How much money is required for 30 years retirement?

[villageidiotY2K]

Hello boys and girls,

if you wanna retire in Thailand How much money is required for 30 years till DEATH?

I'm not 50 yet, but I guess I would like to retire around 55.

 

I've estimated below,

Age: 55-75, 40,000B per month, 500,000B per year, 10MB for 20 years

Age: 75-85, 30,000B per month, 360,000B per year, 3.6MB for 10 years

30 years total = 13.6MB

 

I dont plan to stay in BKK and most likely move around in the sticks or northern rentals, maybe try neighboring countries.

My current rent is 7500B in 2 story town house, electric bill + water around 1500B.

I dont eat at pricey restaurants often and I guess my expenses are around +-30,000B per month.

I have private health insurance, car insurance.

 

What's your opinion, experiences or advices my friends?

[Grumpy one]

What makes you think you will reach 80?  

[Kadilo]

5 minutes ago, Grumpy one said:

What makes you think you will reach 80?  

Or 85?

[OneMoreFarang]

Don't forget the inflation. For 30 years that's a lot.

 

And will you have that health insurance still when you are 80? For the same price?

[OneMoreFarang]

3 minutes ago, Kadilo said:

Or 85?

Daily massage

 

[Kadilo]

You will get a whole range of views from those who will argue between themselves on how much you need to live on each month. 

Some will say they live on 20,000/month and others will then say will “that’s not living, that’s existing” “What about insurance, bills, cars etc”

 

Then you will have those who will come in and say they get more than that per month from their “investments” and they need a minimum of 150,000/month to maintain their standard of living of eating out 6 nights a week, the Ferrari, 8 bed house and 25 Air con units. 
 

The “discussion” will, then go off topic onto visas and how some manage to get a long term visa on such low incomes and of course move onto the use of agents. 
 

 By which time you will be lucky If you get any real help before it gets closed. 
 

Hopefully you will......,good luck. 

 

 

 

 

 

Edited July 22, 2020 by Kadilo

[Airalee]

2 minutes ago, Kadilo said:

You will get a whole range of views from those who will argue between themselves on how much you need to live on each month. 

Some will say they live on 20,000/month and others will then say will “that’s not living, that’s existing” “What about insurance, bills, cars etc”

 

Then you will have those who will come in and say they get more than that per month from their “investments” and they need a minimum of 150,000/month to maintain their standard of living of eating out 6 nights a week, the Ferrari, 8 bed house and 25 Air con units. 
 

The “discussion” will, then go off topic onto visas and how some manage to get a long term visa on such low incomes and of course move onto the use of agents. 
 

 By which time you will be lucky If you get any real help before it gets closed. 
 

Hopefully you will......,good luck. 
 

 

 

 

 

This pretty much sums it all up.

[PatOngo]

21 minutes ago, Grumpy one said:

What makes you think you will reach 80?  

.....and stay healthy? 

[Paiman]

That's the kind of calculation I see myself doing often.

 

85 years is my worst case scenario.

 

Good thing, if required you can live fairly cheap in South East Asia. It all depends on you.

 

Bangkok is expensive, out in the sticks cheaper but can also be boring. Also depends on you.

 

 

[J Town]

MANY people came here expecting their UK pension would take them to the end of their days. Then the pound crashed and many found themselves in a bind. 30 years is WAY too far to project using today's data. Markets will crash, guaranteed, over the next 30 years. The equation I used was figure how much I will need over the next 20 years living high on the hog then TRIPLE that number. As well, I have what I call my "heart attack fund." A friend had a heart attack in Thailand a few years back and said how much it cost. I added 25% to that number and stuck that money in an account that I pretend doesn't exist which should cover most medical emergencies. Also, build up as much credit as you can using credit cards from your home country. Hard to get credit cards in Thailand (at least that's what I've read on this forum). Just my $.02

[eyup]

Whats your income going to be aged 55? If you've got sweet f'all then don't bother retiring.  Also if you have 5 years to wait it is impossible to say what the costs in thailand will be and what the exchange rate will be So, best to wait another 5 years then ask/decide!

[J Town]

8 minutes ago, Kadilo said:

The “discussion” will, then go off topic onto visas and how some manage to get a long term visa on such low incomes and of course move onto the use of agents. 
 

 By which time you will be lucky If you get any real help before it gets closed. 
 

Hopefully you will......,good luck. 

Seen this before, have ya? ????

[Kadilo]

40,000B/month , 500,000B/year
 

Budget for a new calculator, might be useful. 

[Kadilo]

2 minutes ago, J Town said:

Seen this before, have ya? ????

Once or twice, always interesting. 

 

[checkered flag]

12 minutes ago, Kadilo said:

40,000B/month , 500,000B/year
 

Budget for a new calculator, might be useful. 

I'd suggest doubling that plus housing and car expenses. That is if you can speak Thai and eat Thai food. 40K/mo is cheap charlie range, IMO.

[Henryford]

There will be loads of views but 30-40k a month is not enough even for existing, especially if you pay rent and want health insurance. I retired at 51, 16 years ago, and have already gone through 11 million baht with no rent, and i think i am fairly frugal. For 30 years at least $1 million needed.

[marvin1950]

I am 69 and just my health insurance (hospitalization only) is 14,500 baht a month.

The older you get the health insurance premiums cost go up.

 

 

[bkk6060]

Taking in inflation and other variables about 30 million baht +.

That is conservative.

And, don't think you are smarter then everyone and blow it all on opening a business.

 

 

Edited July 22, 2020 by bkk6060

[worgeordie]

It's too far in the future to budget for, plus who knows if you will even be

able to get the right to retire here in next 10,15,20 years.

regards worgeordie

[Big Joke]

What is your plan if you live to be 100.

[mokwit]

Inflation, no yield on investments, maybe have to deposit $100k for retirement visa in future.

[rumak]

How much money is required for 30 years retirement?

 

well, as a rule of thumb........ about half of what that other

village guy has

[rumak]

1 hour ago, OneMoreFarang said:

Daily massage

 

look at that smile on his face.   did you crop off the bottom half of that photo ???

[EricTh]

@villageidiotY2K

 

I don't think anybody can predict that far ahead. The inflation rate is difficult to predict, one day it might ballooned like in a economic crisis.

 

It might be cheap now but not in the future.

 

 

Edited July 22, 2020 by EricTh

[toxictotoro]

In BKK/Phuket.....US$ 80,000-100,000/year minimum if you want to live a comfortable Western-style standard of living in a nice place (if renting) with high quality heath care/insurance, a decent vehicle, eating quality food, maybe a girlfriend/wife to add to the mix etc. etc.

 

Half that and less if you live out in the sticks and "go native" but don't ever skimp on important stuff like medical.

 

Edited July 22, 2020 by toxictotoro

[AlfHuy]

That's what you can read every few months.

How much do I need to have a comfortable live in Thailand, Brasil, Panama, etc.

Local people earn x amount and if I have 1,5 times this amount, I should live very good life.

 

It all depends what you want. 

I can't say that Thailand is cheap. It's more for the ones who can afford here then for the ones who would like to live here.

What I spent here, I could live everywhere.

Nice condo, going out a few times a week to eat western food, having a drink or 2, cinema, driving a car, going on holidays.

Sure, I could live in a 3000baht room with electricity and water included.

Eating 2x day street food for 50baht.

Not drinking.

No fun.

No GF

Living like a very cheap Charlie. 10,000 baht would do it.

No thanks.

[AlfHuy]

2 minutes ago, toxictotoro said:

US$ 80,000-100,000 year minimum if you want to live a comfortable Western-style standard of living in a nice place (if renting) with high quality heath care/insurance, a decent vehicle, eating quality food, etc.

 

 

555

that's a bit on the luxurious site.

2,500.000-3,100.000baht a year??? MINIMUM 555

250k a month. Are you living in Monaco?

Edited July 22, 2020 by AlfHuy

[checkered flag]

1 minute ago, toxictotoro said:

US$ 80,000-100,000 year minimum if you want to live a comfortable Western-style standard of living in a nice place (if renting) with high quality heath care/insurance, a decent vehicle, eating quality food, etc.

 

 

About right. But no need to live live like a falong. Middle income Thais live much better that that.

[BritManToo]

1 hour ago, OneMoreFarang said:

Don't forget the inflation. For 30 years that's a lot.

And will you have that health insurance still when you are 80? For the same price?

Not been much in the way of inflation in Thailand over the past 10 years.

Rents the same, petrol is cheaper, hookers have doubled in price.

Health insurance is for Americans, most other nationalities aren't that daft.

 

When I first came here, 60kbht/month (hookers were important).

Now I'm older, 40kbht/month (I drink more and bang less).

Taking into account the exchange rate, over the last 10 years, I'm spending about 10k/month (20%) less today and my index linked pension income has increased about 40%.

 

In western money I need 1,000 GBP or $1,250 US/month for a western lifestyle in a nice 3-bed house.

 

In the west I couldn't afford to go out to eat much, but I could order take-away, same here.

In the west I cooked western food in my home, same here.

In the west I couldn't afford a woman half my age in my bed, here I can.

 

If I were to cut out the woman, I'd be OK on 25k/month (600 GBP or $800 US)

So really how much you need depends on how horny you are.

Edited July 22, 2020 by BritManToo

[Paiman]

I am sure you can sort out valuable information for yourself.

 

Sometimes there seems to be a competition ongoing who can put down more 000.. behind numbers.

 

If possible and not too much of a burden try to work a few more years.

Edited July 22, 2020 by Paiman
wording