Thailand's foreign retirees see their good life slip away

[Henryford]

33 minutes ago, Bangkok Barry said:

I'm managing okay, but the value of my currency has halved since I came to live here. If anyone tells me they budgeted and came prepared for that I'll call them a liar.

Yes i retired here when the Pound was 71. I did a long term budget with the Pound at 60 worse case 50. No way would i have considered a rate of 36. Like you i am managing OK but the reduction is unexpected.

[Caldera]

Cry me a river. Those pensioners I know personally still have a great life in Thailand.

 

[Max69xl]

5 minutes ago, Caldera said:

Cry me a river. Those pensioners I know personally still have a great life in Thailand.

 

And the rest of them are using agents for their annual extensions.

[micmichd]

18 hours ago, thaibeachlovers said:

Who writes this stuff? Do they do no research at all?

"This stuff" is correct (if you're not married to a Thai), and these requirements are not new. 

What is new is that these requirements are harder to fulfill now due to the strong baht. 

[Max69xl]

1 minute ago, micmichd said:

"This stuff" is correct (if you're not married to a Thai), and these requirements are not new. 

What is new is that these requirements are harder to fulfill now due to the strong baht. 

Everything from Webfact is old news and everybody staying in Thailand should know about the requirements. If you can't handle the strong baht then maybe you should think twice about living here. Exchange rates will always go up or down and you have to factor that in. 

[moe666]

The only people in a lurch are the people who were cheating on the monthly amount  and borrowing the deposit in the bank. Good ridance to free loaders.

[Jingthing]

3 minutes ago, moe666 said:

The only people in a lurch are the people who were cheating on the monthly amount  and borrowing the deposit in the bank. Good ridance to free loaders.

No. 

They are not the only people that have been impacted by the changes. 

[luckyluke]

1 minute ago, Max69xl said:

Exchange rates will always go up or down and you have to factor that in. 

The Pound being actually at 40, The Euro 35, The Dollar 31.

Would it be wise to consider that those currencies could reach 25 / 20.

That the 800000  and 65000 ThB now needed, will reach 2000000 and 150000,

or should we be more optimist,

or even more pessimist?

[DefaultName]

A retirement on limited income here versus a retirement on limited income in the UK?

 

Hmmmmm.

 

And here I am.  ????

[Dmaxx]

19 hours ago, Boomer6969 said:

Just got a 4.1% COLA (Cost Of Living Adjustment), that's about 10000 THB monthly, so this thread is totally pointless.

And, looking at the shape of the Farangs in the OP's pic, I'd reckon that these guys are better off than me.

4.1% cola? I was fairly to ticked at my cola this year of 1.6% USA. All I know is ever 1 baht change equates to over a 200.00$ USD + difference in my purchasing power. I'm just peeved I double the retirement prerequisite of the monthly 65,000 and I have 100% covered medical that will never cost me a penny (retired ,disabled veteran 100% rated). So even making over 130,000 thb and 100% covered medical with zero cost to me I can't even get a retirement visa because I'm only 44 years old.  I have to wait 6 years to qualify. I'm at the point where I'm going to have to assign my wife as power of attorney over my finances (she has no income) so she being 47 will reach 50 faster and I can get the retirement visa through her faster. I am only doing this because we've been together 15 years and she's also an American. But it's mind bending to qualify for everything needed for a retirement visa except my age. Not everyone takes til they are 50 to retire. I'm being penalized because I'm to Young to retire? I completely decimate their regulations having doubled their monthly requirements and total medical coverage that costs me nothing . I spend (my government spends) over 8000.00$ USD a month on my medical here yet they won't overlook the one problem I have, I'm to Young to retire visa here? They don't even have a way to appeal such a minor issue as age so I can relax and stop all these dang border runs every month or two. I rent 3 houses long term just so I can lessen the transit from Chiang Mai to Vientiane to Phuket. Total I only pay 600.00usd for all three houses a month. One would suspect they would want to try and keep someone here who drops 20,000 thb a month in housing, over 175,000 thb in hospital bills a month and doesn't have any viruses? I'm about fed up with these border runs and really considering moving to Australia for peace of mind. To top it off I'm so sick of tattling little people constantly reporting people on overstays when they turn right around and b×××h about no tourist money. What a backwards thought process . Time to take my cash elsewhere . 

Edited March 6, 2020 by Dmaxx

[unsubscribe]

19 hours ago, zydeco said:

Well, that was a shallow read on the situation. Another article where retired expats = British = Pattaya. Really dislike the fact that I used up my single Nikkei Asian Review free article for the month on this piece of superficial reading.

https://github.com/iamadamdev/bypass-paywalls-chrome

 

you're welcome

[micmichd]

12 minutes ago, Max69xl said:

Everything from Webfact is old news and everybody staying in Thailand should know about the requirements. If you can't handle the strong baht then maybe you should think twice about living here. Exchange rates will always go up or down and you have to factor that in. 

Not so easy. It was not a slow decline in the value of Western currencies but a sharp cut in 2015, shortly after the ECB set up an ABS purchase program. I know why they did this. So, my expectations for the EUR to recover against the THB are rather low. 

Sorry for those who are not experts in global finances. 

[Baerboxer]

19 hours ago, RJRS1301 said:

My personal concern about keeping the 800,000 in the bank, is not that I cannot access it,or afford to lock that amount up, but if Thailand decides to change the laws during a time of unrest, and  acquire the funds of farang and order us from the country, then we are royally screwed.

That is all some people have for security.

 

 

 

The repercussions on that would far outweigh short term gains. Imagine if seriously peed off foreign countries decided to freeze the overseas accounts of rich Thais in retaliation and in order to reimburse their robbed nationals. I think I know which would be the larger sum!

[newnative]

    What a dumb article.  I am not seeing my good life here as a retiree 'slip away'..  You've always needed either 800,000 in the bank or 65,000 a month--the article implies that this has just been put in place causing hardship.  The baht goes up and down--I think it dipped to 28 something against the dollar at one point in the nearly 10 years I have been here but seems to range between 30 and 32 a lot.  I'm happy if it is above 30 and it is most of the time.  

     Usually on's biggest monthly expense is housing.  Pattaya offers a wide variety in every price range.  If a retiree has lost value with his or her pension, there are cheaper housing options to move to as a renter--and rents have gone down not up.  If you own, you likely paid cash and you are in even better shape--all you have are monthly maintenance and utility charges that are probably less than 5000 baht a month.  If I wasn't in Pattaya my option would probably be Florida and my monthly cost of living would be a lot more to live in an oceanfront condo there. 

[RJRS1301]

4 minutes ago, Baerboxer said:

The repercussions on that would far outweigh short term gains. Imagine if seriously peed off foreign countries decided to freeze the overseas accounts of rich Thais in retaliation and in order to reimburse their robbed nationals. I think I know which would be the larger sum!

I was in a middle eastern country in the late 1970s where exactly that happened, bank accounts frozen, expelled, no recourse, no repercusiions, no compensation, and fear for personal safety until out their airspace

[emptypockets]

17 minutes ago, Dmaxx said:

4.1% cola? I was fairly to ticked at my cola this year of 1.6% USA. All I know is ever 1 baht change equates to over a 200.00$ USD + difference in my purchasing power. I'm just peeved I double the retirement prerequisite of the monthly 65,000 and I have 100% covered medical that will never cost me a penny (retired ,disabled veteran 100% rated). So even making over 130,000 thb and 100% covered medical with zero cost to me I can't even get a retirement visa because I'm only 44 years old.  I have to wait 6 years to qualify. I'm at the point where I'm going to have to assign my wife as power of attorney over my finances (she has no income) so she being 47 will reach 50 faster and I can get the retirement visa through her faster. I am only doing this because we've been together 15 years and she's also an American. But it's mind bending to qualify for everything needed for a retirement visa except my age. Not everyone takes til they are 50 to retire. I'm being penalized because I'm to Young to retire? I completely decimate their regulations having doubled their monthly requirements and total medical coverage that costs me nothing . I spend (my government spends) over 8000.00$ USD a month on my medical here yet they won't overlook the one problem I have, I'm to Young to retire visa here? They don't even have a way to appeal such a minor issue as age so I can relax and stop all these dang border runs every month or two. I rent 3 houses long term just so I can lessen the transit from Chiang Mai to Vientiane to Phuket. Total I only pay 600.00usd for all three houses a month. One would suspect they would want to try and keep someone here who drops 20,000 thb a month in housing, over 175,000 thb in hospital bills a month and doesn't have any viruses? I'm about fed up with these border runs and really considering moving to Australia for peace of mind. To top it off I'm so sick of tattling little people constantly reporting people on overstays when they turn right around and b×××h about no tourist money. What a backwards thought process . Time to take my cash elsewhere . 

What makes you think Australia would want you? You don't fit any criteria that I'm aware of. Simply being a disabled American is not a qualification. It used to be 45 years old was the cut off date for immigrants who did not have an Aussie sponsor.

[billd766]

19 hours ago, Assurancetourix said:

Not only british ; every people from " EU-27  " have lost more than 30% since about 10 years .

Even Norvegian people lost much and yet they don't have euro currency 

Aussies, Kiwis, Americans and Canadians are suffering as well.

[RJRS1301]

3 minutes ago, emptypockets said:

What makes you think Australia would want you? You don't fit any criteria that I'm aware of. Simply being a disabled American is not a qualification. It used to be 45 years old was the cut off date for immigrants who did not have an Aussie sponsor.

Very hard to get any type of entry to Australia with any disabilty

Australia is deporting people born there to non citizens, in process of PR applications or citizenship, (applications being denied) several young children and families under removal orders. There is one case of a child, both parents are doctors, employed all the good stuff, but child born with a disabilty, under removal order

 

[mlmcleod]

Wealthier retirees?  Anyone that is wealthy can find far better retirement options than Thailand!  The middle class western retirees are taking it on the chin.

 

The big complaint as of late is that the beer bars full of pretties are suffering.  I have lived in Thailand for over 6 years without ever once going to a beer bar.  I spend most of my retirement funds on food rent and living expenses.  While I do not help out the bars, my income helps the Thai economy.

 

In return, I get constant hassles from immigration.   The changing rules are a constant headache.  Thai immigration will not accept my Social Security documents as proof of income but they do take the word of every African and South American embassy.

 

Small wonder that many of us are researching more stable environments.

[spidermike007]

Thailand is still reasonable. It used to be cheap. Has not been cheap for a long time. But, it is still reasonable. I know people who pay 10,000 baht a month for newer 3 bedroom houses in nice towns. In major cities in the US? $2000-3800 a month. That is 120,000 baht! 

 

I had my motorbike seat recently redone on my scooter. 400 baht. A friend of mine had similar work done in the US. $275. 

I recently had a guy come over and insulate my ceiling. I bought the insulation and paid him 2000 baht for labor. In the US? $800 and up.

I recently had an electrician do some work on the house. Nearly a full day of work. Paid him 1000 baht. In the US? $800 and up.

An oil change for my scooter costs me 200 baht, with Castrol oil. In the US? $75.

When I travel here I stay in nice four star hotels in Bangkok. 1800-2000 baht. In the US? $130 for a crappy hotel. $200 and up for a nice room.

I eat well here. In a smaller town you can get a three course meal for 200-250 baht. In the US? 2000 baht and up, plus tax and a nearly mandatory 15% tip.

I visit the emergency room here to visit a specialist, and with x-rays I am out the door for 2000 baht, at a private hospital. In the US? $300-2000.

Friends of mine, who are single, enjoy the company of a young, beautiful woman for a couple of hours, for 2500 baht. In the US? $800 an hour now for a beauty. 

 

I could go on and on, all day long. I live at a level here, that I would never be able to live at, in the US, in most of Europe, in Oz, or Canada. 

 

Yes, the higher baht is an annoyance. And yes things are more expensive than they used to be. But, it is very relative.

[newnative]

12 minutes ago, billd766 said:

Aussies, Kiwis, Americans and Canadians are suffering as well.

This American isn't suffering. 

[AlienHermit66]

4 hours ago, dingdongrb said:

Like there is no pollution here in the north?

His post makes it clear that he is talking about a polluted north; down south you die of other causes... Like you can't r...?

[Mangkhut]

20 hours ago, Assurancetourix said:

Not only british ; every people from " EU-27  " have lost more than 30% since about 10 years .

Even Norvegian people lost much and yet they don't have euro currency 

Around 2006 we got 6,5 baht to the NOK (norwegian krone) Nowadays we get 3.30 - go figure!

 

Even in 2014 we got + 5 baht to a NOK. Last half of 2014 the big drop started...

 

Regards a Norwegian...

 

[Isaan sailor]

Those of us with enough assets will cut losses and bail out when we’ve had enough corruption and overpricing.  And those of us in small villages will leave behind dozens of family and neighbors.  Locals will miss the generous support and charity we have given.

The higher the Baht—the less time and money we will spend here—plain and simple.

[Oztruckie]

20 hours ago, from the home of CC said:

The good life slipping away lol, it's called being financially unprepared. Anybody who tries to retire in a foreign country on the cheap is a fool..

Aint that the truth!

[CygnusX1]

4 hours ago, Brer said:

Mate we have lost much more we used to get nearly 33 baht to the dollar. Your maths is <deleted> or you really don’t know where to change your dollars for the best rate.

That was during an all too brief “happy time”, when the $A was even better than parity with the $US, thanks to the mining boom. Usual $A/baht rate was about 25-27, before it collapsed last year.

[emptypockets]

2 minutes ago, CygnusX1 said:

That was during an all too brief “happy time”, when the $A was even better than parity with the $US, thanks to the mining boom. Usual $A/baht rate was about 25-27, before it collapsed last year.

China boom.

[malibukid]

20 hours ago, albertik said:

Where pray tell  did you get a 4.1% cola?   That is, if true.... excellent. Mine was only 1.6% but all is well. I am living the life, thank-you very much.

yes, same here U.S. cheap.

[JIMHILL]

I see a lot of Farangs complaining about the strength of the Bhatt, but in reality, its the weakness of the European currencies is causing the discontent
The politician's behaviour over BREXIT have had and continued to have, a significant disruptive effect on their economies hence poor currency performance
Hopefully, Boris will sort it out!

[Saltire]

My good life here gets better every year. Not being here for ever like some people I don't have good times to miss and reminisce about daily, although I sympathise. 

 

I am a village dweller and very happy about that too. Yes it's quiet in many ways but it suits me now. It is, I am convinced, the cheapest, most relaxed place I could live at my time of life. House was built and paid for 3 years ago (30/70%) by the wife and I, electric is dirt cheap (800 Baht), water is almost free (60 Baht), very fast Internet (700 Baht) and the rest is just eating and drinking good food. If we want a break, see the ocean, shop in the big cities we go on holiday for a week or so. So many places to visit.

 

Another advantage is a small, friendly, immigration office, so no huge inconveniences in that either. If someone was to compile a top 10 of offices based on ease of use, mine would I am sure be up there with the best. Never had any hassles from them, never busy (except a Friday when all the agents arrive with handfulls of passports for migrant workers).

 

Biggest downside, and I think many share this, is unknown medical crises. I have contingencies but could probably never weather a prolonged illness requiring hospitalisation. Fingers crossed on that one