Minimum required to live comfortably at a young retirement age

[PomPolo]

Hello all, just wondered peoples thoughts were on this.

I currently have a retirement visa in Thailand down to my savings and age however I can't touch my personal pension until I am 57 years old.
I live in the north of Thailand and my wife and I have just built a house so rent would not be an issue.
I am not a huge drinker but will meet up with friends every now and again but don't hit the bars every day.
I am sure similar questions have been asked before I won't go into full details of the value of my personal pension but I think it is reasonable.
At a retirement age of 57 in my circumstances people with more experience of Thailand than myself what would you recommend/suggest as a minimum retirement fund and not working, I understand questions like this are subjective and relative depending on point of view and circumstance but just looking for peoples point of view?

[BritManToo]

If you already have a home to live in 20kbht would be more than enough for you, but a non working wife will need at least another 10kbhtb on top of that.

 

Choose a couple of inexpensive hobbies like hiking and cycling and you're good to go. Loads of clubs in CM 

[howerde]

I retired at that age, the first thing you need to sort out is Health Insurance, i am self insured, what are you going to do all day? the first 6 months is relaxing then it hits, with no hobbies interests etc you will be bored out of your mind and end up drinking most days at home(seen it so many times with people living in rural locations)

I live in Bangkok, with dogs, 7 aquariums. used to go to the driving range, do all my own cooking using quality products, there is not enough time in the day to get things done, weekends cinema maybe eat out, or down to Hua Hin. for me average 100 000 a month and i do go abroad a few times a year for holiday

[OneMoreFarang]

In general it obviously depends on your lifestyle.

Personally, I spent a lot of money on good food. Other people are happy to eat cheap food.

Think about for what you spent most of your money.

[KhunLA]

 It's all relative, and down to your lifestyle and cost of. 

 

We own home ... no rent

Have solar ... no real PEA bill (<100 baht)

Have EVs ... no transport cost (petrol)

Eat most meals in home (95%) ... very low cost

Don't drink alcohol, or don't meet ups outside of homes.

Only mandatory monthly bills ...

... water <200

... ph & internte <1300

... vehicle insurance <1000 ?

 

We live on about 15k-20k a month, 2 adults, 1 dog (10kg).  Don't think most folks can live happily much cheaper than that, and we want for nothing, and eat damn good.

 

If eating out once a day, no alcohol, having to pay for petrol & electric (AC abuser), that would easily add 25k to our monthly budget.  If sipping a few, maybe 10k baht more.

 

You've been at it for awhile, so should know your budget by now.  If not, start keeping track (write down) every expense you have for about 3 months.  Also count all COH now, and in 3 months again, count again, and you'll know exactly how much 3 months cost.  You will miss many expenses while keeping track, though shouldn't be much, but nice to know.  COH vs your expense tracking.

 

If you don't know where it's going, you can't control it.  Once you know where it's going, you can adjust, if needed.

[SiSePuede419]

When I told everyone here I knew someone in America who lived on 100B/day in America and wasn't on welfare...

They didn't believe me.

Got free food from a food bank, grew weed, traded it for firewood and money for coffee and dog food.

Was it "comfortable"?

If you're a bum, sure.

If you're used to a higher standard of living, no.

All depends on your comfort zone.

Were your parents homeless and you grew up sleeping in a car?

In that case, a 1500B/month Thai style apartment is going to seem quite luxurious to you. 😳

[SiSePuede419]

7 minutes ago, KhunLA said:

Eat most meals in home (95%) ... very low cost

Not my experience.

The ingredients for Healthy Farang food costs more than a 50B bowl of noodles with some murky soup containing who knows what.

It's only "very low cost" if you use local Thai ingredients only or you're comparing it to Farang Restaurants.

[KhunLA]

6 minutes ago, SiSePuede419 said:

When I told everyone here I knew someone in America who lived on 100B/day in America and wasn't on welfare...

They didn't believe me.

Got free food from a food bank, grew weed, traded it for firewood and money for coffee and dog food.

Was it "comfortable"?

If you're a bum, sure.

If you're used to a higher standard of living, no.

All depends on your comfort zone.

Were your parents homeless and you grew up sleeping in a car?

In that case, a 1500B/month Thai style apartment is going to seem quite luxurious to you. 😳

So in reality, he had a job & income, weed farmer & barter instead of $$$.   So does not live on 100 baht a day.

 

Since good weed is very expensive in USA, his budget could be considered very high.  Depending of course, how much is used to barter for food & services.

[FritsSikkink]

1 hour ago, PomPolo said:

Hello all, just wondered peoples thoughts were on this.

I currently have a retirement visa in Thailand down to my savings and age however I can't touch my personal pension until I am 57 years old.
I live in the north of Thailand and my wife and I have just built a house so rent would not be an issue.
I am not a huge drinker but will meet up with friends every now and again but don't hit the bars every day.
I am sure similar questions have been asked before I won't go into full details of the value of my personal pension but I think it is reasonable.
At a retirement age of 57 in my circumstances people with more experience of Thailand than myself what would you recommend/suggest as a minimum retirement fund and not working, I understand questions like this are subjective and relative depending on point of view and circumstance but just looking for peoples point of view?

Look at what you are spending now and depending on having health insurance or not, it will depend what the hospital costs will be.

[FritsSikkink]

1 minute ago, KhunLA said:

So in reality, he had a job & income, weed farmer & barter instead of $$$.   So does not live on 100 baht a day.

 

Since good weed is very expensive in USA, his budget could be considered very high.  Depending of course, how much is used to barter for food & services.

Agree that living on 100 thb a day is bs.

[The Cyclist]

1 hour ago, PomPolo said:

, I understand questions like this are subjective and relative depending on point of view and circumstance but just looking for peoples point of view?

 

The only point of view that carries any weight, or actually matters. Is the point of view held by you and your wife.

[atpeace]

My wife has her own funds so that helps but something always comes up.  I live in an inexpensive part of Thailand, simple paid for  home, cars are paid for and I don't insure them.  Have no electricity bill (solar) nor water(well) and internet is around 600 baht but on average spend 60k.  I don't party and live a frugal life by my estimation.  

 

Unexpected expenditures pop up on a regular basis.  Might go 3 months and only spend 30k a month but my budget every year still averages out to around 60k.  Always think at some point I will be completely setup where the unexpected expenditures will be close to zero but I realize the odds are tiny of this happening.

[PomPolo]

Thanks for the input guys all very sensible advice.  The medical insurance one is an issue with me as fairly recently had a couple of serious health issues that would probably prevent me getting medical insurance.  I have done a lot of the calculations and should still have savings by that point, also the state pension should kick in about 10 years after that.
Me and the misses like to travel a bit also so need to keep a bit set aside for that also along with a chunk in the hopefully unlikely even of any repetition of previous medical issues.
Going to get 25% of my private pension fund at 57 which also should be a good chunk then a reasonable monthly payment after that.  I keep on reviewing my budget obviously as over the years circumstances change etc.
I am certainly a lot more aware of it than when I was a bit younger and more carefree but its bye bye to those bahts now 🙂

Thanks again all, I think there is definitely some budgeting I can do to ensure it will be a comfortable amount of money especially after chunk of the savings went building the house.

[Ben Zioner]

2 hours ago, PomPolo said:

Hello all, just wondered peoples thoughts were on this.

I currently have a retirement visa in Thailand down to my savings and age however I can't touch my personal pension until I am 57 years old.
I live in the north of Thailand and my wife and I have just built a house so rent would not be an issue.
I am not a huge drinker but will meet up with friends every now and again but don't hit the bars every day.
I am sure similar questions have been asked before I won't go into full details of the value of my personal pension but I think it is reasonable.
At a retirement age of 57 in my circumstances people with more experience of Thailand than myself what would you recommend/suggest as a minimum retirement fund and not working, I understand questions like this are subjective and relative depending on point of view and circumstance but just looking for peoples point of view?

Single 2 Million a year,

Married 3M/Y,

Marries 2 kids 4M/Y.

 

That's normal lifestyle, 200 Sqm House without pool, 2 [Honda] cars, 8 weeks holidays, cleaning lady, DIL as paid [expensive gardener].

[Ben Zioner]

1 hour ago, KhunLA said:

If not, start keeping track (write down) every expense you have for about 3 months. 

That sounds so... like having sex in a condom..

[KhunLA]

47 minutes ago, SiSePuede419 said:

Not my experience.

The ingredients for Healthy Farang food costs more than a 50B bowl of noodles with some murky soup containing who knows what.

It's only "very low cost" if you use local Thai ingredients only or you're comparing it to Farang Restaurants.

A 50B bowl or plate of food, is not a meal, IMHO, and rarely filling.

 

For us it's lower cost, and we eat a mix of Western & Thai.  Dependent of course, on where and what one would eat when dining out.

 

Cost isn't so much a factor, in vs out, though being thrifty is a plus.  More about being healthier, and better flavor.  Convenience of, and perfection in cooking & flavor.  Hot food is hot, and cold is cold, and served in the order we want.

 

Cooking is just one of our enjoyable hobbies.  Eating out involves, actually putting clothes on, driving to/from, waiting for food, maybe swatting flies while eating, all with the possibility of minor to major disappointment.

 

Only negative about eating in house ... someone has to do the dishes 

[PomPolo]

5 minutes ago, Ben Zioner said:

Single 2 Million a year,

Married 3M/Y,

Marries 2 kids 4M/Y.

 

That's normal lifestyle, 200 Sqm House without pool, 2 [Honda] cars, 8 weeks holidays, cleaning lady, DIL as paid [expensive gardener].

Ouch!
Already own a house and car so hopefully should reduce the expenses a little bit. Married but no kids, only usually travel a week at a time and usually only in Thailand to one of the resorts maybe.

[bkk6060]

At least 1,000 b a day for a basic life.

But, there are many more potential expenses.  And do you ever travel, play golf or other sports? Insurance and other normal life expenses? Motorbikes or cars?

50 k a month could work.

[Lacessit]

IMO the OP needs enough capital and pension for an permanent income of 60,000 baht/month. Minimum. Without health insurance, add in 3-5 million baht for serious medical issues.

[Ben Zioner]

10 minutes ago, PomPolo said:

Ouch!
Already own a house and car so hopefully should reduce the expenses a little bit. Married but no kids, only usually travel a week at a time and usually only in Thailand to one of the resorts maybe.

I really meant "normal lifestyle", the one I had in my previous lives. Now some guys here reinvent themselves, go native, go green or whatever. Western goods won't be cheaper here, and that includes health. Housing and energy are significantly cheaper than in EU or Oz.

[PomPolo]

7 minutes ago, bkk6060 said:

At least 1,000 b a day for a basic life.

But, there are many more potential expenses.  And do you ever travel, play golf or other sports? Insurance and other normal life expenses? Motorbikes or cars?

50 k a month could work.

Thanks @bkk6060 as mentioned usually travel but generally only to one of the resorts for a week at a time a couple of times a year with the misses so the bar surfing there is minimised for me 🙂 Have an occasional game of golf with my friends but 1000 baht or so usually covers that with a few cans of singha included!
Health insurance is a difficult one I have app[lied but pre-existing conditions can't get so always keep a little aside for that from my general savings.  We own a car and motorbike (Honda wave!) so that doesn't break the bank 🙂

My initial calculations are sort of at the amount you mentioned 50k-100k (150k max possibly with some tighter months in the event of travel or unexpected expenditure medical etc) a month should be comfortable from my private pension and savings.

[PomPolo]

6 minutes ago, Lacessit said:

IMO the OP needs enough capital and pension for an permanent income of 60,000 baht/month. Minimum. Without health insurance, add in 3-5 million baht for serious medical issues.

For sure thanks @Lacessit that is pretty much exactly what I am aiming at with pension savings etc, and a little bit extra with my 25% lump sum from the private pension when I am 57

[BritManToo]

1 hour ago, SiSePuede419 said:

Were your parents homeless and you grew up sleeping in a car?

In that case, a 1500B/month Thai style apartment is going to seem quite luxurious to you. 😳

OP says he has a house already!

[BritManToo]

1 hour ago, SiSePuede419 said:

Not my experience.

The ingredients for Healthy Farang food costs more than a 50B bowl of noodles with some murky soup containing who knows what.

It's only "very low cost" if you use local Thai ingredients only or you're comparing it to Farang Restaurants.

Western food costs the same as Thai food if you cook it yourself.

[PomPolo]

1 minute ago, BritManToo said:

OP says he has a house already!

Yes @BritManToo @SiSePuede419 hahaha my oldies in the UK are still knocking about done well for themselves and healthy so I cant count on any inheritance just yet! 🙂 (joking aside I hope they are around longer than me which is a probability!)  My house is not a 1500B/Month apartment 5 beds 2 bath and the misses oldies living with us which I need to budget for also 🙂

[PomPolo]

Top advice everyone, and definitely given me a few things to think about.  Appreciate nobody giving me any overly sarcastic comments also, just looking for genuine advice from xpats that have lived in the country much longer than me.

[PomPolo]

Slightly off-topic as the OP but I think AN is great especially for subjects like this where someone genuinely does need advice, I have used the immigration forum before also.  I joined back in 2016 when it was formerly Thaivisa and I was living in Thailand for a while since then have lived different parts of the world until I more recently decided I wanted to settle in Thailand for good hence my topic post.

[scubascuba3]

£1M+ per person should be enough, the costs get higher and higher as you get older with health conditions, ops, care

[Ben Zioner]

2 hours ago, KhunLA said:

... ph & internte <1300

ph ? What is this chemicals to control your water's acidity?

[PomPolo]

3 minutes ago, Ben Zioner said:

ph ? What is this chemicals to control your water's acidity?

I'm guessing ph is phone @Ben Zioner and @KhunLA as opposed to acidity 🙂  all good on that one, only 300 per month for AIS definitely one of my lower bills 🙂