How to retire in Thailand

[KhunLA]

All these YouTubers that say it's easy to come here on less than the retirement financials, are simply setting folks up for failure in the future.

 

Those who researched and are intelligent enough, won't be relying on YT for financial & retirement advice, and or have problems with their retirement decision.

 

Unfortunately, too many haven't a clue, and believe the BS.

[Wrwest]

Just a small note as to USA Medicare. Fully retired civilians paying Part B monthly premium = no coverage outside USA territory (I think Guam is the closest). Fully retired military = global healthcare coverage (reimbursed through the Tricare system). Both groups are required to pay the Part B premium. While I fully support the military retirees earned benefit, I will continue to advocate for equal treatment. I'm thinking lower healthcare costs outside the USA. Of course, there are those betting we will not return for Medicare coverage so all premiums are "gravy".

[BritManToo]

24 minutes ago, KhunLA said:

35k is a stretch now, so what happens with 100% inflation over the next 10 year, and 10-25% lower exchange rate.   That 35k ain't worth sh!t.

 

For easy math, if the real inflation is 12% a year, then you'd be 10% poorer almost every following year.   Biden is the exception, as 12 yrs prior, and less than 2% COLA, against inflation, and it sure as hell wasn't 2%.   Those people don't shop where I do for the basics.

Yeah but your idea's on inflation in Thailand is nonsense.

Both the exchange rate and my pensions have risen way faster than inflation in Thailand in the past 10 years.

The general Thai population would be starving long before I, as they're getting nothing like the wage rises my pension gives.

 

Thai wages have actually gone down between COVID and now!

The Thai government can't allow much in the way of inflation.

[KhunLA]

2 minutes ago, BritManToo said:

There's no requirement to spend 40kbht/month, you just need to bring that much in.

Alternatively 400kbht in the bank and you can live off what you grow in your garden with no money at all required.

If you have a Thai wife.  Then a different ball game, though hopefully not trying to raise a family and give your kid (s) a proper education at a decent Uni.  My daughter was spending 35k a month, all in, for 4 years while at Uni at Krung Thep, actually Pathum Thani, and that was considered on the cheap, compared to other Uni & COL elsewhere at different Uni, or location.

[BritManToo]

6 minutes ago, KhunLA said:

If you have a Thai wife.  Then a different ball game, though hopefully not trying to raise a family and give your kid (s) a proper education at a decent Uni.  My daughter was spending 35k a month, all in, for 4 years while at Uni at Krung Thep, actually Pathum Thani, and that was considered on the cheap, compared to other Uni & COL elsewhere at different Uni, or location.

I gave my daughter 100bht/day while at university, same time as yours, plus 30kbht/year for fees and books.

My 12yo son is just starting a private English + Chinese class at my local government school, 20 students in the class at a cost of 21kbht/year (inc books and uniforms).

 

Thailand is cheap as chips!

[KhunLA]

13 minutes ago, BritManToo said:

I gave my daughter 100bht/day while at university, same time as yours, plus 30kbht/year for fees and books.

My 12yo son is just starting a private English + Chinese class at my local government school, 20 students in the class at a cost of 23kbht/year.

 

Thailand is cheap as chips!

Mine needed housing, so there's 15k a month right there for condo & utilities.   Money well spent, as attended Thammasat, has a decent job, along with self employed/online shop, and bought a townhouse for investment (2.9M) and a silly priced condo to live in (5.9M).  All at 25 yrs old last month.   All without my assistance, financially, except attending Uni.  When they're paid off in 10 yrs, she'll have retirement income without working.

 

Local Uni (Udon Thani) was crap, and if attended there, might get a job at 7-11 

[zzzzz]

3 hours ago, KhunLA said:

Another BS vid, and stopped watching when said you can live in TH on ฿35k a month, but visa requirement is ฿65k a month.

 

Along with low cost of living, if you never use the AC, and live on ฿50-75 street food.  Wouldn't call that living.   As lunch today cost mw ฿300, and I'd call that a lite lunch.

 

If you want to live out of 1 room, eat street food and sweat your butt off, yea, retire here cheap, but you'll need to plop ฿800k in the bank, or ฿65k a month income.  The latter (65k) would provide a decent living, and quite comfy enough, location dependent.

ur so off:
I live in Phuket, 2 bedroom house with 2 aircons.  1 kms to beach
2 of us ( wife works)  
sledom do we spend more than 35,000 baht/month, ( rent is only 10,000 baht) 
dont drink and eat out maybe 2 meals a week ( eat much better at home)

we live very well  🙂
 

Quote

but they forgot to mention VISA is easier in Cambodia and the Philippines @ approx $300/year.

using an agent in Pattaya  apx $350 /year and since 90% of everything in Cambodia costs more > ( yes i have lived there...)
Thailand comes out cheaper!!!

[KhunLA]

1 minute ago, zzzzz said:

ur so off:
I live in Phuket, 2 bedroom house with 2 aircons.  1 kms to beach
2 of us ( wife works)  
sledom do we spend more than 35,000 baht/month, ( rent is only 10,000 baht) 
dont drink and eat out maybe 2 meals a week ( eat much better at home)

we live very well  🙂

Reading comprehension ... I didn't say it isn't possible, as we live quite well and way less than 35k a month.  Although if had to add rent, electric, and petrol, would be around that 35k +/- mark.

 

We live on 10-15k a month, if that 

I haven't touched my USA Soc Sec this year, and been living on my pittance of a pension ($357), for basic living expenses.  

 

We did do some one off, luxury shopping, but sold some jewelry  we didn't need or worn in decades.  Gold hitting 41k was too tempting.

 

 

[Peterphuket]

3 hours ago, KhunLA said:

I'll wait for rainy season to kick in before sipping or munching without AC.  Yesterday was brutal, and washed down lunch with cold water.  Little to no breeze in the shade (feels like HELL):

 

That's 113F for you Yanks ... so that 2500 baht (internet/electric/water) monthly bills isn't happening either.   If we had to pay for electric, that alone would run us 3k a month, at least.

 

 

I don't understand in what area you live, where I stay, at the border from Kaeng Krachan, was the temperature yesterday in the shadow 46º C, let's not talk about 'like' maybe we can say like Yuma in the USA.

[bkk6060]

At least 100 k or about $3,000 a month.

If a person is older and retired and does not have $3,000 a month they have failed in their financial life in my opinion.  Probably wasted it all away or got 3 or 4 divorces.  Look in the mirror for the failure.

[fredwiggy]

3 minutes ago, bkk6060 said:

At least 100 k or about $3,000 a month.

If a person is older and retired and does not have $3,000 a month they have failed in their financial life in my opinion.  Probably wasted it all away or got 3 or 4 divorces.  Look in the mirror for the failure.

Research how much retirees have in the US. People who have had children spend a lot of their money raising them. if you never had kids, you cannot understand what it takes. The average,from looking around a bit, retirement in the US is $1781 a month, which means many get less. This is what their jobs set aside for them while working. We can't look at the developers, money movers or other jobs that hurt the earth or others because this isn't the normal workers. There are millions of useful jobs that don't pay much, and people need these jobs, as do all of us in some way, to survive. Many people have had decent jobs and have a good pension or retirement, but many do not.

[FolkGuitar]

It is rather pointless to try to tell someone else how much THEY will need to live, based on our own lifestyles. We don't see things as they are. We see them as we are.

 

Do you pound away a a few bottles at lunch, a 6-pack at dinner, hit the hard stuff at night, and buy the dollies lady-drinks?

Do you always eat at La Crystal or at the Shangrila Sunday buffet?

Require a condo that was built in the last 2 years? Complete with the gym. sauna, pool, and restaurants?

 

Then you're going to need a hell of a lot more money than many of us.

 

[KhunLA]

1 hour ago, Peterphuket said:

I don't understand in what area you live, where I stay, at the border from Kaeng Krachan, was the temperature yesterday in the shadow 46º C, let's not talk about 'like' maybe we can say like Yuma in the USA.

I'm really not too far, and just 160+/- kms S of you, depending if you're on top or below the park.  Live in Ban Thung Khlet area, Amphur Muang, PKK. 

 

On topic ... as always.  Temp 34, feels like 46 already.   Means people running their ACs and big electric bills, if wanting to be comfy in their retirement.

 

 

[KhunLA]

1 hour ago, bkk6060 said:

At least 100 k or about $3,000 a month.

If a person is older and retired and does not have $3,000 a month they have failed in their financial life in my opinion.  Probably wasted it all away or got 3 or 4 divorces.  Look in the mirror for the failure.

HEY ... I don't have $3k a month coming in (SS & pension), and far from failed.  Hell of an oops fund though, and been retired since 45/46 yrs old.   When I got to 'enough'  .... I had 'enough' of the hamster wheel 

 

Actually, I had an easy life over there.  But can always find something better to do than working 2 days a week for an employer.  Hindsight, I should have bought a few more houses, and not liquidated anything.   Would mean more income, and bigger oops fund.  Which I really don't need anyway, but 3 or 5 more years wouldn't have killed me.

 

 

[rexpotter]

Arrive as a wealthy guy and leave broke.

[JimTripper]

5 hours ago, Lacessit said:

The video skates over several pertinent facts:

 

1/ Retirement has no permanency for foreigners in Thailand. At any time, on a whim of an IO, a visa extension may be refused.

I have been thinking about that as I get older. One thing I'm starting to realize is that it won't be that easy to move when I'm elderly. They could also easily increase the income or deposit needed.

 

That's a main reason why I'm considering Mexico permanent residency. At least I will have the option of staying where I am no matter what happens. Also, in my 70's/80's I figure it won't matter much where I am. Most people that age stay at home the majority of the time.

[G_Money]

5 hours ago, KhunLA said:

Another BS vid, and stopped watching when said you can live in TH on ฿35k a month, but visa requirement is ฿65k a month.

 

Along with low cost of living, if you never use the AC, and live on ฿50-75 street food.  Wouldn't call that living.   As lunch today cost mw ฿300, and I'd call that a lite lunch.

 

If you want to live out of 1 room, eat street food and sweat your butt off, yea, retire here cheap, but you'll need to plop ฿800k in the bank, or ฿65k a month income.  The latter (65k) would provide a decent living, and quite comfy enough, location dependent.

Agree with most but personally I feel 65k while legally acceptable is pushing it in terms of comfort.

 

65k is bare minimum IMO.

[KhunLA]

55 minutes ago, G_Money said:

Agree with most but personally I feel 65k while legally acceptable is pushing it in terms of comfort.

 

65k is bare minimum IMO.

Agree, and does depend on a lot of factors:

... single or in relationship

...  health

... own, or renting/buying

 

We live on about ฿15k a month, but:

... no mortgage or rent, which would be ฿20k, and that's Nakhon Nowhere

Same single house w/land (1/2 rai) would be 30-50k in metro/tourist area, if not more.  Condo (120m²) would be 60-100k, guessing.

... no car payment ... ฿10-15k a month

... no electric bill ... ฿3.5-5k a month

... no petrol bill ... ฿4.5k a month

... no health insurance, ฿5-10k a month, IF, I could even find coverage at my age, and would be dropped soon anyway, as breaking another age barrier.

... we eat in, 95% of our meals, and prepped from scratch

... we don't drink alcohol

 

So our 15 + 20 +15 + 5 + 4.5 + 10 more, and minimum now, knocking on ฿70k a month, without entertainment or O&As.

O&As were 33 nights last year, so a few thousand baht a month more, with higher food cost for dining our.

 

So 75k a month, with no surprises or one off purchases/hobbies.  Bought a camera, selfie stick, and SDcard this week, was shy of ฿13k.   Wife bought a cheap A$$ chipper/shredder for her compost, ฿8k.   So toys start adding up.  Won't mention my other 3 fancy camera kits, 4 action cameras (now 5), and 30 drones, 2 RC boats & 5 RC cars, along with sh!t load of batteries to power them 

 

Or the E-Motorcycle & ebike. 

 

So yea, you can live on 35k a month, but do you really want to.  To do that legally, need to plop ฿800k in the bank, every year for a few months.   Living in a 1 room condo/hotel room and sipping beers at 7-11 ... NO THANKS

 

AND ... I consider myself thrifty & cheap Charlie some, most times.  House, car, MB were far from expensive compared to what some expats spend here.

[bkk6060]

2 hours ago, fredwiggy said:

The average,from looking around a bit, retirement in the US is $1781 a month, which means many get less.

False.

 

What Is the Average Retirement Income? The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, according to a 2022 U.S. Census Bureau report. The average annual income for adults 65 and older in 2023 is $75,254 – or $83,085 when adjusted for inflation.Mar 21, 2566 BE

 

 

 

[fredwiggy]

16 minutes ago, bkk6060 said:

False.

 

What Is the Average Retirement Income? The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, according to a 2022 U.S. Census Bureau report. The average annual income for adults 65 and older in 2023 is $75,254 – or $83,085 when adjusted for inflation.Mar 21, 2566 BE

 

 

 

Average Social Security check by type

While most people think of Social Security as a program just for retirees, it serves many other groups, including the disabled, spouses and minor children of retirees as well as the spouses and minor children of deceased workers.

The amount that each group receives differs substantially.

In fact, the average retired worker receives $1,905.31 each month – about 8 percent more than Social Security recipients as a whole. Here’s how the figures break down by recipient, as of December 2023.

Type of beneficiary	Percent of total payouts	Average monthly benefit
Source: Social Security Administration, December 2023.........................Google has a few things that don't match what the actual Social Security Administration says. The maximum they pay out is 4873 a month................The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
All recipients	100%	$1,767.03
Retirement benefits	78.6%	$1,856.38
Retired workers	74.8%	$1,905.31
Survivor benefits	8.7%	$1,501.60
Nondisabled widow(er)s	5.2%	$1,774.33
Disability insurance	12.7%	$1,395.49
Disabled workers	11.0%	$1,537.13

[KhunLA]

13 minutes ago, bkk6060 said:

False.

 

What Is the Average Retirement Income? The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, according to a 2022 U.S. Census Bureau report. The average annual income for adults 65 and older in 2023 is $75,254 – or $83,085 when adjusted for inflation.Mar 21, 2566 BE

Unless you got a company pension, the average monthly USA Soc Soc pay out is $1,767, minus that $170, at least, for Plan B Medicare.

 

Max SS pay out is only $3,822, if retired in 2024, at full retirement age.

 

Typing at same time, except I'm much slower.

[KhunLA]

16 minutes ago, bkk6060 said:

False.

 

What Is the Average Retirement Income? The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, according to a 2022 U.S. Census Bureau report. The average annual income for adults 65 and older in 2023 is $75,254 – or $83,085 when adjusted for inflation.Mar 21, 2566 BE

You can't do the average income, as that includes lots of millionaires, billionaires and high end professional salaries.  Put that against the minimum wage and % of people living below the poverty level, and you realize how silly that number is.

 

Fed min. wage is $7.25 = $15,080 a year

People living below poverty level ... 37.9 million.  More than 10% of population.

 

Those average income numbers are BS, example:

Average monthly income for TH ...

Thailand 20,000 - 100,000 THB, 

IF they get 500 a day, that's only 11k a month (22 days)

So 20k is BS, let alone 100k.

[rexpotter]

2 hours ago, FolkGuitar said:

It is rather pointless to try to tell someone else how much THEY will need to live, based on our own lifestyles. We don't see things as they are. We see them as we are.

 

Do you pound away a a few bottles at lunch, a 6-pack at dinner, hit the hard stuff at night, and buy the dollies lady-drinks?

Do you always eat at La Crystal or at the Shangrila Sunday buffet?

Require a condo that was built in the last 2 years? Complete with the gym. sauna, pool, and restaurants?

 

Then you're going to need a hell of a lot more money than many of us.

 

Excellent post...

[Peterphuket]

2 hours ago, KhunLA said:

I'm really not too far, and just 160+/- kms S of you, depending if you're on top or below the park.  Live in Ban Thung Khlet area, Amphur Muang, PKK. 

 

On topic ... as always.  Temp 34, feels like 46 already.   Means people running their ACs and big electric bills, if wanting to be comfy in their retirement.

 

 

And more close to the sea, a big different.

[EVENKEEL]

6 hours ago, fredwiggy said:

I'm guessing you're not taking into account there are hundreds of thousands of people living in the US on 65K a month, or less. The average Thai lives okay at 15K a month, but of course they expect foreigners to spend more, even though a foreigner could live here fairly well on less than 40K a month, as long as they weren't huge drinkers, ate food at home, and didn't spend more than necessary on eating out.

 

Like BritmanToo said, you can eat easily on less than 100 baht a meal, even for two. Street food is as good as much Thai restaurant food. Amazon coffee is as good as Starbucks. You can get pizzas for less than 250 baht, hamburgers for less than 200 baht and other western food for less than 300 also.

 

Some westerners need AC all day long, and rarely go out, so living here is just like anywhere else, besides the fact you can get women and rent cheaper here. After your house is built, if you have one and don't rent, the only expenses could be electricity, if you have a well. Add water and it's still not much. Paying for a car if you have one is another expense that can be less than 10K a month. Of course there are foreigners that made money in their countries raping the earth or swindling others, and they have money to burn, but the average  retiree makes enough every month, around $1781 USD,and that makes living here easy, as long as you're not throwing money away to show off.

Happy I raped and pillaged.

[EVENKEEL]

6 hours ago, fredwiggy said:

When I'm with my girlfriend, and she isn't cooking, which I enjoy because she's excellent at it, we go to noodle shops or restaurants and have soup, Pad Krapow or something similar for less than 100 baht for both. Most shops here offer the same thing. Thai restaurants, meaning the higher "class" ones, charge more because of AC . The food isn't any better than what the good shops offer. If we have pizza, burgers and maybe a couple beers, we pay about 500 baht.

 

I cook all of the food when I'm home with my daughter and only spend about 3000 baht a month, and this includes oatmeal, soy and regular milk, eggs, chicken, ground chicken, salad greens, oil, rice, vegetables, fruit, yogurt,tea, coffee, pasta, sauce, bread, Italian Bread, parmesan, tuna, Equal, jelly, garlic, and a few other things.

I spend more than 3k on bs from 7 11. Had lunch yesterday at Shabu. Platinum 600 bht each for 3. 1922 thb. Dinner takeout 500thb.

[fredwiggy]

9 minutes ago, EVENKEEL said:

I spend more than 3k on bs from 7 11. Had lunch yesterday at Shabu. Platinum 600 bht each for 3. 1922 thb. Dinner takeout 500thb.

Why would one brag about how much they spend? Does it impress anyone perhaps? Spending 3000 baht a month at 7-11 means a whole lot of junk food, unless you do much of your shopping for oil, bread, water, fish sauce and other sundries besides doing it at Lotus or Big-C. Anyone who lives here knows they can get good, healthy food for under 300 baht at most restaurants without getting extravagant for some reason besides to show off. I'm guessing you don't understand that when a foreigner shows off burning his money, it makes the Thais around him think unrealistically about all foreigners, we're all rich and have money to burn, which isn't true for over 90% of the expats.

[KhunLA]

23 minutes ago, Peterphuket said:

And more close to the sea, a big different.

Yea, just shy of 4 kms away, and not much in between or a lot of concrete around us.  Pineapple fields & coconut groves... 

 

[Peterphuket]

13 minutes ago, KhunLA said:

Yea, just shy of 4 kms away, and not much in between or a lot of concrete around us.  Pineapple fields & coconut groves... 

 

Nic place to stay, I wish you a long and happy life there with your family!

And not to forget....your EV.😃

[ChrisKC]

Matters relating to retiring to Thailand are entirely determined by personal circumstances and desires!

 

I have lived alone, albeit seven years ago, that I did for about six years around the Chiang Mai area, no commitments, no car, three small houses each self-contained with a garden in the countryside (B5000 for all three - really good for me! Not slumming it in the slightest!!

 

Can live on a monthly expenditure of a good deal less than B20,000 (closer to B15,000) per month and having everything I need and desire!

 

The question about "how much" money can be very low with considerations in my first sentence.

 

The point I am making is that some people want an inexpensive living and I have proven that it is possible as a single person.

 

So back to my first sentence, if we are talking more people, children, education, cars, etc, one doesn't have to manage or cater for as a single.

 

From a low baseline that is easily possible, the only way is UP in the form of more necessities and luxury (desires)

 

Yes, I know, personal circumstances might include Health insurance, live in Bangkok, Phuket  and so on but I speak for what is possible for an everyday living without "what if' eventualities.

 

There are other factors such as home cooking, biking, local transport - sawngthows for example

 

None of this is part of my current circumstances - but I am retired in Thailand for 21 years, now living with my Thai wife in her very nice house.