Thailand Retirement On Just The Uk Pension

[rimbung]

I understand the rules for wives and the married allowance change in April 2010.

Retirees after that date will only get the basic pension and will have to claim pension credit for dependants.

However pension credit is only paid in the UK and is checked from time to time.

Could a couple live on 22k a month? I guess there would also be problems meeting the criteria for the retirment visa as well?

Edited March 12, 2008 by rimbung

[PhilHarries]

As far as I know your biggest problem would be meeting the retirement visa criteria unless you have 800k Baht you can bank and forget and hope they don't change the rules in the future.

22k Baht a month is a very tight allowance and would, IMO, leave you with little or no spare to cover medical emergencies, visa runs etc etc. It probably is doable but you won't be visiting the entertainment nightlife places often if at all. If you can find a place for say 5k per month you are left with around 550 Baht per day for the both of you (as I just noticed you mention "a couple") to cover food and utilities plus additional expenses. What about set up costs for furniture, television etc? If you are retiring with a healthy wedge, say from sale of property, then at least you have a safety net plus your set up costs covered. But if you are retiring with next to nothing and hope to live on your basic pension you are in for a hard time.

[t.s]

NO!

[naka]

Not even worth considering, particularly in light of the fact that if you live

in Thailand your pension will be locked at current value.

Naka.

Edited March 12, 2008 by naka

[Jingthing]

I would say no and I am a member of the you don't have to be rich to retire here club.

Edited March 12, 2008 by Jingthing

[JohnC]

Could a couple live on 22k a month? I guess there would also be problems meeting the criteria for the retirment visa as well?

How did you arrive at 22,000 baht? I got a pension forecast (BR19) two years ago when I retired that showed I was two years short of the then maximum contributions therefore my pension at todays rates would be £120 a week which on todays exchange rates is around 38,000 baht per annum. There are many changes being implemented in 2010 not least the qualifying period being reduced to 30 years which gives you the full state pension which will rise in line with earnings rather than prices (from 2012 at the earliest). Given these changes I will have qualified for the full pension plus with the new increases in line with earnings I would expect my pension to be more than the original forecast shown above. In answer to your original question, no 22,000 is way below the amount that a farang couple could live comfortably here in LOS (unless you inend to go 100% native) plus of course there is the question of qualifying for the retirement extension.

[dominator]

I understand the rules for wives and the married allowance change in April 2010.

Retirees after that date will only get the basic pension and will have to claim pension credit for dependants.

However pension credit is only paid in the UK and is checked from time to time.

Could a couple live on 22k a month? I guess there would also be problems meeting the criteria for the retirment visa as well?

As said, no. It is possible, but not if you expect any form of a farang lifestyle. I can assure you, going 100% Thai is to give up on everything you know, and hold dear to you.

[billd766]

The latest estimate I have for a married couple which I received in January was £87.30 for me and £52.30 for my wife payable in May next year at my age of 65.

That comes to £139.60 taxable at the current rate at the time.

Over a 12 month period it comes to 450,070 baht or 37,505 per month before tax using an exchange rate of £1 GBP = 64 Thai baht.

You can live fairly well on this amount but again not at the standard that you do when you work.

On the other hand you would be very hard pushed to live in the UK even if you owned your own home and if not how much would it cost to rent a place. If you own you have to worry about council tax, electricity, water, gas, sewage and actually eating as well.

UK, not for me and mine thank you.

[haybilly]

The latest estimate I have for a married couple which I received in January was £87.30 for me and £52.30 for my wife payable in May next year at my age of 65.

That comes to £139.60 taxable at the current rate at the time.

Over a 12 month period it comes to 450,070 baht or 37,505 per month before tax using an exchange rate of £1 GBP = 64 Thai baht.

You can live fairly well on this amount but again not at the standard that you do when you work.

On the other hand you would be very hard pushed to live in the UK even if you owned your own home and if not how much would it cost to rent a place. If you own you have to worry about council tax, electricity, water, gas, sewage and actually eating as well.

UK, not for me and mine thank you.

[/quote

I am writing this to 'billd766'-and not answering the OP's question--sorry, in advance--and sorry to 'billd766' if it seems that I am prying--I may be completely wrong but are you married to a Thai lady?? If, as I think, this is the case, and you are resident in Thailand do I read you correctly that not only yourself but your wife also is eligible for a UK pension--is this correct?? Btw, I'm not knocking this situation, I'm just interested.

[GuestHouse]

The latest estimate I have for a married couple which I received in January was £87.30 for me and £52.30 for my wife payable in May next year at my age of 65.

That comes to £139.60 taxable at the current rate at the time.

Over a 12 month period it comes to 450,070 baht or 37,505 per month before tax using an exchange rate of £1 GBP = 64 Thai baht.

You can live fairly well on this amount but again not at the standard that you do when you work.

On the other hand you would be very hard pushed to live in the UK even if you owned your own home and if not how much would it cost to rent a place. If you own you have to worry about council tax, electricity, water, gas, sewage and actually eating as well.

UK, not for me and mine thank you.

Forgetting all the while that pensioners resident in the UK are entitled to:

Free medical care/Doctor visits/Hospital/Dentistry

Free prescriptions

Free and/or reduced cost public transport

Welfare assistance with all costs of living if income is insufficient

And when they are no longer able to care for themselves, free care in old age.

All of which come with inaliable rights of residence.

Now do the sums again and tell us how much a foreigner needs to live securely in Thailand. A UK state pension is beer money in Thailand.

[BigSnake]

It's possible, yes but it will be somewhat difficult to meet the Marriage visa requirements.

[kankaroo]

No, unless you can live like a Thai, which you won't.

[JetsetBkk]

A UK state pension is beer money in Thailand.

Agreed - I didn't take into account any state pension money when I did my retirement planning for Thailand, but it'll be a nice little extra when it comes. And if the worst comes to the worst, it'll fill the hole that the exchange rate will have made in my plans!

[wolf5370]

All of which come with inaliable rights of residence.

No such word I fear - in the Americal DOI, Ben Franklin made up the 'inalienable right' (again the word does not really exist) - to refer to (so I am told) 'given by god', but would actually mean (and has been used this way so I hear) 'for US Citizens only' (i.e. not for aliens) from the word breakdown.

Sorry, off-topic I know, just caught my interest. OK, back to how to live on shirt-buttons...

[Briggsy]

Nae bother. 22,000 a month is easy to live on. I do what I want and average around this. But I don't run a car - that's a huge expense. I also don't go to daft go-go bars and pay 120 Baht for a small beer when they are 40 Baht at the 7-11. Also serious illness is not allowed as it is too expensive for the budget but I do have health insurance but it wouldn't cover much.

[Gary A]

I live up country in the boonies and I could easily live on that amount. HOWEVER, it cost several million baht to get to this point.

[howtoescape]

People survive on this in the UK so presumably they could survive on it in Thailand far easier, provided they didnt have accommodation to pay for, which at a pensionable age would be funded by the government here in the UK.

PS A joke that we pay 38 milllion GBP a year to children of Poles who have never been into the country, then expect people who have paid into the system all their lives to live off this pathetic sum.

[enyaw]

I wonder how livable the state pension will be by the time I reach retirement? If you consider the baby boomers and the ever increasing longevity of UK citizens you wouldn't really expect the pension scheme to cope, or would you? What will be interesting to see though that because of these factors the majority of the voting populace will be of retirement age.

What I do know is that I should really be putting into a pension plan but I can't at the momement as I am trying save up.

Edited March 13, 2008 by enyaw

[JohnC]

wonder how livable the state pension will be by the time I reach retirement? If you consider the baby boomers and the ever increasing longevity of UK citizens you wouldn't really expect the pension scheme to cope, or would you? What will be interesting to see though that because of these factors the majority of the voting populace will be of retirement age.

Which is why (presumably) the pension age is being raised to 68 for both men and women, in addition the dependants allowance is being phased out People who claim State Pension on or after 6 April 2010 will not be able to claim extra money for their spouse or civil partner. People who are already getting this extra money (known as an Adult Dependency Increase, or ADI) before 6 April 2010 will keep it, but only until 2020 at the latest.

http://www.thepensionservice.gov.uk/pensio...m/act.asp#basic

This is he biggest shake up in pensions since the introduction of the welfare state and I recommend you read it and see how it affects you and/or your spouse (civil partner)

[GuestHouse]

All of which come with inaliable rights of residence.

No such word I fear - in the Americal DOI, Ben Franklin made up the 'inalienable right' (again the word does not really exist) - to refer to (so I am told) 'given by god', but would actually mean (and has been used this way so I hear) 'for US Citizens only' (i.e. not for aliens) from the word breakdown.

Sorry, off-topic I know, just caught my interest. OK, back to how to live on shirt-buttons...

There's always one isn't there....

[zorro1]

Nae bother. 22,000 a month is easy to live on. I do what I want and average around this. But I don't run a car - that's a huge expense. I also don't go to daft go-go bars and pay 120 Baht for a small beer when they are 40 Baht at the 7-11. Also serious illness is not allowed as it is too expensive for the budget but I do have health insurance but it wouldn't cover much.

Difficult to get the 7-11 girl to strip though (not in store anyway). That's why you pay more at the go go bars

Where does OP plan to live in Thailand? That will be the single determining factor. I live in Bkk on a small budget not that I need to but I really prefer bbq chicken and somtam from a cart to most farang restaurant. cant do without the occasional go go though.

[Dakhar]

22K

You are not a Thai, and you will have to be the penalties for that. Meaning you will get stung with higher prices at every turn you make.

22K No way no how, and even if you could you would not wish to do so. Of course I don't know what your current standard of living is, but I assume your are acustomed to running water, hot water, mircrowave etc. In Thailand, that is how the Higher end lives.

[zorro1]

22K

You are not a Thai, and you will have to be the penalties for that. Meaning you will get stung with higher prices at every turn you make.

love it when a Thai pays 10bht for a mango and they know you were next in line an actually SAW that but charge you 30bht anyway

[enyaw]

22K

You are not a Thai, and you will have to be the penalties for that. Meaning you will get stung with higher prices at every turn you make.

22K No way no how, and even if you could you would not wish to do so. Of course I don't know what your current standard of living is, but I assume your are acustomed to running water, hot water, mircrowave etc. In Thailand, that is how the Higher end lives.

Once you've established yourself in Thailand in which way I mean built your house and filled it with all the furniture and electrical appliances required for domestic bliss 22k per month could support a fairly comfortable lifestyle INCLUDING cable television, yes cable telly it is true!

Edited March 14, 2008 by enyaw

[happylarry]

Give a thought to the fact that once you move here to live, then the pension will never ever get increased, and the way that all the prices in Thailand are rising lately then whatever you budget for now wont work for long.

Dont know if anyone has already said this because I cant be bothered click ing on all the links in this crazy new format here.

[billd766]

22K

You are not a Thai, and you will have to be the penalties for that. Meaning you will get stung with higher prices at every turn you make.

22K No way no how, and even if you could you would not wish to do so. Of course I don't know what your current standard of living is, but I assume your are acustomed to running water, hot water, mircrowave etc. In Thailand, that is how the Higher end lives.

Once you've established yourself in Thailand in which way I mean built your house and filled it with all the furniture and electrical appliances required for domestic bliss 22k per month could support a fairly comfortable lifestyle INCLUDING cable television, yes cable telly it is true!

Now in the village near to where I live I pay the prices that the Thais pay even in the markets but as I am not Thai perhaps it has something to do with where I live. In a village where most people know me, smile and stop to talk to me in the street and in the shops. I dont live in Bangkok or any of the big cities.

I am married and will be receiving my state pension in 2009, the house and land is paid for and I am on a visa extension for living with my Thai child and yes I could live on 22,000 baht a month though it would be difficult at times.

Food is relatively cheap here and there are no real bars, go-go or other type but I rarely go out anyway except to friends.

I don't even watch cable or other tv though I am on the internet a lot using postpaid AIS that costs me 300 baht for call (except international) and 500 baht for 250 hours on EDGE internet access.

Water is 2.5 baht per cu/metre and electricity is 3 .7 baht per unit and I don't remember the last time I used the air conditioner.

[GuestHouse]

Now in the village near to where I live I pay the prices that the Thais pay even in the markets but as I am not Thai perhaps it has something to do with where I live. In a village where most people know me, smile and stop to talk to me in the street and in the shops. I dont live in Bangkok or any of the big cities.

I am married and will be receiving my state pension in 2009, the house and land is paid for and I am on a visa extension for living with my Thai child and yes I could live on 22,000 baht a month though it would be difficult at times.

Food is relatively cheap here and there are no real bars, go-go or other type but I rarely go out anyway except to friends.

I don't even watch cable or other tv though I am on the internet a lot using postpaid AIS that costs me 300 baht for call (except international) and 500 baht for 250 hours on EDGE internet access.

Water is 2.5 baht per cu/metre and electricity is 3 .7 baht per unit and I don't remember the last time I used the air conditioner.

As I understand, the major capital costs are taken care of.... but what of day to day costs that are not included in the 'social wage' of living in the UK compared with Thailand?

Health insurance for self and family?

Educational expenses for child(ren)?

These two alone would make a huge dent in Bht22K a month.

[billd766]

Now in the village near to where I live I pay the prices that the Thais pay even in the markets but as I am not Thai perhaps it has something to do with where I live. In a village where most people know me, smile and stop to talk to me in the street and in the shops. I dont live in Bangkok or any of the big cities.

I am married and will be receiving my state pension in 2009, the house and land is paid for and I am on a visa extension for living with my Thai child and yes I could live on 22,000 baht a month though it would be difficult at times.

Food is relatively cheap here and there are no real bars, go-go or other type but I rarely go out anyway except to friends.

I don't even watch cable or other tv though I am on the internet a lot using postpaid AIS that costs me 300 baht for call (except international) and 500 baht for 250 hours on EDGE internet access.

Water is 2.5 baht per cu/metre and electricity is 3 .7 baht per unit and I don't remember the last time I used the air conditioner.

As I understand, the major capital costs are taken care of.... but what of day to day costs that are not included in the 'social wage' of living in the UK compared with Thailand?

Health insurance for self and family?

Educational expenses for child(ren)?

These two alone would make a huge dent in Bht22K a month.

This where it gets tricky.

As a married man I will not be on the 22,000 baht a month but 37,000 (plus I have 2 other pensions anyway) but that is not really relevant to the post which as I understand it is could I personally live on 22,500 baht a month.

My wife and child have insurance for health though not a lot and at my age of 64 it will be very difficult to obtain. The local doctors are OK for normal health problems but for life threatening health problems I am making plans and I have told my wife that should I need long term hospital treatment that she is NOT to sell the house and land etc to help me. It is the future living for my wife and son and their future.

I am the past generation, my wife is the present and our son is the future generation. I have had a wonderful life and I have been to places that when I was a child I would only read about. I have benn to more places than most people of my generation that I knew in the UK and the only real change I would like to have made would be to have met my Thai wife earlier.

For education my son (he is only 3 1/2 now) goes to school in the next village at cost of around 2,500 a term including transport and lunch.

We are also paying into an insurance for him so that when he becomes 18 or 21 I cannot remember he will comer into a fair some of money.

[Gary A]

Now in the village near to where I live I pay the prices that the Thais pay even in the markets but as I am not Thai perhaps it has something to do with where I live. In a village where most people know me, smile and stop to talk to me in the street and in the shops. I dont live in Bangkok or any of the big cities.

I am married and will be receiving my state pension in 2009, the house and land is paid for and I am on a visa extension for living with my Thai child and yes I could live on 22,000 baht a month though it would be difficult at times.

Food is relatively cheap here and there are no real bars, go-go or other type but I rarely go out anyway except to friends.

I don't even watch cable or other tv though I am on the internet a lot using postpaid AIS that costs me 300 baht for call (except international) and 500 baht for 250 hours on EDGE internet access.

Water is 2.5 baht per cu/metre and electricity is 3 .7 baht per unit and I don't remember the last time I used the air conditioner.

As I understand, the major capital costs are taken care of.... but what of day to day costs that are not included in the 'social wage' of living in the UK compared with Thailand?

Health insurance for self and family?

Educational expenses for child(ren)?

These two alone would make a huge dent in Bht22K a month.

There are just my wife and myself, no children. My health insurance costs me about 21,000 baht per year. The car and pick up truck insurance are quite a bit more than that. So say the insurance is about 5,000 baht per month total. My wife has some sort of health insurance through her bank. She pays for that herself. I have no idea what it costs. My wife is tighter than the bark on a tree. We have UBC gold during American football season and the cheaper version the rest of the year. We have our own rice and eggs plus some vegetables and fruit. I use AIS EDGE for the Internet and get 250 hours per month for 500 baht. My wife is a great cook so we VERY seldom go out to eat. I burned out with the bar scene long ago so bars and booze are a very minor expense. In fact at my favorite watering hole, I pay 35 baht for a big bottle of Archa beer. Utilities are seldom more than 1,000 baht per month, maybe 1,200 during the hot season when I use the air con in the bedroom. Living well out here in the boonies costs me very little. I'm happier than I have ever been. Call it content. Life is good.

[hullmonkey1]

I would say yes if you have your own home. I give the wife 30,000 baht a month housekeeping (to cover all expenses) of which she sends 4000 to her family. we have a son, run a car and have UBC, aircon etc. I work overseas and when I am away she rarely cooks at home. The extra expense of buying imported food stuffs when I am home is offset by cooking at home.It depends on what you are looking for. My idea of a good night is to invite a few friends over for a BBQ and drinks. I would be surprised if someone of UK retirement age needs a monthly fund for go-go bars.

I have nearly 20 years untill my UK gov pension kicks in (if there is owt left by then) but when it does I have no intention of being straight with them. I will simply claim from one of my kids homes (no mention of living in thailand)so no problem with a frozen annual amount