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

[HashBrownHarry]

1 hour ago, RichardColeman said:

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

 

 

 

I see your main problem is if you loose  your tenant, then what?

[Thaifly88]

19 hours ago, OneMoreFarang said:

Was he ever in Thailand?

Does he like pretty girls?

Would he be careful with his money?

 

Pic from The Philippines, and while we are on that topic, Philippines may be another option for him, especially if he is looking for a relationship rather than just fun times (however, as you can see from the Philippines pic above, fun times are also available)

[Tagged]

2 minutes ago, Thaifly88 said:

Pic from The Philippines, and while we are on that topic, Philippines may be another option for him, especially if he is looking for a relationship rather than just fun times (however, as you can see from the Philippines pic above, fun times are also available)

Describe fun? 

[BritManToo]

2 hours ago, RichardColeman said:

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.

What if your tenant loses his job due to COVID?

You won't be allowed to chuck him out, and he won't have to pay rent.

Edited May 20, 2020 by BritManToo

[OneMoreFarang]

3 minutes ago, Tagged said:

Describe fun? 

If you need a description then you do it wrong. It's like explaining a joke.

[Tagged]

11 minutes ago, OneMoreFarang said:

If you need a description then you do it wrong. It's like explaining a joke.

A joke is funny once, maybe twice, but third time? My experience so many people is stuck in the same joke for decades . Girls beer drinks repeat

[Peterw42]

I set myself up with a similar amount of money, and similar age as mentioned in the OP.

$500k AU, I bought a rental property in QLD for $250k, gives me 30k a month income that goes up with inflation etc.

Bought a $50k condo to live in here, car, bike etc, so minimal outgoings/costs.

$200k to play stock market, investments, another 10k a month income. Thai wife usually manages 10-20k a month, work or online selling.

 

I have the place in Australia for when I go back and do my 2 years in the naughty corner, Then add the pension on top of existing income.

 

A lump sum wont last long but if its invested and used to setup a lifestyle then its can work.

 

 

[ThailandRyan]

The Phils may be cheaper if your out in the country side, but living in Manila costs a penny anymore.  I was there for 3 months last year, 1 month in Cebu, which was ok, but the food is rough, unless you go to S&R and shop as they do have western food, but the expense is still there.  The women are friendly, most speak English, and many who are not working in a call center setting are either employed as nurses or caretakers.  Traffic sucks just like it does here.  However, up until their President changed the Visa rules they were real easy to get.  Travel between Cebu, Manila and up to Clark was easy as they have plenty of airlines that fly inexpensively.  However, a hop to Thailand or anywhere else can be pricey.  Long term AirBnb's are the way to go over there.

[pineapple01]

Yes, go on describe Fun. To me its people watching now im old. Lycra Bum Waggers on Cycles make me laugh, Germans in Black Socks, Chang Vested cretins Ferang School Teachers in fact anything a bit odd.????

[Tagged]

10 minutes ago, Peterw42 said:

I set myself up with a similar amount of money, and similar age as mentioned in the OP.

$500k AU, I bought a rental property in QLD for $250k, gives me 30k a month income that goes up with inflation etc.

Bought a $50k condo to live in here, car, bike etc, so minimal outgoings/costs.

$200k to play stock market, investments, another 10k a month income. Thai wife usually manages 10-20k a month, work or online selling.

 

I have the place in Australia for when I go back and do my 2 years in the naughty corner, Then add the pension on top of existing income.

 

A lump sum wont last long but if its invested and used to setup a lifestyle then its can work.

 

 

I would say stop working is not a goal in it self, but work for «life», not live for work! 

 

everybody need to feel bored and feel life sucks somtimes, to get the contrasts you need to know when something is good! 
 

Early retirement is more or less giving up life, if you do not have a plan like you have. Still it takes deducation and 
Work to make it happen, and be sustainable for years. 

Edited May 20, 2020 by Tagged

[crazykopite]

10 million to last for at least 16 years before he gets his pension that would be fine if he wants to live like a hermit in the sticks up North but if he chooses to live in Pattaya having a good time with all the bar girls 5 years at the most .i suggest you stay at home and get help for your depression and tell your invisible friend the same .

[simon43]

20 hours ago, HashBrownHarry said:

8% on what currency?

Lao kip, bank accounts only for those working in Laos.  Oh, despite people's concerns, I have no record of a Lao bank ever failing - they tend to be supported by French banks.

[crazykopite]

1 hour ago, HashBrownHarry said:

I see your main problem is if you loose  your tenant, then what?

40 k a month (£1,000+) for renting out your UK house you must have very expensive house to get that type of rental income as the average rental income is between £650/750 per month that’s unless you live bang in the city of London and a £1,000 is for a shed 

[toho]

20 hours ago, simon43 said:

Has no one ever heard of bank accounts that pay interest?  I currently receive 8% pa on my savings here in Laos with a Franco-Lao bank.  When I retire in 5 years from now, the interest from my modest bank savings, plus my modest UK part-pension will be more than enough to live happily on.

 

Do banks in Thailand not offer similar interest-paying accounts?  (I guess not!).

Sounds interesting, but I was informed in Vientiane Laos that opening even a normal bank account is impossible unless citizen. How did you do if I may ask?

[ThailandRyan]

8% interest on a savings account.  I think your smoking crack.....best I could do was 2.65% and that was on a 6 month fixed account with SCB.

Edited May 20, 2020 by ThailandRyan

[1FinickyOne]

21 hours ago, simon43 said:

Do banks in Thailand not offer similar interest-paying accounts?

No... and if the Kip depreciates at 10% a year vs other currencies, you are losing money...

 

This is a big problem now as in US it is below 1% and they are talking about negative rates, where you pay the bank.. 

[vukovar77]

21 hours ago, simon43 said:

Has no one ever heard of bank accounts that pay interest?  I currently receive 8% pa on my savings here in Laos with a Franco-Lao bank.  When I retire in 5 years from now, the interest from my modest bank savings, plus my modest UK part-pension will be more than enough to live happily on.

 

Do banks in Thailand not offer similar interest-paying accounts?  (I guess not!).

And inflation maybe 7-8 % per a year,he he.Good job,he he!

[tonray]

22 hours ago, simon43 said:

Has no one ever heard of bank accounts that pay interest?  I currently receive 8% pa on my savings here in Laos with a Franco-Lao bank.  When I retire in 5 years from now, the interest from my modest bank savings, plus my modest UK part-pension will be more than enough to live happily on.

 

Do banks in Thailand not offer similar interest-paying accounts?  (I guess not!).

No...banks in Thailand do not offer anything approaching 8% in our widlest dreams

[BritManToo]

1 hour ago, toho said:

Sounds interesting, but I was informed in Vientiane Laos that opening even a normal bank account is impossible unless citizen. How did you do if I may ask?

Get a dollar account in Cambodia, they pay 6% and almost anyone can open an account.

How safe is your money? no idea, no bank appears safe these days.

[tonray]

18 minutes ago, kenk24 said:

No... and if the Kip depreciates at 10% a year vs other currencies, you are losing money...

 

This is a big problem now as in US it is below 1% and they are talking about negative rates, where you pay the bank.. 

You would not actually pay the bank....the negative rate is only for reserves held by banks....it is an inducement to make loans to stimulate the economy. The banks would pay to hold excess reserves in the system, you would get near zero interest rates but would not pay the bank to keep money there directly...except indirectly you would be losing to inflation...pretty much the same as it has been for years now with bank rates in the US.

[vukovar77]

I think we need 30000-40000 THB per a month in average for a really good life in a Thailand.Need to avoid some tourist spots and rip off pricing .Luxury like a new car or buy real-estate here should be avoid as well.Rental is a cheap and You can change a place if You want easy.Public transport is pretty good here.Food is great and You can eat very cheap Thai food .For this money You can have great social life as well.If You drink too much and if You are all the time in a bars and have bar girl as a wife or GF,You can spend 10 time more with a very low quality of life.

[pineapple01]

Just now, vukovar77 said:

I think we need 30000-40000 THB per a month in average for a really good life in a Thailand.Need to avoid some tourist spots and rip off pricing .Luxury like a new car or buy real-estate here should be avoid as well.Rental is a cheap and You can change a place if You want easy.Public transport is pretty good here.Food is great and You can eat very cheap Thai food .For this money You can have great social life as well.If You drink too much and if You are all the time in a bars and have bar girl as a wife or GF,You can spend 10 time more with a very low quality of life.

Food is Great.?.

[vukovar77]

Just now, pineapple01 said:

Food is Great.?.

Yeah.Great!!!I love it!!!

[rickudon]

Certainly circumstances can change a lot in the next 16 years let alone the next 30 (Need to consider the rest of your life as well).

 

Personally, i was always careful with money in the UK (though never much of an investor) and sometimes had to do some very tight budgeting to get through lean periods (usually associated with buying a new house). So, when I retired here I thought I could easily budget it out. How wrong i was!

 

I survived, but at times it has been tough. Tumbling exchange rates and interest rates, plus with a Thai family the budget never QUITE works..... I made it through to my State pension (had a modest company pension as well, taken early when i retired here) but it made a big dent in my capital. I was never going to starve, but holidays and capital expenditures had to be reduced or put on hold. And then there is the elephant in the room ...... health; I have avoided big costs with that so far but a slow lingering cancer would wipe me out. Currently I am able to save a little, but i doubt i will ever rebuild the cash pot i had 10 years ago.

 

It is not like retiring in your home country, where usually some safety net exists, here it is the high rise balcony.

 

So, how much do you need? I would say minimum of 5 million baht in cash for possible capital expenditures (house, car, health, etc.) and an income of at least 50,000 baht a month. But everyone's needs are different, that is just me. On top of this, Health insurance would be nice but it is not what it costs now but what it costs when you are 75 plus you need to allow for, and even then they may leave you high and dry if you have existing issues.

 

As for the OP's example, he may be fine is his 50's, but big trouble when he gets to his 60's if he has to last to 67 for a pension.

[HashBrownHarry]

2 hours ago, simon43 said:

Lao kip, bank accounts only for those working in Laos.  Oh, despite people's concerns, I have no record of a Lao bank ever failing - they tend to be supported by French banks.

That's what i suspect, no thanks you can keep your Kip.

[OneMoreFarang]

3 hours ago, Tagged said:

A joke is funny once, maybe twice, but third time? My experience so many people is stuck in the same joke for decades . Girls beer drinks repeat

If you change the girls often enough then it's ok to drink the same brand of beer for a long time.

 

[Jaxxper]

Personally I think the smart move is to keep the house in Australia and rent it out. With a small amount of savings he should be able to live on that. Obviously what sort of rent he is likely to get is a key factor, as is how he wants to live in Thailand.

He needs a detailed plan with all known costs included to see what he has/will have will do for him.

I wouldn’t move on the basis of having a LS available unless it was a substantial one.

[whaleboneman]

16 hours ago, Lacessit said:

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

I divorced my wife - the children I kept.

[Peter Denis]

17 hours ago, sidjameson said:

Could you explain how you do it? Thanks.

Long-stay options for living in Thailand without tying up any money on a thai bank-account.

1 - When married to a thai national or with a dependant thai child >> Apply for the 1-year Multiple Entry Non Imm O - marriage Visa at the thai consulate of Savannakhet, Laos or HoChiMinCity, Vietnam.  NO financials required on application.

2 - When over 50 years of age and with a pension-statement >> Apply for the 1-year Multiple Entry Non Imm O - retirement Visa at the thai consulate of Savannakhet, Laos or Penang, Malaysia.  When the pension-statement is below 65K/month, proof of financials on a thai or foreign bank-account to cover the annual difference accepted.

Both Visa provide 90-day permissions to stay on entry, after which you need to leave the country or apply for an extension of stay (one per entry).  When timed right those Visa can provide you with 17 or 16 month IO-hassle free stay in Thailand with NO need for money tied up in a thai bank-account, NO need for 90-day reports, NO need for re-entry permits and NO need  to deal with local IOs to meet the requirements for a 1-year extension.

[Mac98]

You can live on 500,000 a year in Pattaya, 1-bdrm, 1 1/2 ba, 2 balcony  condo with pool. I do. Certainly he will get that much in retirement. So maybe 14 years before he starts collecting. That's 7 million, and another 800,000 in Thai bank for retirement. Utilities, WiFi, phone are cheap. I have a girlfriend, get massages, and no shortage of food and drink. Just limit nightlife to once or, on occasion, twice a month. Don't join a gym, use the condo pool for lap swimming. We also have a small gym and steam room.