Have I Missed the Boat ?

[swm59nj]

You need not only consider how you are going to take care of yourself which seems to be your primary concern. 
You are 72 years old and made a child who is 11 years old with a Thai woman.  Who you see now and then. 
How are they doing?  Because you are a father.  And it seems you can barely take care  of yourself  it’s not about just you. 

 

[thailand49]

For me It is tough to give a proper answer since much information is missing.

There is a huge difference between full time and part time?

Are you basically selling what you have burning your bridges in Aussie and coming to Thailand with The 9 million baht and 40,000 

Baht a month?

In your relationship. You still working at 71,  what financially are you providing your wife and daughter now what is the wife doing? Do they own or rent?  Being part-time and full time the demands are different.  When you do visit what is the pattern. 

This will determine what happens to your 9 million it can go fast if all of a sudden you are urge to buy property a car.  What will happen is money will go out never come in 40,000 isn't enough in my opinion. 

 

Not saying it isn't important but in your case the Visa is a low priority you can get around it.  How is your health even if you are in excellent health 72? Near impossible for health insurance especially at 40,000.  One million set aside goes no where in a private hospital if you already have medical needs like diabetes, HBP,  that need constant visits you got one foot in the grave already health and financially.  

 

There lots more to consider than what is noted. 

[Celsius]

If you are asking a question like this at 72 then yes you missed the boat.

 

However..... 9 million baht can be put in australian savings account at 5% and it will give you additional 37,500 monthly income. Combined with 40,000 it should be enough.

[Adumbration]

9 minutes ago, Celsius said:

If you are asking a question like this at 72 then yes you missed the boat.

 

However..... 9 million baht can be put in australian savings account at 5% and it will give you additional 37,500 monthly income. Combined with 40,000 it should be enough.

He wont receive 40,000 because Centrelink will take into account his income from the savings account and reduce his pension accordingly.

[Coota]

I may be wrong but I'm pretty sure the OP could lose his Centrelink pension by moving to Thailand. 

 

There are some grey areas in relation to this happening and, as I said, I may be wrong.

 

In Australia the aged pension is different to those in most other countries.

[Hummin]

17 minutes ago, Adumbration said:

He wont receive 40,000 because Centrelink will take into account his income from the savings account and reduce his pension accordingly.

That's F. Up, Why?

[bob smith]

Have I Missed the Boat ?

 

more like dodged a bullet mate!!!

[Coota]

7 minutes ago, Hummin said:

That's F. Up, Why?

The aged pension is means tested so they take into account all your assets. Some assets like you own home are exempt but cash in the bank is not. 

[Celsius]

36 minutes ago, Adumbration said:

He wont receive 40,000 because Centrelink will take into account his income from the savings account and reduce his pension accordingly.

 

Yea... that is the calculation he will have to do.

 

Maybe there is a possibility of opening a non resident account with HSBC or open the account using his wife/daughter name.

[Adumbration]

11 minutes ago, Coota said:

The aged pension is means tested so they take into account all your assets. Some assets like you own home are exempt but cash in the bank is not. 

Everything engineered by the Australian government has the underlying purpose of channelling all available funds into the residential property ponzi scheme.

 

 

[Hummin]

16 minutes ago, Coota said:

The aged pension is means tested so they take into account all your assets. Some assets like you own home are exempt but cash in the bank is not. 

Even he have a daughter and a wife, there is no way to work around it? Would his wife have right to his pension if he die? 

[FritsSikkink]

On 9/9/2023 at 11:04 PM, In the jungle said:

I have no idea what some posters in response to the OP do with their money.  Do they burn it in the back garden?  Are they financially incontinent?

 

All the posts saying OMG you will be living in poverty living on 40K a month.

 

I couldn't spend 40K a month if I tried.

 

And guys wittering on about 'lifestyle'.  What on earth are you talking about?  You need to leave off the Kool Aid. 

 

 

That you don't bother with or know the finer things in life, up to you. If you want a kid to get a proper education and not let them live of a plastic cup of noodles or Som Tam 3 times a day, you need way more than 40K a month.

[CecilM]

Yes, you have.  
I’ve been here for 20+ years and am settled. Now, fresh off the boat, I wouldn’t consider it anymore. 

[FritsSikkink]

On 9/10/2023 at 8:24 AM, Ben Zioner said:

Honestly OP, with these numbers,  i'm afraid there  never was any boat to be  missed. Move  to Armidale, get your family over and enjoy the rest of your life under Medicare. 

 

I am always staggered by the extent to which geezers underestimate the rate at which healthcare costs increase as one ages. Simply do not come to Thailand with a proper western style health cover, in OP's case this is only available in Australia. Remember he is 72.

Sure, bring a family over to a strange country when you never have lived with them. What could go wrong?

[DrJack54]

10 minutes ago, Hummin said:

Even he have a daughter and a wife, there is no way to work around it? Would his wife have right to his pension if he die? 

The OP is Australian and in his OP mentions Superannuation.

The "Old Age Pension" is something very different.

 

The use of term Pension in places such as UK has very different meaning.

Edited September 11, 2023 by DrJack54

[brianthainess]

17 hours ago, lolex said:

I don't draw an Ozzie pension yet...

Have you applied for it? do you know about the 2 year 'must stay in OZ' rule ? 

[flexomike]

31 minutes ago, bob smith said:

Have I Missed the Boat ?

 

more like dodged a bullet mate!!!

your boat sailed a long time ago - 555

[gearbox]

On 9/9/2023 at 8:29 PM, bignok said:

20 to 50yo Thailand is better

All looks good anywhere when people are young, but these 20 to 50 yo in Thailand would realise when nearing the retirement age that they have assets and pensions good only for the Democratic Republic of Congo.

[bob smith]

5 minutes ago, flexomike said:

your boat sailed a long time ago - 555

but sadly, I missed it!!!

 

theres another boat coming along soon though so not to worry.

[BritManToo]

21 minutes ago, Adumbration said:

Everything engineered by the Australian government has the underlying purpose of channelling all available funds into the residential property ponzi scheme.

 

 

Same everywhere in the west (excluding France).

[Artisi]

On 9/10/2023 at 11:02 AM, BritManToo said:

At 72 I don't think the op has much future to worry about.

Don't know about that statement , I was 69 when my son was born he is now 14 and I'm still doing pretty well, thank you. 

[gargamon]

2 minutes ago, Artisi said:

Don't know about that statement , I was 69 when my son was born he is now 14 and I'm still doing pretty well, thank you. 

So that would make you 83 now. Ask your son next time you're out playing catch, teaching him tennis, etc etc how he enjoys having such an old parent. Oh, you don't do stuff like that? That is exactly my point. 

[BritManToo]

1 minute ago, gargamon said:

So that would make you 83 now. Ask your son next time you're out playing catch, teaching him tennis, etc etc how he enjoys having such an old parent. Oh, you don't do stuff like that? That is exactly my point. 

Not sure that's a valid point in this modern age.

Hardly any fathers of any age do that these days, too busy working or divorced and prohibited.

[In the jungle]

47 minutes ago, FritsSikkink said:

That you don't bother with or know the finer things in life, up to you. If you want a kid to get a proper education and not let them live of a plastic cup of noodles or Som Tam 3 times a day, you need way more than 40K a month.

Handy that I don't have children then.

 

Define the finer things in life.

[bignok]

11 minutes ago, gargamon said:

So that would make you 83 now. Ask your son next time you're out playing catch, teaching him tennis, etc etc how he enjoys having such an old parent. Oh, you don't do stuff like that? That is exactly my point. 

Son holds the walking stick and buys the medication. 

[bignok]

1 hour ago, Hummin said:

That's F. Up, Why?

Pensions are for poor people. They get reduced if you earn over a certain amount or have too much money.

 

Some shares yield 7% which is much better than interest.

[w94005m]

10 hours ago, JimTripper said:

If it were me I would just move to Thailand, live on the 40k, and not sell the property on oz (or rent it out via a property manager), and put 800k in for the retirement visa.

 

If there is a medical emergency just tap the retirement funds for payment, get care in Thailand, and return to oz if needed to the property you have.

 

I would not sell the property. At 72 you may need to move back and you will be stuck if something weird happens and not have a place. At 72 it’s going to be hard to buy another place.

 

Early wills don’t work for most people. Most run out of money. That’s “life”. Why not leave the house in oz to the daughter?

100% agree. Keep your options open, rent for a year ideally furnished, get a visa for a year and see how it is. In the worst case, if things go pear shaped early, go back to Oz and rent a place till you can move back into your home there.

[Ben Zioner]

58 minutes ago, FritsSikkink said:

Sure, bring a family over to a strange country when you never have lived with them. What could go wrong?

Of course, and nothing could  happen to a 72 years old, in Thailand, without  health coverage.

 

Now, when I give it more thought, I reckon the answer for OP would probably be to in Thailand stay part time  (3 to 6 months a year). Absolutely not cutting his bridges to Oz.

Edited September 11, 2023 by Ben Zioner

[bignok]

6 minutes ago, w94005m said:

100% agree. Keep your options open, rent for a year ideally furnished, get a visa for a year and see how it is. In the worst case, if things go pear shaped early, go back to Oz and rent a place till you can move back into your home there.

Or just visit AT Amazing Thailand 5 times a year as a tourist. 

 

[FritsSikkink]

36 minutes ago, In the jungle said:

Handy that I don't have children then.

 

Define the finer things in life.

What are the finer things in life? - Tina Dubinsky, Writer