What If You Could Have Prepared Differently?

[tutsiwarrior]

I'm back at work after 18 months of living in Thailand in the place where I will retire. We own a house in a small farming town 7-8k pop. I had the opportunity to evaluate what I need to do in order to make a good go at retirement like learning to speak thai, accumulating some cash for a small business, etc. I've got about 6-7 years of highly paid expat working life left that will probably be spent in the Gulf area. To those of you who have retired to a small town in Thailand how could you have prepared better while you were still working? Anything to take into consideration that would likely be overlooked?

Help ol' tutsi out.

[meom]

Unfortunately I pissed/gave away most of my money so I am not yet retired after 12yrs working in the ME. Probably have to continue working for another 10yrs or so

Anyway I would definately try to speak the language. My GF lives out in the middle of nowhere and most Thais over there don't speak a word of english. I can speak a few words thai but no way I can hold a conversation in thai so I think it might be better to go to school once retired and learn the language.

Other than that I suppose a few hobbies besides drinking beer might help you stick it out in the village.

[Spee]

Help ol' tutsi out.

Welcome back, Tutsi !!

I'm in the same boat. I never saved a nickel during my first 40 years and have now been saving like crazy for the past several years. I'm making up ground fast, and it will hopefully be enough to live very comfortably in retirement.

I'm certainly not expert, but my only advice would be to do anything you can to tax defer (e.g., 401(k) and Roth IRA for the states, etc.). Not sure what your tax status is, so it's hard to say. You may also be able to do well buying a condo or apartment in some of the tourist areas, and timesharing it. I can't say that this works for sure, but it is something that I'm looking into.

Like you, I am building a home in LoS which is where I plan to spend much of my retirement days. I like the fact that my fiance' and are building with cash as we go, and the house will be fully paid for when finished.

Be careful if you're going to take the risks chasing the big bucks available in the mideast. Can't enjoy it if you cash in your chips over there.

Here's another thought .... even though we don't know each other, we and probably others have a common interest in LoS. Would you or anyone else be interested in forming a small business consortium to invest in real estate? Finding 10 people to each invest 400K ThB or about $10K USD (all legal and on the up and up, form a company with rules and charter, etc.), would create a nice investment fund to go pick up an investment property or two in an up and coming resort area. Please be sure this isn't an open soliciation but rather just an idea for discussion.

Regards,

Spee

[Boon Mee]

Keep working 'till you hit 62 and SS kicks in if you haven't made your "pot" before that. Seen a lot of ex-GI's who retire early to LOS, live in places like Pattaya etc. - die a few short years later either from alcohol overindulgance or "deals" gone bad.

It's very worthwhile to learn Thai as it makes living out the Golden Years a little easier. My goal is to pass that P6 exam while I've still got the mental facilties.

[pnustedt]

Set yourself realistic, step-by-step targets and stick to them; e.g. if your plan is to retire with US$1mill. work out how much p.a. and p.m. you need to invest - and if your investments under-achieve increase your input to achieve your end goal.

I find it difficult to learn Thai in a foreign country where you also have to get to grips with that language (I get Thai and Cantonese mixed up) so have decided to leave the language till I get to LOS - just 3 yrs, 5 m, 19 days and 2 hrs to go for me!

[wamberal]

My advice might be partially relevant......I am living in a small town in Australia, but have married a Thai girl, and we plan to move back to Thailand eventually...plus I lived for more than 10 years in HK, and also for more than 3 years in BKK before I retired.

Obviously the money thing is important. I am not aware of your circumstances, but overall return from your investments after tax is more important than worrying about avoiding tax per se.......and of course you need to consider both the security of your investment, and ways and means of passing on an inheritance to your loved one (s).

Keeping oneself active mentally and physically are obviously important, but one's emotional and spiritual health are also vitally important, in my opinion. Living in a totally different culture where a different language is spoken needs careful thought and planning. Depending on your interests and personality you might find some aspects of this lose their attractiveness after a while. You need to have some exit strategies if possible, if part of the lifestyle change do not work out.

For myself, I walk 45 minutes every morning at a brisk pace, and then swim 1 km every afternoon. I read a lot, both on the internet and in more traditional forms. I am an active Christian, with an important role in a large and active church in our district.......I would certainly miss this aspect of my life very much if and when we move to Thailand. I teach scripture as a volunteer at the local primary school.......being involved with and helping kids would be much easier (and probably more rewarding) in LOS. I would definitely miss the high quality sport, news and current affairs programmes, and documentaries I can watch here on tv....not to mention great movies at the flick of a switch....I am hoping that changing technology will allow access from Thailand to Australian tv by the time we move there (probably 5 or 6 years).

Hope the above helps, and all the best. One of the greatest helps, I guess, is just having resources like this message-board available!!!

[astral]

Make the best of the earning years and build up a capital base, outside Thailand.

I purchased a flat in London 10 years ago, payed the mortgage from rental income

and doubled my capital, whilst also drawing a small cash income as well. For a rental property all mortgage interest can be offset against tax.

PM me if you want the agents name.

That money is now going into a fund to provide income for retirement.

Make sure you have good health insurance.

Start it as early as possible, then you may get cover beyond age 70.

Many Thai companies will want to drop you at 70.