3 hours ago, georgegeorgia said:

I love all your posts but you lack "planning" 

What if he gets sick ?

He is 60 next month ,he won't get the old age pension (67)  because he obviously won't come back. And obviously they won't pay you with a lot of money in the bank 

 

It's planning that's lacking , life just can't fall into place ,it must be planned.

Running away to another country to be escape past life 

 

23 million baht only , no house in Australia, no support , what if something happens?

What if he is involved in a accident or legal dispute in Thailand, how long does 23 million last a 60yo man ? 

 

 

Colleagues tried talking him out of it and to get a job in a petrol station at night or Bunnings hardware store but he was. Emotional 

Colleagues 555

They never been most likely

 

As a fellow public servant my advice is draw a line in the sand. The old government super schemes are good and each extra year the amount they go up is a lot especially if you had a recent promotion. 

But being a public servant tends to make you a bit conservative and risk averse and you can wait too long. Once not a public servant I think you might feel much freer and be happy to have more fun and wish you had have done it before. Says me who is working for eight more months. 

 

Hopefully he is not one of those bitter and sour farangs who never made it in their home country and think they can come to Thailand and feel superior just because they are white caucasians.  Usually such people can end up sadly broke, get drained of their cash by the friendly neighbourhood barstool beauty.

3 hours ago, Sigma6 said:

Does Australia not pay out the state pension if you have money? sounds odd. How much is it worth per month?

 

If he has a secure government job, I'd imagine the superannuation is good also?
 

The OZ state pension is means tested, unlike the UK. 

5 hours ago, Neeranam said:

I'd rather live in Australia than Thailand. 

Why are here then?

Sounds like a good time  for a change for this guy.  23 m baht doesn't sound like enough to me.  We all should plan to 85.

The writing is on the wall that retirement requirements like the the 65k/ mo will be increasing  and 800k to what sounds good?  1.5?  He has been to los mamy times so he knows the ropes.   Perhaps be a chum and join him on weeks 3&4 for some fun .

I wonder if the US SS will become means tested?  

If there was no inflation prior to 2018 how did a 30K house in 60' rise to 600k? Gas . 50$ in 65' to 3+$?  A good Ribeye steak was 5$ in 85' and 12$ now. 

1 hour ago, Fat is a type of crazy said:

As a fellow public servant my advice is draw a line in the sand. The old government super schemes are good and each extra year the amount they go up is a lot especially if you had a recent promotion. 

But being a public servant tends to make you a bit conservative and risk averse and you can wait too long. Once not a public servant I think you might feel much freer and be happy to have more fun and wish you had have done it before. Says me who is working for eight more months. 

 

Yep keep blowing the whistle I say ????

10 hours ago, georgegeorgia said:

unable to survive on that money for the next 50 years he has left

You said he's 60. 

He doesn't have 50 years left.  

He might if he's lucky have 25 years to go.   

1 hour ago, KannikaP said:

Why are here then?

I'd like to retire there. 

1 minute ago, Neeranam said:

I'd like to retire there. 

Why don't you go work in Australia if retiring there is your retirement "dream"..............

3 hours ago, bignok said:

he won't get the old age pension (67)  because he obviously won't come back. And obviously they won't pay you with a lot of money in the bank 

Correct, he won’t get the pension if he won’t come back but! it’s very easy to hide money and still get the pension, especially when you’ve been living overseas for 7 years prior to pension age. So a friend told me anyway ????

 

 

 

Yes, I just left, a few reasons why, but I just left with the few quid I had.

And, glad I did, many, many years later, I can still say that.

Yes it was a gamble, perhaps I have been lucky, but no regrets, .........yet.........

11 hours ago, georgegeorgia said:

There is a man at my work currently on disciplinary paid leave .

 

But he is 60 and recently divorced and has  1 million dollars AUD which is 23 million baht  , after selling the house in Australia and retirement savings combined 60yo

 

He is going to Thailand ,no plans ,no nothing ,he has been there many times 

 

I told him not to ,he said stress ,life ,divorce , has given him a breakdown he must leave as soon as the money hits his bank account,he starts crying to me at work on one of his days of interview,he said I had enough, the house is sold ,the Superannuation will hit the bank account and I'm off ,no planning ,no nothing and I won't be back !! 

 

Obviously he won't survive,why ?

No planning ,I'm 62 and still planning , unable to survive on that money for the next 50 years he has left .

 

Did you plan on retiring to Asia or just left !

he nor you are living to 110.

 

Try again with a more plausible story.

 

Thinking by just moving to Thailand on a whim will change his life.  No matter where a person lives they have to personally change their own life.  Not think just by moving to an another country is going to do it. 
But at least he has money and appears successful in his life.  Not just moving to Thailand because he has nothing going for him. 

The financial articles in the US are now talking like you need 2-5 mil USD to retire.   1 mil or 36 mil baht just isnt enough.    That said they also say the average person hardly has any retirement funds saved up.   And SS may go belly up in 15 years.  Health care costs rising like crazy.  No wonder all those mini hospitals and clinics were built last 15.  

Guy didnt cone out of a divorce all that bad and his work crime sounds minor, especially after a divorce.   At 60 he v5an still attract 40 year olds   

8 hours ago, Neeranam said:

I'd rather live in Australia than Thailand.

What makes people who seem to have a negative view of Thailand.......live on this forum,..... is life so boring where you live that you have to write 30,000 post over 19 years giving advice to people who are living here.... .............

He could live like a king on just the interest he could get on that kind of money.

As for making the jump to live in an other country. Some of us have deep roots and some are at home where they hang their hat. " Life is what happens while making other plans."

9 hours ago, Neeranam said:

I'd rather live in Australia than Thailand. 

Why?

52 minutes ago, oxo1947 said:

What makes people who seem to have a negative view of Thailand.......live on this forum,..... is life so boring where you live that you have to write 30,000 post over 19 years giving advice to people who are living here.... .............

What makes you say that? I love Thailand, I am Thai! 

 

9 hours ago, georgegeorgia said:

No but he is in " paid disclpline suspension leave " by Human resources 

 

Only rumours what he done but apparently used the work email to send "something" to a female colleague who he thought liked him .

 

He was going thru a bad divorce at the time , he still was emotional the other day in the work mealroom when he visited.

 

He looked like he had a breakdown, he was saying he is off and won't be back.

He had no more house in Australia,and he has 2 daughters who apparently he is not close to 

 

 

23 million baht sounds a lot but if he gets sick ,I told him he can't come back to Australia with no money he is off on November,

30 ,one way ticket to Koh Samui apparently,

It's a risk ...a very big risk 

 

In his case he is losing his job,100 percent he will be sacked , 

but how many of you would LEAVE a secure job and take that risk with 20 million or 23 in his case 

 

Ok he is possibly the right age ,I myself I can't risk it I'm too scared ...but .. remember he is only risking it because of a tragedy in his life has pushed him this way ....loss of job....divorce ......

If he could park that 1 million AUD at 6%, the monthly interest would be 118K thb (less fees). Add in the pension and he is golden forever.

Got made redundant at 55, tried to find another job and no luck. Decided to move to Thailand while i still had some left. Only had 3 million baht and a small pension when i left UK at 58. Not a problem

17 hours ago, noobexpat said:

UK office of national statistics...

How many of your peers made 84?

Only my grandmother and great aunt beat that age, but they were both born in the 1800s.

Most of those I know from my generation have not even managed 60!

Governments lie ...... statistics are commonly manipulated.

 

But let's say 84 is true ......... and the government is telling the truth,

Lets look back at those same statistics, Healthy Life expectancy (HLE) is 60, Disability Free Life expectancy DFLE) is 64. Then ask yourself, do I want to live 20-30 years as an old unhealthy/disabled person?

9 hours ago, Neeranam said:

What makes you say that? I love Thailand, I am Thai! 

It's because you're confusing us ..........

Your recent posts are giving us all the impression you aren't happy.

You're turning into Bob Smith post wise, alcohol problems, wife problems, living in Thailand problems.

7 hours ago, rickudon said:

Got made redundant at 55, tried to find another job and no luck. Decided to move to Thailand while i still had some left. Only had 3 million baht and a small pension when i left UK at 58. Not a problem

How did U live each year ?

You must of budgeted carefully 

For  those of us saying we don't make 100 , you still need to financially plan to age !!!

 

No use retiring at 60 with money to last you to 80

 

This is why at 62 I'm doing a lot of overtime at work even 12 hour shifts which is killing me but I don't have enough to last me until 100 which I have a plan for 

 

Fail to plan....plan to fail 

17 hours ago, georgegeorgia said:

You don't understand inflation ,in 20 years that won't be enough 

Go back 20 years ago the expenses were different 

     I think we all understand inflation.  I stick by my answer that 23 million baht can be enough for your friend to live in Thailand for the rest of his life.  Note, 'can be'.  If he blows it all the first few years making bad choices or spending beyond his means, that's another story. 

    Usually the biggest expense is keeping a roof over your head.  If he spends 3 MB to buy a condo, no matter what inflation does, he'll have that roof over his head for the rest of his life with only maintenance charges and utilities to pay for, which are very reasonable in Thailand.  

     That leaves him 20MB.  Spending 60,000 baht a month, the money would last for 27.7 years.  Obviously, spending less, which could easily be done, would stretch the money for more years.  He gets 33.3 years if he spends 50,000 baht a month.   50,000 a month is around 1,600 baht a day.    Some days he might spend more than the 1,600, other days he might spend much less.  In any case, it should be enough.  50,000 baht a month would fund him until the age of 95.

     If he is still alive when the money is starting to run out, he has the option to sell his condo and use the proceeds to live on while he rents or goes into a nursing home for his final years.   All this is assuming the 20MB is just lounging around eating bon-bons and watching soap operas all day.  Some of it can be put to work and invested safely to earn some interest or dividends, which would stretch the money for a longer period.

     

18 hours ago, georgegeorgia said:

You don't understand inflation ,in 20 years that won't be enough 

Go back 20 years ago the expenses were different 

Odd that, because in the past 15 years my spending has broadly remained the same.

600,000bht/year, but in that same time my pension has doubled.

19 hours ago, georgegeorgia said:

What if he is involved in a accident or legal dispute in Thailand, how long does 23 million last a 60yo man ? 

 

life, easily

19 hours ago, georgegeorgia said:

I believe the UK also has a assets limit ?

No assets limit. But UK expats don't get any annual increase in the Pension if living in certain countries other than the UK. 

1 hour ago, georgegeorgia said:

but I don't have enough to last me until 100

What makes you think you will live to be 100? Sounds like you will never retire in Thailand!