Exploring the cost of living for retirees in Thailand

[webfact]

Photo: Freepik

 

by Kriti Sharma

The cost of living for retirees in Thailand has become an increasingly popular topic of discussion, as many individuals from around the world are considering spending their golden years in this beautiful and culturally rich country.

 

Thailand offers a welcoming environment for those looking to enjoy a relaxed and comfortable lifestyle. However, understanding the financial aspects of retiring in this Southeast Asian paradise is crucial for those who wish to make the most of their retirement savings. In this article, we will explore the various factors that contribute to the cost of living for retirees based on locations in Thailand, helping you to make an informed decision about your retirement plans.

 

Cost of Living for Retirees in Thailand
The cost of living for retirees in Thailand can vary greatly depending on the location. Let us delve into it.

 

1. Bangkok

Photo: Freepik

 

The cost of living for retirees in Bangkok, Thailand’s bustling capital city, can vary depending on factors such as housing, utilities, food, healthcare, transportation, and lifestyle choices. As a retiree, it’s essential to consider these costs when planning your move to this vibrant city.

 

Rent for a one-bedroom apartment in the city center ranges from 15,000 to 30,000 THB ($470-$940) per month. If you prefer a more spacious apartment or a house, prices can go up considerably. Buying property is also an option, but prices can be high in the central areas. Monthly utility bills, including electricity, water, and internet, typically range from 2,500 to 4,500 THB ($78-$140). Keep in mind that air conditioning usage can significantly increase electricity costs.

The cost of food varies depending on your preferences. Local markets and street food vendors offer budget-friendly meals while dining at restaurants and opting for Western cuisine can be more expensive. On average, you can expect to spend between 6,000 and 15,000 THB ($190-$470) per month on groceries and dining out.

 

Public healthcare is affordable, but wait times can be longer, and the quality of care may not be up to the standard that some Western retirees are accustomed to. Private hospitals in Bangkok offer higher quality care and English-speaking staff but at a higher cost. Consultations with a specialist doctor at a private hospital can range from 1,000 to 3,000 THB ($30-$90) per visit, while more extensive treatments and procedures can cost significantly more. Many retirees choose to purchase private health insurance to cover their healthcare expenses, and premium costs can vary depending on coverage, age, and pre-existing conditions. On average, comprehensive health insurance plans for retirees in Thailand can range from 25,000 to 60,000 THB ($780-$1,875) per year.

 

2. Chiang Mai

 

Photo: Flickr

The cost of living for retirees in Chiang Mai, a charming city in Northern Thailand, is generally more affordable than in other popular Thai destinations, such as Bangkok or Phuket. Chiang Mai is known for its rich history, beautiful temples, and cooler climate, making it an attractive option for retirees.

 

Rent for a one-bedroom apartment in the city center ranges from 7,000 to 15,000 THB ($220-$470) per month. Larger apartments or houses can be found at higher prices. The cost of buying property in Chiang Mai is also generally lower compared to Bangkok. Monthly utility costs, including electricity, water, and internet, typically range from 1,500 to 3,500 THB ($47-$110). As with other locations in Thailand, air conditioning usage can significantly increase electricity expenses.

Chiang Mai offers a wide variety of affordable food options, including local markets, street food vendors, and restaurants. On average, you can expect to spend between 4,500 and 10,000 THB ($140-$310) per month on groceries and dining out.

 

Private hospitals in Chiang Mai provide higher quality care, English-speaking staff, and shorter wait times but at a higher cost. Consultations with a specialist doctor at a private hospital can range from 1,000 to 2,500 THB ($30-$78) per visit, with more extensive treatments and procedures costing more.

 

Full story: https://thethaiger.com/guides/exploring-the-cost-of-living-for-retirees-in-thailand

 

-- © Copyright Thaiger 2023-04-22

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

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[proton]

The Thaiger again, I came here to get away from it!

[ezzra]

1 hour ago, webfact said:

in Chiang Mai, a charming city in Northern Thailand,

Charming if you don't care for the horrendous pollution that is going there for good number of months, the rest of the article is very generic one and cover the very basics, there are a lot more to retiring in Thailand than what the article panned out.

[nigelforbes]

The costs seem about right. Downsides are the massive increases in domestic tourism during the winter months and increasingly throughout many other months of the year - it's become second home territory. Also, there's plenty of private hospitals but the quality of health care doesn't begin to compare to Bangkok, only the pricing does! Burning? Well, what can be said, it's typically six or eight weeks per year, this year is an anomaly, in part because of the extensive rains last year. 

[Lacessit]

I live in Chiang Rai, which IMO is a bit cheaper than Chiang Mai. I could not live in Bangkok, too many people.

Pensioners from most Western countries are comfortable here, unless they park their brains at the door. What is existence in their home country on that income becomes enjoyable.

The average Thai wage is 10,000 - 15,000 baht/month. Most Western pensions are north of 40,000 baht/month. A Thai turning 60 gets a pension of 600 baht/month.

No wonder we old guys are so popular with the Thai ladies.

[mikebell]

The 1st thing I would have factored in for UK retirees is the frozen state pension.  Mine is exactly half of the current rate at 360 a month after working 39 years.

[zzaa09]

1 hour ago, proton said:

The Thaiger again, I came here to get away from it!

Expect a merger before long....

[nigelforbes]

9 minutes ago, mikebell said:

The 1st thing I would have factored in for UK retirees is the frozen state pension.  Mine is exactly half of the current rate at 360 a month after working 39 years.

If you can swing it, it would be worth your while to return for a few months and get it uprated. I did that a couple of years ago and may well do that again next year.

[mikebell]

1 minute ago, nigelforbes said:

If you can swing it, it would be worth your while to return for a few months and get it uprated. I did that a couple of years ago and may well do that again next year.

Could you PM me with the details - how long/procedures/why you need to do it again?

[msbkk]

Comprehensive insurance plans can cost several times more in older years. As this article is for retirees the quoted figures are way too low.

[nigelforbes]

2 minutes ago, mikebell said:

Could you PM me with the details - how long/procedures/why you need to do it again?

I'm happy to share with everyone, feel free to PM if any point not covered.

 

I bought a small retirement flat in the North, near the Lakes, back in 2018, until then I had been an overseas expat since 2004. The day the flat purchase closed I wrote to DWP and said, "I'm back for good, returning expat", uprate me". And they did. They would uprate me anyway because I was in the country but making it permanent is a second step.

 

I transferred some money from my Thai bank to the UK, signed up for my utilities, registered for council tax and registered with a doctor. A week later a form arrived from the DWP trying to assess my lifestyle and established way of life. I wrote back and reported that everything necessary for my UK return was now in place and that I was no longer permanently connected to Thailand, I had even bought a one way plane ticket (important). I said I was married to a Thai but that I would be spending at last six months each year in the UK and that my wife would visit, her business workload permitting, she did indeed do that.

 

After a month I heard nothing so I wrote to my MP and also copied the then Home Secretary and said I needed their support to uprate my status with DWP and set out all the things I've described above. A week later another letter arrived from an investigations unit which acknowledged my letters to the Secretary of State and my MP, it very quickly confirmed that my status had been changed and I was now regarded as a permanent UK resident. The key issues were,  address, bank account, plane ticket, funds transfer and doctor.

 

I spent the next three months painting my flat, and enjoying the Lakes in the summer, by September it was getting nippy so I employed an estate agent to let my flat and manage my tenant. I had changed my mind and decided I would take a "holiday" in Thailand. People are allowed to change their mind, had the weather stayed above 70n degrees I may not have. ????

 

Next year in the Spring I shall likely return, not just to uprate my pension but because after 4 years of covid I want to see the UK again. I'll probably stay for the summer, my wife will visit for part of that time. Somewhere in there I'll get uprated again and will go through the same process once again. The DWP does not make their decisions based solely on where you spend the number of days each year, it is based on your settled and usually lifestyle, which can change over time. 

 

 

[fellcor]

My very first post. Glad I found this place (actually from a ev vs ice topic).

 

My costs are around 140-150 USD per month. Been at this figure 

 

I stay in Chiang Rai. For about 2+ years now. It's an all in cost (utilities, gas for my bike, food, comfort items, short trips less than 200km) minus insurance since I don't believe in the product. I don't count long trips since I go two-up for that and figures escalated depending on where I am going and where my partner wants to stay.

 

Stayed in Chiang Mai before. The costs are much higher, especially if you want to own your own estate. (About 5-7 times more, Rai for Rai). It's roughly 200 USD for other costs all in.

 

Building a house there costs more too, even 100km outside of the square.

 

Stayed in bkk before, costs a lot lot more unless you own your own place and transport. Probably in the range of 300 USD. It's been nearly a decade since I stayed there so figures might be off. Stuff are more expensive now as well.

[bignok]

5 hours ago, proton said:

The Thaiger again, I came here to get away from it!

Do they quote this site?

[bignok]

15 minutes ago, fellcor said:

My very first post. Glad I found this place (actually from a ev vs ice topic).

 

My costs are around 140-150 USD per month. Been at this figure 

 

I stay in Chiang Rai. For about 2+ years now. It's an all in cost (utilities, gas for my bike, food, comfort items, short trips less than 200km) minus insurance since I don't believe in the product. I don't count long trips since I go two-up for that and figures escalated depending on where I am going and where my partner wants to stay.

 

Stayed in Chiang Mai before. The costs are much higher, especially if you want to own your own estate. (About 5-7 times more, Rai for Rai). It's roughly 200 USD for other costs all in.

 

Building a house there costs more too, even 100km outside of the square.

 

Stayed in bkk before, costs a lot lot more unless you own your own place and transport. Probably in the range of 300 USD. It's been nearly a decade since I stayed there so figures might be off. Stuff are more expensive now as well.

Rai has awful AQIs. Nice town though.

[bignok]

4 hours ago, zzaa09 said:

Expect a merger before long....

Or Stickman takes over both. Imagine that.

[zzaa09]

2 minutes ago, bignok said:

Or Stickman takes over both. Imagine that.

That sounds criminal....

[Phuketshrew]

5 hours ago, nigelforbes said:

If you can swing it, it would be worth your while to return for a few months and get it uprated. I did that a couple of years ago and may well do that again next year.

Is it even possible to do this? If so, is a minimum period of stay required in the UK?  Just saw your previous post. Thanks for the info.

Edited April 22, 2023 by Phuketshrew
Didn't see previous post.

[Srikcir]

From personal and unscientific perspective, I find that Bangkok Metropoliton Area is itself 30-40% more expensive across the board than the southern parts of the province, ie. Bang Khun Thian, Bang Bon, Bang Khae. Perhaps explained in part by very few expats and lesser demand for foreign products..

[bignok]

21 minutes ago, zzaa09 said:

That sounds criminal....

X rated forum. Not family friendly.

[Expat68]

5 hours ago, nigelforbes said:

If you can swing it, it would be worth your while to return for a few months and get it uprated. I did that a couple of years ago and may well do that again next year.

I thought once you return, it goes back to what it was before?

[Taboo2]

Honestly, the COLA (cost of living abroad) in Pattaya is very cheap, and if you do not drink and monger too much, you can live like a King in this city.

[bignok]

I don't agree with the food cost figures. A lot of Isaan towns have more expensive meals than Phuket if near the Mekong.

[K2938]

6 hours ago, ezzra said:

Charming if you don't care for the horrendous pollution that is going there for good number of months,

It will reduce your retirement cost of living because you will die quite a few years earlier than otherwise????

[FritsSikkink]

59 minutes ago, fellcor said:

My very first post. Glad I found this place (actually from a ev vs ice topic).

 

My costs are around 140-150 USD per month. Been at this figure 

 

I stay in Chiang Rai. For about 2+ years now. It's an all in cost (utilities, gas for my bike, food, comfort items, short trips less than 200km) minus insurance since I don't believe in the product. I don't count long trips since I go two-up for that and figures escalated depending on where I am going and where my partner wants to stay.

 

Stayed in Chiang Mai before. The costs are much higher, especially if you want to own your own estate. (About 5-7 times more, Rai for Rai). It's roughly 200 USD for other costs all in.

 

Building a house there costs more too, even 100km outside of the square.

 

Stayed in bkk before, costs a lot lot more unless you own your own place and transport. Probably in the range of 300 USD. It's been nearly a decade since I stayed there so figures might be off. Stuff are more expensive now as well.

300 USD for BKK? Must be living like a monk.

[nigelforbes]

57 minutes ago, Expat68 said:

I thought once you return, it goes back to what it was before?

If you only stay for a short period of time, yes, it does revert to what it was when you arrived. But if you remain, and/or, if you inform them of a change in status (as I did), then no it doesn't revert.

[nigelforbes]

46 minutes ago, FritsSikkink said:

300 USD for BKK? Must be living like a monk.

Per day perhaps?

[BritScot]

6 hours ago, mikebell said:

The 1st thing I would have factored in for UK retirees is the frozen state pension.  Mine is exactly half of the current rate at 360 a month after working 39 years.

Go back to the uk for a while, get your pension back up then go back with a smile.

[BritScot]

For me the uncertainty and ever changing immigration rules is a worry you do not need hanging over you as you get old and was the reason we left in 2019. I looked at health insurance for my wife and son and found it so expensive I opted to self insure with buying a very nice SUV and 3 Big Bikes "the idea if something happened I could sell" this worked out well for us as when we left I had a very nice suv and 2 big bikes to sell (wife wouldn't sell her bike, lol). I shopped a lot in Tops and Big C and started seeing prices higher that the uk. What is ignored is the 400k or 800k  per person which has to basically sit in a Thai bank "No thank you" 

[Tropposurfer]

How long is a piece of string?! Ones lifestyle and fiscal capacities, wants and needs is unique to every person.

 

I have a buddy with a wife (no kids but supports a bunch of Thai kids who are orphans and helps poor families).

He and his wife have an exclusive Thai based life on 90K AUD a year.

[CanadaSam]

This post can be answered very easily, for all parts of Thailand:

 

$1000 a month for a reasonable existence (going out only once or twice a week).

 

$2000 a month for a comfortable lifestyle.

 

$3000 for a fairly luxurious life.

 

Above amounts include everything for one foreigner, (and perhaps a girlfriend who also has a job), EXCEPT medical insurance (for which an older person really requires to self finance).