What Would You Do?

[kolasaab]

Hello all, in the next year or so i will be leaving the uk and moving to thailand. I have been holidaying there for the last few years and i have decided that i want to live there. I am 51 years old and i will have about £100,000. I am a reasonably sensible person and i dont drink (booze ) I would like to settle in the south (not pattaya). I think that i would probably have to make some money because i dont think that £100,000 is enough to retire on. I am asking you guys and ladies who live in thailand, WHAT WOULD YOU DO IF YOU WERE ME??? I would be very grateful for any advice.

[howtoescape]

Put it in the Coventry BS and get 6.1% interest and live off that until you find a way of making money.

I would also look into gaining as much credit from the banks before you leave for a rainy day, if you know what i mean.

Edited February 19, 2008 by howtoescape

[Jandajoy]

Hello all, in the next year or so i will be leaving the uk and moving to thailand. I have been holidaying there for the last few years and i have decided that i want to live there. I am 51 years old and i will have about £100,000. I am a reasonably sensible person and i dont drink (booze ) I would like to settle in the south (not pattaya). I think that i would probably have to make some money because i dont think that £100,000 is enough to retire on. I am asking you guys and ladies who live in thailand, WHAT WOULD YOU DO IF YOU WERE ME??? I would be very grateful for any advice.

For what it's worth I'm in a similar position to you, except that I'm here already. Last year, as an experiment I decided to live off no more than 5000 bht a week. i.e carefull book keeping. It was easy. A small motorbike, a small partner - now wife. I smoke and drink occasionally. We rented then 1,700bht a month for a perfectly adequate unit with a/c, cable and internet. I/we didn't hit the bars and I loved her cooking so it worked out fine. In fact I saved on it.

I think the big thing is to go slowly. Play it by ear and don't rush into any mad property deals. Do you really need a car? Do you really need to go to BKK?

Oh and we're in the south some 50 km from Pattaya. However we're heading north to take over a shop for 1,400 per month and buying a house with a bit of land for 150,000. It's taken me nearly 2 years to find the place though. Shangri La

Good luck to you mate.

[bruceboy]

Sounds impossible, but good luck.

[a2396]

Hello all, in the next year or so i will be leaving the uk and moving to thailand. I have been holidaying there for the last few years and i have decided that i want to live there. I am 51 years old and i will have about £100,000. I am a reasonably sensible person and i dont drink (booze ) I would like to settle in the south (not pattaya). I think that i would probably have to make some money because i dont think that £100,000 is enough to retire on. I am asking you guys and ladies who live in thailand, WHAT WOULD YOU DO IF YOU WERE ME??? I would be very grateful for any advice.

For what it's worth I'm in a similar position to you, except that I'm here already. Last year, as an experiment I decided to live off no more than 5000 bht a week. i.e carefull book keeping. It was easy. A small motorbike, a small partner - now wife. I smoke and drink occasionally. We rented then 1,700bht a month for a perfectly adequate unit with a/c, cable and internet. I/we didn't hit the bars and I loved her cooking so it worked out fine. In fact I saved on it.

I think the big thing is to go slowly. Play it by ear and don't rush into any mad property deals. Do you really need a car? Do you really need to go to BKK?

Oh and we're in the south some 50 km from Pattaya. However we're heading north to take over a shop for 1,400 per month and buying a house with a bit of land for 150,000. It's taken me nearly 2 years to find the place though. Shangri La

Good luck to you mate.

You're lucky. Most women I know who would consider a relationship with a Farang demand AT LEAST 5,000 per month, plus other extras such as shopping and you will likely get hit up to subsidize her family, either on-going or occasionally. If you are considering marriage, you will get asked for sin sod (dowery money) and other wedding expenses, such as gold. I don't know what kind of apartment you have for 1,700, but where I live in Khon Kaen a decent apartment with A/C is around 4,000 and that is for one room. I would not try to live here, if you still have the option of working back home and making more money. You are not going to make much, if anything, here. Wait until you are eligible for monthly retirement. Don't buy peoperty and vehicles in someone else's name.

[intumult]

Presuming the 100k is your total assets with no UK house and at 6.1% interest giving 7625 baht week before deductions for visa or transfer charges, you are going to be eating into your capital to live reasonably.

30k baht a month?

I have just moved from 5,000 mth apartment to 2,700 with the help of an ex g/f and still cannot see me living on 30k mth.

A TV + sattelite or cable, mobile phone, taxis/Tuk Tuks, eating out, a computer + internet (or internet cafes), clothes and so many other things you will need money for.

I hope someone comes up with some option / ideas for work for you as I think you will need it or live like a hermit and hermit lifestyle is no fun in reality as it can drive most men crazy.

[vrsushi]

I'd say go for it OP. Presuming that you are going to get the basic state pension. (87 a week at 65) you can afford to put that 100k in the bank and take out 33kbht a month till you are 65 and then make up your pension to 33k (using 63bht to the pound) till you are about 80.

If you are still going at that point live off your gov pension only.

Mind you that relies on you making sure that you get the gov pension and NOT telling them you are in Thailand so that it gets inflation linked.

But in your position I'd rather be facing 30 years in Thailand on 33k a month and a pretty girl's face than back in the UK watching Dot Cotton on Eastenders.

[GuestHouse]

A few questions:

Have you got a private of company pension coming your way at 60/65?

Do you own any property in the UK?

Are you in a relationship in Thailand or the UK?

Are you planning to continue paying UK State Pension contributions from Thailand?

Have you any qualifications that can be used to find work in Thailand.

My view is that while 100K would probably keep you for a few years in Thailand (provided you don't get into a relationship, start a family, make any capital purchases - car/condo/house) the big question is going forward into retirement - meeting the minimum retirement income requirements and having enough to keep yourself in old age. Hence quesitons about pension.

Another significant factor is what happens if you need to go back? Hence quesiton about property in the UK.

As I have said, I think 100K will keep you for a while, but if you have to go back to the UK in your 50s you may find it difficult if not impossible to find work.

My advice would be if you don't have a property and if you don't have a private/company pension then you ought to consider working a while longer to build more savings (and reduce the time you need to live off what you have).

[thaiclan]

Great sound and practical advice guesthouse

OP if you have 100k can you afford to spend 3 months or so here to really get a feel for costs and lifestyle ? That way you could use the time to give yourself a break and maybe explore some alternative revenue streams that can bump up your interest when you finally make the move....

Like GH wrote, don't rush out here and find you are back in the UK approaching 60 with few employment possibilities.

[kolasaab]

A few questions:

Have you got a private of company pension coming your way at 60/65?

Do you own any property in the UK?

Are you in a relationship in Thailand or the UK?

Are you planning to continue paying UK State Pension contributions from Thailand?

Have you any qualifications that can be used to find work in Thailand.

My view is that while 100K would probably keep you for a few years in Thailand (provided you don't get into a relationship, start a family, make any capital purchases - car/condo/house) the big question is going forward into retirement - meeting the minimum retirement income requirements and having enough to keep yourself in old age. Hence quesitons about pension.

Another significant factor is what happens if you need to go back? Hence quesiton about property in the UK.

As I have said, I think 100K will keep you for a while, but if you have to go back to the UK in your 50s you may find it difficult if not impossible to find work.

My advice would be if you don't have a property and if you don't have a private/company pension then you ought to consider working a while longer to build more savings (and reduce the time you need to live off what you have).

Hello, i dont have a company pension, the 100,000 will be from the sale of my property, i cant rent that out because i still pay a mortgage and the rent money would just cover the mortgage with a little left over. I am working in uk at the moment as a alcohol n drug counsellor

[Jingthing]

I don't know the UK pension system, so pardon my ignorance. Do you have a UK state pension coming, and if so, at what age? I am doing a similar thing, with more money, but I own property here, and I will have a pension coming in 11 years, but it is still a stretch. If you don't have a pension of any kind coming, I would say, I think it is a very bad idea, unless you can find work, and then it sounds like English teaching, doesn't it?

Edited February 19, 2008 by Jingthing

[Jandajoy]

I'm sorry guys, but whilst I appreciate everything you've said and advised the OP I can assure you that the figures I offered up are genuine.

The questions remain the same.

But, primarily, "what do you need" as adverse to "what do you want"?

we rented a unit, the gf did, and I moved in. I installed the A/C in the bedroom, put a falang toilet in and a shower. Total expeniture 21,000 bht. This made the unit liveable for a fat 52 yr old falang. We then got cable TV - it's shit - for 350 per month. TOT internet connection for 700 bht a month. We've got two 100cc m/cs wgich cost nothing. Outgoings for a very happy life ????? Not a lot.

OP go for it. It's up to you to decide whats important.

[Jandajoy]

Sounds impossible, but good luck.

Not at all. I'm doing it. Honest.

[Jandajoy]

A few questions:

Have you got a private of company pension coming your way at 60/65?

Do you own any property in the UK?

Are you in a relationship in Thailand or the UK?

Are you planning to continue paying UK State Pension contributions from Thailand?

Have you any qualifications that can be used to find work in Thailand.

My view is that while 100K would probably keep you for a few years in Thailand (provided you don't get into a relationship, start a family, make any capital purchases - car/condo/house) the big question is going forward into retirement - meeting the minimum retirement income requirements and having enough to keep yourself in old age. Hence quesitons about pension.

Another significant factor is what happens if you need to go back? Hence quesiton about property in the UK.

As I have said, I think 100K will keep you for a while, but if you have to go back to the UK in your 50s you may find it difficult if not impossible to find work.

My advice would be if you don't have a property and if you don't have a private/company pension then you ought to consider working a while longer to build more savings (and reduce the time you need to live off what you have).

Surely it all depends on who you're in a relationship with???

[MeaMaximaCulpa]

I have to agree with that Jingthing, to live off capital is very risky, and it will take a huge chunk of capital to make it work over the long term.

Think about interest rates, taxes, inflation, exchange rates. Then think about risk and how all these variables can and will, yes, vary over time.

May the Gods be with you!

Ah, just thought of it: Read this book called: "Against the Gods" by Peter L. Bernstein (or something similar, I do not have the book in front of me). But it is about the concept of risk, VERY interesting story going back a long time in history.

And yes, these concepts also apply in Pattaya...

[Jingthing]

Of course, it is up to the OP, but for retirees, money matters ALOT, and there is such a thing as not enough of it. If you can only scrape by on your first year of retirement, imagine 20 years from now. I speak as a voice of moderation, as I have been vehemently vocal to the people who think you need to be a dollar multimillionaire to retire here or anywhere.

Edited February 19, 2008 by Jingthing

[vrsushi]

I don't think anybody is actually considering the OP's situation. The question is not; Is a 100k enough? The question is if not now then when?

The OP is 51 years old. He hasn't saved any money in the UK up to now and unless he is earning very good money, which I presume he isn't then why do you assume he can? The UK is a pretty crap proposition unless you are earning above average earnings.

I assumed at 51 he has 30 years NI contributions already paid.

So, the question is does he ever make the move and if so when?

Well, I would say that given that he always has the British welfare system to fall back on he is better off enjoying that 100k now rather than at some point when he is too old. 50 in England, what life is that? 33k a month in Thailand (assuming bank rates offer 2% above inflation-it's now 6.1% vs 2.1%) is a good albeit measured lifestyle. He is still young enough to get a women to genuinally fall in love with him. Still young enough to get out and about.

And he can teach English to bring himself up to 60k a month easily.

As opposed to using that 100k to make his 70's and 80's comfortable?

My question is this. Assuming that there he cant save any more money. Assuming a modest UK pension of about 23kbht a month from 65. When would the other posters move over to Thailand?

Edited February 19, 2008 by vrsushi

[happylarry]

I took early retirement and came out here to live almost 4 years ago. I did the mad thing and had the big house built and the car and motorbikes and yes it does cost more to live out here than you think when you visit on holiday.

But do I regret it.....not for one b****y minute. I was wasting away in the UK after the divorce, working long hours then home to the soaps. Now I have a beautiful wife, good food, great weather (few aches and pains) and I am enjoying every minute.

Mind you if the poster, when he says he wants to be in the south, means Phuket or Samui then he ought to forget it, his money wont last long at all. The only chance is northeast I reckon where rents are a fraction of the cost and all prices are far less than the tourist areas.

Having said all that, I must add that I agree with the previous posts though. Before he burns his bridges in the UK he should come over here with a purpose to find out just what he can manage on. One thing that people often dont think about is health insurance, which for a decent one can set you back 90,000 baht a year once you hit 6o years young. Also the poster really has only 87,000 pounds available because without a pension he will always need to ensure that he keeps 800,000 baht in his bank for his visa. Although I did it with no regrets I started out with a lot more than him, consequently I think he will struggle and I do wonder if it would be paradise for someone who is worrying about money every day.

[uptou]

I don't think anybody is actually considering the OP's situation. The question is not; Is a 100k enough? The question is if not now then when?

The OP is 51 years old. He hasn't saved any money in the UK up to now and unless he is earning very good money, which I presume he isn't then why do you assume he can? The UK is a pretty crap proposition unless you are earning above average earnings.

I assumed at 51 he has 30 years NI contributions already paid.

So, the question is does he ever make the move and if so when?

Well, I would say that given that he always has the British welfare system to fall back on he is better off enjoying that 100k now rather than at some point when he is too old. 50 in England, what life is that? 33k a month in Thailand (assuming bank rates offer 2% above inflation-it's now 6.1% vs 2.1%) is a good albeit measured lifestyle. He is still young enough to get a women to genuinally fall in love with him. Still young enough to get out and about.

And he can teach English to bring himself up to 60k a month easily.

As opposed to using that 100k to make his 70's and 80's comfortable?

My question is this. Assuming that there he cant save any more money. Assuming a modest UK pension of about 23kbht a month from 65. When would the other posters move over to Thailand?

Wish i had that kind of money.(although not sure if the op has responsibilities to other people)

Unhappy working in the uk at 51,or living fairly frugally,but free to do what you want in Thailand?

You can rent a house outside the tourist areas over here for 3000 baht a month.If your cooking for yourself,eating is ridiculously cheap (pork 90 baht/kilo from the market) .I suppose its a question of how much you need to be happy.

Edited February 19, 2008 by uptou

[kiakaha]

If you can't spell immigration correctly, I'd say you are in for a hel_l of a ride

[distortedlink]

Hello all, in the next year or so i will be leaving the uk and moving to thailand. I have been holidaying there for the last few years and i have decided that i want to live there. I am 51 years old and i will have about £100,000. I am a reasonably sensible person and i dont drink (booze ) I would like to settle in the south (not pattaya). I think that i would probably have to make some money because i dont think that £100,000 is enough to retire on. I am asking you guys and ladies who live in thailand, WHAT WOULD YOU DO IF YOU WERE ME??? I would be very grateful for any advice.

You have £100000. At about today's exchange rates that will get you approx 6500000 baht.

I live in Chiang Mai and my basic monthly cost of living expenses is 26000 per month. I would say that's about the minimum we can get away with unless you don't mind living on the absolute basics. 12 years ago I could comfortably live on 8000 baht per month.

26000 baht into 6500000 baht is 20 years. But with inflation, medical expenses, unforeseen expenses, the money may last you 15 years. Also this does not include if you wanted to buy your own property or a vehicle here, costs that must be found from your bulk savings, meaning if you don't mind renting for the rest of your life and not having your own transport. (Average cost of a reasonable house 1200000 baht, new car 500000 baht, motorbike 40000 baht).

The savings bank interest rates here are very poor at the moment and of course will be less each quarter as you withdraw living expenses over time. Obtaining employment in Thailand for a Farang is very difficult and unless you are highly skilled or intend to start your own company, rule earnings by employment out.

If you have enough NI credits to receive a UK state pension you will not receive it until you are 67 and not 65 because the rule changes in 2020 and you will not be 65 until the year 2022, which means you may receive a state pension in the year 2024. UK state pensions received over here are not index linked, so it will not increase each year. Also if you reach the age of 65 your 6500000 baht savings would have all been used up by then, not leaving enough funds for your annual visa renewal. Today retirees are required to have 800000 baht invested in a Thai bank to satisfy Immigration, who knows what it will be in the next 10 years?

If you intend doing visa runs a method that you can renew your visa without declaring any savings investment with a Thai bank, this is getting tougher all the time and probably will be stopped altogether in the future.

Of course all this is without considering that you may want to take on a Thai wife.

So there it is. It's up to you, think it over carefully.

Edited February 19, 2008 by distortedlink

[lannarebirth]

I don't think a sustainable retirement can be achieved here on 100,00 GBP of savinngs. If I were you, I'd spend the next year or two gaining a fegree to teach in Thai or international schools here. In that way your savings can grow, while for the next 10 years or so you will have an income that will support your lifestyle here. Good Luck.

[PaulUSA302]

I don't think the OP is interested in the luxuries such as a car and motorbike and big house.

I think he is wondering if he gets a basic room, lives a meek life and saves his money for enjoyable events just as we all do when we are in our birth-lands..... Could he live in Thailand for a good amount of time on his lives savings?

He seems like a regular guy that simply wants to know if he can eek out a happy low budget life in Thailand?

[Beardog]

I don't think you can make it stretch for ten years you most likely will have to go back & work as many expats that retire early without being rich & around 50 years old. I live modestly & my 4 million baht isn't going to stretch more than this year been here 4 years. Of course I purchased(or my girlfriend purchased) 4 & 1/2 rai & we built a small baan. I could have possibly made it stretch another 5 years without a girl & living on the lean. Not to much fun in that though...why bother!

If you move here without an incoming income of some sort & Whatever type of pension your pension will have to kick in soon, I am not sure about England but it is now 67 years old for retirement benefits to kick in.

Still all in all if you come here knowing at some point you will have to make some scratch & leave as Guesthouse put it With some credit left, when you go back home it will at least make it easier to pick up the pieces - make some cash & come back.

Save yourself enough to go home on & star as well.

I came up knowing I was dealing a little to short as you are. No big deal many of us do. in your 60's it would be easier as you have an actual pension -in your 50's your assets are your pension

I am not at all trying to discourage you in any way as I still would have moved to Thailand regardless, but I do commend you using your brain & figuring it out now. If possible put together a moneymaking venture now- get it working & use your assets from that to draw off of. Once your here the outlook is bleak on making enough funds.Some have been able to pull it off most go broke on ventures up here.

Good luck on your decision whichever way you decide!

Beardog

[rgs2001uk]

whether the op can live on 15,25,30 or 80,000 baht a month is irrelevant.

the numbers dont add up, immigration want to see income of 65,000 baht per month for a retirement visa if not married, and 40,000 baht per month if married.

assuming an exchange rate of 65 baht to the pound, thats 1,000 pounds per month, the op would need at least 200,000 pounds in the bank to generate that, we havent mentioned lower interest rates and lower exchange rates, in which case his capital would need to be even more.

the only way round it is to get a one year multi visa fron hull and do border runs every 90 days, then try and get another one year multi in say penang or singapore and all the costs that involves.

keep the house in the uk,get it paid off asap, then rent it out, use the rent to live on in thailand, and adapt to the rules regarding visas.

[sweetchariot]

You're lucky. Most women I know who would consider a relationship with a Farang demand AT LEAST 5,000 per month, plus other extras such as shopping and you will likely get hit up to subsidize her family, either on-going or occasionally. If you are considering marriage, you will get asked for sin sod (dowery money) and other wedding expenses, such as gold. I don't know what kind of apartment you have for 1,700, but where I live in Khon Kaen a decent apartment with A/C is around 4,000 and that is for one room. I would not try to live here, if you still have the option of working back home and making more money. You are not going to make much, if anything, here. Wait until you are eligible for monthly retirement. Don't buy peoperty and vehicles in someone else's name.

Not all of us are living with professionals

[naka]

So, I've heard people suggesting things like teaching english and making sure

you have a gov pension, neither of these will provide a reasonable lifestyle ...

and capital of 100k will certainly not (well, not for long)

Naka.

[vrsushi]

But Naka, what would you advise a ordinary 51 year old bloke to do?

He doesnt seem able to save any money in the UK and besides that with the current housing market appearing very overpriced could easily find his house worth 20k or more less than what is is today if he waits a few years.

So my spreadsheet suggests that he can have about 33k bht a month till 66. From 66 use his gov pension to make up to 33k again. At 80 he is down to 23k only.

If he is on a typical UK salary of 18k ish a year then I might suggest renting out rooms in his house etc and saving like a bastard, but if he cant keep his house for whatever reason then what other alternative would you suggest?

[naka]

I really cannot understand why anyone would want to come to Thailand when so underfunded.

There is no safety net in this country, and even with the warm climate it get's

chilly sleeping under the bridge. And while some say they can live on

30k a month ... Who would want to ?

Naka.

[GuestHouse]

So my spreadsheet suggests that he can have about 33k bht a month till 66. From 66 use his gov pension to make up to 33k again. At 80 he is down to 23k only.

Your spreadsheet is not taking INFLATION into account.

Read what DistortedLink had to say about Inflation

I live in Chiang Mai and my basic monthly cost of living expenses is 26000 per month. I would say that's about the minimum we can get away with unless you don't mind living on the absolute basics. 12 years ago I could comfortably live on 8000 baht per month.

So in twelve years DistortedLink has seen a in excess of a threefold increase the cost of living - He is also suggesting that despite more expendature he is also experiencing rop in the standard of living.

Stick inflation into your spread sheet and the reality of living on 33k up to the age of 66 and 23K a month by 80 is not pleasent.

I suggest the most likely senario is five good years, followed by a return to the UK - almost cetainly no chance of getting a job at anywhere near current pay rates and home becomes not some dream retirement in Thailand but a bedsit above a chip shop.