New Poster

[RetireSoon]

Hello, I am new to the forum only made a few posts, I have had 6 holidays in Thailand over the last 2 years and am looking to relocate, I am 50 years old and will have a pension and rent of £2000 a month

I know I have to pay tax in UK.

Long term will that be enough ? I realise inflation will erode it so I hope to save 15% a month is it possible.

I am not a big drinker but like to play golf, should I go for it ?

Or wait till 55 ? when I will have 2500£

Thanks I am sure its been asked before

[Glauka]

Well I cannot help you...I am spanish and I live in Spain so I know nothing about UK taxes even though I lived there for a while... but anyway

WELCOME TO THAIVISA

[Jingthing]

You might want to also mention how much your net income is after tax and also do you have a chunk of capital other than income, for example do you plan on buying a home here to live in, or to rent?

Sounds like you are well qualified for the visa though. If I were you, I would also consider life expectancy, health issues, family longevity, etc, as 50 is a bit early.

Edited September 30, 2008 by Jingthing

[Martian]

Jingthing makes a good point that retiring in Thailand isn't only about covering month-to-month expenses. Depending upon where you live and what lifestyle (golf can be 250 - 2000 Baht per round) you want to lead will dictate your monthly costs. At present, I think it is possible to live quite comfortably in Chiang Mai for less than $1000 US a month and possibly far less. Personally, I don't need, nor want a big place to live, but rather a "base" from which to live out the rest of my life. Fortunately, I built a small house on my wife's family property in 2003 and have that side of things covered.

I am 49 and thinking of going to Thailand for the remainder....maybe not retire at first but rather maybe teach for a couple years (or more) and see how my investments grow or not grow to determine if I can retire or not. My main goal for the first year of teaching is to teach in a government school so I can enter the Social Security system, which will give me medical care for life whether I stay employed or not. There's just a couple of ongoing requirements if not working but easily doable.

My biggest sticking point is leaving my family here. My parents are healthy but in their early 70's and I have always been on the road so until lately, I haven't had much of a life with them. But, in the end I guess I should do what is best for my wife and I and not necessarily whats best for the rest of my family.

I'm hoping to have medical coverage through the Thai Social Security scheme and at least $2000 (after taxes) US available each month for the next 3-5 years and then maybe increase it to $2,500 after 5 years. My wife and I sat down separately and did a monthly budget based on 30,000 baht (potential teaching salary) and surprisingly, we came out pretty close to each other on expenses etc. That doesn't include flights back to the USA etc...this is where the additional savings comes into play as Jingthing eludes to. You gotta have back-up for unforeseen events and surprises.

I am doing this because my company made the choice for me by taking my job away after 22 years of loyal and dedicated service, including 3 years in Thailand. So, given the situation, I am following the philosophy of Carpe Diem (Sp?)!

Good luck in your decision on which way to go. Just make a good thought-out choice, don't look back and make the best of your choice!

Regards,

Martian

[GungaDin]

If you are sensible you can live well on US$3000 a month.

Just make sure you don't leave blighty without good travel/health insurance.

2000 squid.... I wish!

[bendix]

130000 baht gross, so I'm assuming around 110000 a month net. That's not a bad sum to be able to rely on each month, particularly if you're not fussed about living in Bangkok. I think Hua Hin or CHiang Mai would be much nicer retirement options, and much cheaper also. You should be able to do it, so long as you have self-discipline, remember to save some each month to take care of inflation etc.

Presumably, this will be supplemented by the UK state pension when you're 68 too?

[slapout]

Check out the topic.'Farang making a living in Thailand' started a couple days ago. The experts have the answers

[WilliamTarmby]

Some crazy figures being banded around here.. you don't drink a lot..You can live here COMFORTABLY on well under a thousand pounds a month, hel_l the locals get by on about a hundred dollars, and they drink!.I don't understand what you mean about pension AND rent? Do you need to pay rent in the UK? or are you getting an income from rent in the UK?

Why do you need to pay UK tax?

Just leave and pay nothing, explain to the tax beast you are not resident for more than 180 days a year, you should have no liability.

I have been working in China / Thailand for the past 10 years, still classed as a UK resident, but with a "0" tax code.

I wanted to become non resident, but it was THE TAX office that suggested it was better just to get a 0 tax liability..who am I to argue with their stupidity.. it allows me to keep a UK mailing address, UK bank accounts, all tax free..for now LOL. seriously there are ways around it.

See if there is a way to get your monthly income (as you are not 65 yet) paid to you as a kind of salary, but that you work outside the UK, a good accountant or a dipshit tax official may be able to point you in the right direction.

[WilliamTarmby]

130000 baht gross, so I'm assuming around 110000 a month net. That's not a bad sum to be able to rely on each month, particularly if you're not fussed about living in Bangkok. I think Hua Hin or CHiang Mai would be much nicer retirement options, and much cheaper also. You should be able to do it, so long as you have self-discipline, remember to save some each month to take care of inflation etc.

Presumably, this will be supplemented by the UK state pension when you're 68 too?

Bendix..please tell me you have made a typo, and the UK retirement age is still 65....or are they still moving the goalposts...jesus, It will be illegal to die and stop working by the time I envisaged a pension.

There are probably some "work at home " jobs you can perform from a coffin.

[chickenslegs]

Why do you need to pay UK tax?

Just leave and pay nothing, explain to the tax beast you are not resident for more than 180 days a year, you should have no liability.

I have been working in China / Thailand for the past 10 years, still classed as a UK resident, but with a "0" tax code.

I wanted to become non resident, but it was THE TAX office that suggested it was better just to get a 0 tax liability..who am I to argue with their stupidity.. it allows me to keep a UK mailing address, UK bank accounts, all tax free..for now LOL. seriously there are ways around it.

See if there is a way to get your monthly income (as you are not 65 yet) paid to you as a kind of salary, but that you work outside the UK, a good accountant or a dipshit tax official may be able to point you in the right direction.

TTBOMK

A UK Pension = earnings in the UK = taxable

Rental income from a house in the UK = earnings in the UK = taxable

If anyone knows different, please illuminate me. I could do with an extra 20% or so.

Also. Yes the UK pension age for men and women will be increasing to 68 over a period of time. The UK Pensions website has a calculator so you can see whether you are affected. I am 52 and will get my state pension at 65.

The OP should do OK on his income, especially as he doesn't drink much (yet) or have a Thai GF (yet).

Edited October 1, 2008 by chickenslegs

[TEFLMike]

I think it is 35 years of age and under who will not be able to retire until they are 68 years of age, almost certain.

Edited October 1, 2008 by TEFLMike

[harrry]

130000 baht gross, so I'm assuming around 110000 a month net. That's not a bad sum to be able to rely on each month, particularly if you're not fussed about living in Bangkok. I think Hua Hin or CHiang Mai would be much nicer retirement options, and much cheaper also. You should be able to do it, so long as you have self-discipline, remember to save some each month to take care of inflation etc.

Presumably, this will be supplemented by the UK state pension when you're 68 too?

Bendix..please tell me you have made a typo, and the UK retirement age is still 65....or are they still moving the goalposts...jesus, It will be illegal to die and stop working by the time I envisaged a pension.

There are probably some "work at home " jobs you can perform from a coffin.

Bendix never makes typos.....he writes all his posts with a pen see his photo.

[Neeranam]

Or wait till 55 ? when I will have 2500£

Depends if you like working in the UK or not, how old you plan to live to etc.

If I were you I'd retire now. Actually, if I were you, I'd have retired 10 years ago and lived on 1500 pounds a month - more than enough.

[JohnC]

I think it is 35 years of age and under who will not be able to retire until they are 68 years of age, almost certain.

The Pensions Act 2007 and the Pensions Act (Northern Ireland) 2008 provide for the State Pension age for both men and women to rise from 65 to 68 in stages between 2024 and 2046.

[bendix]

130000 baht gross, so I'm assuming around 110000 a month net. That's not a bad sum to be able to rely on each month, particularly if you're not fussed about living in Bangkok. I think Hua Hin or CHiang Mai would be much nicer retirement options, and much cheaper also. You should be able to do it, so long as you have self-discipline, remember to save some each month to take care of inflation etc.

Presumably, this will be supplemented by the UK state pension when you're 68 too?

Bendix..please tell me you have made a typo, and the UK retirement age is still 65....or are they still moving the goalposts...jesus, It will be illegal to die and stop working by the time I envisaged a pension.

There are probably some "work at home " jobs you can perform from a coffin.

Bendix never makes typos.....he writes all his posts with a pen see his photo.

And I never make mistakes. The OP is under 50. The state pension retirement age increases to 68 if you don't reach 65 by 2010.

[RetireSoon]

Why do you need to pay UK tax?

Just leave and pay nothing, explain to the tax beast you are not resident for more than 180 days a year, you should have no liability.

I have been working in China / Thailand for the past 10 years, still classed as a UK resident, but with a "0" tax code.

I wanted to become non resident, but it was THE TAX office that suggested it was better just to get a 0 tax liability..who am I to argue with their stupidity.. it allows me to keep a UK mailing address, UK bank accounts, all tax free..for now LOL. seriously there are ways around it.

See if there is a way to get your monthly income (as you are not 65 yet) paid to you as a kind of salary, but that you work outside the UK, a good accountant or a dipshit tax official may be able to point you in the right direction.

TTBOMK

A UK Pension = earnings in the UK = taxable

Rental income from a house in the UK = earnings in the UK = taxable

If anyone knows different, please illuminate me. I could do with an extra 20% or so.

Also. Yes the UK pension age for men and women will be increasing to 68 over a period of time. The UK Pensions website has a calculator so you can see whether you are affected. I am 52 and will get my state pension at 65.

The OP should do OK on his income, especially as he doesn't drink much (yet) or have a Thai GF (yet).

That was my understanding rental from properties gets taxed as does pension, I will get old age pension 65 !! If I live that long.

I liked the comment about "not drink much yet" and "no Thai girlfrend yet" I have heard whispers they are good at extracting money !!

After working all my life is there not a chance of boredom ? I guess I am a well adjusted slave

If I got the pay off from work decision made for me, I am not sure if I should procrastinate !!

Thanks for the input guys , nice to get other views and knowledge

[JohnC]

The state pension retirement age increases to 68 if you don't reach 65 by 2010.

Wrong!!

The Pensions Act 2007 and the Pensions Act (Northern Ireland) 2008 provide for the State Pension age for both men and women to rise from 65 to 68 in stages between 2024 and 2046.