How much money is required for 30 years retirement?

[RichardColeman]

1 hour ago, villageidiotY2K said:

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

Firstly I think we all need to know your end of life program and what your health insurance covers. Assuming your needs per month will drop by 10k a month seems crazy to me - could turn out you have illnesses not covered by current health insurance - or you may need be paying for a nurse or home care.

I know many farang living now with serious illnesses as they have no money - or planned -to address them

[BritManToo]

2 minutes ago, RichardColeman said:

I know many farang living now with serious illnesses as they have no money - or planned -to address them

I have a serious illness and no insurance.

Government hospital costs me between 300 and 600bht every 3 months, including daily meds.

[myprivate]

Been looking into this a lot myself lately. Assuming you have 13.6M baht as implied in your first post, then you could put this into a Multi-Asset Income Fund like the one I copied below (actually better to split it into several funds to share the risk). It is currently paying 4.3% income which is about average for this type of lower risk multi asset fund.

So if you put your 13.6M into it you'll get 584,800 per year or 48,733 a month, and you won't have to touch the principle amount except for emergencies like healthcare costs.

https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fidelity-multi-asset-income-income-inclusive

[scammed]

1 hour ago, checkered flag said:

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.

as was foretold by the oracle

[Felt 35]

Approximate 25m for a middle style living, not drinking, bars or use the service of the nights girls/boys.????

[BritManToo]

1 hour ago, eyup said:

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!

I think you'd be surprised how many guys I know that died between age 40 and age 60.

[Kadilo]

1 hour ago, checkered flag said:

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.

Yep, this thread is going to plan ????

[AlfHuy]

7 minutes ago, Kadilo said:

Yep, this thread is going to plan ????

what was the question again?

[carlyai]

Budgets don't work in Thailand. Just keep working till you are really sick of It, then 5 to 10 years more. That should be enough money.

I'd say B80000 per month after you own everything. No rent etc.

I'm not sure why people don't continue their hospital/medical insurance in the country they come from. Lot cheaper than Thailand me thinks. Just hop on a plane and your back home to get something whipped out.

Talked to a guy yesterday and he just had a prostrate removed for B2.5 mill. in Bungrudi Bangkok. Was with a DeVinchi robot but saved many crucial nerves he said. 

Hopping on a plane (if you are still a resident and pay taxes) seems doable... post Corana.

 

[Kadilo]

3 minutes ago, carlyai said:

. Just hop on a plane and your back home to get something whipped out.

 

 

What If you have an accident and unable to “hop” anywhere ?

[thaibeachlovers]

If you have to ask, you probably won't have enough.

However, if you want to guess that you'll still be capable of independent living, or that you'll even be able to travel in 30 years take the post with the largest estimation and double it. Even that might not be enough.

[Airalee]

45 minutes ago, BritManToo said:

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.

Exactly...although I hear hookers have also been lowering their prices.  
 

Everybody always seems to bang on about inflation, but with the COVID-19 pin pricking the inflationary debt bubble, I wouldn’t be surprised to see deflation for quite some time.

[4MyEgo]

2 hours ago, villageidiotY2K said:

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 would suggest if you want to do it on a no frills budget, then 40,000 baht per month plus private health care cover should be right for starters, but expect at least 50% more for variables.

 

I retired at 55 and thought a budget of 30,000 baht per month should be right for a family of 6 with a place paid off and a car paid off, excluding private health care cover costs of course. Then the AUS $ dropped and of course I found the cost of living here in Thailand rising as we don't eat like Thai's, so imports are expensive, I mean how desperate does one have to be to pay $8 AUS for a 450gm jar of peanut butter, ok, I'm desperate, so now its 60,000 baht per month (double of what I planned 5 years ago), plus private health care cover, so if you really want to be on the safe side, add 50% for variable as I said, no, I am not joking. 

 

Thailand is not cheap anymore e.g. for those single men on the UK pension, they would be lucky to just scrap it in on 30,000 baht per month and that's without any private health care cover, which is a must.

 

Now what if you met some young lady and all of a sudden she convinced you that you should start a family, s-h-i-t does happen, however if your going to be single and living tight, then as I said 40,000 baht per month plus private health care cover will be ok for starters, but best to allow 50% on top of that as a buffer.

 

I make my monthly budget target and some on a good month through my investments, and as it turns out, I have lived here basically free for the last 5 years, that said, there has been no capital gain on my investments, i.e. the money I invested 5 years ago hasn't increased, that is the way of the world is today with the pandemic, my investments have actually gone backwards if I had to sell up today, so don't just look at what it is going to cost you to live here, look at how much you can make per month through investments over the long term, and if you don't need to sell, like myself, then collect your monthly budget every month and wait for things to get better for some capital gains.

 

Good luck 

 

Edited July 22, 2020 by 4MyEgo

[Pravda]

Very boring question that pops out every now and then.

 

The short answer is probably more than back in your own country.

 

The long answer is probably a lot more than back in your own country.

 

 

[yeahbutif]

I spend around £1500 a month. Rent cheap 8.000b. Old car and bike. Live in lady and son. I only eat falang food mainly in house..dont do expensive days out. But life. I do watch the pennies as they say look after the pennies and the pounds will look after there selves.. As for next year and the year after. Would think it's going to cost me more.. 

[DaLa]

In my opinion and experience it’s not a lump sum you need , it’s INCOME. Income from work , pension, investments. Split 4 ways in case any of them take a hit. Then factor in anything can happen, eg. a bank crash here and you will soon only be protected to 1Mill baht.

 

A lump sum is no good as soon as inflation hits 5% or >. Try to limit your expenses by buying your property and not renting, although there are many negatives to that in LOS. Ultimately I have to refer back to purchasing luxury items….’if you need to ask the price, you can’t afford it’.

 

This place is no better than anywhere else in the world if you have to live on the breadline.

 

[rumak]

1 hour ago, BritManToo said:

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

BM2 has some funny lines.  Many are true.   Unless you are having your penis sewed back on, or

major major surgery and extensive long term care..... just self insure.   We have all had some issues

but one guy wrote that his healthcare coverage costs over 14k baht a month ! Arai na ?   Like almost

200k a year ?   Well, at that rate i have saved over 4 million baht over the last 20 years. 

My total expenditures over that time:  maybe  150k baht (and insurers would not have covered most

of it. )      

When i came here I brought my savings.  Put the 800k in a bank.  Bought some land, built a modest but

comfortable home.  I have had 2 toyota vios , 2 honda dreams (and an old PU for the farm) .

Barely ANY maintenance !  

My Swiss buddy worked for 35 years and gets a pension near 200k a month.  I do not have anywhere near that...... so i live well for about 30k a month.   And have for 35 years without punching a clock.

So different strokes.  My only regret is not being born to rich parents   555 .   Hope to choose better

next time.  

[checkered flag]

3 minutes ago, rumak said:

BM2 has some funny lines.  Many are true.   Unless you are having your penis sewed back on, or

major major surgery and extensive long term care..... just self insure.   We have all had some issues

but one guy wrote that his healthcare coverage costs over 14k baht a month ! Arai na ?   Like almost

200k a year ?   Well, at that rate i have saved over 4 million baht over the last 20 years. 

My total expenditures over that time:  maybe  150k baht (and insurers would not have covered most

of it. )      

When i came here I brought my savings.  Put the 800k in a bank.  Bought some land, built a modest but

comfortable home.  I have had 2 toyota vios , 2 honda dreams (and an old PU for the farm) .

Barely ANY maintenance !  

My Swiss buddy worked for 35 years and gets a pension near 200k a month.  I do not have anywhere near that...... so i live well for about 30k a month.   And have for 35 years without punching a clock.

So different strokes.  My only regret is not being born to rich parents   555 .   Hope to choose better

next time.  

We live well on my SS IDD of about $2600/mo. My wife's SS goes to a US account. If we need more I can transfer from a US account. I need to avoid IRS yearly withdrawals >20K to avoid income taxes. It's all about doing tax efficient withdrawal. Generally my IRA grows more than 20K/yr but that's up to the economy. My wife has a 401K that sits there until she needs to do her minimum yearly distribution. If something bad happens we can get cash but want to avoid taxes if possible.

[carlyai]

1 hour ago, Kadilo said:

What If you have an accident and unable to “hop” anywhere ?

You have accident insurance. Not expensive. Good pain killers available these days. 

[Matzzon]

Count with 1 million per year and you will be safe. That would be 30 million for your 30 years.

[HashBrownHarry]

49 minutes ago, rumak said:

BM2 has some funny lines.  Many are true.   Unless you are having your penis sewed back on, or

major major surgery and extensive long term care..... just self insure.   We have all had some issues

but one guy wrote that his healthcare coverage costs over 14k baht a month ! Arai na ?   Like almost

200k a year ?   Well, at that rate i have saved over 4 million baht over the last 20 years. 

My total expenditures over that time:  maybe  150k baht (and insurers would not have covered most

of it. )      

When i came here I brought my savings.  Put the 800k in a bank.  Bought some land, built a modest but

comfortable home.  I have had 2 toyota vios , 2 honda dreams (and an old PU for the farm) .

Barely ANY maintenance !  

My Swiss buddy worked for 35 years and gets a pension near 200k a month.  I do not have anywhere near that...... so i live well for about 30k a month.   And have for 35 years without punching a clock.

So different strokes.  My only regret is not being born to rich parents   555 .   Hope to choose better

next time.  

Your 'self insure' theory is flawed, what happens if your friend that did it had an accident / illness 2 years after starting to self insure, where would the money come from? What happens if he had multiple illness's or accidents?

 

IMO medical insurance is a must have, no brainer...

[Kwasaki]

2 hours ago, BritManToo said:

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

Glad someone has said it I don't understand all this inflation talk from other nerds I reckon they are relating it to the exchange rates which has nothing to do with Thai inflation.

[baansgr]

4 hours 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. 

 

 

 

 

 

You forgot to mention Trump

[BritManToo]

8 minutes ago, HashBrownHarry said:

Your 'self insure' theory is flawed, what happens if your friend that did it had an accident / illness 2 years after starting to self insure, where would the money come from? What happens if he had multiple illness's or accidents?

 

IMO medical insurance is a must have, no brainer...

If you don't insist on using Bangkok Hospital (et al), hospital care is really cheap in Thailand.

But most foreigners are too stupid (or fearful) to use hospitals where they may encounter normal Thai people.

 

I'm OK sitting with the Thais all morning if it lowers my hospital bill from 20,000bht to 500bht.

[rumak]

19 minutes ago, HashBrownHarry said:

Your 'self insure' theory is flawed, what happens if your friend that did it had an accident / illness 2 years after starting to self insure, where would the money come from? What happens if he had multiple illness's or accidents?

 

IMO medical insurance is a must have, no brainer...

that's why we say :  different strokes for different folks. 

                              I have yet to have a stroke.

                              but then again I take much better care of myself than most

                              of the world population.

                              eating well and staying fit to me are no brainers.

                              if i go by that criteria,  there are lots of people with no brains  

 

                              I am still going strong .  guess i lucked out.  and the insurance companies,

                              in MY case,   lost.   

[Boomer6969]

2 hours ago, Kadilo said:

Yep, this thread is going to plan ????

C'mon when one plans to live on 1200 Euros a month he'd better be looking for a place where the cost of living is low and health care accessible. The first that comes to mind would be Portugal, not Thailand. 

Yes I know Portugal doesn't have that many bargirls and they would be on the hairy side of things if there were any.

[BritManToo]

Just now, Boomer6969 said:

C'mon when one plans to live on 1200 Euros a month he'd better be looking for a place where the cost of living is low and health care accessible. The first that comes to mind would be Portugal, not Thailand. 

Yes I know Portugal doesn't have that many bargirls and they would be on the hairy side of things if there were any.

People not being able to adapt their purchasing, to mainly use local goods and local services will be paying a lot more than anyone else.

The problem isn't your income, the problem is you.

Edited July 22, 2020 by BritManToo

[Boomer6969]

30 minutes ago, BritManToo said:

I'm OK sitting with the Thais all morning if it lowers my hospital bill from 20,000bht to 500bht.

Ok, now imagine yourself having to get 30 sessions of radiotherapy in a Thai government hospital; you'll end up chatting up Thai grandmas for 30 mornings while your energy dwindles day after day. And at the end you'll end up paying half a million anyway. 

Edited July 22, 2020 by Boomer6969

[BritManToo]

1 minute ago, Boomer6969 said:

Ok, now imagine yourself having to get 30 sessions of radiotherapy in Thailand; you'll end up chatting up Thai grandmas for 30 mornings while your energy dwindles day after day. And at the end you'll end up paying half a million anyway. 

I don't believe in treating cancer.

You live your life, and you accept death when it comes.

At 64, I've done more than I ever imagined and am quite happy to die.

Edited July 22, 2020 by BritManToo

[Boomer6969]

4 minutes ago, BritManToo said:

I don't believe in treating cancer.

You live your life, and you accept death when it comes.

At 64, I've done more than I ever imagined and am quite happy to die.

Finiss boomboom?