Are you still able to live comfortably?

[KhunLA]

39 minutes ago, chrisandsu said:

In todays inflated market yes around $1 million 

Deutsche Bank ... Private Client or Wealth Management acct.  I would open and account with them, outside of you home country, for tax purposes.  Singapore would be my recommendation, and multi currency account..  Also a branch in Krung Thep.

 

250k EUR or equivalent to open, or used to be.  $1 mill earning only 5% gives you $50k a year.

[chrisandsu]

45 minutes ago, chrisandsu said:

In todays inflated market yes around $1 million 

Problem is kids . Want to leave them something as getting on the housing markets getting harder and harder these days . Where would you invest if you had some spare cash ?

[KhunLA]

Hard to say, I'm 68 next month, so I wouldn't bother.  But if I was to, I'd stick with what I know, RE & stocks.

RE - rental, since world is going socialism.  Gov't paying rent (USA / section8)

Stocks - today, think I'd go with new solar industry and EV battery tech companies.

 

In my day, it is was the internet & computer & the Y2K scam time for holding till just before that crashed.  Then I switched over to pennies - high risk / high returns, and also 2000, Bush was president, so some speculative oil stocks did excellent.  Along with healthcare & gay TV, before it went mainstream ????

 

Defense contractor are usually excellent investments, but morally, I didn't invest with them

[The Cipher]

2 hours ago, chrisandsu said:

I’m 41 and it’s just dawned on me to get my butt into gear ! I only want to work another 10 years if it’s possible.

First thing you want to do - (a) figure out how much you think you'll want to spend in retirement per month/per year. Then (b) figure out the amount of your income that you can reasonably rely on in retirement - for most people this would be a pension. The difference between (b) and (a) is the amount you'd need to make up with your savings in some way.

 

Here's an example for easy math: Assume you want to spend $50k/yr. You have a pension that pays $25k per year, so you need to fund the remaining $25k with your savings. You wanna retire at 50 so you need savings that will last you another 50 years in this case (to be safe).

 

If you sell your house at retirement (I realize you don't want to do this, but just for the sake of the example), you could fund 40 years of annual $25k drawdowns without ever investing the cash. That would see you through to 90 years old. Realistically, if you invest that $1M, or if your home continues to appreciate in value, you could pretty reasonably see yourself through to 100.
---

2 hours ago, chrisandsu said:

What would you guys recommend to speed the process up ? 

Start soon. When invested, money compounds through time. So the more time you have, the more your invested cash will grow (assuming the investment goes up on average). So the sooner you start, the quicker you can benefit from the effects of compounding.

 

Generally, bonds are in a bad place right now. And bank interest is non-existent. So you'd probably have to move up the risk curve into stocks or real estate to try and generate a decent return.

---

But I'm not sure exactly what your situation is. If you feel comfortable providing details I'll help you think through the case. But if info is too personal, free to tell me to sod off also ????

[chrisandsu]

28 minutes ago, The Cipher said:

First thing you want to do - (a) figure out how much you think you'll want to spend in retirement per month/per year. Then (b) figure out the amount of your income that you can reasonably rely on in retirement - for most people this would be a pension. The difference between (b) and (a) is the amount you'd need to make up with your savings in some way.

 

Here's an example for easy math: Assume you want to spend $50k/yr. You have a pension that pays $25k per year, so you need to fund the remaining $25k with your savings. You wanna retire at 50 so you need savings that will last you another 50 years in this case (to be safe).

 

If you sell your house at retirement (I realize you don't want to do this, but just for the sake of the example), you could fund 40 years of annual $25k drawdowns without ever investing the cash. That would see you through to 90 years old. Realistically, if you invest that $1M, or if your home continues to appreciate in value, you could pretty reasonably see yourself through to 100.
---

Start soon. When invested, money compounds through time. So the more time you have, the more your invested cash will grow (assuming the investment goes up on average). So the sooner you start, the quicker you can benefit from the effects of compounding.

 

Generally, bonds are in a bad place right now. And bank interest is non-existent. So you'd probably have to move up the risk curve into stocks or real estate to try and generate a decent return.

---

But I'm not sure exactly what your situation is. If you feel comfortable providing details I'll help you think through the case. But if info is too personal, free to tell me to sod off also ????

Once I finish work I’ll private message you. Thanks 

[thaibeachlovers]

14 hours ago, BritManToo said:

I never saved anything, just paid my NI for the UK state pension and my company deducted for a private pension.

Just paid 4kGBP in missed NI payments which bought me an extra 25 pounds/week on my UK state pension.

Now I just need to live another 4 years to get it back, bit of a gamble, but if I die I wouldn't have spent the 4k anyway.

Had I opted out of the NHS super and saved the money instead I would have saved 50,000 quid when I retired. Perhaps it's just as well I didn't, as I'd only have spent it on my wife.

Not sure how long I have to live to get more than the 50,000 in the monthly payments. I'd have to take into account any exchange rate changes over the entire period, so it's a bit too complicated for me.

[BritManToo]

12 hours ago, chrisandsu said:

Problem is kids . Want to leave them something as getting on the housing markets getting harder and harder these days . Where would you invest if you had some spare cash ?

Not so hard in Thailand, my daughter finished university earlier this year, got a job right away. 

Already makes enough money to get a 1Mbht mortgage.

[Swimfan]

15 hours ago, chrisandsu said:

Another dumb question. Is the fund linked to the stocks ? 

Its diversified. Stocks, Equities, Property and Cash being the main vehicles 

[Swimfan]

13 hours ago, The Cipher said:

Here's an example for easy math: Assume you want to spend $50k/yr. You have a pension that pays $25k per year, so you need to fund the remaining $25k with your savings. You wanna retire at 50 so you need savings that will last you another 50 years in this case (to be safe)

In Australia if you have enough savings to give you an income of 25k a year its unlikely you would receive the full pension. Once your income exceeds about $150 a week you pension starts getting reduced at 25k per annum income you would likely receive less than 50% of the pension

[Leaver]

On 11/9/2021 at 11:17 AM, BritManToo said:

Not so hard in Thailand, my daughter finished university earlier this year, got a job right away. 

Already makes enough money to get a 1Mbht mortgage.

 

Out of interest, how much deposit is needed for a typical mortgage here?

 

Edited November 11, 2021 by Leaver

[BritManToo]

48 minutes ago, Leaver said:

 

Out of interest, how much deposit is needed for a typical mortgage here?

 

5-10% most of the time.

25k/month income gets you a 1M5 loan.

Edited November 11, 2021 by BritManToo

[Leaver]

1 hour ago, BritManToo said:

5-10% most of the time.

25k/month income gets you a 1M5 loan.

 

Any idea how the bank values the property, before they issue the mortgage?  

[jwest10]

On 10/1/2021 at 2:06 AM, Swiss1960 said:

It can be done, but why live in a city of fun (or in a city that used to be that), when you can not really enjoy the fun?

 

Your base is 50K. You will spend 10K/month on rent, water, electricity, phone. If you are not stupid, you will spend 10K/month on health insurance. That leaves you with 30K or 1K per day. 

 

1K per day in Pattaya is possible, IF... 

- you mostly cook yourself with stuff from market OR live from street food

- don't smoke and/or drink heavily

- don't expect Australian Wagyu on your plate weekly

- don't expect to have a permanent girlfriend/boyfriend

- don't want to travel

- don't want to enjoy yourself with cinema, water parks etc

- don't... basically everything I like to enjoy (except the girlfriend which I replaced by a family)

You will be living a Thai style live and will have to forego many of the perks that you can enjoy today in Australia, because they are cheap (i.e. beef, wine). Anything western in Thailand has its price which might not fit in a tight budget.

 

This is purely based on my experience and my expectations, you will need to define for yourself what you expect your life to look like. 

I knew the UK state Pension is the poorest and lowest in the whole of Europe and indeed Australia and crikey 50k pension form Australia and the English amount if very very lucky 452 pounds a month and yes converting various amounts much lower than the Australian amount.
I see you quoting 10k a month on insurance and this would vary according to age etc 

Yes as a British person with a Thai family since 2008 it has become increasingly  harder to stay here and lets not forget we have a frozen state pension, which never increase one penny each year from when it first was taken out
Indeed, have provided my Thai family with a home and just about most of the day to day expenses.

Indeed before I reached the then state pension age of 65 in 2015 we managed to live on savings and used to go out a lot for meals and shopping  and a little travelling and also a few beers at the time when the exchange rate was a lot more favourably .

But the last few years the exchange rates for all of us have badly depreciated indeed and now  we have to be a little more careful as like everywhere the saving soon go down

Yes a simple life but also go out for meals and yes we have had this lockdown for 2 years.
It is doable but as many states what are you going to do when the money runs out.
There is never anything they take in to account with houses cars and committment to Thailand and they only interested in the financial requirements to be able to stay here.

[BritManToo]

5 minutes ago, jwest10 said:

and the English amount if very very lucky 452 pounds a month

English state pension is currently 179 pounds/week = around 770 pounds/month.

Edited November 11, 2021 by BritManToo

[Mike Teavee]

23 minutes ago, BritManToo said:

English state pension is currently 179 pounds/week = around 770 pounds/month.

Shafted on the CoL rise this year but 3.1% (for you non-frozen chaps) is better than a kick in the nuts.

 

 

[KhunLA]

39 minutes ago, BritManToo said:

English state pension is currently 179 pounds/week = around 770 pounds/month.

Whoa ... that's cutting things thin, ~฿33k a month and not even enough for marriage visa.  Do most of y'all also have company pensions ? 

 

~฿33k, is pretty much what I live on, and plenty, but I also don't have a large rent (only 6k) or mortgage to pay, along with no car loan to pay off.  No major monthly meds or ins premium either.

 

If you're a chain smoker and enjoy sipping a few every night....you're screwed ... ????

 

[jwest10]

1 hour ago, BritManToo said:

English state pension is currently 179 pounds/week = around 770 pounds/month.

Yes for the new ones from 2016 I don't get anywhere near this and my state pension in 2015 and much lower about 113.00 pounds without looking it up  and can never make out why the difference .
We still paid the same NI contributions and for much longer than what was required too.

 

 

Edited November 11, 2021 by jwest10

[Leaver]

 

I think it fair to say the cost of living in Pattaya / Thailand has risen a lot faster than pensions from all around the world.  

[BritManToo]

56 minutes ago, KhunLA said:

If you're a chain smoker and enjoy sipping a few every night....you're screwed ... ????

You could always grow your own, my misses has a tobacco farm in Pechabun, a large sack of shredded tobacco costs very little.

[KhunLA]

33 minutes ago, Leaver said:

 

I think it fair to say the cost of living in Pattaya / Thailand has risen a lot faster than pensions from all around the world.  

USA COLA for Soc Sec are a joke, and not even close to the inflation rate they are based on.  Don't know what orifice they pull those number out of.  5.9% for 2022, based on 2021's inflation, which if you ask my brothers, is more like 10-20%

 

Couple that with the 25% loss on the exchange rate

42 ish down to 32 ish / $1 USD.

 

Thailand's inflation 100-150% over 20 yrs, and  COLAs 43.3 / 50% if adding next year seems like we're going backwards.  

 

Still 'Living the Dream' though, no help for our gov'ts.

 

Here's the COLA since I've been here, some years there was apparently no inflation ... ????

Edited November 11, 2021 by KhunLA

[Leaver]

1 hour ago, KhunLA said:

USA COLA for Soc Sec are a joke, and not even close to the inflation rate they are based on.  Don't know what orifice they pull those number out of.  5.9% for 2022, based on 2021's inflation, which if you ask my brothers, is more like 10-20%

 

Couple that with the 25% loss on the exchange rate

42 ish down to 32 ish / $1 USD.

 

Thailand's inflation 100-150% over 20 yrs, and  COLAs 43.3 / 50% if adding next year seems like we're going backwards.  

 

Still 'Living the Dream' though, no help for our gov'ts.

 

Here's the COLA since I've been here, some years there was apparently no inflation ... ????

 

Let's not forget the Thai inflation that targets farang here.  Eg. wine tax.  

[fredscats]

2 hours ago, jwest10 said:

Yes for the new ones from 2016 I don't get anywhere near this and my state pension in 2015 and much lower about 113.00 pounds without looking it up  and can never make out why the difference .
We still paid the same NI contributions and for much longer than what was required too.

 

 

Who is at fault if you have a frozen pension?,not anybodys but yours

[LarrySR]

8 hours ago, KhunLA said:

USA COLA for Soc Sec are a joke, and not even close to the inflation rate they are based on.  Don't know what orifice they pull those number out of.  5.9% for 2022, based on 2021's inflation, which if you ask my brothers, is more like 10-20%

 

 

Social Security should just phone your brothers next time.

[BritManToo]

10 hours ago, Leaver said:

Let's not forget the Thai inflation that targets farang here.  Eg. wine tax.  

I pay 28bht for my Full Moon wine coolers, still the same price as I paid in 2010.

Which reminds me, none left in the fridge, need to visit the booze store.

Edited November 12, 2021 by BritManToo

[KhunLA]

1 hour ago, BritManToo said:

I pay 28bht for my Full Moon wine coolers, still the same price as I paid in 2010.

Which reminds me, none left in the fridge, need to visit the booze store.

But less inside the smaller bottles ... 555

Many product shrink in size with slight or no increase in price.

[thaibeachlovers]

14 hours ago, Leaver said:

 

Let's not forget the Thai inflation that targets farang here.  Eg. wine tax.  

Easy solved. Give up whine.

[Will B Good]

1 minute ago, thaibeachlovers said:

Easy solved. Give up whine.

You will never get TV members to give up the whine.

[thaibeachlovers]

For interest sake as I'm not in LOS, how much on top of normal expenses is covid costing? That is cost of testing, vaccines and anything to do with it that wouldn't cost if corona never happened?

Thanks.

[Mike Teavee]

Just now, thaibeachlovers said:

Easy solved. Give up whine.

Have to say I’ve gone from 6-8 bottles a week (this in Singapore) to the occasional bottle every now & again (have a Jacobs Creek Chardonnay on ice for later, 666 THB from the 7-11 but makes a nice holiday treat - Before anybody says otherwise I wouldn’t drink JC Chardonnay by choice either but I’d rather be drinking that on a beach in Koh Chang that better plonk in a London restaurant). 

[thaibeachlovers]

14 hours ago, fredscats said:

Who is at fault if you have a frozen pension?,not anybodys but yours

Anyone that even gets a pension in LOS, frozen or not should thank the deity. Some of us couldn't get zip and had to leave paradise for cold sad countries. I miss sanuk.