How much savings do I need to retire in Bangkok.

[Michael Burke]

I am a 66 year old British male hoping to retire in Bangkok in 2022. I have 220,000GBP in savings and a full U.K pension, is this enough for a non smoker and very light drinker?

All replies and suggestions are welcomed. 

[VocalNeal]

I would think so. You can probably live on the pension alone, if you don't go too berserk and/or find the wrong woman. But I don't have a full UK pension so don't know.

 

Capital? I read somewhere 60/40 split. Which is what I intend to do. 60% invest , 40% keep liquid.

Some British banks don't like non-residents holding accounts. Maybe someone else will elucidate.  

Lloyds has an expat/offshore account as do others  

[tonray]

A lot depends on how you like to live. Many affordable housing options in Bangkok, but certainly there are some that might crimp your budget. Have you been to Bangkok for any length of time before ? I would always recommend spending a little more of the budget on housing and since you don't drink or smoke much, that should be very achievable. The big killers can be outlays in a relationship....buying into property, if not done with care, has left many expats heading back to council housing and a meager existence in their golden years. Just be careful and you should have more than enough.

[Chris.B]

"I am a 66 year old British male hoping to retire in Bangkok in 2022. I have 220,000GBP in savings and a full U.K pension, is this enough for a non smoker and very light drinker?"

 

If you plan on dying at 88 years old then you will have 10,000 GBP a year to spend on top of your pension. Should be enough for a couple of short times a week.  ????

[OneMoreFarang]

It depends if you like the hottest young and pretty gogo dancers or if you accept those old women who are already 20 years in that business.

[partington]

Bangkok is expensive, and if you want to live a reasonable life the UK state pension (which I presume you mean, though don't say directly)  is probably not enough alone, especially as there are no cost of living increases, so in 10 years it will have lost enormous value.

 

Decent accommodation , ie not a 35m2 room could cost 15-25,000B unless you live way out. You need health insurance, as a serious illness if uninsured can wipe out half your savings or more. If you eat western food it will triple food expenses.

 

As has been pointed out, it is getting more and more difficult to keep a UK bank account with a foreign address, so you need to take steps to open an offshore account which will not be in danger of sudden closure with little notice.

 

With the amount you have it is certainly possible, without too much problem,  if you are willing to diminish capital savings.

[eyup]

Easy! You have enough! Don't buy anything,  just rent and don't go getting "loved up" and buying your teerak a bar/coffee shop/beauty parlour /massage parlour or house/mansion. Leave the bulk of your money in the UK and transfer to a thai bank accordingly as and when the need arrives. Keep having your UK pension paid into your UK bank.

[Doctor Tom]

How long is a piece of string.  It all depends on how you wish to live and what standard you expect to attain and keep. Where will you live, house or condo, high end area or low?  How will you eat, local or all western.  Car? What level of entertainment, out every night or just occasionally? Golf at a high end club?  Only you can answer the question you ask. 

[Kwasaki]

Frankly if you ask me, a Brit after being here 20 years, it depends what sort of person you are, a city person or a rural minded type.  

[OneMoreFarang]

3 minutes ago, eyup said:

Don't buy anything,  just rent and don't go getting "loved up" and buying your teerak a bar/coffee shop/beauty parlour /massage parlour or house/mansion.

As far as I know most foreigners don't buy those things for their girl. Smart farangs invest in those places with enormous potential. And they hire of course highly qualified people like their teerak with years of experience as an "entertainer". What could possibly go wrong? 

[Amusements]

The UK pound is pretty strong at the moment, and there seems to be a few high end luxury condos going for a fair price in Bangkok at the moment. The Thiager on youtube have been doing a few reviews, so look them up. thaiger condo reviews - YouTube

[OneMoreFarang]

1 minute ago, Amusements said:

The UK pound is pretty strong at the moment, and there seems to be a few high end luxury condos going for a fair price in Bangkok at the moment. The Thiager on youtube have been doing a few reviews, so look them up. thaiger condo reviews - YouTube

I am sure there will be very special deals for the Ashton Asoke in the moment. ????  

[Doctor Tom]

3 minutes ago, Amusements said:

The UK pound is pretty strong at the moment,

Hate to be pedantic, but the Pound is weak, it's the Baht that is weaker, in comparison. 

[bkk6060]

That is about 30,000 b a month.  What is your desired lifestyle?  You okay living like a semi bum in a lousy condo box far away from activities and conveniences?  What are your hobbies, plans, etc.?

At your age a decent medical policy will cost around 5,000 b a month.

You want to travel around and eventually explore neighboring countries?

I assume you are male. You want female company from time to time?

The 30 k will not go far at all in Bangkok.   I think 100,000 k a month is about right to enjoy a proper retirement lifestyle in Bangkok.  So, invest your savings appropriately. 

Good luck.

[1FinickyOne]

Maybe the more important question is how it compares against your other choices...

 

I have no idea how much your pension might be and what your alternatives are... maybe start by comparing it to what your living costs might be where you are now.... and what about health insurance? 

 

just do the math..

[Pravda]

I know I would not do it, but up to you. UK like Canada has free healthcare. I expect after covid is finished the price of insurance will go through the roof for old foreigners like yourself (I am not saying you are old, but insurance sure does think so).

 

 

[sungod]

must be all of a week since the last' how much money do you need to live in Thailand' thread.

 

Seems to be more 'newbies' than ever regurgitating the same questions, but I guess the owners have to keep the forum ticking along in difficult times.

[TimBKK]

24 minutes ago, Doctor Tom said:

How long is a piece of string.

Only 7 posts before the most useless phrase repeatedly uttered on this board makes an appearance.  Should be banned for banality, frankly.

[itsari]

37 minutes ago, OneMoreFarang said:

It depends if you like the hottest young and pretty gogo dancers or if you accept those old women who are already 20 years in that business.

I see your point 

[Pravda]

2 minutes ago, itsari said:

I see your point 

 

Me too. Are guys cheaper to maintain? 

[itsari]

Just now, Pravda said:

 

Me too. Are guys cheaper to maintain? 

Questionable which gender is cheaper . I have had no experience in that avenue 

[OneMoreFarang]

15 minutes ago, TimBKK said:

Only 7 posts before the most useless phrase repeatedly uttered on this board makes an appearance.  Should be banned for banality, frankly.

Which one? The question or the answer? 

[sungod]

Wait until Nana reopens.

 

Then you should be aiming to spend about 300 quid a night on beer, hookers and kamagra jelly. You'd have enough to go out every night for about 2 years after which you would either be dead or licking windows.

[itsari]

1 minute ago, sungod said:

Wait until Nana reopens.

 

Then you should be aiming to spend about 300 quid a night on beer, hookers and kamagra jelly. You'd have enough to go out every night for about 2 years after which you would either be dead or licking windows.

The man asked a silly question , so expect a silly answer

[sungod]

Just now, itsari said:

The man asked a silly question , so expect a silly answer

I hope you are not pointing at me, I'm being deadly serious...... ????

[steven100]

probably 20 mil  baht ...... but I spend 80% on p_iss ....   so you will save thousands every week  ... lol 

[Doctor Tom]

23 minutes ago, TimBKK said:

Only 7 posts before the most useless phrase repeatedly uttered on this board makes an appearance.  Should be banned for banality, frankly.

Banned for stating the obvious? There are so many variables in the question as to make it impossible to give good or even relevant advice, 

[itsari]

1 minute ago, sungod said:

I hope you are not pointing at me, I'm being deadly serious...... ????

Its rude to point , i try not to be rude 

[HappyExpat57]

38 minutes ago, TimBKK said:

Only 7 posts before the most useless phrase repeatedly uttered on this board makes an appearance.  Should be banned for banality, frankly.

Or rather this whole TOPIC should be shuttered. It's been asked and answered how many times? I imagine a search would reveal all the info the OP seeks.

[Grecian]

How much a month does life cost you in the UK now?

If living rent free what would it cost someone else and add that to the total.

If you live outside London Bangkok will cost you about 60% of that amount to live similarly. Bangkok will cost the same as the UK if you improve your lifestyle without changing your core persona!lity.

Bangkok will cost a lot more of you change from a book reading recluse to a bell ringing hedonist.