Is 1 million baht enough to retire in Thailand?

[FritsSikkink]

44 minutes ago, edwardflory said:

12 years ago you could live in comfort ( DEPENDING ON LOCATION AND LIFESTYLE ) on $600.00 to $800.00USD a month.

 

Today you WILL need $1200.00USD  MINIMUM to live a decent lifestyle.

 

It all depends on LOCATION 1st, then LIFESTYLE.  I live in a 2BR UNFURNISHED house - spent $2000USD to furnish on move in, yard with veggie garden, gated upper class community, 15 minutes from 4 major stores and the IO, many mom & pop stores in area, fishing lake 2 minutes.  Rent averages $129.00USD ( 4500bt ) a month for last 3 years.

 

Our ( 2 people ) monthly costs range from low end $1500USD to $2000USD+ a month for everything including:

2 Mobile's, fiber WiFi and TV, Mortgage on her BKK Condo and food.

 

Many Thais live on less than $500USD a month.

 

Holiday trips and travel NOT included.

 

Over time we have furnished the house completely.

4500 thb for a gated upper class community, you are delusional.

[simon43]

Due to the visa financial requirements, IMHO it would be unwise to live in Thailand.  Cheaper visa options in Laos and Cambodia.

 

But you are still a youngster!  Why are you not working and receiving a monthly income?

[gargamon]

22 hours ago, Celsius said:

Times are tough and I am going through some financial difficulties. All I have left in my bank account is 1,042,356.23 baht. Will this be enough until i get my government pension in 14 years?

No. 

 

Canadian's pension (OAS) counts the number of years you reside in Canada after 18 to determine how much you collect. If you continue to live in Thailand you will reduce your welfare check(cheque haha).

 

So you're around 50 and don't want to work till retirement age? Good luck. 

 

I'm sure glad I found SE Asia after I was retired (at 45) and was financially sound.

[marin]

36 minutes ago, FritsSikkink said:

4500 thb for a gated upper class community, you are delusional.

He has said before that his wife owned the house before marriage so they have no housing costs. He only mentioned this once yet goes on and on about how inexpensive he can be. Quite easy with no housing costs.  

[rwill]

Use it to buy 800 shares of MSTY.  That will give you a monthly distribution of 68k to 130K baht.

 

And if bitcoin goes up like they are saying your principal should grow too.  Of course if bitcoin were to crash hard it could be a disaster.

[Celsius]

2 minutes ago, rwill said:

Use it to buy 800 shares of MSTY

 

Just looked it up. That is a crazy yield. Did it just start trading in April? A bit scary, but.....

 

If they don't cut the dividend in 1 year you basically made all the money and then some.

 

Where do you trade this?

[Dave0206]

It's not enough for 14 years but plenty to last your lifetime if you join the farang flying club.ok bad taste but I don't believe the post can be serious is it Shirley?

[khunJam]

23 hours ago, Celsius said:

Times are tough and I am going through some financial difficulties. All I have left in my bank account is 1,042,356.23 baht. Will this be enough until i get my government pension in 14 years?

Yes you can do it! Shack up with your girlfriend and she can feed you. Or get one of those cheap paying teaching jobs that are offered to farangs, 30k a month. In spite of what all the negative replies you are getting, if there’s a will then there is a way. 

[UWEB]

23 hours ago, Celsius said:

Times are tough and I am going through some financial difficulties. All I have left in my bank account is 1,042,356.23 baht. Will this be enough until i get my government pension in 14 years?

Good for one year.

[bkknirvana]

That's enough for your Thai gf and her family. What are you going to live on?

[bkk6060]

Yes.

 

Sleep on the beach and eat from garbage cans and beg as much as you can.  

Let us know where you will be I will bring you a bag of Pad Krapao.

[Airalee]

Grade A humor.

 

I’m thankful we didn’t lose you to the covid

[khunJam]

19 minutes ago, Celsius said:

 

Just looked it up. That is a crazy yield. Did it just start trading in April? A bit scary, but.....

 

If they don't cut the dividend in 1 year you basically made all the money and then some.

 

Where do you trade this?

Don’t get strung along by investments and risk losing your money, put in gold or keep it the bank. If you have a degree, any degree then you qualify for a teaching job that pays roughly 30k a month. If you don’t have a degree then you can find an agent that can help meander through the process and find a teaching job where you won’t need a degree. It’s been done and can be done. Then live off that job and don’t spend any of your savings.

[renaissanc]

No, it's not enough. Obviously, you couldn't live in Bangkok or Pattaya for 14 years with only one million Baht. You could only live on that amount if you had a place to live in a rural area and didn't have to pay rent. My wife and I live comfortably for about 5,000 Baht per month in a rural area in our own house with our own garden for growing some vegetables and fruits. That amount will rise to 1 million Baht because of inflation.

[Jonathan Swift]

23 hours ago, Celsius said:

Times are tough and I am going through some financial difficulties. All I have left in my bank account is 1,042,356.23 baht. Will this be enough until i get my government pension in 14 years?

That's about $30,650 US dollars. You don't say where you're from as to your pension, I assume it's not the US. 14 years is a long time to be making such predictions. Some of it depends on what kind of visa you get. Obviously you're too young for a retirement visa, so you may have to do the visa runs every month or so, although I never did and I'm not sure how that fits into today's new visa rules. A lot also depends on your anticipated lifestyle and ability to live simply and frugally. I live nicely on about 57,000 baht per month. For visa purposes I add about 10,000 baht to my incoming income transfer to show total income above the 65,000 baht per month retirement visa income requirements. This money goes back around each time. Strictly based on cost of living, if you live frugally, you can live on as little as 1500 dollars/50,000 baht per month. There are people who live on much less. I have a nice large furnished one room apartment in a high rise in Makkasan Ratchatewi Mid town Bangkok which is about 8500 baht per month. Housing can be quite inexpensive depending on where you are. Much of the advice here is based on a higher standard of living than you probably need. Also, once you're here, you may be able to do some kind of work such as teaching. Teaching will give you a long term visa, but you need a basic degree. You can also go to Thai language school and get a student visa. Once here, you can probably improve your situation a little at a time as the years go by. Start by living on the bare minimum you can and work your way up. Don't listen to the naysayers, I've been here 11 years and personally have known people who lived here on very little. Based on what I know personally and people I know personally, you've got it covered, where there's a will there's a way. 

 

 

[globalspark]

You will need 6000 baht per month in a vary ordinary unit.I guess you can find cheaper in provinces.The answer is no way.

[ujayujay]

No! 1 Mio Baht over 14 Years says: 6300 Baht/ Month for:

- Room/ Electricity/ Water

- Food

- Transportation

etc pp...... and there still will be the Problem with the Immigration....

[pomchop]

2 hours ago, Celsius said:

 

Yes, live in Thailand..... frugally 

Some very good advice...make it there (west etc) spend it here. 

 

Very few seem to be able to make any semi serious money in Thailand....BUT there are many places around the world that you can get paid pretty decent bucks and live frugally  albeit simply and save a lot and then retire to Thailand and live quite well especially if you are getting a decent pension/social security backed up by some savings.  

 

Yes you can live very cheaply in Thailand but it will/would be much better to have an income and some savings which generally means no retiring in your 40's.

[Jonathan Swift]

1 hour ago, FritsSikkink said:

4500 thb for a gated upper class community, you are delusional.

If you don't have anything helpful to say then zip it. What he said is quite credible. I've been here 11 years. I know what it takes and what you can do if you proceed slowly but surely. 

[Ralf001]

23 hours ago, CharlieH said:

That equates to around 5,952.38 per month with no allowance for inflation so NO it wont be.

 

As per Govt guidelines you need between 40k-65k per month depending on lifestyle.

 

If you are careful, it might last you 2 years.

 

I dont need or spend 40k a month... what goovernment guidline am I breaching ?

[CharlieH]

4 minutes ago, Ralf001 said:

 

I dont need or spend 40k a month... what goovernment guidline am I breaching ?

A guideline is just that, a guide, its not a law or enforceable. Chill !

[1FinickyOne]

23 hours ago, Celsius said:

 

But Thais can do it

somehow that is not the image of retirement that I get... maybe become a monk? And please be careful riding a bicycle or walking down the stairs... 

[Brick Top]

Its enough for 1 year  if yiur carefull

[xylophone]

On 12/6/2024 at 12:00 PM, Celsius said:

Times are tough and I am going through some financial difficulties. All I have left in my bank account is 1,042,356.23 baht. Will this be enough until i get my government pension in 14 years?

Websites (many) like this can help..... https://www.mutualofomaha.com/calculator/how-long-will-my-money-last

[newnative]

    Get a job and work some more, like most people do.  Retire when you can afford to retire and support yourself on your savings pension, if any, and SS-type programs.

[Gecko]

What you could do is to use say 800k and invest it in Crypto or stocks that promise high returns. You may double it or lose 80%, Everything is possible.😇

[quake]

Think the Op, will need to start practicing  apple bobbing.

reckon he will need that skill set, in the not so distant future.

Good luck. 

[BigStar]

6 hours ago, Skeptic7 said:

Seriously❓

 

No. Can't believe how many take this troll seriously.

[Jonathan Swift]

2 hours ago, globalspark said:

You will need 6000 baht per month in a vary ordinary unit.I guess you can find cheaper in provinces.The answer is no way.

While your estimate may be true by way of your experience, you're dead wrong to declare "no way". There are many much less expensive options. 

[SAFETY FIRST]

4 hours ago, georgegeorgia said:

Have you thought about getting a job yourself or doing something other than being on here 24 hours, I mean there should be a addicts number on here you can call 

I think you have the wrong guy. 

 

I'm rarely here and I have a job.