People who retire in Thailand - Whats your plan?

[Sparktrader]

<deleted> heaps

Drink whisky

 

Why live boring???

 

[donmuang37]

23 hours ago, Kwasaki said:

1. Have enough money to finance yourself at govt hospitals. 

2. You marry someone 20 years younger they will after you. 

3. Hey a massive heart attack what does it matter and if you get Alzhelimers you won't remember anyway who cares. 

Good answers! Fully agree! ????????????

[scubascuba3]

4 hours ago, possum1931 said:

What would happen to say an 80 odd year old retiree who needed serious health treatment in even a government hospital, gets his countrys OAP and does not have the savings to pay for it? Is he left to just lie in the hospital corridors or car park till he dies?

I sat it is the governments fault for allowing the insurance companies to rip people off and not come up with some fair government hospital scheme to help retirees pay into when they come to live in Thailand.

I agree there should be govt insurance, like there is for NHS foreigners, but we should have money put aside to cover the cost at a govt hospital at least

Edited August 26, 2021 by scubascuba3

[EVENKEEL]

25 minutes ago, Stevemercer said:

You could marry a Government official, such as a teacher or nurse. Their spouses (including foreign husbands) are covered by their medical insurance. This is a big help to me (my wife is an ex-teacher) as it covers all my ongoing medical conditions and will cover future ailments.

 

Buy medical insurance at least 5 years before you turn 65. They will usually lock in the premiums for these 5 years at a fixed rate and guarantee to cover you over 65. I also have such insurance cover at 25,000 Baht per year. I haven't used it to date. If you exclude outpatient cover, medical insurance is relatively cheap if you buy in well before age 65.

 

Remember most ATM cards have accident cover.

 

A basic nursing home (air-conditioned with beds in wards) is currently about 20,000 Baht per month. For a basic single room, add 5,000 Baht. For a top end facility you are looking at about 40,000 Baht per month.

I got curious and searched a little. 40K is doable and depending on extras can go up to 100K/mo.

[NoshowJones]

6 minutes ago, scubascuba3 said:

I agree there should be govt insurance, like there is for NHS foreigners, but we should have money put aside to cover the cost at a govt hospital at least

I don't keep much money in Thailand, only enough for living expenses, I do not trust the Thai government or their banks.

[metisdead]

An inflammatory post has been removed.

 

A post using a trolling video has been removed. 

[Isaan sailor]

The government, or rather the Bank of Thailand could determine our fates as we grow older..  The higher the Baht goes—the fewer will bother to stay.  I think we should all draw the currency line.  For me, if the Baht rises 20% from today’s rate—wife & I take the next available flight outta here.

[Espanol]

23 hours ago, Leveraged said:

Tons of people want to retire to Thailand and loads of people always talk about living in Thailand, but the one thing nobody ever talks about is the long term aspect of retiring in Thailand. 

 

For example: Getting very old and dying in Thailand. 

 

My plan is to request a 50% parcial retirement and spend 6 months a year working in Spain and 6 months in Pattaya (if they don't destroy it too much and I have to go elsewhere).

 

From Pattaya, I will also take advantage of the proximity to the international airport to travel around Asia.

 

Once I am too old to be traveling and enjoying the nightlife, and looking for a quieter life, I will fully retire, will return to Europe and settle in a quiet town in the south; probably on the Spanish Costa del Sol or the Portuguese Algarve.

 

 

 

 

 

 

Edited August 26, 2021 by Espanol

[scubascuba3]

5 minutes ago, possum1931 said:

I don't keep much money in Thailand, only enough for living expenses, I do not trust the Thai government or their banks.

in the event of a medical emergency they will want thai baht quickly so be ready to transfer money, easy if already in a thai bank account.

 

I heard of one guy went to a specialised stroke unit couldn't pay so shipped him to Bang Lamung and treatment was nowhere near as good, money talks

Edited August 26, 2021 by scubascuba3

[JustAnotherHun]

23 hours ago, Jingthing said:

Keeping this simple, either bring in a massive amount of money or assume your life expectancy is going to be reduced here...

 ...and if you bring in a massive amount of money, don't tell your wife's brothers and cousins. It could reduce your life expectancy.

[BE88]

1 hour ago, Sparktrader said:

Guy was a loser

No I don't believe but a deeply religious Catholic who waits for resurrection when god comes to resurrect the dead, so he firmly believes in resurrection and this assures him that he will return to the dead if he has a dignified burial.

A way to not be afraid of death.

[ray richards]

Hi all, I've read some interesting comments on this topic especially bkk 6060.

I will be facing what he says about my uk family sticking me in a rest home just staring at a t.v & getting no visitors.

I've got a dream Thai girlfriend which we have been hoping to get married since Covid started (we should have got married years ago), she & her family would help & really look after me as I enter into aLL sorts of probable ailments.

How much more difficult is it to quit a country like the UK to live permanently in Thailand now that the Covid situation has changed everything or are the procedures similar to pre Covid?????

 

 

[2009]

23 hours ago, Chris.B said:

The UK is the same !!

There are some 5 star care homes though. You just have to pay the first few years and let the government pick up the tab after.

[Stevemercer]

33 minutes ago, EVENKEEL said:

I got curious and searched a little. 40K is doable and depending on extras can go up to 100K/mo.

We recently put my brother-in-law (aged 70 with dementia and Parkinson's Disease) through 2 nursing homes. One was in Khon Kaen and cost 19,000 Baht per month (negotiated down to 17,000 Baht by my wife). Another was in Udon Thani at 20,000 Baht.

 

He stayed in each for 6 months before they said we had to take him back. He could get quite aggressive and kept trying to feel up the young girl assistants.

 

Most of the other patients where passive and bed-ridden.

 

The nursing homes had reasonable facilities (gym, recreation facilities, daily trips, gardens for walking etc) and plenty of staff.

 

 

[2009]

My retirement plan is: live in my apartment back west (if I need to cos if health), and live off savings or pension (if I get one).

 

Perhaps my investments will pay off and I'll buy another for a second source of income.

 

Or stay in Thailand or somewhere else (health permitting) and live of rental income, savings, pension possibly.

 

How people get to retirement age without even a one bedroom apartment (bought) in their home country is beyond me.

[Leveraged]

4 minutes ago, 2009 said:

How people get to retirement age without even a one bedroom apartment (bought) in their home country is beyond me.

 

Theres a significant portion of the expat retiree community who completely sell up in their home country and take their liquidity to Thailand thinking they are saving and living cheaper with plans to live off modest pensions/annuity/returns. Which is true until you reach a certain point I guess, but it leaves you exposed and trapped if your money doesn't last. 

[2009]

4 minutes ago, Leveraged said:

 

Theres a significant portion of the expat retiree community who completely sell up in their home country and take their liquidity to Thailand thinking they are saving and living cheaper with plans to live off modest pensions/annuity/returns. Which is true until you reach a certain point I guess, but it leaves you exposed and trapped if your money doesn't last. 

Damn, they could have just kept their assets and rented them out.

[BananaGuy]

2 hours ago, khunPer said:

Yes, see links in my above longer post to OP, and there might be more possibilities if you search for them...????

That’s all very encouraging thank you … I’ll bookmark your post, maybe print it out and have it bound!

Good to hear that insurance can be started 70+ … that takes away the pressure. Personally, I’m not interested in insurance at all … I self-insure whenever I can and that’s worked well so far. I’m only concerned about what’s legally required by Thai government for visa extension.

 

Likely I’ll need to go the marriage route … we have a tiny home already built on her land near Uttaradit so living costs will be low but it will be a stretch coming up with a lazy 800k, so I hope the 400k option is still there next year.

 

Anyhow. Thanks again for the informative post … and especially for sharing the reasoning behind your personal choices.

[Leveraged]

3 hours ago, khunPer said:

You can find coverage of 600,000 baht inpatient, and 60,000 baht outpatient, with 200,000 baht self-risk for 29,700 baht a year renewable fixed price from age 76 till age 100, but you need to signup when not older than 75 years; it’s one of the O-A insurances, link HERE.

 

Should be noted that this is rather unreliable insurance with undefined payout requirements. They just say "Customary and reasonable medical charges will be eligibility after full deductible limit on your selected plan" which means they will review your claim on a case by case basis and its gonna be up to them. It'll get you into thailand but should not be relied upon for solid healthcare. It is better than nothing, for sure, but its also not much coverage in any case. 

[Leveraged]

5 minutes ago, 2009 said:

Damn, they could have just kept their assets and rented them out.

 

Or sold them and bought dividend stocks and kept it as a passive income stream, maintaining the capital for the event that one may want to repatriate. 

 

Loads of smart ways to do things like this, but most choose the "sell everything & move YOLO" strategy. 

[BananaGuy]

50 minutes ago, JustAnotherHun said:

 ...and if you bring in a massive amount of money, don't tell your wife's brothers and cousins. It could reduce your life expectancy.

Or alternatively, make sure to tell them about the money, also tell them you’ve left it all to the cat … increases your life expectancy while they keep you alive at all costs and outsources the life expectancy problem to the cat.  (which is easily replaceable after all nine used up)

[2009]

4 minutes ago, Leveraged said:

 

Or sold them and bought dividend stocks and kept it as a passive income stream, maintaining the capital for the event that one may want to repatriate. 

 

Loads of smart ways to do things like this, but most choose the "sell everything & move YOLO" strategy. 

Exactly

 

The problem is the only financial instruments the average person understands is: property and a savings account.

 

Investing in stocks is a mystery to the average person. I don't have and friends or family whom I am aware of that does it. It's like anything outside of property is too risky, difficult to understand, or just plain gambling.

[NoshowJones]

1 hour ago, scubascuba3 said:

in the event of a medical emergency they will want thai baht quickly so be ready to transfer money, easy if already in a thai bank account.

 

I heard of one guy went to a specialised stroke unit couldn't pay so shipped him to Bang Lamung and treatment was nowhere near as good, money talks

What they want and what they will get are to different things. ????

[giddyup]

14 minutes ago, 2009 said:

Damn, they could have just kept their assets and rented them out.

I didn't do that for the simple reason that I didn't want the worry of tenants destroying my property, agents ripping me off, or getting screwed on the rent etc. Sold my house when I moved here 11 years ago, no regrets.

[2009]

8 minutes ago, Leveraged said:

Loads of smart ways to do things like this, but most choose the "sell everything & move YOLO" strategy. 

And this is like the height of irony, cos they probably thought they were being conservative.

[BananaGuy]

8 hours ago, Leveraged said:

Your best bet would be to reach out to local insurance brokers and some of the big name international insurers and ask for quotes. A top tier international company offered me this (part of a breakdown of a high tier policy offer) which is the type of insurance that would cover most eventualities in the more expensive hospitals (Bumrungrad and Bangkok Hospital groups) 

 

You can definitely go cheaper but you will have to go to cheaper hospitals. The your particular issue will be finding a company that guarantees you will be able to continue buying insurance past a certain age. This is what the Aetna rep in Thailand says for their company (which is a good one)

 

 

 

Thailand UltraCare Individual Premiums 2021 M060-14E-010121.pdf 52 kB · 6 downloads

Thanks for that. As I responded just now to Khunper … I’m not really interested in insurance at all beyond what’s required to keep a visa … guess I’ll need to wait and see what the situation is when the (Oz) borders re-open … assuming I survive that long!

[2009]

5 minutes ago, giddyup said:

I didn't do that for the simple reason that I didn't want the worry of tenants destroying my property, agents ripping me off, or getting screwed on the rent etc. Sold my house when I moved here 11 years ago, no regrets.

Well, an agent might charge you 10% max.

 

For that, you get: advertising, the property is continuously occupied, the best market rate negotiated, proper legal contract and knowledge of law, and someone to handle matters (e.g. like a cigarette burn on your sofa).

 

And let's be honest, professional agents can do that better than you sitting on Pattaya beach getting smoked.

 

You'd lose that 10% trying to manage it yourself.

Edited August 26, 2021 by 2009

[giddyup]

1 minute ago, 2009 said:

Well, an agent might charge you 10% max.

 

For that, you get: advertising, the property is continuously occupied, the best market rate negotiated, and someone to handle matters (e.g. like a cigarette burn on your sofa).

 

And let's be honest, professional agents can do that better than you sitting on Pattaya beach getting smoked.

 

You'd lose that 10% trying to manage yourself.

Do you honestly think all tenants are good? My reasons were sound and have no regrets. I also have no intention of returning to Australia.

[Chris.B]

24 minutes ago, 2009 said:

Damn, they could have just kept their assets and rented them out.

Yes, and maybe get ripped off by rogue tenants, pay management fees and maintenance bills. ☹️

 

[EVENKEEL]

15 minutes ago, giddyup said:

I didn't do that for the simple reason that I didn't want the worry of tenants destroying my property, agents ripping me off, or getting screwed on the rent etc. Sold my house when I moved here 11 years ago, no regrets.

I have 2 rental homes, both were at one time my primary residence. One is rented super cheap but they take care of it better than I did. They take care of all repairs and deduct from rent, the other I use an agent, same tenants for 10 yrs, is the rent on time? seldom Do they take good care of it? no  It's still an earner. 

But with new inheritance laws maybe coming our way in the US selling it all might someday be necessary.

Edited August 26, 2021 by EVENKEEL