Study reveals how much money you need to retire in Thailand

[ericthai]

18 hours ago, the green light said:

stupid article and it does say much

food, housing , entertainment,  health care and some travel.

it does not amount to $70k per month.  the cost of living in thailand is around  $3k per month for a nice life.

people choses other countries to retire because they are cheaper than their own country.

 

i do not know what kind of bufallo stuff they were smoking to write such a stupid article.

 

 

What are you smoking??

[hottrader77]

On 3/2/2021 at 7:35 PM, sirineou said:

What does  $389,835 Mean ?

Is that to retire for the rest of your life?  at what age?  and  how many years would that last you. ?

 

No its for living 14 years after retirement thats 27,500 usd a year or about 650,000 baht a year = or 54,000 baht a month round about , i will have more than this just on my pensions and then have savings so i will be ok . looks like 3some 3 times a week and go go girls everyday for me what a shame , still someone has to do the dirty work ha ha LOL

[Lancelot01]

On 02/03/2021 at 12:35 PM, sirineou said:

What does  $389,835 Mean ?

Is that to retire for the rest of your life?  at what age?  and  how many years would that last you. ?

 

Also, does it take into account income/pension payments  etc.?

[whaleboneman]

On 3/2/2021 at 7:11 AM, Kinnock said:

So many variables in a real person's situation - I guess this is a just number to compare different countries using a standard set of conditions?

 

While working in Thailand I bought and paid for my condo, so that must change my figure when I retire.  

Only if you use the stairs everyday.

[geisha]

It all depends. Most people have a pension that pays for most expenses, especially living in certain countries like Thailand or Vietnam/ Malaysia. Pensions last a lifetime , not 14 years. 

Then you might have extra savings , and a house already paid for in your home country.  So as long as you do your sums right and act responsibly, you can get along quite well everywhere except maybe the very exclusive paradises on earth. 

[thaibeachlovers]

On 3/3/2021 at 1:49 AM, sirineou said:

Thank you for that.???? I must have missed that part. 

Then it  comes to 70,529 per month , and it makes sense IMO .

LOL. That's 40,529 baht a month more than I needed when living in a nice hotel in Chiang Mai. Not including cost of health insurance, and anything to do with immigration/ visas, travel or buying one off expensive items like computers. 30,000 is entirely adequate for renting and eating with an occasional mall visit for movies or such like.

[thaibeachlovers]

20 hours ago, Farang99 said:

When I retired here I had a little over £5 million. After building a house, buying a car and so on I still had a sizeable lump sum. 22 years later, after local inflation and the demise of the pound I barely scrape a living, certainly nothing like the lifestyle I had anticipated

Did you assume that the pound would be strong as long as you lived?

 

No matter how bad it gets at least you are still in LOS and not in the UK. Count yourself lucky.

[Kenneth White]

They had to base these numbers on the most expensive cities in Thailand. I have been a permanate resident in Thailand for four years now and traveled back and forth from the US six years prior. I receive only social security and live comfortably on that. My wife and I live in a small village near a small city out side of Khon Kean, my SSA income pays for all the bills, (electric, water, taxes, etc.) groceries and still have money left over for small projects around our small farm, and my recent medical expenses, so I don't agree with their numbers at all. This study will only give them reason to raise the requirements.  

[Dionigi]

On 3/2/2021 at 7:52 PM, internationalism said:

very few pensioners do have saving that large. Even if they sell their house before moving to thailand.

but each has pension, and that's sufficient to survive reasonable well in thailand.

so it's possible to lower standard of living in thailand and have some savings for medical care

Add up the monthly pension for 14 years that equates it to the figure quoted

[WhatsNext]

As usual, journalists or news media, cannot calculate. They just divide 389.835 by 168 months and that's it. However finance is a little more complex and interesting than that : 

 

Starting  capital : 389.835 USD

Return on capital on average 4%

Yearly increase for inflation 1%

Starting withdraw rate : 2950 per month

Last withdraw due to inflation : 3273 per month

 

Yes inflation can be higher, can also be lower and the same for the return on your capital. However a 3% spread between inflation and return is to be expected. 

So this gives you 89.621 Baht per month. Which is way too much for the very simple lifestyle described in the starting post.

 

I myself live in a new, rented, 3 bed 4 bath villa with pool, have a pickup truck live with a TGF and eat out every other day about and spend less than that. 

Edited March 4, 2021 by WhatsNext

[Harveyboy]

23 hours ago, Andrew65 said:

How many people in the 65-79 age group have kids at junior school?!????

me got 7..eldest 45 youngest one in nursery 1 in junior school.  1 secondary school .1 university  others working .. thank god  .. 

[Sheryl]

15 hours ago, Salerno said:

 

For this scenario, 100%, but it was the figure ...

 

 

that somewhat shocked me. It's lower than the OECD average and, for whatever reason (certainly not from looking into it) I assumed it would be at the higher end even with the health issues from today's lifestyle.

 

The lower US life expectancy is because of comparatively higher infant and maternal mortality rates and that in turn is due to inequalities in access to health services and lack of a national health system.

 

Infant and maternal mortality rates have no effect on life expectancy for people who already made it past middle age

 

 

[Sheryl]

1 hour ago, WhatsNext said:

As usual, journalists or news media, cannot calculate. They just divide 389.835 by 168 months and that's it. However finance is a little more complex and interesting than that : 

 

Starting  capital : 389.835 USD

Return on capital on average 4%

Yearly increase for inflation 1%

Starting withdraw rate : 2950 per month

Last withdraw due to inflation : 3273 per month

 

Yes inflation can be higher, can also be lower and the same for the return on your capital. However a 3% spread between inflation and return is to be expected. 

So this gives you 89.621 Baht per month. Which is way too much for the very simple lifestyle described in the starting post.

 

I myself live in a new, rented, 3 bed 4 bath villa with pool, have a pickup truck live with a TGF and eat out every other day about and spend less than that. 

 

Even more serious is that they should nto have divided by 168 months but rather by 288 months, which is the actual average amount of tine a 65 year old can expect to live

[Sheryl]

9 hours ago, Lancelot01 said:

Also, does it take into account income/pension payments  etc.?

 

Income/pension would be part of that. Multiply the annual amount by 14 and that is how much of the 389,835 it accounst for

 

BUT remember that these amounts are not remotely sufficient for rest of your life since average 65 year old will live almoist twice that long. Major flaw in their calculations. They used lie expectancy at birth instead of live expectancy at age 65. Totally different.

 

 

[BritManToo]

Just now, Sheryl said:

BUT remember that these amounts are not remotely sufficient for rest of your life since average 65 year old will live almoist twice that long.

I've not encountered any foreigner in Thailand that made it past 70.

My pals all died in their 40s, 50s, 60s.

Dave2 actually made it to 70, then was found dead in his bed shortly after.

I'm 65 and wouldn't bet on me reaching 70 either.

Edited March 4, 2021 by BritManToo

[Sheryl]

2 minutes ago, BritManToo said:

I've not encountered any foreigner in Thailand that made it past 70.

My pals all died in their 40s, 50s, 60s.

Dave2 actually made it to 70, then was found dead in his bed shortly after.

I'm 65 and wouldn't bet on me reaching 70 either.

 

There are MANY foreigners in Thailadn aged over 70, indeed over 80, including quite a few TV members.

 

That everyone you know dies  young suggests an issue with your life style.

[WhatsNext]

10 minutes ago, Sheryl said:

 

Even more serious is that they should nto have divided by 168 months but rather by 288 months, which is the actual average amount of tine a 65 year old can expect to live

That would be nice if average life expectancy was 89 years, but it isn't.

[WhatsNext]

3 minutes ago, BritManToo said:

I've not encountered any foreigner in Thailand that made it past 70.

My pals all died in their 40s, 50s, 60s.

Dave2 actually made it to 70, then was found dead in his bed shortly after.

I'm 65 and wouldn't bet on me reaching 70 either.

You must have heavily overweight, smoking, drinking and dancing pals. Here in hua hin everyone is over 70

[Neeranam]

Just now, Sheryl said:

 

There are MANY foreigners in Thailadn aged over 70, including quite a few TV members. Indeed, over 80.

 

That everyone you know dies  young suggests an issue with your life style.

Probably smokers and drinkers. 

 

In Bangkok, I was speaking to a friend who is the boss of a large language company. He says that he goes to funerals practically every week. Most male English teachers are in their 50's when they die. Definitely got to do with lifestyle and environment. 

[Sheryl]

1 minute ago, WhatsNext said:

That would be nice if average life expectancy was 89 years, but it isn't.

 

The average life expectancy at age 65, in the US, is 89.

 

Do not confuse life expectancy at birth with life expectancy at later ages.

[Neeranam]

1 minute ago, WhatsNext said:

Here in hua hin everyone is over 70

What about those younger ones? ????

[BritManToo]

Just now, Sheryl said:

The average life expectancy at age 65, in the US, is 89.

Do not confuse life expectancy at birth with life expectancy at later ages.

Country of birth is irrelevant, country of living is all that counts.

[Sheryl]

10 minutes ago, BritManToo said:

Country of birth is irrelevant, country of living is all that counts.

 

Actually I think it is life style that counts most. Moving from one country to another should not adversely affect life expectancy unless the move brings with it a negative change in life style, risky behaviors, health care utilization etc

 

By the way the average life expectancy in Thailand at age 60 is 83 years. I can't offhand find it for age 65 but it will of course be higher. (With every year a person lives, their life expectancy becomes longer)

[Neeranam]

22 minutes ago, Sheryl said:

(With every year a person lives, their life expectancy becomes longer)

I think my life expectancy was longer at aged 20 than aged 50. 

[Rawairat]

Dam I have too much, have to up the weekly beer trips to 711, 

Wishful thinking, does that include the wife and/or the mianoi

[Sheryl]

33 minutes ago, Neeranam said:

I think my life expectancy was longer at aged 20 than aged 50. 

 

Life expectancy in terms of the age to which one is expected to live. This rises with every year you actually live.

 

Hoe many years you have left is a different matter.

[cobra]

1 hour ago, Sheryl said:

 

The average life expectancy at age 65, in the US, is 89.

 

Do not confuse life expectancy at birth with life expectancy at later ages.

 

That's an interesting correlation and makes sense,
as advances in medicine and other are extending life expectancy, 
 

[cheapcanuck]

Confirms that Thailand is out of reach as a retirement haven for the average retiree.

Edited March 4, 2021 by cheapcanuck

[Isaan sailor]

4 hours ago, BritManToo said:

I've not encountered any foreigner in Thailand that made it past 70.

My pals all died in their 40s, 50s, 60s.

Dave2 actually made it to 70, then was found dead in his bed shortly after.

I'm 65 and wouldn't bet on me reaching 70 either.

Most of my western friends both in Isaan and at the beach are in their 70’s and going strong. No smokers and moderate to light drinkers.  They live with much younger ladies.  In my social circles—I remain the youngest—at 68.

[Andrew65]

On 3/3/2021 at 1:14 AM, the green light said:

stupid article and it does say much

food, housing , entertainment,  health care and some travel.

it does not amount to $70k per month.  the cost of living in thailand is around  $3k per month for a nice life.

people choses other countries to retire because they are cheaper than their own country.

 

i do not know what kind of bufallo stuff they were smoking to write such a stupid article.

 

 

Very true. It all depends on costs.

We might be someone who likes fine (ie: very expensive) dining very often. Shopping in high end malls, frequent visits to Soi Cowboy at 6,000 a night, whist living in an 80,000 Baht a month apartment. Or we might be happy living in the 'bamboo' (Nakhon Nowhere) in a 3,000 Baht a month flat, eating 40 Baht meals with large bottles of Leo (and be just as happy).