Study reveals how much money you need to retire in Thailand

[Isaan sailor]

2 hours ago, RocketDog said:

As per the conditions stated for the estimates given it sounds more like surviving than living IMO. 

But that's just me. 

I purposely lived a more frugal life before retirement (and after divorce sunk my financial boat) because being both old and poor really sucks. Looking back maybe I erred a bit by over-saving but I don't regret it now; far superior to the inverse. Money is a lot easier to spend than earn. 

And I thought my situation was unique...same here.

[hansnl]

Having a monthly pension changes the numbers considerably, presumably.

[starky]

18 hours ago, bigupandchill said:

So I can retire to a proper country (Portugal) for only 40k more than here?

Yep off ya go. Sure that "proper" country will welcome you with open arms. Don't worry you won't be missed.

[starky]

18 hours ago, 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. ?

 

Jesus did you even read the article <deleted>

[Scott Tracy]

Conveniently around 65,000 a month.

[Sheryl]

40 minutes ago, mar zarych said:

This study give inaccurate information and assumptions at best. The difference in the cost of living downtown  Sukhumvit vs. downtown Tak or anywhere in between cannot be accurately compared using these figures.   Its misleading to throw out a figure of $389,835.00. The Thai government requires you having a yearly USD income of$18,000 adding up to  $252,000.00 over the same 14 years if I am not mistaken.

No, the Thai government requires the equivalent of about $27,000 a year at current exchange rates which equates to about the same amount over 14 years.

 

This estimate is consistent with 800k baht a year.

 

And it is made explicit that it is based on urban living. Obviously rural would cost less as would living more modestly.

 

But on the other hand, most people will live more than 14 years.

 

Also need t consider inflation over time and changes in exchange rate, both these things have created serious problems for many retirees here. 

 

 

 

 

[holy cow cm]

Add vehicle insurance in and then health insurance if we ever have to get it. That changes the goal post a bit. Rent for me no, but electricity and water yes. 

[newnative]

3 hours ago, Andrew65 said:

I have an old British friend who retired to Thailand at 65 with her husband, he dropped dead at 66. Another Brit friend who died at 65 from lung cancer. Then again some will live into their 90's, it's about averages.

As my Dad used to say, we're all just penciled in.  

[overherebc]

6 hours ago, MikeyIdea said:

70,000 baht per month? I don't know how to spend that much money per month even in Bangkok. 

????

[MikeyIdea]

Just now, overherebc said:

????

 

Sorry I don't drink beer ????

[newnative]

2 hours ago, PGSan said:

Averaged over which population?   And does this include parts of the world where the SS no longer generally operates ?

    I was speaking of American Social Security.  I am an American and I get SS here in Thailand.  I think you can get your monthly check about anywhere in the World, with some exceptions.   The average SS payment for 2021 is $1531 a month.  Some get more, some get less.  My 2021 monthly SS payment is $1471, so less than average.  I also get a state pension, which is more.   My point with the post was that if you get some sort of pension and/or old age benefits, you don't necessarily have to have 11 million baht saved for retirement living in Thailand.  

[Morch]

4 hours ago, Yewbzee said:

 

This is a genuine question, not a criticism. Why do you stay here when you feel this away about the country you chose to retire to?

 

Retirement should be about freedom, not being shackled to any one location. When I feel like that about here or any other place I live, thats me done and I'm upping sticks and I'll be gone. I'm curious to know why folk like you don't do that? Life's not a dress rehearsal is it?

 

People end up here for all sort of reasons, not necessarily because they are enamored with the country. Also, things change, maybe was a paradise for him earlier, not so much now. Who knows?

 

Should be is great. But in real life, there's often a trade off.

[Morch]

2 hours ago, ICELANDMAN said:

Pakistan is the cheapest with a tent and a camel, no bar girls.

 

You got the camel. Make do.

[Morch]

6 hours ago, PGSan said:

What is this? 

 

Economic policy aiming to maintain low interest rate.

 

Zero interest-rate policy

https://en.wikipedia.org/wiki/Zero_interest-rate_policy

 

 

[Trujillo]

Oi! 

Pakistan, here I come!

[WhatsNext]

3500 baht for room

6000 for food

64.500 for "entertainment provided by local people" 

 

Yes makes perfect sense

 

 

 

[KaputtAlreadyNa]

19 hours ago, 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. ?

 

Reading do helps sometimes.

Warmest

[seancbk]

19 hours ago, 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. ?

 

The details were in the post. 

The figures are based on someone living for around 14 years after they retire - with the average age of retirement in America (64) and the average life expectancy (78.7).

 

[Bkktodd]

Logically it should be calculated per year not  lifetime.  If your pension /social security can exceed the costs its all good.  How many years you survive wont matter.

one coffee a week.   That wont do 

[ThailandRyan]

5 minutes ago, Bkktodd said:

Logically it should be calculated per year not  lifetime.  If your pension /social security can exceed the costs its all good.  How many years you survive wont matter.

one coffee a week.   That wont do 

If it was this cup of coffee, well then it would do.

[tandor]

19 hours ago, 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 .

..well i will have to die sooner.

[Isaan sailor]

39 minutes ago, Trujillo said:

Oi! 

Pakistan, here I come!

Hope those Pakistani ladies love you long time!

[thailandheron]

4 hours ago, Clarkey611 said:

I do not drink coffee. Do you think they could re-calculate with a take out beer each week?

No. It means you can afford to live one year longer

[zoltannyc]

==========================
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. ?

==========================

From the Infograph - it covers expenses from 64 (age of retirement) till age 78-79 (age of expiry) so it should cover living expenses in Thailand for 14 Years or for 168 month

$389,835 / 168 month * 29Bath = ~ 70,000THB so the Infograph is simply telling that one needs around 70,000THB per month to live comfortably in Thailand.
From 70,000THB you can have a very comfortable life in Bangkok but not a luxury life.

 

[Jeffrey346]

20 hours ago, 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. ?

 

Age 64 and live for 14 years...

[RocketDog]

1 hour ago, Isaan sailor said:

And I thought my situation was unique...same here.

We are some of the lucky ones then. Many folks here are suffering because of the currency exchange rates from their home countries. I'm American and fully expect the US dollar to start depreciating faster soon as the virus bailout money tanks the economy and inflation ramps up just as the Federal Reserve has been trying to do for decades now. So maybe our time is coming.

 

I hope that you've invested in inflation hedges of some kind like real estate or physical precious metals. I've also been transferring more money into Thailand by playing the rate bounces. I personally think my money is safer here than it is in a US bank, especially since the federal 'bank bail-in' law was passed several years ago. I don't care to own stock in a bankrupt bank. I'd much rather have my cash.

[Alidiver]

Need to factor currency exchange

March 2007 65 Baht to UK £

March 2021 42 Baht to UK £

For this example, multiply figures by 1.5.

[RocketDog]

3 hours ago, ICELANDMAN said:

Pakistan is the cheapest with a tent and a camel, no bar girls.

Probably no bars either.

[barney42bb]

Are these projections pricing in a hard nosed greedy Thai partner and numerous siblings.... I would say NOT.

[yankyoakum]

Only been here 18 months...but with house bought and car,  paid cash from USA home sale, aside from home renovations we are doing quite well on 2000 USD a month and we eat what she/we wants...Utilities are reasonable, car insurance is not bad, Once you have the house and car seems quite reasonable to live well here...But to each his own...what you want outa life...?