Fairly large nest egg needed to retire comfortably in Thailand

[KanchanaburiGuy]

1 hour ago, gearbox said:

That's the meaning of average....e.g one person eats pork, 10 other eat only rice, on average the group eats pork with rice.

Lol

 

Sorry, no. 

 

On average, the group eats pork and  rice, not pork with  rice. 

 

At most, only one person eats pork with rice. But without more information, we don't even know that, for sure. As it stands, we don't know if the pork eater eats ONLY pork, or eats pork and rice together. There may be no one who eats pork with  rice! 

 

KanchanaburiGuy - - - > bringing pedantry into the Thai New Year!

 

????????????

 

Cheers! 

[rickudon]

Well, seen some pretty ignorant and selfish replies here. What the OP posts is pretty true - You need to plan for 30 years - most Thais retire at 60, and can expect on average to live about another 20 years - doesn't mean you only plan for 20, because half of them would still be alive.... you do not want to run out just when you need your money the most. As said, that 3.1 million baht figure equates to about minimum wage, which seems sensible as a basic need.

income - saw some pretty ridiculous claims on an internet search about average wages in Thailand - they were similar to western salaries! Obviously a contrived data set. Best result i could find was this-

https://en.wikipedia.org/wiki/Median_income#/media/File:Countries_by_gross_median_per-capita_income_in_Int$_(PPP).png

 

This shows the median (i.e. the figure at which half the people are above and half below) figure to be under 70,000 baht per year. Obviously includes non-working people, possibly children, but gives you a good idea.

 

Pension - remember 40% of Thais work in the informal economy, many do not pay into the social security fund - and if you do, limited to about 1200 baht a year. When you retire, that gives you enough to live on for a couple of years.....

 

As for being supported by their children, demographics show this will be much harder - the grandparents typically had 4 or 5 children, but their children only have less than 2 on average - and we know modern life means many have no money to spare to send home. The 'State' pension is 600 baht per month - can any of you live on that?

 

I regularly see old ladies, and a few men, picking weeds from the roadside to eat. They would be slowly starving to death if they cannot grow their own food or work.

 

There is a looming demographic bomb when the current 40-50 year olds retire. Unless the government steps in with meaningful pensions, many will end up fading away - as they starve - or realising their fate, will take action to get what they need. Heads on pikes?

[Stubby]

2 hours ago, Bluespunk said:

If people have to rely on god then we should all learn how to paddle...

May the Lord bless you, Bluespunk ????

[Stubby]

5 hours ago, gearbox said:

The longer a person has already lived, the progressively longer their projected "life expectancy" becomes!

 

Why is this? This is because all those younger ages when they might have died..... get factored out. They've already lived PAST those ages! Therefore, the average gets recalibrated!

True, but as one gets older, a whole new set of age and lifestyle-related health complications come into play that are rare in younger people. The pessimist might say that every minute over 50 is a bonus. And let's not forget, people today do live longer, but they're also sicker for much longer than they ever were. In some cases, they exist rather than live. Sadly, I've known quite a few. 
 

Thus, the burden on younger families to care for aging relatives used to be... on the scope of life... a short-term commitment. But now, it's often a full-time job that drags on and drains carers for decades.
 

Heck, if sick, aging populations of humans were horses, they would have been shot long ago. And the cullers would say, "Well, it's the humane thing to do.

[Bluespunk]

52 minutes ago, Stubby said:

May the Lord bless you, Bluespunk ????

Prefer to look after the future myself. No big beards in the sky for me...but each to their own.

[it is what it is]

On 4/13/2022 at 5:17 AM, Bluespunk said:

''The National Economic and Social Development Council estimates that each person now needs approximately 3.1 million baht to spend around 30 retirement years in relative comfort.''

 

Really? That's just over 71,000 pounds-must cost more than that to live ''comfortably'' for 30 years.

 

indeed, 'comfort' is subjective, and what may be comfortable for the the average thai may be far from what is comfortable for a foreigner.  notwithstanding this, i have seen foreigners living here in very basic situations and they seem quite happy. so, back to my original statement; 'comfort' is subjective.

[Bluespunk]

6 minutes ago, it is what it is said:

 

indeed, 'comfort' is subjective, and what may be comfortable for the the average thai may be far from what is comfortable for a foreigner.  notwithstanding this, i have seen foreigners living here in very basic situations and they seem quite happy. so, back to my original statement; 'comfort' is subjective.

With only 71,000 to last 30 years I'd say comfort would be very difficult, if not down right impossible, to achieve. It would be more like surviving and scraping by .

[BritManToo]

25 minutes ago, Bluespunk said:

With only 71,000 to last 30 years I'd say comfort would be very difficult, if not down right impossible, to achieve. It would be more like surviving and scraping by .

Works out at 7,700bht/month.

For a rural farmer on the family farm that would be plenty.

Another 600bht pension, free electricity, grow some rice, fruit and veg.

 

[Bluespunk]

2 hours ago, BritManToo said:

Works out at 7,700bht/month.

For a rural farmer on the family farm that would be plenty.

Another 600bht pension, free electricity, grow some rice, fruit and veg.

 

Oh right I forgot every Thai citizen is a rural farmer on a field...silly me.

 

It's nowhere near enough to be considered comfortable.

[hotandsticky]

9 minutes ago, Bluespunk said:

Oh right I forgot every Thai citizen is a rural farmer on a field...silly me.

 

It's nowhere near enough to be considered comfortable.

 

 

13 million (plus families) is quite a big number.

 

 

40% of the population work in agriculture related jobs.

[Bluespunk]

13 minutes ago, hotandsticky said:

 

 

13 million (plus families) is quite a big number.

 

 

40% of the population work in agriculture related jobs.

So 60% doesn't...also quite a big number eh.

[hotandsticky]

8 minutes ago, Bluespunk said:

So 60% doesn't...also quite a big number eh.

 

Not sure what your point is

 

 

You were replying to a post about farmers receiving 7,700 Baht.

[Bluespunk]

14 minutes ago, hotandsticky said:

 

Not sure what your point is

 

 

You were replying to a post about farmers receiving 7,700 Baht.

No I have been posting on my skepticism that 71,000 pounds is enough to live comfortably for 30 years.
 

You know, the topic of this thread…

 

Clear now. 

[BritManToo]

1 hour ago, Bluespunk said:

Oh right I forgot every Thai citizen is a rural farmer on a field...silly me.

80% are.

[Bluespunk]

23 minutes ago, BritManToo said:

80% are.

Yeah right, sure they are. LOL -utter hyperbolic nonsense as per usual. 

[Gecko123]

20 hours ago, BritManToo said:

Works out at 7,700bht/month.

For a rural farmer on the family farm that would be plenty.

Another 600bht pension, free electricity, grow some rice, fruit and veg.

 

You're completely romanticizing what life is like on that level of income. What about out-of-pocket medical costs, medical equipment, clothing, foot wear, eye wear, transportation costs, home appliance replacement and repair, home maintenance, housewares, furniture, pet food? Who's going to pay to till the land so the rice can be planted? Who's going to plant, fertilize, spray, harvest, and haul the rice to the rice mill? Granny? Grandpa?

 

You're perpetuating an outdated myth that all you need is a mango tree, a couple of banana trees, a papaya tree, and some foraging skills and the good life awaits you in rural Thailand. Not.

 

[BritManToo]

24 minutes ago, Gecko123 said:

You're completely romanticizing what life is like on that level of income. What about out-of-pocket medical costs, medical equipment, clothing, foot wear, eye wear, transportation costs, home appliance replacement and repair, home maintenance, housewares, furniture, pet food? Who's going to pay to till the land so the rice can be planted? Who's going to plant, fertilize, spray, harvest, and haul the rice to the rice mill? Granny? Grandpa?

 

You're perpetuating an outdated myth that all you need is a mango tree, a couple of banana trees, a papaya tree, and some foraging skills and the good life awaits you in rural Thailand. Not.

 

My MiL lives on our family farm on 3,000bht/month I send her, and claims to be the richest lady in the village. No home appliances, her home is a corrugated iron shack no maintenance, windows and doors just open spaces. No furniture, they sit and sleep on the floor on a mat. She grows and harvests rice by hand, no fertilizer or sprays.

 

She could move in with me (no money) but prefers to live on the farm with 3kbht.

[Gecko123]

18 minutes ago, BritManToo said:

My MiL lives on our family farm on 3,000bht/month I send her, and claims to be the richest lady in the village. No home appliances, her home is a corrugated iron shack no maintenance, windows and doors just open spaces. No furniture, they sit and sleep on the floor on a mat. She grows and harvests rice by hand, no fertilizer or sprays.

 

She could move in with me (no money) but prefers to live on the farm with 3kbht.

You're describing extreme rural poverty. If your MIL thinks with 3,000 monthly income she is the richest woman in the village, the possibility that she is suffering from dementia should seriously be considered.

[1FinickyOne]

On 4/13/2022 at 11:22 AM, whiteman said:

must cost more than that to live ''comfortably'' for 30 years.

unless you find living comfortably a hammock, a small Thai style house and a little tv.. a fan is nice too.

[1FinickyOne]

31 minutes ago, BritManToo said:

My MiL lives on our family farm on 3,000bht/month I send her, and claims to be the richest lady in the village. No home appliances, her home is a corrugated iron shack no maintenance, windows and doors just open spaces. No furniture, they sit and sleep on the floor on a mat. She grows and harvests rice by hand, no fertilizer or sprays.

 

She could move in with me (no money) but prefers to live on the farm with 3kbht.

what is she doing Saturday night?

[zzaa09]

22 hours ago, BritManToo said:

Works out at 7,700bht/month.

For a rural farmer on the family farm that would be plenty.

Another 600bht pension, free electricity, grow some rice, fruit and veg.

 

You seemed to have omitted the the usual Farang factor of unnecessarily living beyond one's means.

The Western mindset would never understand acclimate to the concepts of simple and comfortable living.

 

Added - the somewhat secure feature of traditional social and familiar extensions instilled into savage cultures makes them much more evolved - certainly in these days of false wealth and what is valued. 

[RafPinto]

1 hour ago, Gecko123 said:

You're completely romanticizing what life is like on that level of income. What about out-of-pocket medical costs, medical equipment, clothing, foot wear, eye wear, transportation costs, home appliance replacement and repair, home maintenance, housewares, furniture, pet food? Who's going to pay to till the land so the rice can be planted? Who's going to plant, fertilize, spray, harvest, and haul the rice to the rice mill? Granny? Grandpa?

 

You're perpetuating an outdated myth that all you need is a mango tree, a couple of banana trees, a papaya tree, and some foraging skills and the good life awaits you in rural Thailand. Not.

 

That's what you can read about the dreamers.

Can i live comfortably on 500$ in Thailand?
I was reading that thai people can live on 10k Baht and now I am wondering if I can have a luxurious life on 500USD

 

555

[RafPinto]

1 hour ago, BritManToo said:

My MiL lives on our family farm on 3,000bht/month I send her, and claims to be the richest lady in the village. No home appliances, her home is a corrugated iron shack no maintenance, windows and doors just open spaces. No furniture, they sit and sleep on the floor on a mat. She grows and harvests rice by hand, no fertilizer or sprays.

 

She could move in with me (no money) but prefers to live on the farm with 3kbht.

I also wouldn't want to move in with you (horny) farang.

[RafPinto]

1 hour ago, 1FinickyOne said:

what is she doing Saturday night?

Checking the latest Bitcoin quotes.

[Gecko123]

I remember sometime around 2008 when there was that big surge in food and fuel prices thinking to myself that this inflation would effectively kill the "no visible means of support" lifestyle in rural Thailand.

 

There happens to be an elderly woman down the road from me who appears to still support herself entirely by foraging: spines of coconut fronds to make brooms, marsh grass to thatch roofs; makam tet, bamboo shoots, field crabs, edible flowers, pusa fruits to eat and sell. Really admirably industrious, but no question she is the poorest person in our moo ban.

 

My neighbor across the street is in her mid-fifties, divorced, and has never worked regularly, or engaged in any type of day labor to my knowledge in the past 20 years. I suspect that she may off-and-on use yaa baa. She has a "no-visible-means-of-support" and  stay-at-home lifestyle. The only sources of income I have ever been able to identify for her are: baby sitting for grandchildren and other relatives, possibly receiving money from a drug-dealing son who is now in the slammer, and money given to her in exchange for sexual favors from either boyfriends or casual partners. She is better off than the older woman described above, but without question, both live in poverty, even by rural Thailand standards.

 

[RafPinto]

9 minutes ago, Gecko123 said:

I remember sometime around 2008 when there was that big surge in food and fuel prices thinking to myself that this had effectively killed the "no visible means of support" lifestyle in rural Thailand.

 

There happens to be an elderly woman down the road from me who appears to still support herself entirely by foraging: spines of coconut fronds to make brooms, marsh grass to thatch roofs, makam tet, bamboo shoots, field crabs, edible flowers, pusa fruits to eat and sell. Really admirably industrious, but no question she is the poorest person in our moo ban.

 

My neighbor across the street is in her mid-fifties, divorced, and has never worked regularly, or engaged in any type of day labor to my knowledge in the past 20 years. I suspect that she may off-and-on use yaa baa. She has a "no-visible-means-of-support" and  stay-at-home lifestyle. The only sources of income I have ever been able to identify for her are: baby sitting grandchildren and for other relatives, possibly receiving money from a drug-dealing son who is now in the slammer, and money given to her in exchange for sexual favors from either boyfriends or casual partners. She is better off than the older woman described above, but without question, both live in poverty, even by rural Thailand standards.

 

Give that old lady 2-3000 baht a month. Would not brake the bank.

[GarryP]

3 hours ago, Gecko123 said:

You're completely romanticizing what life is like on that level of income. What about out-of-pocket medical costs, medical equipment, clothing, foot wear, eye wear, transportation costs, home appliance replacement and repair, home maintenance, housewares, furniture, pet food? Who's going to pay to till the land so the rice can be planted? Who's going to plant, fertilize, spray, harvest, and haul the rice to the rice mill? Granny? Grandpa?

 

You're perpetuating an outdated myth that all you need is a mango tree, a couple of banana trees, a papaya tree, and some foraging skills and the good life awaits you in rural Thailand. Not.

 

Be careful there. Treading awful close to the "sufficiency economy" which was promoted by somone and keeps getting spouted by rich people telling poor people how to live within their means. ???? 

[EVENKEEL]

26 minutes ago, GarryP said:

Be careful there. Treading awful close to the "sufficiency economy" which was promoted by somone and keeps getting spouted by rich people telling poor people how to live within their means. ???? 

It may surprise you that some rich people used to be poor but they worked many hours a day and saved. Didn't celebrate 20 holidays a year. And now they are comfortable. 

[GarryP]

2 minutes ago, EVENKEEL said:

It may surprise you that some rich people used to be poor but they worked many hours a day and saved. Didn't celebrate 20 holidays a year. And now they are comfortable. 

Obviously that went straight over your head. 

[BritManToo]

2 hours ago, zzaa09 said:

Added - the somewhat secure feature of traditional social and familiar extensions instilled into savage cultures makes them much more evolved - certainly in these days of false wealth and what is valued. 

We already saw what happened during the weakening power grid in the USA last winter.

Those same conditions wouldn't hurt most elderly Thais at all.

Wonder what will happen in Europe and the UK next winter if there's no Russian gas or oil?