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

[Phulublub]

 

Edited May 20, 2020 by Phulublub
didnt work

[simon43]

If there is high inflation, it doesn't seem to have affected prices (in a negative way).  I still spend less than $8 USD a day on 3 meals and beer.... ????

[donmuang37]

On 5/19/2020 at 11:32 AM, 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!).

In Thailand 8%??? You are dreaming! Maybe 1.5% if you are very lucky. Very few places pay 8% interest unless it is rather risky.

[GarryP]

4 hours ago, BobBKK said:

I wasn't trying to show off in any way. I only had 30m as I sold my London home, have no family or kids etc. Now i've got around 20ish in property and live off my pensions now I hit 60. 50,000 is a nice living, 25,000 can get away with it and 100,000 is heaven. I've been knocked back on rents, of course, so i'm on about 70,000 now.

I did not mean to infer that you were showing off. Sorry you took it that way. I was just stating facts. And, that is, the majority do not have anywhere near that amount. 

 

When I hit 60 in 2.5 years (assuming my employer does not want to retain me on contract after that) I will have to rely on my savings and the minuscule Thai pension of Baht 5,000. I will not be entitled to any other pension. However, I own my house so no rent and visas are a non-issue for me. As such, my savings only need to cover my living expenses until I die. I estimate that will be when I hit 85 (better to err for longer than shorter, although my father's side of the family are all in or touching their 90's), and did my calculations based on that. 

 

I currently spend about 45K a month on living expenses and put aside another 20k for holidays. The rest I am saving. However, when I retire I have set monthly spending at 75k (even though I doubt I will spend that much), to factor in inflation in the long run. My savings are based on this, and that when I kick the bucket there is plenty left for my wife, who is 19 years younger than me, and something left for my son too (on top of the house which I have already given him).  This is doable if you plan ahead and actually my target is pretty much where you are. I need savings of 25 to 30m upon retirement and am on target with that, factoring in severance pay upon retirement of 400 days. The savings will also be earning interest too so that will help out in the long term.   Covid gave me some jitters, but the company I am working for has not been affected so far. 

 

I do believe everyone is different and want different things when they retire, so while 75k would be more than enough for me, it may be insufficient for others, especially if they have to pay rent too. On the other hand, some people are happy living on 35k a month. Each to their own I say. The only thing I would suggest, is that people should plan ahead and not wait too long to start saving, which was nearly the case with me.  

[Phulublub]

2 hours ago, simon43 said:

If there is high inflation, it doesn't seem to have affected prices (in a negative way).  I still spend less than $8 USD a day on 3 meals and beer.... ????

Maybwe I should move to Laos...though will it be same cost for 3 beers and a meal a day...????????????????

[pineapple01]

1 hour ago, GarryP said:

I did not mean to infer that you were showing off. Sorry you took it that way. I was just stating facts. And, that is, the majority do not have anywhere near that amount. 

 

When I hit 60 in 2.5 years (assuming my employer does not want to retain me on contract after that) I will have to rely on my savings and the minuscule Thai pension of Baht 5,000. I will not be entitled to any other pension. However, I own my house so no rent and visas are a non-issue for me. As such, my savings only need to cover my living expenses until I die. I estimate that will be when I hit 85 (better to err for longer than shorter, although my father's side of the family are all in or touching their 90's), and did my calculations based on that. 

 

I currently spend about 45K a month on living expenses and put aside another 20k for holidays. The rest I am saving. However, when I retire I have set monthly spending at 75k (even though I doubt I will spend that much), to factor in inflation in the long run. My savings are based on this, and that when I kick the bucket there is plenty left for my wife, who is 19 years younger than me, and something left for my son too (on top of the house which I have already given him).  This is doable if you plan ahead and actually my target is pretty much where you are. I need savings of 25 to 30m upon retirement and am on target with that, factoring in severance pay upon retirement of 400 days. The savings will also be earning interest too so that will help out in the long term.   Covid gave me some jitters, but the company I am working for has not been affected so far. 

 

I do believe everyone is different and want different things when they retire, so while 75k would be more than enough for me, it may be insufficient for others, especially if they have to pay rent too. On the other hand, some people are happy living on 35k a month. Each to their own I say. The only thing I would suggest, is that people should plan ahead and not wait too long to start saving, which was nearly the case with me.  

You walk on broken glass here mentioning money. Were on 100+ K PM. so i expect some snide comment.

[HashBrownHarry]

2 minutes ago, pineapple01 said:

You walk on broken glass here mentioning money. Were on 100+ K PM. so i expect some snide comment.

I'm about the same, just me and the wife + 4 dogs / 5 cats / 15 Koi.

 

Some of the numbers people think they can live on simply astound me, they can't be doing much at all ( but i guess as you get older you don't do much, i'm still <50 ).

 

Above is said with no malice.

[Tagged]

10 hours ago, HashBrownHarry said:

I'm about the same, just me and the wife + 4 dogs / 5 cats / 15 Koi.

 

Some of the numbers people think they can live on simply astound me, they can't be doing much at all ( but i guess as you get older you don't do much, i'm still <50 ).

 

Above is said with no malice.

Been traveling world in sport and work, as I have travelled 60 km on the roads in Thailand, it was time to settle, and we did that in her home village. Do not need much on daily basis, and it is nice to have every uppertunity when we want to do something. So we are saving. I have about 120k a month, savings, appartment back in my home country which I rent out, and are 52. Work offshore 8 - 14 weeks a year as freelancer. When we stay in Isan, our whole family budget without personal insurance, car, bikes, etc is 30K that as i wrote before including 10k salery for her parents to take care of our land and help us 14 work days each when we are here as well. It is a good life where we have daily routines waking up to. Not missing a thing. But good to get out of here as well, and it is the contrasts that make it so good, and feel so good. 

 

If you asked me 4 years ago, I would have said H... no, but changes is good, both in mind and experiences. 

 

Anyway, I do not expect anyone to understand my choice, and my way of living, the point I want to make, is he or those who want to retire early, should have a back up plan, never give up working, because <deleted> as this corona virus will happen in future to, as world war and so on. Crisis will change the world, and suddenly you will find you self in a bad bad situation, and your prevous depressions would seems small compare to what you will face in future. God sake he have work, 52 year and healthy? Start doing something for your mental health before you run away. Mental fitness is as important as physical fitness to find happiness. Run away is a short term fix. 

[Greg O]

Consider your true net "entertainment" budget as well. Stay single so you can mingle and enjoy life here but if you allow yourself to be tied down they will drain every available baht out of you ! With that said do what you like get a nice place to live (Rent don't buy, property is essentially worthless here with no appreciation and the inability to own) Get a nice car and or motorbike and travel around, get to know local expats and locals (helps when you can go to pubs for this.) I don't go into monetary formulas but I do project my annual expenses in all categories each year. Be sure to include travel and entertainment expenses such as : Bars, restaurants,  bar fines , hotels , airfares. There's no point in retiring if you're going to live like a pauper. I would not advise living on savings and "waiting for your pension" unless you've lost your job or just can't bear it anymore. Establish an income stream as advised by the other posters here and use your savings as your buffer. I own a home here but will never sell it so it's not an asset but it's my refuge. I live well on 100,000 baht per month but if I need something or want to travel somewhere I just do it. How ?

Most western banks and investment houses will let you establish a line of credit based on your holdings. You essentially borrow from yourself when ever the need arises at low ,low interest such as the LIBOR rate. In any case enjoy the show because it's a riot living here ( couldn't possibly be real could it ) ? 

[Tagged]

1 minute ago, Greg O said:

Consider your true net "entertainment" budget as well. Stay single so you can mingle and enjoy life here but if you allow yourself to be tied down they will drain every available baht out of you !

This is based on your experience, but if he is depressed since he is lonely, and want a gf? You recomend him not to find a gf? 

[Greg O]

No there are alot of honest and  lovely ladies but I've seen so many guys that " fall in love " from the day they arrive and become victims. Just need to be cautious. I'm not a victim so I'm not bitter just the opposite. I'm 67 and in good health divorced twice and single now and enjoying the freedom without commitment and having fun being selective with who I date or socialize with. I live alone but am never lonely and have many activities to keep occupied. All the best ! 

[Kadilo]

Blimey, not another “I’m earning more money in my bull.s.hit  portfolio” than you are thread. 
 

People earning real money don’t sit on TV posting how much they get. 

Edited May 21, 2020 by Kadilo

[GarryP]

2 hours ago, Kadilo said:

Blimey, not another “I’m earning more money in my bull.s.hit  portfolio” than you are thread. 
 

People earning real money don’t sit on TV posting how much they get. 

You saying I am getting paid in bottle caps then? But then pineapple01 did warn me. 

[Neeranam]

17 hours ago, GarryP said:

My savings are based on this, and that when I kick the bucket there is plenty left for my wife, who is 19 years younger than me, and something left for my son too (on top of the house which I have already given him). 

In your plan, have you made any space for your son helping you out? "Kwam Gatanyoo" and all that.

[Neeranam]

19 hours ago, simon43 said:

If there is high inflation, it doesn't seem to have affected prices (in a negative way).  I still spend less than $8 USD a day on 3 meals and beer.... ????

Nice to know that if things go South, I can survive cheaply. 

I had always planned to renunciate when 60, giving up material goods etc but as it approaches quickly I'm changing my mind. 

I don't drink, by necessity rather than virtues, which means I could live on next to nothing if I am happy living in my paid house in Isarn. 

My 28,000 or so baht for UK pension would be more than enough. 

[pineapple01]

People Earning Real Money dont sit Posting.?. Well imo there the only ones that can afford to do as they please. !

[nausea]

44 minutes ago, pineapple01 said:

People Earning Real Money dont sit Posting.?. Well imo there the only ones that can afford to do as they please. !

True enough. They're off playing golf or what have you. There are exceptions though, sometimes sickness or an accident incapacitates you, then you're reduced to trawling the internet. What is real or big money anyway. Heard this phrase often enough in my time in Brighton. Usually from some loser. Who would die to have the income I had. And then, there was the guy who was big time in the City, and lost it all, a more pathetic figure you could not imagine, who puts all their self worth into money. 

Edited May 21, 2020 by nausea
Spelling

[BritManToo]

8 hours ago, Greg O said:

No there are alot of honest and  lovely ladies but I've seen so many guys that " fall in love " from the day they arrive and become victims. Just need to be cautious. I'm not a victim so I'm not bitter just the opposite. I'm 67 and in good health divorced twice and single now and enjoying the freedom without commitment and having fun being selective with who I date or socialize with. I live alone but am never lonely and have many activities to keep occupied. All the best ! 

I was a victim in the UK and I'm a victim here.

The women just get less of my money here.

[Pravda]

On 5/19/2020 at 10:58 AM, georgegeorgia said:

his only money will be around 10 million baht give or take.

 

Peanuts.

 

And I am talking as someone who is extremely frugal.

 

He is not a Thai. He can not live like a Thai.

 

The biggest mistake will be selling a house. 

 

No free healthcare in Thailand.

[ThailandRyan]

So is a pension paying 320,000 baht per month as well as other income from properties and investment good enough......It wasn't for my now ex-wife, she had to go find a millionaire, while here I thought I was one....lol

[BritManToo]

8 minutes ago, Pravda said:

No free healthcare in Thailand.

Paying for healthcare in Thailand is actually cheaper than paying the parking charges for the free healthcare in the UK.

Edited May 21, 2020 by BritManToo

[GarryP]

4 hours ago, Neeranam said:

In your plan, have you made any space for your son helping you out? "Kwam Gatanyoo" and all that.

No. I know if everything went pear-shaped I could stay with him as he has two spare bedrooms, but I raised him to look after himself and be independent, not to worry about me. He has to find himself in this world. I offered to pay for education at a private university but he turned my offer down and said he was happy with Ramkamhaeng. He had an allowance up until he got his first job, and then I cut that off. He did not have to pay room and board, but he had to cover his own expenses. This is despite the fact that his first salary was a pittance and is still very low. 

 

Basically, we each expect to look after ourselves but not each other. But I have given him a head start. I have given him a house (that in itself is something most could not dream of - a Baht 5M house with no mortgage at the age of 31), and he is not expecting anything else from me. Nor me from him - unless he wins the lottery. 

[pineapple01]

Im a bit miffed i can say I own 2 house, but in reality i dont. so how can you gift something you dont own. PS i dont buy that Infrost 25year lease whatever they call it  lease cobblers. My Mrs owns the 2 not Me.

[nausea]

1 hour ago, BritManToo said:

I was a victim in the UK and I'm a victim here.

The women just get less of my money here.

So very true.

[BritManToo]

18 minutes ago, GarryP said:

I have given him a house (that in itself is something most could not dream of - a Baht 5M house with no mortgage at the age of 31), and he is not expecting anything else from me. Nor me from him - unless he wins the lottery. 

I'd expect the right to live in that house when I was old and infirm.

[GarryP]

2 minutes ago, pineapple01 said:

Im a bit miffed i can say I own 2 house, but in reality i dont. so how can you gift something you dont own. PS i dont buy that Infrost 25year lease whatever they call it  lease cobblers. My Mrs owns the 2 not Me.

I am now a Thai citizen so I can. I had read up about usufruct because I was not sure that my citizenship application would be successful. I will sell up and move upcountry when I retire. Already bought a small piece of land. 

 

Actually, if I am honest, I bought the first house in my son's name as agreed with my then wife as he would have inherited it anyway, and I had not at that time got citizenship.  After she died I moved out (not straight away) and moved into a rental condo with my new girlfriend, who is now my wife. We did not like condo living so I bought a house. At that time I had already gained citizenship so could buy it in my name.  

[GarryP]

3 minutes ago, BritManToo said:

I'd expect the right to live in that house when I was old and infirm.

I don't. I do not want to be a burden on anyone. 

[pineapple01]

4 minutes ago, GarryP said:

I am now a Thai citizen so I can. I had read up about usufruct because I was not sure that my citizenship application would be successful. I will sell up and move upcountry when I retire. Already bought a small piece of land. 

 

Actually, if I am honest, I bought the first house in my son's name as agreed with my then wife as he would have inherited it anyway, and I had not at that time got citizenship.  After she died I moved out (not straight away) and moved into a rental condo with my new girlfriend, who is now my wife. We did not like condo living so I bought a house. At that time I had already gained citizenship so could buy it in my name.  

Im shocked a reply with honesty Good for You. Im just too bone idle.. Ill Live while im Alive n Sleep when im Dead.

[khunPer]

7 hours ago, BritManToo said:

7 hours ago, Pravda said:

No free healthcare in Thailand.

Paying for healthcare in Thailand is actually cheaper than paying the parking charges for the free healthcare in the UK.

That's the best statement I've heard for long time...????

[Dan123]

On 5/19/2020 at 2:27 PM, totally thaied up said:

Need to remember, he will have to return to Australia for two years before getting the OAP to qualify. 

Do not be in thailand When you come of OAP age. also make abs sure you are an Aus resident prior to reaching qualifying 'age'