Then how much Lump sum is enough to retire and what age?

[Lacessit]

OP, your friend is going to fall short. At 50,000 baht/month ( IMO anything less is not living, just existing ) he will run out of money just as his pension falls due. Living on the base Australian OAP in Thailand will be just existing.

That also assumes in 16 years' time, the Australian government won't have moved the goalposts to 70 or more, or reduced the age pension. It also assumes the $500,000 he has won't go down the tubes on exchange rate, and it sure as hell won't be earning too much as an investment. Every company is cutting or suspending dividends, debtors are defaulting everywhere.

He then also has to think about what happens AFTER he gets his pension, given the average life expectancy of an Australian male is now 83.5 years. He can shorten that with alcohol, tobacco and unprotected sex.

IMO you should tell your friend to wait until at least 60, then re-assess. He can relieve his boredom by having regular holidays in Thailand, the Philippines, Vietnam and Cambodia when travel restrictions are lifted.

If he stays away from Australian women, and does not get bedazzled by the women here, he should do OK.

[cornishcarlos]

2 hours ago, kenk24 said:

Just divide the 10MM by the number of months.

Just divide the 10MM by the number of months. girls...

[Henryford]

It's just enough if he just wants to exist here but not enough to have a good time.

[BritManToo]

42 minutes ago, bkk6060 said:

Sorry, too broad of a question I think.

What is the preferred lifestyle?

Golf, girls, travel, good food and higher end condo rent.  80 to 100,000 b a month.

But, I hear people on here who say they are ok with 20,000.

So, what a person wants to do and their lifestyle/quality of life preference is the answer they need to ask themselves.  Just "retiring" to a low quality purgatory could be a worse experience then continuing to work.

 

Already answered you Post #17 .......

Not reading my posts?

Do you have me on 'ignore'?

I'm just putting you on 'ignore' now.

[BritManToo]

17 minutes ago, Lacessit said:

IMO you should tell your friend to wait until at least 60, then re-assess.

My best pal thought that ..... kept on working until 57, just holidays in Thailand, ...........

So sick he was living in Chelsea and Westminster hospital when 58, died of AIDs age 59.

Edited May 19, 2020 by BritManToo

[Mops59]

Make a calculation. 

Visa retirement lump sum on bank account THB 800.000

 

Rental fee

Electric considering aircon usage.

Water cheap

Car or motor Bike 

Health surance

Food, Thai or western

Drinks, water or a lot of beer/booze.

Clothes, just shorts, shirts and slippers.

 

Inflation 3-5% for each year.

 

Anything else. Just add it.

Then multiply with 16? years.

 

 

 

[OneMoreFarang]

54 minutes ago, Lacessit said:

1 hour ago, OneMoreFarang said:

 

Ladyboys, or S&M?

It seems you have an interesting fantasy. I see high heels, bums, stockings and girls in that picture.

[BritManToo]

57 minutes ago, Mops59 said:

Anything else. Just add it.

Then multiply with 16? years.

Your calculation would contain an error of 15 x 800,000bht.

I've been here 11 years and only had 400k in a Thai bank for 3 of those years.

 

Nobody forces you to choose a VISA that requires 800k in a Thai bank.

Edited May 19, 2020 by BritManToo

[northsouthdevide]

Why doesn't the friend just rent his house and live out here on the income? 

That way, he still has the option to return if it doesn't work out, or he could sell later down the line if and  when he's ready to make such a drastic commitment? 

[BobBKK]

I would advise no one to come before 50 and, as has been pointed out, 800k locked away forever.  10m THB is nowhere near enough. I came here at 50 knowing I had $2000 in pensions arriving at 60 and invested in 3 condos to give me another $1000 = around 100k monthly. Bought a house (Thai friends name) so no rent. I had about 30m total so spent 10m getting from 50 to 60. I know what he's feeling but it's a huge risk.

IF he really REALLY has to do it - I'd buy a condo @ 2m to have no rent to pay. Then buy another 2 or 3 to bring in rents around 40/45k.

[HashBrownHarry]

20 minutes ago, BobBKK said:

I would advise no one to come before 50 and, as has been pointed out, 800k locked away forever.  10m THB is nowhere near enough. I came here at 50 knowing I had $2000 in pensions arriving at 60 and invested in 3 condos to give me another $1000 = around 100k monthly. Bought a house (Thai friends name) so no rent. I had about 30m total so spent 10m getting from 50 to 60. I know what he's feeling but it's a huge risk.

IF he really REALLY has to do it - I'd buy a condo @ 2m to have no rent to pay. Then buy another 2 or 3 to bring in rents around 40/45k.

Are your 3 condo's still rented or expect to be rented out in the coming months / years?

[GarryP]

20 minutes ago, BobBKK said:

I would advise no one to come before 50 and, as has been pointed out, 800k locked away forever.  10m THB is nowhere near enough. I came here at 50 knowing I had $2000 in pensions arriving at 60 and invested in 3 condos to give me another $1000 = around 100k monthly. Bought a house (Thai friends name) so no rent. I had about 30m total so spent 10m getting from 50 to 60. I know what he's feeling but it's a huge risk.

IF he really REALLY has to do it - I'd buy a condo @ 2m to have no rent to pay. Then buy another 2 or 3 to bring in rents around 40/45k.

I wouldn't have thought that many people had 30M by the time they reached 60, let alone 50. Seems that 60 percent of people have no savings at all when they retire and have to live off their pension. 

 

Good for you though. 

 

I am looking forward to receiving the Thai Social Security pension, which will bring me in a whopping Baht 5,000 a month. ???? Luckily, I don't have to pay rent nor do I have to lock up 800k for a visa, but will have to rely on my savings when I retire, as the SSO amount is nowhere near enough.

[Lacessit]

1 hour ago, BritManToo said:

My best pal thought that ..... kept on working until 57, just holidays in Thailand, ...........

So sick he was living in Chelsea and Westminster hospital when 58, died of AIDs age 59.

He died of AIDS due to indulging in risky sexual activity. If the OP's friend has any sense at all, he will cover up on holiday.

[Lacessit]

35 minutes ago, BobBKK said:

I would advise no one to come before 50 and, as has been pointed out, 800k locked away forever.  10m THB is nowhere near enough. I came here at 50 knowing I had $2000 in pensions arriving at 60 and invested in 3 condos to give me another $1000 = around 100k monthly. Bought a house (Thai friends name) so no rent. I had about 30m total so spent 10m getting from 50 to 60. I know what he's feeling but it's a huge risk.

IF he really REALLY has to do it - I'd buy a condo @ 2m to have no rent to pay. Then buy another 2 or 3 to bring in rents around 40/45k.

Under normal conditions, that might be a reasonable strategy. Currently, it would be financial suicide. I don't know what it's like in Bangkok, but many condos and apartment blocks in Chiang Mai and Chiang Rai are standing empty. I got an email last week from my landlord's agent offering me the studio I left for 5500 baht/month if I wanted to come back to CM. 3000 baht less than when I left.

[Lacessit]

55 minutes ago, BritManToo said:

Your calculation would contain an error of 15 x 800,000bht.

I've been here 11 years and only had 400k in a Thai bank for 3 of those years.

 

Nobody forces you to choose a VISA that requires 800k in a Thai bank.

Actually, Centrelink in Australia does. The 400K is for those people married to a Thai.

If I marry my Thai GF, Centrelink would put me on a couples' pension. As my GF is not an Australian citizen, she gets nothing. My single pension, however, would drop by about 10,000 baht/month. Bureaucracies enjoy the occasional act of bastardry. I think in the case of the UK, it's frozen pensions.

[sidjameson]

2 hours ago, BritManToo said:

Your calculation would contain an error of 15 x 800,000bht.

I've been here 11 years and only had 400k in a Thai bank for 3 of those years.

 

Nobody forces you to choose a VISA that requires 800k in a Thai bank.

Could you explain how you do it? Thanks.

[BritManToo]

1 hour ago, Lacessit said:

The 400K is for those people married to a Thai.

It's also for those with a Thai child, no need for a wife.

[BritManToo]

8 minutes ago, sidjameson said:

Could you explain how you do it? Thanks.

I get non-o VISAs from Suvannakhet/Saigon, no financials required.

Usually Saigon as I have frequent holidays there. 

[sidjameson]

Most replies so far seem to go for a; Needs to be having a great time or what's the point? Type of thing.

But op says he has a <deleted> life and so asking what he needs to improve the quality of life significantly enough to justify the move?

10k accommodation

5k food, cooking at home

5k health

10k beers and fun

5k stuff and toys

3k air con, internet etc

2k travel

 

Outside BK, isn't this a far better life than the one he now has? 40k a month, 500k a year.

He needs 15 years. So 8mis more than enough.

The other 2m can be reserves for an emergency.

 

[sidjameson]

8 minutes ago, BritManToo said:

I get non-o VISAs from Suvannakhet/Saigon, no financials required.

Usually Saigon as I have frequent holidays there. 

Thanks. Didn't know you can stay long term on that visa.

So why all the moaning from posters in the last few years I wonder.

 

[Lacessit]

4 minutes ago, BritManToo said:

It's also for those with a Thai child, no need for a wife.

Unless you have discovered male parthenogenesis, I'd say there's a Thai wife or GF involved somewhere along the way. Or a ONS.

[BritManToo]

2 minutes ago, sidjameson said:

Thanks. Didn't know you can stay long term on that visa.

So why all the moaning from posters in the last few years I wonder.

Probably because they don't like foreign holidays every 3 months.

Been here 4 years on Non-os with a week or two out every 3 months.

Edited May 19, 2020 by BritManToo

[pineapple01]

Just now, BritManToo said:

Probably because they don't like foreign holidays every 3 months.

You can read the rules before you get here.

[NightSky]

Tell your friend to invest in as many rental properties as possible in Australia and have them rented out fully managed.

 

Keep some cash in reserve in Australia (1 million baht) and bring 2 million with you to Thailand. (800k for a visa and the remaining for living expenses)

 

The rentals will provide continuous income. Im sure 7 million baht could buy quite a few property deposits at 25% down payment on each one with an interest only mortgage.

 

Its now a perfect time to do this during a recession whilst visiting Thailand on holiday. In 3 years time he retires to thailand full time. 

[geisha]

I would think that if he’s bored and depressed in a beautiful country like Australia, then he will be the same in Thailand. If he’s thinking about having a new life with the girls, then his 10 million will go very fast. 50 is young, life is what you make it., Maybe he should ask himself why he’s like that, and fix it. Thailand won’t fix it for him.

[Yankeesvsredsox]

Come on a METV and travel around Thailand to find where to hang your mask

[Tagged]

As much he plan to use, he should have in back up if hell freezes over and heaven fall down. Simple math take you far

 

Insurance 3 mill

living cost 18 mill 

 

pluss the price increase for every year!

[ThailandRyan]

17 minutes ago, geisha said:

I would think that if he’s bored and depressed in a beautiful country like Australia, then he will be the same in Thailand. If he’s thinking about having a new life with the girls, then his 10 million will go very fast. 50 is young, life is what you make it., Maybe he should ask himself why he’s like that, and fix it. Thailand won’t fix it for him.

Thailand will fix it for him. He will either find happiness or become unfortunately a member of the flyers club when its all gone....

[daveAustin]

Nice as Oz can be, it is still the west. Dunno if Thailand can cure him but reckon he's better off renting out his property, getting a trailer or summat for when he is there, and having extended visits to Thai. Escapism-on-escapism.

 

If ratrace has become intolerable, another option is to sell up and swing 1mil thb with Bitcoin.

 

/But, yes, 10mil won't last an early retirement// 

Edited May 19, 2020 by daveAustin

[RichardColeman]

17 hours ago, georgegeorgia said:

im in my early  50's and working out i have roughly with assets selling my house an savings  about 18- 20 million baht with no other income until 60, where i will receive my superanuation but even that wont be that much, ,but would i risk selling my house in Sydney and  retiring yet,no , i would be too scared !!

In Uk we can take early pension from our company - OK we lose a hell of a lot taking it early, I do not know if Aus is the same as UK. I am virtually the same age as friend  - 55. 

 

I rent my house out in the uk, about 40,000 baht  a month and get about 25,000 a month pension. This is more than enough for me to live on in Thailand with my wife and child, and I have not touched my have mil baht in uk bank (pension lump). I too will get about about 25,000 baht on top at 67 in later years, so near 100,000 a month and still all assets later in life

 

My advice, find a good tenant, rent friend house out and go and see if Thailand is what he wants It may not be.

 

And DONT HIS YOUR HOUSE ! The pension and rental income will be far better than a lump sum in later years and he still has an emergency exit

 

 

 

Edited May 19, 2020 by RichardColeman