Retiment

[hillrobert9]

hi, how much cash do i need to retire in thailand .and hoe do i get a retirement visa ,thanks

[lopburi3]

You require 65k baht per month/or 800k baht in bank account/or combination and be over age 50. You visit a Royal Thai Consulate or an Immigration office.

[maxman71]

A GENERAL QUESTION FOR ALL -- How much money (in Euros) do you think a single guy needs to have in terms of net worth and monthly cash flow, to live reasonably comfortably in Thailand. I am not talking about being able to buy a 4 million baht condo, a car and shelling out 40k baht/month for a "rent-a-girlfriend", but living in a 10K baht/month apartment, using the Skytrain and in general live fairly modestly. Anyone willing to share figures? If you indicate your's, I'll indicate mine.

I understand what the legal requirements are for various visas (I have a top-notch Thai immigration attorney), but I more want to know on a practical day-to-day level, what it really takes, and what the financial status is of other expats here. Thanks!!!

[begsaresponse]

hi, how much cash do i need to retire in thailand .and hoe do i get a retirement visa ,thanks

My wife and got an O non immigrant multi entry visa in the uk. We delt with the Hull consulate. After we arrived in Thailand we converted the visa to a retirement visa within the first 90 days.

begsaresponse

[mahjongguy]

...living in a 10K baht/month apartment, using the Skytrain and in general live fairly modestly.

I'm not sure how helpful other folk's opinions will be. We all have such different outlooks on what is comfortable, enjoyable, bearable, worthwhile, etc.

But here's mine: you mention Skytrain so that means Bangkok. A room for 10k within walking distance of a Skytrain station will provide little more than shelter from the rain, but the upside is that poor neighborhoods like that generally have a good variety of street food. So, even here in the big city you could get by on 30k a month, but I can't really imagine what you would do with yourself.

The expats who live cheapest here are mostly those who live a quiet life in the countryside with some form of family.

The City is much more entertaining, but it's also hot, noisy, and dirty, and for me it takes a certain amount of creature comforts to make living here worthwhile. That includes an apartment with a real kitchen and a swimming pool, and enough pocket money for a bit of shopping, night life, and occasional weekends out of town. Add in the need for human companionship, and the monthly budget goes well over 100k.

I'm guessing, just guessing, that a poll would indicate that 65k is the minimum needed for a decent lifestyle in the City.

[ignis]

The expats who live cheapest here are mostly those who live a quiet life in the countryside.....

Yes agreed it is very much cheaper, never spent more than 15,000 baht per month........ I do own my own 3 bedroom house, and a car.....

I have many friend that Rent just outside BKK, cost 5 baht for bus/ 20 baht Tuk Tuk/35 baht Taxi..

Near new Studio' 4 - 5,000, a number both Thai and Falang rent 2 & 3 bedroom Condos from 8 - 11,000 per month,

[Dakhar]

To live like I did in the US, and save the same kind of money 85K USD anually easy in Thailand if not more. Back home I spent about 150 a month on gas, here 300 a month. I spend a lot less on food, but I spend more on electricity here. It is a massive balancieng act, and in the end I think it all washes out.

When you hear people live off of 250 USD a month in Thailand, you will naturally think "Wow, I could be rich...." No, the reality is, you could live almost the same lifestyle you had before you came here. Not unless you were dirt poor in your home country and moving here would be a step up in life. If so, good on you, come on out have a ball.

I can see why a single guy with few worries in life (including morals) and pockets full of money would want to live here.... but other than that.... I see no reason.

[maxman71]

To live like I did in the US, and save the same kind of money 85K USD anually easy in Thailand if not more. Back home I spent about 150 a month on gas, here 300 a month. I spend a lot less on food, but I spend more on electricity here. It is a massive balancieng act, and in the end I think it all washes out.

When you hear people live off of 250 USD a month in Thailand, you will naturally think "Wow, I could be rich...." No, the reality is, you could live almost the same lifestyle you had before you came here. Not unless you were dirt poor in your home country and moving here would be a step up in life. If so, good on you, come on out have a ball.

I can see why a single guy with few worries in life (including morals) and pockets full of money would want to live here.... but other than that.... I see no reason.

Thanks for the responses. My situation is I am living outside BKK now. I have a Thai company and my guaranteed montly income is about 60K baht. But it often goes much higher. Once I can access my IRA, that would add another 50k baht/month. I own a house now, but want to move to BKK. I found a 2 room apartment in a decent neighborhood for 9500/mo. The 65k baht/month threshold sounds reasonable.

[brahmburgers]

You require 65k baht per month/or 800k baht in bank account/or combination and be over age 50. You visit a Royal Thai Consulate or an Immigration office.

not 'over 50' but; over 49. or 50 and over.

[thailien8]

Thanks for the responses. My situation is I am living outside BKK now. I have a Thai company and my guaranteed montly income is about 60K baht. But it often goes much higher. Once I can access my IRA, that would add another 50k baht/month. I own a house now, but want to move to BKK. I found a 2 room apartment in a decent neighborhood for 9500/mo. The 65k baht/month threshold sounds reasonable.

You have money too mut for live in the Bangkok. Enjoy!

[mahjongguy]

Once I can access my IRA, that would add another 50k baht/month..]

You can access your IRA now if you want and no penalties will apply. You just need to abide by the details of the early withdrawal rule.

There are several methods to calculate your maximum (and minimum) withdrawal. In essence, you are allowed to withdraw a fraction of your IRA balance based on your current age. A rough example: You are 50 and have $100,000 in your IRA. You can withdraw nearly $7,000 this year. The key element of the rule is that once you begin withdrawals you must continue at the same fixed rate until you are 59 1/2 OR 5 years, whichever is longer.

If you are 55 or less, this may be a good way to improve your annual budget by a smallish but useful amount.

However, if you are in your late 50's it is almost certainly a bad idea. You lose the freedom to withdraw larger amounts when you reach 59 1/2. A person who starts at 58 would have to continue these withdrawals at the same fixed low level until he is 63; that might not be a good thing at all.

There is an online calculator at http://www.dinkytown.net/java/Retire72T.html.

[ignis]

To live like I did in the US, and save the same kind of money 85K USD anually easy in Thailand if not more. Back home I spent about 150 a month on gas, here 300 a month. I spend a lot less on food, but I spend more on electricity here. It is a massive balancieng act, and in the end I think it all washes out.

When you hear people live off of 250 USD a month in Thailand, you will naturally think "Wow, I could be rich...." No, the reality is, you could live almost the same lifestyle you had before you came here. Not unless you were dirt poor in your home country and moving here would be a step up in life. If so, good on you, come on out have a ball.

I can see why a single guy with few worries in life (including morals) and pockets full of money would want to live here.... but other than that.... I see no reason.

Thanks for the responses. My situation is I am living outside BKK now. I have a Thai company and my guaranteed montly income is about 60K baht. But it often goes much higher. Once I can access my IRA, that would add another 50k baht/month. I own a house now, but want to move to BKK. I found a 2 room apartment in a decent neighborhood for 9500/mo. The 65k baht/month threshold sounds reasonable.

I am amazed how much some appear to spend….. while my house was being built I rented a 2 bedroom Condo in Pinklao for 8months, 10,000 month.. elec was 1,100 month, water under 200 month…

I have been in my detached 3 bed roomed house for 3yrs, Gas works out less then 50 baht per month, electric, most I have paid is 1,600, water 165 per month, I use the washing machine every day, shower at least 2x day, shower my 3 dogs every week… I have a 4m x 4m Pond in the garden [90 fish] 2x 3m Aquarium’s, water garden every day, wash my car every week……..

ADSL + Mobile + house phone = total package 880 baht per month, I have my own Sat TV so have 2,600 channels FREE to view = NO COST……… 720 baht month Village Service Charges, 1^st Class car Insurance 11,130 year, spend around 800 baht per month on petrol.

Maybe spend 50 - 100 baht at the local market per week and around 1,600 per week at Carrefour or Tesco

I live VERY much better than I did in the UK….

[lopburi3]

You require 65k baht per month/or 800k baht in bank account/or combination and be over age 50. You visit a Royal Thai Consulate or an Immigration office.

not 'over 50' but; over 49. or 50 and over.

People have been told to come back later when making application on their 50th birthday so believe it is best to say over 50 (even a day) to be safe. Don't believe splitting hairs with Immigration is a good way to start your retirement.