How much savings do I need to retire in Bangkok.

[Doctor Tom]

8 minutes ago, Sparktrader said:

What rent u pay

I have two places, none for my primary residence, which I own and 12K per month for my  G/F No 2. 

[gerritkaew]

I think you can live easy on this.

Iff you not get trapped in a bad women it will be fine.

yes, the first monads they nice but then mama or papa get sick, or other family...

just live Your life and have fun.

Buy a appertment near the skytrain 1-2 milion bt . this will save cost from renting and stealing your belongings.

And you don't have to move all the times!!

And now bath/ pounds gives you some more money then before.

have a good time the last 25 years off your life.  

[Whale]

On 8/2/2021 at 5:03 PM, Michael Burke said:

to retire in Bangkok in 2022. I have 220,000GBP in savings and a full U.K pension,

You can but you will probably have a better lifestyle by far if you chose another location in Thailand. I find I can get by well in Bangkok BUT its the odd things (steak, wine, dining out, farang supermarkets, food delivery, malls, Brit pubs, pub food, etc) which make city living good are the things that kill your/my budget. 

Tescos in the UK always amazes me how cheap it is compared to the supers in central Bangkok.

 

As for "women" I gave them up years ago so they are not on my budget.

Edited August 3, 2021 by Whale

[1FinickyOne]

9 hours ago, OneMoreFarang said:

Obviously I understand your objections to tattooed eyebrows, nose jobs, boob implants and body tattoos. But braces? Braces are just cute. ????

Braces? Cute? No no no no no...

[wwest5829]

So, to the post. As a Yank, I am doing fine on my 65,000 baht a month (OK, some extra drawn for vacations in Samui). This can be maintained with no end based on my $1320.00 monthly Social security and retirement funds to match that amount for the monthly transfers. But I am in Chiang Mai.

Edited August 3, 2021 by wwest5829

[Freddy42OZ]

On 8/2/2021 at 5:03 PM, Michael Burke said:

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. 

More than enough.

[Freddy42OZ]

On 8/2/2021 at 5:30 PM, partington said:

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.

 

Bangkok does not have to be expensive. 

The building I live in is 100m from a BTS station that will get you to Asoke in under 20 minutes. 

50 sq/m 1 bedroom condo will cost you 10-11,000 THB, a 50 sq/m 1 bedroom corner unit with balcony 14K, 70 sq/m 2 bed around 22K.  

 

[Sparktrader]

1 hour ago, Doctor Tom said:

I have two places, none for my primary residence, which I own and 12K per month for my  G/F No 2. 

U said no nightlife lol

[pagallim]

Ultimately, anybody contemplating moving anywhere, be it Thailand or another country, just needs to research the budget needed to sustain the life they want.   It doesn't matter if it's a pension, or capital, how are you going to sustain that lifestyle in the long term.   Planning is everything.

[Alwaysthailand]

2 hours ago, Doctor Tom said:

Frightening. like being close to a two legged dairy cow.   Sorry, not for me. 

Understood....I love milk, milking cows, 2 legged cows with asian eyes...besides, milk is good for strong teeth and bones????

Edited August 3, 2021 by Alwaysthailand

[khunPer]

On 8/2/2021 at 12:03 PM, Michael Burke said:

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?

£220k equals almost 10 million baht - converted, as you are going to use the money as baht - which can be calculated either as outcome, or as just using the funds, i.e. how many years are they going to last; 30 years is not an unrealistic count today, where many people lives to between 90 and 100, and as non smoker and healthy drinker (moderate amounts of alcohol is said to be healthy) you might be in for the longevity-game...????

 

You need to set about 1 million baht aside, as 800,000 baht in a Thai bank deposit for extension of stay based on retirement, for example in a 12-month fixed account for best interest and less worries about immigration, and for example 100,000 to 200,000 baht in a rainy day account, so you always have access to instant cash; the interest from the immigration-deposit - normally around 10,000 baht a year, but less at the moment - you should add to the rainy day account, so it follows inflation and little extra. How much that is needed in a rainy day account is individual, personally I would opt for not less than 200,000 baht.

 

So extremely simple, 9 million would give you a surplus of 300,000 baht a year, or 25,000 baht a month, on top of your UK-pension, which I'm not familiar with, but it seems like £180 a week before income tax, would that exchanged to Thai money be around 6,000 baht a week or another 25,000 baht a month?

 

Any interest on the savings might catch up with inflation, but do check if UK state pension will be frozen when moving abroad; I've seen some posting about that, and then the pension is not regulated for inflation.

 

If you "invest" in a condo on Bangkok, you will have less savings to spend, but you will save on renting a home. Often the calculation is that after approx 15 years ownership, you will live for free. However, there are still expenses when owning a condo, plus ongoing usage (i.e. electricity, water, Internet).

 

If you are not very familiar with Thailand and Bangkok, I will suggest you to take it easy with investments, rent for a period, perhaps try different places to find the area that suits you best, and perhaps also check other places in Thailand, if you haven't been around yet, and already decided for Bangkok.

 

Looking at investment possibilities and living from dividends or outcome from about equivalent to 9 million baht, a 4 percent outcome would be in the range of 360,000 baht a year, and 6 percent 540,000 baht a year, however before taxation. Investments with a high outcome normally involves risk, furthermore currency exchange rates can change. Some says that investing in baht in Thailand saves one for currency exchange rate deviations. The are plenty of possibilities for investing in the Thai in stock market with dividends in the range of 3-5 percent after withholding tax, which is 10 percent. Investment is always a question of balance, but you should be able to get as much in outcome, as when just dividing the money with 30-years, and still keep your funds. In a more complicated calculation, where you use both dividends and savings combined, you should be able to get more a month on top of the UK state pension, perhaps in the range of 50,000 baht per month, so your average total could be around 75,000 baht a month.

 

The 65,000 baht a month "suggested" by the government - the amount needed to fulfill extension of stay based on retirement - fits quite well for a budget, and then be adjusted for personal lifestyle and needs.

 

For example:

• You should be able to find accommodation for around 25,000 baht a month, but it depends of area and size, you can easily spend a lot more, and you might find something for less.
• I would normally budget 500 baht a day in average for food, i.e. 15,000 baht a month excluding alcoholic beverages, but it's a piece of rubber band, as it's depending of what you eat, and where you eat.
• Alcohol can be anything from about 2,000 baht a month, if you for example enjoy a glass of wine, or two, with your dinner at home, and easily around 10,000 baht a month if you dine out and drink in restaurants, and wish to enjoy company in pub while having a beer or two.
• Other expenses as transport and other regular needs could realistically be between 5,000 baht and 10,000 baht a month.
• Health insurance is for many a surprise when coming from a country with public healthcare, as you are on your own when living in Thailand. 5,000 baht a month is not unrealistic, but it can be more, and the cost will increase by age. Counting 60,000 baht a year for a start, and 90,000 baht a year later, are not unrealistic figures.
• Entertainment of any kind is the joker in the budget, Above sums up to an area around the 65,000 baht a month, so if you have an average income of 75,000 baht a month, there are 10,000 baht left for entertainment - which for example can be companionship, for the majority of us females - if you wish to spend more, you will need to adjust in the budget, or spend some more of your savings.

I hope my experience might help you and wish you a happy otium in Thailand...????

 

 

[RichardColeman]

What's your escape plan ? If is goes bits up later in Thailand, where do you go and stay with just your £9ooo UK state pension ? 

 

It might sound daft, but I see too many people living on just a uk state pension as they blew their money and now cannot go home.

 

Myself, with your money, I'd buy a UK house and rent it out. Thereby giving you an escape route and better income. Live off the house, your pension and use an agent if required until you save 800,000 which you could do easy in a few years

[RichardColeman]

4 hours ago, Alwaysthailand said:

On 8/2/2021 at 11:28 AM, 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.

Expand  

They are hot and worth every baht...

Reminds me I need to buy a water melon

[partington]

1 hour ago, Freddy42OZ said:

 

Bangkok does not have to be expensive. 

The building I live in is 100m from a BTS station that will get you to Asoke in under 20 minutes. 

50 sq/m 1 bedroom condo will cost you 10-11,000 THB, a 50 sq/m 1 bedroom corner unit with balcony 14K, 70 sq/m 2 bed around 22K.  

 

20 minutes to Asoke means the terminal end of the BTS, either Mo Chit or Bearing, or an equivalent distance.  I consider that to exactly fit my description "way out" as you can't travel any further from the centre than that on BTS !

 

EDIT: Well I'm wrong here, as they have extended the BTS further than when I used to  live in Bangkok, so you CAN live further out and still be on the BTS.

 

Nevertheless I still consider my assessment of these former terminal stations as being "way out" to be a fair description...(I lived at Asoke)

Edited August 3, 2021 by partington

[DouglasTsui]

Koh Samui would be ideal. Stay away from all vices, and that includes all the blokes.

[KannikaP]

9 hours ago, Freddy42OZ said:

 

Bangkok does not have to be expensive. 

The building I live in is 100m from a BTS station that will get you to Asoke in under 20 minutes. 

50 sq/m 1 bedroom condo will cost you 10-11,000 THB, a 50 sq/m 1 bedroom corner unit with balcony 14K, 70 sq/m 2 bed around 22K.  

 

But the OP said he had a full UK Pension to live on. That's only Bht 33,000 but you are quoting accommodation at say 14k.

[tonray]

10 hours ago, gerritkaew said:

Buy a appertment near the skytrain 1-2 milion bt

????????????????...more like a closet with a toilet

[Ralf001]

12 minutes ago, KannikaP said:

But the OP said he had a full UK Pension to live on. That's only Bht 33,000 but you are quoting accommodation at say 14k.

I did not read the OP as wanting to spend his entire pension on rent.

 

I don't pay rent but easily get by on 19k a month, even moreso in these Covid restricted times !!

Edited August 4, 2021 by Ralf001

[NoshowJones]

On 8/2/2021 at 5:20 PM, tonray said:

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.

It's not the money so much, it's all the hassles with immigration, unless you use a reputable agent, it has got steadily worse since the military took the country by force in 2014.

[NoshowJones]

On 8/2/2021 at 6:00 PM, sungod said:

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.

I always enjoy these types of topics no matter how many, there are always plenty of newbies, and they are entitled to find out all they can before they come here, and there is no better place than here on TVF/Asean N.

[NoshowJones]

On 8/2/2021 at 6:23 PM, steven100 said:

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

"but I spend 80% on p_iss ....".  That's very obvious looking at your avatar. ????

[Gottfrid]

On 8/2/2021 at 12:38 PM, OneMoreFarang said:

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? 

Nothing more can go wrong. You already fill all the dots. Don´t worry.

[NoshowJones]

15 hours ago, thaibeachlovers said:

I was never into that. I preferred the girlfriend experience.

The GF experience would never have suited me, I was too used to girls back home wanting to go with me just because it's me and not for my money.

Imagine renting a girl and walking about hand in hand with her when she is probably looking forward to the end of the rental time.

[Orinoco]

10 hours ago, RichardColeman said:

Myself, with your money, I'd buy a UK house and rent it out. Thereby giving you an escape route and better income. Live off the house, your pension and use an agent if required until you save 800,000 which you could do easy in a few years

Excellent advice.

Op You need a plan B,  the above will do that for you.

After you have done 10 years here, maybe you wont feel the same about Thailand. what you going to do then with only frozen uk pension and only about 75% of your money left

if your lucky.

 

 

Edited August 4, 2021 by Orinoco

[Doctor Tom]

11 hours ago, Sparktrader said:

U said no nightlife lol

I would term it night 'activity', rather than 'life'. 

[Doctor Tom]

10 hours ago, Alwaysthailand said:

Understood....I love milk, milking cows, 2 legged cows with asian eyes...besides, milk is good for strong teeth and bones????

If I had liked huge pendulous breasts on my women I would have stayed in the UK, plenty of them there, but they tend to come with a BMI of 50 plus.

[NoshowJones]

13 hours ago, Doctor Tom said:

easily 

but how?

[NoshowJones]

12 hours ago, Whale said:

You can but you will probably have a better lifestyle by far if you chose another location in Thailand. I find I can get by well in Bangkok BUT its the odd things (steak, wine, dining out, farang supermarkets, food delivery, malls, Brit pubs, pub food, etc) which make city living good are the things that kill your/my budget. 

Tescos in the UK always amazes me how cheap it is compared to the supers in central Bangkok.

 

As for "women" I gave them up years ago so they are not on my budget.

Gave up women????????????????????????????

[Doctor Tom]

5 minutes ago, possum1931 said:

but how?

Now that would be too much personal information for a forum.  Let's just say that I eat well, live well, drink well and golf badly. 

[thaibeachlovers]

14 hours ago, Doctor Tom said:

I am not a bar goer.  My 'nighttime' entertainment is either a meal in a restaurant, a BBQ around the pool at home or with friends,  or relaxation with dogs and g/f at home. 

If one needs 100k a month to live on, and doesn't spend it on women, one's rent must IMO be astronomical.

I lived on way less than 30,000 baht a month and that was in a very nice hotel