Where do the old age pensioners now retire ?

[simon43]

[quote]

Perhaps it's the wine that's keeping me young...................

[/quote]

 

Scientifically-true if it's decent red wine.  I don't usually drink, but when I do, it's always red wine ????

[georgegeorgia]

4 hours ago, Meat Pie 47 said:

I have retired and live on my old age pension and haven't moved anywhere

and have a good life back in OZ I can even save money of my pension.

 

Interesting!

You are living in Thailand on the aged pension?

How are u finding it financially

[georgegeorgia]

Should add that it's just not aged pensioners living on Govt pensions too but the disability pensioners .

 

I remember years ago before the Australian Govt changed the disability pension overseas Laws there was thousands of Aussies who were living in Asia with bad backs etc who were receiving it and some even owned bars etc.

 

Glad they changed that law a few years ago and you must satisfy conditions to move overseas if your on a disability pension nowadays 

[meechai]

18 hours ago, simon43 said:

[quote]

... Even if you can buy it...eventually at say 70-74 years of age it is going vertical in price.

[/quote]

 

Not necessarily true.  When I took out expat insurance at 57 years old, I obtained details of the age band charges up to 100 years old for the company's clients, (assuming that they joined the scheme without any medical conditions).

 

My current insurance premium at 62 years old is about $200 USD per month, and that will rise to about $450 per month at age 100!  That's still not a vertical increase in price ????

 

That does not sound too bad yes but....

Will be interesting to see a company that can hold a price for 38 years not knowing anything of rates of exchange/currencies strength/inflation etc etc

But yes very easy to say today "if" you have been with us since you were 62 & now your 100 your price would be $450

(14k of his 45k baht budget)???? But again at what exchange rate in 38 years?

 

Also things will depend a lot of starting age. Even if previously insured many companies do not (with good logical reason) offer the great rates

to those staring with them at ages 65 & above

 

Edited April 6, 2021 by meechai

[elgenon]

On 4/5/2021 at 12:48 PM, sirineou said:

on 45,000 bht You could live like a king if your Kingdome was a sub-Saharan country , LOL . 

. I am only kidding, you might be able to survive on that but to live like a king , not a chance. 

Just to qualify for an extension to stay on retirement  you need  to show  65,000 bht monthly income , or 800,000 in the bank.

You got to remember that the only things that are cheap in any country you go to,   would be things that are locally produced and are dependent on local labor  and regulations. Every thing else that is imported will be as or more expensive than your home country. 

 

 

Maybe live like a king in a hilltribe village? There would be perks to that.

[EVENKEEL]

Thee biggest expense for a single guy is full time female friend. Thee biggest. If you limit your female friends to pay as you go, rent by the hour then 45,000 bht/mo will afford you a pretty nice time here in Thailand. Have a bag of cash for big ticket items like MB, car, furniture, etc.

[Jeffr2]

Medical expenses will be a potential big issue for you.  A friend from the UK, on a small fixed pension, just found out he needs to take meds that are costing him over 15k per month.  Something to do with his heart, so he's not messing around. 

 

He was going back to the UK once a year and filling up.  But that's not possible now.  So...he's in dire financial straights.  Just moved out of his house for a cheaper one.  And it's not very nice.  But only 6k/month now.

 

If you have a serious health problem, a 2-3MM Baht hospital bill isn't out of the question.

[biggles45]

Another big issue for ozzies is the low exchange rate. $1,900 a month at todays XE rate of 23.9 (which is quite good) is just over the 45k baht for a marriage extension. If it drops below 23.6, you dont qualify! 

A married friend, here 20 years, has been using an agent for the last few years, and paying a lot to get the extension he doesnt legally qualify for

[Olmate]

4 minutes ago, biggles45 said:

Another big issue for ozzies is the low exchange rate. $1,900 a month at todays XE rate of 23.9 (which is quite good) is just over the 45k baht for a marriage extension. If it drops below 23.6, you dont qualify! 

A married friend, here 20 years, has been using an agent for the last few years, and paying a lot to get the extension he doesnt legally qualify for

How do you manage to get 1900 per month? Are you out of Oz?

[BritManToo]

16 minutes ago, biggles45 said:

Another big issue for ozzies is the low exchange rate. $1,900 a month at todays XE rate of 23.9 (which is quite good) is just over the 45k baht for a marriage extension. If it drops below 23.6, you dont qualify! 

A married friend, here 20 years, has been using an agent for the last few years, and paying a lot to get the extension he doesnt legally qualify for

400k in the bank isn't that hard, or 25k for an agent to sort you out.

Better you buy her a house with a mortgage, than pay for it outright and lose the money you need to stay here.

Edited April 7, 2021 by BritManToo

[EVENKEEL]

1 minute ago, BritManToo said:

400k in the bank isn't that hard.

or 25k for an agent to sort you out.

It would be cheaper to pony up 800K and loose the whyff.

[KannikaP]

21 hours ago, Scouse123 said:

and if you find you are over it monthly and dipping further into your nest-egg,, you are spending too much. End of!

I was taught to save for a rainy day, which I did.

It was p**sing down yesterday!   LOL

[BritManToo]

21 hours ago, xylophone said:

My daughter wants to become a teacher and chose the University, and it's not that expensive, but I have rented an apartment near the University for her and given her some spending/living money, hence the expense.

Year, my kid too. 2,500bht/month, she's finished university now and I told her no more money after this  month.

Move back home, find a job that pays enough for her to rent her own apartment, or move in with a guy.

She's nearly 23, time for her to support herself.

[newnative]

On 4/6/2021 at 2:48 AM, sirineou said:

on 45,000 bht You could live like a king if your Kingdome was a sub-Saharan country , LOL . 

. I am only kidding, you might be able to survive on that but to live like a king , not a chance. 

Just to qualify for an extension to stay on retirement  you need  to show  65,000 bht monthly income , or 800,000 in the bank.

You got to remember that the only things that are cheap in any country you go to,   would be things that are locally produced and are dependent on local labor  and regulations. Every thing else that is imported will be as or more expensive than your home country. 

 

 

     Well, one of the things that is 'locally produced' is housing.  And, putting a roof over your head is usually one of the biggest monthly expenses.  If you can scrape up 800,000 baht in savings, you can go that visa route and not need to have 65,000 baht a month in income.  These days you can put a roof over your head for 5000 to 10,000 baht a month.  Yes, a small roof--but it can be in a nice project with lots of amenities to enjoy.   With a 45,000 baht pension, that leaves you 35000 to 40000 a month to live on.   No, you're not living like a king but you are living in a good climate year-round, in a nice project, with plenty of reasonably priced food available.  You could do worse.  

[NoshowJones]

23 hours ago, xylophone said:

Thank you for your sage advice, but no thanks....... 

 

I have a distended aorta and although it's not currently life-threatening, if and when I do need surgery it will be extremely expensive, and I'm not prepared to accept death at this particular point in time when I have got so many good years ahead of me.

 

My daughter wants to become a teacher and chose the University, and it's not that expensive, but I have rented an apartment near the University for her and given her some spending/living money, hence the expense.

 

The motorcycle insurance I pay the minimum for, however my car insurance is around 14,000 baht per annum, so won't save anything on that.

 

And as for drinking wine coolers.........for someone who has been able to drink some of the finest wines in the world over many decades, that is an absolute no-no!

 

Anyway I don't want to downgrade my standard of living, or my daughters University and living costs, as I have enough money to last me for the rest of my natural life, and some.

 

I have spent about 1.2 million baht per annum, every year since I've been here, and I doubt that will change.

I just cannot see this fashionation for wine. what's wrong with a nice glass or two of Tipco with your meal, plenty of different flavours.

[NoshowJones]

22 hours ago, georgegeorgia said:

Should add that it's just not aged pensioners living on Govt pensions too but the disability pensioners .

 

I remember years ago before the Australian Govt changed the disability pension overseas Laws there was thousands of Aussies who were living in Asia with bad backs etc who were receiving it and some even owned bars etc.

 

Glad they changed that law a few years ago and you must satisfy conditions to move overseas if your on a disability pension nowadays 

Why tell them you are moving overseas in the first place? If you are retired and have any sort of disability, why should that stop you from retiring abroad? and here's me thinking the UK were the worst government, apart from of course the Thai "government".

[fordguy61mi]

On 4/5/2021 at 6:23 PM, simon43 said:

Not quite a pensioner (4 years to go).  I live in what some regard as an expensive town in Laos - Luang Prabang.  My 3 bedroom house by the Mekong river, plus private expat health insurance, 2 fast internet connections, off-road motorbike costs, annual visa/documents, and healthy food (I always eat out every day - too cheap to bother preparing my own), cost me the equivalent of about 30,000 baht a month (I earn three times that amount, so my expenditure of 30,000 baht is not limited for financial reasons - that's just what it costs me to have a happy and healthy life!).

I was reading about visa requirements in Laos and it seems hard to live there long term and no retirement visa even if married to a Lao?

[unblocktheplanet]

On 4/6/2021 at 5:23 AM, simon43 said:

Not quite a pensioner (4 years to go).  I live in what some regard as an expensive town in Laos - Luang Prabang.  My 3 bedroom house by the Mekong river, plus private expat health insurance, 2 fast internet connections, off-road motorbike costs, annual visa/documents, and healthy food (I always eat out every day - too cheap to bother preparing my own), cost me the equivalent of about 30,000 baht a month (I earn three times that amount, so my expenditure of 30,000 baht is not limited for financial reasons - that's just what it costs me to have a happy and healthy life!).

How about visas to retire in Laos?

[natway09]

Australia v Thailand on 45,000 Bht a month.

Stop & think if had no property to live & no savings both countries would be difficult.

Everything in Thailand would be much better as also the temperate climate would cost less (no heating or cooling bills) only fan, & rent much cheaper here in Thailand for small studio.Certainly with food prices here much better 

The only drawback is healthcare which although cheap compared to the US of A is

still expensive should you get really sick or have bad accident. Need reserve monies for flight & just hope that well enough to fly .

At least in NZ or Oz with no healthcare cover you would get some attention

[sirineou]

5 hours ago, newnative said:

     Well, one of the things that is 'locally produced' is housing.  And, putting a roof over your head is usually one of the biggest monthly expenses.  If you can scrape up 800,000 baht in savings, you can go that visa route and not need to have 65,000 baht a month in income.  These days you can put a roof over your head for 5000 to 10,000 baht a month.  Yes, a small roof--but it can be in a nice project with lots of amenities to enjoy.   With a 45,000 baht pension, that leaves you 35000 to 40000 a month to live on.   No, you're not living like a king but you are living in a good climate year-round, in a nice project, with plenty of reasonably priced food available.  You could do worse.  

All so true. 

For those of us who are married to Thai ladies for a while ,it gets even easier because we have the  luxury of time to set up that retirement in Thailand while working.  Me and the wife lived and worked in the US for 12 years,  when someone we knew in Thailand needed money we bought a nice piece of land in a good location very cheap, a couple of years with saving we build a six ft (four in the front) perimeter wall, and left it along. A few years later after we had saved $60,000 be build a house. and continued working and spending a couple of months in Thailand every year, Now that we are retired , we are ready. Housing in Thailand is build and payed for, house in the US is payed for, etc. So we can afford to live comfortably  

Because lets face it, we all wanted to retire so that we have the time to do the things we always wanted to do, what is the sense in retiring, and not having the funds to do any of the things you wanted to do? Just sit in a rental room and waste away?  Get all negative and blame it all on the Thais?  That's where so many of these people we read in the news try to test their flying abilities, 

$45k is doable but certainly not  what I would consider comfortable, but certainly more comfortable than back home, at least for a while until old age and medical problems start. because let's face it, if we are lucky, we all are going to get old. Will you be able to get affordable medical insurance when you are  70?  That's where enough saving to self insure comes in. Or at least enough funds to get you back home if the need arises. 

IMO retiring on a  "meagre pension "as the OP describes it is a very risky proposition. 

If I only had a "meagre pension" I would see if health allowed it, if I could cork a couple of more years , built it up , or develop some savings , because it is not only our need to consider when retiring in another country, but also the needs and requirements of the government of that country.  What will the Thai government require next year? what will they require in10 years? 

[simon43]

2 hours ago, unblocktheplanet said:

How about visas to retire in Laos?

As you say, there is no retirement visa per say in Laos.  I'm working (and have no intention of actually retiring).  I teach science online and have an annual business via, work permit and local ID card.

[Mister T]

6 hours ago, possum1931 said:

Why tell them you are moving overseas in the first place? If you are retired and have any sort of disability, why should that stop you from retiring abroad? and here's me thinking the UK were the worst government, apart from of course the Thai "government".

Aus border control database is linked to everything government. Five minutes after you go through the boarding gate, tax office, social security and pension department all know you are out of the country.

[Surelynot]

The good one's retire to Ilfracombe......the bad one's to Pattaya.

Edited April 7, 2021 by Surelynot

[gearbox]

"I guess parts of Isaan maybe affordable ....doubt Chiang Mai is now affordable for pensioners on 45k a month....maybe Phillipines ?"

 

I'm on average between 35-40K per month in Samui...and Samui is considered quite a bit more expensive than Chiang Mai. From my point of view the whole Thailand is affordable.

My gf chips in too with the expenses, but even without her my cost of living won't move considerably. I'm below 60 and my medical expenses (insurance, etc) are minimal, so probably these figures need to go up for people above 70.

I've heard that some farangs around give their Thai girls 40k+ monthly allowances, of course that would change the numbers a lot ????

At the moment I'm not planning to stay here after age 70-75, will move back to Oz or go to Southern Europe. Will qualify for free health care at both places.

 

 

[Hanuman2547]

On 4/6/2021 at 12:17 AM, Scouse123 said:

 

I don't really know because I don't really have that much of a concern with capital.

 

I know it isn't that much but I don't have money concerns.

 

I would say in the region of 30K-35K, but no rent or car to pay for. I don't smoke and stopped drinking through choice 7 months ago.

Looking at your avatar, the way that Liverpool is playing since the first of the year might drive many back to drinking!  It's been a dreadful year for us LFC supporters.

[Hanuman2547]

On 4/5/2021 at 10:24 PM, BritManToo said:

I live very well on 40kbht/month, house (mortgage 11k/month), car, m/c x3, woman, 2 kids.

My daughter's last 6 months at university squeezed me a bit, but she's finished now.

My luk krung kids squeezed me a lot more with university fees in the US.  Luckily they graduated a few years ago and have pretty successful careers in high tech and business in the US.  Despite growing up in Bangkok, I doubt that either will ever live/work in Thailand.  They might come for a visit every now and then but that's about it.  

[Scouse123]

45 minutes ago, Hanuman2547 said:

Looking at your avatar, the way that Liverpool is playing since the first of the year might drive many back to drinking!  It's been a dreadful year for us LFC supporters.

 

I know and the latest game against Real Madrid was just painful to watch.

 

They need a reset and an overhaul and to clear out a lot of the dead wood.

 

They have become too predictable in their playing as well.

[sipi]

I have a friend retired in Vietnam, married to a local.

One a month he sends me a photo of his latest culinary treat, normally a pork chop with a fried egg.

I'm thinking "sh*t what a miserable life"

[BritManToo]

9 minutes ago, sipi said:

I have a friend retired in Vietnam, married to a local.

One a month he sends me a photo of his latest culinary treat, normally a pork chop with a fried egg.

I'm thinking "sh*t what a miserable life"

What's wrong with pork chops? 

[sipi]

Just now, BritManToo said:

What's wrong with pork chops? 

Once a month as a treat?

Everything.