]

1 minute ago, gearbox said:

At the age of 70 OP still has an option to get a good travel insurance, so he can get an O-A visa from his country without depositing money in a Thai bank. He can stay here without income requirements and the need to self insure. At least until they require mandatory Thai health insurance for O-A holders. This is how I stay here. 

Again you're assuming that he even has the savings needed for that. The stated income alone would not get an O-A visa. If we're going to talk intelligently to that guy about visas he needs to join the thread and explain his fuller financial situation. 

[gearbox]

2 minutes ago, FritsSikkink said:

You talk about upper middle class, they can do things like:

Have a good meal in a fancy restaurant and spend a couple of thousand 

Go on holiday to Europe/Australia/USA

Drive a Merc

Have first class health insurance

Go clubbing for more than a couple of thousand.

Wear fancy clothes

Have a nice watch.

 

Try that on your 42K a month.

 

That's not middle upper class, that's just rich/affluent. You can do this with a primary school education if you make enough money.

[newnative]

   I see we have several still asleep readers today.  500,000 baht a year.  Combination not contamination. 

    500,000 baht a year is small no matter where you are in the World. I think the OP can live better here on a small income than many other places if he can get his visa requirements sorted.  In Pattaya he could rent a small condo in a project with nice facilities for around 8000 baht a month.  Utilities and internet might bring it up to around 10,000 a month for a roof over your head in a nice place to live.  Free pool, free gym and likely a sky lounge or library.  Nice weather year-round.  Cheap transportation to Festival or T21.  Not a bad lifestyle on a tight budget.  

[FritsSikkink]

3 minutes ago, gearbox said:

That's not middle upper class, that's just rich/affluent. You can do this with a primary school education if you make enough money.

That is not rich.

[jackdd]

5 minutes ago, FritsSikkink said:

You talk about upper middle class, they can do things like:

Have a good meal in a fancy restaurant and spend a couple of thousand 

Go on holiday to Europe/Australia/USA

Drive a Merc

Have first class health insurance

Go clubbing for more than a couple of thousand.

Wear fancy clothes

Have a nice watch.

 

Try that on your 42K a month.

 

I think your understanding of upper middle class is wrong.

What you are talking about would be upper class or higher.

[Tony125]

Amazing , 8 pages of info/arguing and the OP has not even been back to comment or answer questions. 

So watkoh in order to help you we need more info as retiring  requirements may differ according to your nationality.  Are you retiring alone, have foreign wife/kids, Thai wife ?  Are you aware of the financial requirements for a retirement visa/extension in Thailand. 

What is your reason to want to retire here and have you been around the different areas of Thailand. you want  vus tosuggest an areabut it depends on your likes/interests finances. I think people can stop posting till we get some of this info from the OP.

[Jingthing]

5 minutes ago, jackdd said:

I think your understanding of upper middle class is wrong.

What you are talking about would be upper class or higher.

Yes it depends on the context of the local economic situation. I think in many places driving a flash new car for example would be seen more as upper class. These labels are ultimately not important. I look at it from a qualify of life POV. What that means is different for different people. For example I don't want to own or drive ANY CAR, much less a flash one, but I do want to be able to easily afford to eat out at decent restaurants most every day.

Edited September 28, 2019 by Jingthing

[Sheryl]

The various budgets people have listed exclude health insurance and health care costs, rather an important omission especially for a 70 year old.

 

You cannot use Medicare abroad so you will need a separate expat policy to cover you in Thailand. At 70,  a good policy will cost between USD $4,000 - $5,000 depending on company and whether a deductible is taken. This will cover only inpatient hospitalization and outpatient cancer care and dialysis; for all other outpatient care and meds etc you have to pay out of pocket, though costs are fairly low. So figure about 170,000 baht a year for medical. That leaves you 320,000 for rent, food, transportation etc. About 26,0000 a month. That is possible to do but it will not be a luxurious lifestyle by any means.

 

If you have significant pre-existing conditions like diabetes etc, you may nto be able to get health insurance at all. In that case you would have to self-insure and for that you need a minimum of 1 million baht if using only government hospitals, 3 if using private, set aside and able to replenish it. this is on top of the 800K you need to have in the bank to qualify for a retirement extension.

 

One alternative would be to come on an O-A visa obtained in the US (also requires the equivalent of 800K baht but the funds do nto have to be brought into Thailand, and no restrictions on spending them once the visa is granted, whereas for retirement extension in-country the total 800K has to be in a Thai bank and there are restrictions on spending it)  and get a travel insurance policy that covers emergency medical care, look for one that will include "acute exacerbations" of pre-existing conditions. You might only be able to get such a policy for 1 year but that buys you some time to see how you like living in Thailand, after that you'd need to get an expat policy.

 

No matter what approach you take you will need, in addition to your stated budget of 500,000 baht a year, a lump sum in savings. Equivalent of 800K baht or more depending on whether you are insurable.

 

in terms of where in Thailand, there are only a limited number of possibilities that don't require owning a car. Bangkok obviously but it is too expensive unless you find a place on the outskirts. Chiang Mai, Hua Hin and Pattaya all possibles. Main disadvantage to CM is very bad air pollution a few months of the year, but on the other hand it is second only to Bangkok in availability of good quality medical care, which is nto so true of the other places mentioned.  Pattaya is rather oriented  to "sexpats", whether that is a plus or minus depends on you.  Hua Hin is a milder version, more mixed range of visitors and expats, but you're a 3-4 hour bus ride from good medical care (everyday things can be treated locally OK, I mean for serious or specialized problems).

[nickmondo]

On 9/27/2019 at 7:39 AM, wgdanson said:

Bht 10,000 a month will not get you very far. Stay where you are.

maths is not your strong point is it?

I suggest you try again.

maybe use a calculator?

[Stocky]

5 minutes ago, nickmondo said:

maths is not your strong point is it?

I suggest you try again.

maybe use a calculator?

And clearly your attention span is limited to reading the first page of the topic. The poor guy has already apologised endlessly. Perhaps you should offer an apology for not taking the time to read the entire thread!

 

21 minutes ago, Sheryl said:

in terms of where in Thailand, there are only a limited number of possibilities that don't require owning a car. Bangkok obviously but it is too expensive unless you find a place on the outskirts. Chiang Mai, Hua Hin and Pattaya all possibles.

Hat Yai is another option, not that expensive down here, good transport and communications, plenty of hospitals, but lacking any significant western expat community.

[Number 6]

1 hour ago, NanLaew said:

So, it all comes back to the dazzlingly cosmopolitan but mostly laid back provincial life style that only Meuang Udon Thani, the unchallenged star of Isaan can offer.

 

International private health care choices at lower prices than the regular Thailand farang traps.

Serviced by 28 daily flights by 4 carriers to/from 6 domestic destinations.

Four daily trains to/from Bangkok.

Less than 1 hour from Laos and a whole other country.

Malls, markets and old-fashioned 'high street' shopping.

Villa Market, Tops and Big C Extra for the imported food fan.

Parks with lakes and walking, jogging, running and cycling trails.

Hotels from 2-star to 5-star.

Guest houses.

Condominiums.

Gated, secure villages.

New build homes from 2.9 m baht and up.

Rental homes from around 6000 baht/m and up.

Recently inaugurated 2-route, cross-town city bus service that includes the airport for just 20 baht flat fare.

Or not.

 

I can barely stomach being in Bangkok this far from the ocean. It's ok for next five years, both of us have good jobs.

 

If I were a retired geezer last place I'd want to be is upcountry.

 

Our flat in Bangkok is less than 6k and it's 625m from MRT. You don't get cheaper up country you just get more.

[The Deerhunter]

On 9/27/2019 at 12:52 PM, CharlieH said:

That's 10k a week !! Not a month (actually 9600)

 

It won't however meet the 65k month income 

But would on a marriage basis , barely.

Agree.  No spending money and no health insurance!    I am 71 and have just returned home to "finish my retirement." 

I had quite a bit more than 500,00 baht a year and I still decided I did not wish to live like that.  Health insurance if you can get it will be at least about 1/4 of your budget.  Lots of companies cut off health insurance at 65.  If you have any heart/diabetes/blood pressure etc you may not get it at all.  Mine was due to be cut off at 80 and my dad lived till over 90 so I lost courage!!!!  

[Jingthing]

40 minutes ago, Sheryl said:

The various budgets people have listed exclude health insurance and health care costs, rather an important omission especially for a 70 year old.

 

You cannot use Medicare abroad so you will need a separate expat policy to cover you in Thailand. At 70,  a good policy will cost between USD $4,000 - $5,000 depending on company and whether a deductible is taken. This will cover only inpatient hospitalization and outpatient cancer care and dialysis; for all other outpatient care and meds etc you have to pay out of pocket, though costs are fairly low. So figure about 170,000 baht a year for medical. That leaves you 320,000 for rent, food, transportation etc. About 26,0000 a month. That is possible to do but it will not be a luxurious lifestyle by any means.

 

If you have significant pre-existing conditions like diabetes etc, you may nto be able to get health insurance at all. In that case you would have to self-insure and for that you need a minimum of 1 million baht if using only government hospitals, 3 if using private, set aside and able to replenish it. this is on top of the 800K you need to have in the bank to qualify for a retirement extension.

 

One alternative would be to come on an O-A visa obtained in the US (also requires the equivalent of 800K baht but the funds do nto have to be brought into Thailand, and no restrictions on spending them once the visa is granted, whereas for retirement extension in-country the total 800K has to be in a Thai bank and there are restrictions on spending it)  and get a travel insurance policy that covers emergency medical care, look for one that will include "acute exacerbations" of pre-existing conditions. You might only be able to get such a policy for 1 year but that buys you some time to see how you like living in Thailand, after that you'd need to get an expat policy.

 

No matter what approach you take you will need, in addition to your stated budget of 500,000 baht a year, a lump sum in savings. Equivalent of 800K baht or more depending on whether you are insurable.

 

in terms of where in Thailand, there are only a limited number of possibilities that don't require owning a car. Bangkok obviously but it is too expensive unless you find a place on the outskirts. Chiang Mai, Hua Hin and Pattaya all possibles. Main disadvantage to CM is very bad air pollution a few months of the year, but on the other hand it is second only to Bangkok in availability of good quality medical care, which is nto so true of the other places mentioned.  Pattaya is rather oriented  to "sexpats", whether that is a plus or minus depends on you.  Hua Hin is a milder version, more mixed range of visitors and expats, but you're a 3-4 hour bus ride from good medical care (everyday things can be treated locally OK, I mean for serious or specialized problems).

I think your characterization of Pattaya requires some adjustments. It's no doubt true that it's a world famous sex tourist and sexpat destination. But participation in that is not mandatory. I can't get into percentages as I don't know and don't really care but I do know there are scads of expats here not into that scene and that of course includes married ones living in the quieter parts of the city, often long married to now aged partners. Of course not saying anyone is living here for "the temples" but there are lots of people really into the GOLFING. Think of Las Vegas, you can go for the gambling but you don't need to gamble to enjoy living or visiting there. Also keep in mind the appeal of being in a large beach resort city regardless of its focus or reputation. Personally I have long thought of Pattaya as a poorer man's Miami. Yes there are lots of people in Miami for the sin, but again, it's not required. Another aspect which has developed in recent years is the blossoming of Pattaya's international food scene. No, not Bangkok and never will be, but Bangkok isn't on the water.

Edited September 28, 2019 by Jingthing

[wwest5829]

On 9/27/2019 at 7:42 AM, overherebc said:

You do know you will need to tie up 800,000 baht that you can't touch for the first 5 or 6 months,  plus your 'living money' so you'll need at least 1,000.000 + to start with.

Just askin?

Or a monthly deposited income coming from abroad in the amount of 65,000 baht a month equivalent. So, about 800,000 baht a year. This is for the annual Retirement Extension of Stay.

Edited September 28, 2019 by wwest5829

[Jingthing]

5 minutes ago, wwest5829 said:

Or a monthly deposited income coming from abroad in the amount of 65,000 baht a month equivalent. So, about 800,000 baht a year. This is for the annual Retirement Extension of Stay.

Which the mysterious O.P. does NOT have.

BTW -- the deposit requirements are only for nationals that can no longer get embassy income letters. 

Edited September 28, 2019 by Jingthing

[sawadee1947]

Stay where you are. With 500k you will have a very poor life. 

Better to take social welfare in your country. 

Just think of health insurance...! 

????

[Sheryl]

5 minutes ago, wwest5829 said:

Or a monthly deposited income coming from abroad in the amount of 65,000 baht a month equivalent. So, about 800,000 baht a year. This is for the annual Retirement Extension of Stay.

Yes, but he has already said his annual income is only 500,00 baht.

[Jingthing]

1 minute ago, sawadee1947 said:

Stay where you are. With 500k you will have a very poor life. 

Better to take social welfare in your country. 

Just think of health insurance...! 

????

That may or may not be true. We'd have to know about how he's living at home now to know. 

[holy cow cm]

1 hour ago, Max69xl said:

I don't know where you from, but if other expats are important then you can try Kanchanaburi. Nice place and cheap. Close to BKK if you need to go there. There's a good private hospital, Thanakan Hospital which is much cheaper than the private hospitals in for example Pattaya or Phuket. Lots of older expats there. 

Kanchanaburi is actually ok. Got a bar section as well.

[sawadee1947]

2 minutes ago, Jingthing said:

That may or may not be true. We'd have to know about how he's living at home now to know. 

......and just in case he can't pay his hospital bill you are going to fund him? ????

[holy cow cm]

5 minutes ago, sawadee1947 said:

Stay where you are. With 500k you will have a very poor life. 

Better to take social welfare in your country. 

Just think of health insurance...! 

????

At 70 it may be in his interest to take a bucket list challenge for some fun. What does he have to lose? But he gains experience and adventure and something new.

[Jingthing]

......and just in case he can't pay his hospital bill you are going to fund him? [emoji48]

Why would I?

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[cerox]

OP, I think with that budget you should consider different countries and see what is best for you. What are your priorities? Are you single looking for a girl? Philippines will be better for you. Or does it have to be Thailand because you lived there before and feel comfortable?

Do you want city or province life etc.

[Jingthing]

OP has checked out. He may as well be a fictional character about which we know almost nothing.

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[FritsSikkink]

1 hour ago, jackdd said:

I think your understanding of upper middle class is wrong.

What you are talking about would be upper class or higher.

Upper class you have a Rolls Royce, Ferrari, Lamborghini, Bentley or all of them.

[khunPer]

On 9/27/2019 at 2:24 AM, watkoh said:

I am 70 years, want to retire in Thailand, which place is more suitable and economic. My budget is 500,00 baht per year.

If you have savings for a 800k baht bank deposit for annual extension of stay based on retirement – or enough for the income & deposit combination-method – you'll have a disposable amount of little more than 40,000 baht a month, which you can live for many nice places in Thailand, but you would be on a limited spending budget.

 

Most places you can find acceptable accommodation for 10,000 baht a month.

 

You would need a heath insurance – or a large lump sum that might be added up on regular basis – so count around 7,000 baht a month for that, and be aware of that the insurance fee might be higher over time. If you have an existing health insurance that covers you for Thailand, it might be worth using that instead of applying for a new at age 70, where your choices could be very limited; the official web-page "Health Insurance for Long Stay Visa" might be an option, but the cover is limited, probably mainly for government hospitals.

 

500 baht a day for food should cover your meals, either combined eating home and out, or dining out at local affordable places; i.e. 15,000 baht a month.

 

That leaves you with about 18,000 baht a month, or average 600 baht a day, for everything else – including transportation – which is enough for a modest life-style.

 

In certain areas your accommodation might be slightly cheaper, whilst most products in chain stores are very similar priced all over the country. Dining out can be more expensive at some destinations, but knowing an area one also knows where to find good affordable alternatives, which in some cases could even show to be better than more expensive restaurants. Gasoline and some few other products are little more expensive on islands, whilst products found on local markets normally are little cheaper in rural areas.

 

Living alone as foreigner in a rural area might not be that fun, unless one has a kind of hermit life-style.

 

I live on a tourist destination island – by many considered expensive – and people can live fine here on that budget level you talk about, but not a rich man's life-style.

 

In my opinion and experience, on a 500k baht a year budget you have plenty of options, depending of the life-style you expect...????