Would I Have A Future In Thailand?

[Ricardo]

John, dreams are for living, not just wishing-for ! One day you'll be dead ... then it's too late to change your mind.

I would agree that at 50ish & unemployed in the UK, you're now basically on-the-scrapheap anyway, so would you rather be retired and living simply here or unemployed in the UK ? Do you want to join the crowds at Lidl & Aldi ?! That Gordon-Brown recovery may be several years in coming. Seen from here ... it was an easy choice, for me.

I do understand that selling your house, at a big discount to what it was worth before, then clearing the mortgage so you have little left, looks unpalatable. How about renting it out, and living on the rent, instead ?

One piece of advice, if you do make the jump, don't go spending up-to-the-limit from the day you arrive. Take it easy, learn what you enjoy, and where to find it for a fair price. Too many people arrive, buy a big house & car, and go broke after the first 12 months !

Good Luck !

[wensiensheng]

I'm not sure if I am too late to add my experience to this thread, but thought I would do so anyway as it may be relevant.

I retired at 50 two years ago, to live in Thailand. I was previously living in Singapore for 10 years, so knew Aisa generally, and Thailand specifically, quite well.

My decision to retire was based on two factors:

1. I no longer enjoyed the career that I had persued for 35 years (banking), in fact I was growing pretty bitter toward the company for which I worked.

2. I calculated that a combination of investment income and future pension, enabled me to financialy afford to retire.

There were other options open, I could have tried to change career, change employer etc etc, but I decided I had worked enough and since I could afford to retire, I would do just that. BUT, I did not retire immediately upon decideing that it what was I wanted to do. I worked out that if I worked one more year, that extra 12 months was worth a lot to me financially (this was when the banking business was booming remember).

My advice is that if you want to retire to Thailand, then do it. BUT, wait until the time is right. Right for you personally and right for you financially. Thailand will still be here in 1 year, 2 years, so if now is not the right time financally for you, wait until it is. From your post, it seems a recovery in UK house prices is key, but maybe you can rent it out and use the rental income to cover the mortgage? But that's going into detail that only you can work out.

If you are desparate to get yourself here in a short space of time, my advice is to think very carefully about what you do. far reaching decisions taken on an emotional basis, can become a millstone around your neck...sometimes. To follow these theme a bit, I think you say that your UK existance is humdrum and that Thailand is exciting (I am paraphrasing). But beware, when you live in a place day in and day out, the excitement can fade. IMHO, excitement shouldn't cloud you practical judgement.

Despite was it often written in this forum, Thai people are as friendly as people in other countries that I have lived and although some Government laws/practices seemed aimed at doing down the ferang, mostly they are trying to protect their own people. THAT happens in all countries I have lived. I can't buy land here, I couldn't buy and live in a house in Jersey, Channel Islands, even though I lived there for 20 years. In Singapore I could buy a condo but not landed property. So, yes, there are restrictions on foreigners, and it is the norm for many countries, certainly most in Asia.

Well, some thoughts for consideration. Enjoy your retirmeent, just make sure you pick the right time for you financially. Most countries/places are fun....if you have money.

[john1000]

Again thanks for good posts.

Biggest problem, is that any decision made now will have huge impacts later on if I get it wrong. The element of actually living a quality life with a feel good factor is my main driving force.

Its also gratifying that all of you who made the move, don't seem to have any regrets.

Start the process in the Spring......

Chaingmai, lthough a bit more mixed is my main option as seems cooler than Udon which I also liked. Anyone have thoughts on good places to live?

[12DrinkMore]

Stop thinking, just do it.

BUPA Thailand will insure you for 14,000 Baht/year and guarantee that if you take out a policy before your hit 60 they will renew. This will cover a lot of conditions and treatment in most of the best hospitals in Thailand. It is also world wide cover, although I haven't had to test that one. Backup is always to get yourself back to the UK and prostrate yourself at Brown's front door.

And take the good advice above, don't buy anything other than a Honda Dream. No car, no pick-up, no land, no condo, no house; haven't owned a car for over a decade, it helps the earth and in this climate you don't need one. And if you REALLY need one, call up Somchai, who will be pleased to drive you all over for 500 Baht/day plus fuel in his ancient pick-up.

Life at "our" age seems very short, so bugger Brown's "work and tax 'em till they die" Britain, get rid of any bloated consumerism expectations and settle down to enjoy a simple life.

I have no regrets, but Brown is turning into a nightmarish vision as he relentlessly pursues his ruthless ambition of Rescuing the World from, er, well, the MESS THAT HE HAS BROUGHT ON.

[patklang]

70,000 BAHT FOR HEALTHCARE MIN?????

i ampaying 16,000 for a million baht cover,and the company pay direct.70,000 baht for some one in their 70s might be right though.

[patklang]

Hi John,my 10p worth is,

you can live here in Pattaya quite cheaper and much cheaper than living in a beach resort in the uk.some people on here probably live on more money per month than me,but what do i need to spend more money on,

a few more beers,a bigger house,a more expensive meal,bigger,newer car and motorbike.will that make me more happy???

come over and spend a couple of months and see for yourself and dont listen to the so called rich kids on the block,eat thai food if you want,its not a crime as some members think.

[Kananga]

So there seems to be two distinct camps here. The people who say just do it, you can live cheaply and get so so health cover etc and the other camp that says make sure your finances are watertight first and you are not leaving anything to chance.

Personally I would lean to the latter option. The last thing you want is to be unable to afford a retirement visa or have a miserable existence in the UK to look forward to when your Thai funds run out as you mismanaged your finances. Its just shocking the mess some people seem to get themselves into by running away from their financial responsibilities.

What happens if you meet the woman of your dreams in Thailand yet can't afford to look after her on your meagre pension? Watching her get up every day and do a menial job for less than 10,000 baht a month because you didn't plan properly is degrading to both you and her.

Then the funds run out and you have to convince her to move back to the UK to live on a meagre income till you both die or she leaves you for greener pastures.

I cannot stress how important it is to ensure you have sufficient funds to cover retirement. Also you need to take into account that the earlier you quit the longer your little pot has to last you.

I'm currently putting 100,000 baht a month away and will continue to do so for the next 15 years. Money is going to be the last thing on my mind when I kick back and enjoy my golden years with my family. Its the least I can do for them.

[IanForbes]

There has been some very good advice on this thread for a change. A lot depends on what you expect from life. I've never found the local Thais to be any less friendly than people anywhere. If anything they are more helpful. You can't compare the women from the party scene in Pattaya to women elsewhere in Thailand. Pattaya attracts all types in abundance. Personally, I'm a great believer in not burning your bridges. Maybe you could alter your life in the UK so you only have to work 6 or 7 months a year, and then take the remainder in Thailand for its best months. I'm from Canada and spend 7 months in Canada and 5 months in Thailand. I wouldn't have it any other way. I've always got something to look forward to and I'm never stuck somewhere with no options.

[samran]

2008 thread!

[IanForbes]

2008 thread!

Where is the "bang-head" ikon?

It's all Kanaga's fault digging up an old, worn out topic. I always forget to check the date on these things.

[ludditeman]

How do guys revive threads this old

Edited October 14, 2011 by ludditeman

[jimbeam1]

I also find the last part about health in old age to be rather pessimistic. Being concerned about health in old age and choosing to do little or nothing about it, seems a bit apathetic, if not a sign of being lazy (forgive me). Getting old is a fact of life. Barring serious illness or injury, how we choose to age is up to us.

Just my own wrong opinion ...

I agree with you a point but you can never rule out the wild card which is why it is prudent to maintain an escape package back home. Particularly true of the UK where you are provided with free health care so long as you made the minimum NI payements. Okay many will knock the NHS more out of a perverse sense of duty than anything elese but some healthcare is better than none.

Certainly I agree with the comments regarding finances. I would say you need to do your financial planning based on around 2/3 to 3/4 the current exchange rate. Two thirds may be pessimistic, sure hope it is, but if you can survive on that anything better is a bonus. Okay there is the "end of the world" scenario but if we all plan for that eventuality we may as well crawl away into a hole and give up living.

Hmm yes looks like we not only need to look for Satire, but also dates.

jb1

Edited October 14, 2011 by jimbeam1

[Kananga]

It's my fault. I did a search on retirement options and this popped up. Anyway I am sure our comments are still relevant ;-)

[PoorSucker]

Maybe the OP can tell us how things are, active last 2 days ago.

[expatdreamer]

Although 3 years old, goes to show that it remains relevant today.

Kanangra's observation was there were two distinct camps - 1) those that said just do it (you can live cheaply and get so so health cover) and 2) those that said make sure your finances are watertight first and you are not leaving anything to chance.

This was the feedback I also got to my first thread posed this week, but sensed more people in camp 2) than camp 1) - perhaps a sign of the more difficult economic times (or just sustained difficult times over all that time) and how that has affected people.

Would agree it would be very interesting to hear from the OP and see how he has fared. Not sure about others but I got the impression that despite being aware of the financial risks, he was going to throw caution to the wind and give it a good go.

Edited October 14, 2011 by expatdreamer

[Gary A]

Stop thinking, just do it.

BUPA Thailand will insure you for 14,000 Baht/year and guarantee that if you take out a policy before your hit 60 they will renew. This will cover a lot of conditions and treatment in most of the best hospitals in Thailand. It is also world wide cover, although I haven't had to test that one. Backup is always to get yourself back to the UK and prostrate yourself at Brown's front door.

And take the good advice above, don't buy anything other than a Honda Dream. No car, no pick-up, no land, no condo, no house; haven't owned a car for over a decade, it helps the earth and in this climate you don't need one. And if you REALLY need one, call up Somchai, who will be pleased to drive you all over for 500 Baht/day plus fuel in his ancient pick-up.

Life at "our" age seems very short, so bugger Brown's "work and tax 'em till they die" Britain, get rid of any bloated consumerism expectations and settle down to enjoy a simple life.

I have no regrets, but Brown is turning into a nightmarish vision as he relentlessly pursues his ruthless ambition of Rescuing the World from, er, well, the MESS THAT HE HAS BROUGHT ON.

Health insurance for 14,000 baht per year? They promise to never cancel you because of age? Yeah right! When I first retired, I had a million two hundred fifty thousand coverage full coverage per occurrence for 13,000 baht per year. They didn't cancel me but they did raise my premium every year plus they wanted me to pay the first twenty percent of a claim. This was with LMG Pacific. Last year they wanted 28,000 baht for the premium and I told them to stick it. I had one claim for appendicitis during the seven years I was insured.

I hear all the stories about enjoying life while you can and it sounds good. Thailand is a great place to retire IF you have money. Living here on a shoe string is NOT my idea of a happy retirement. The good fairy is NOT going to come along and take care of you in your old age. If you have a retirement fund and a decent pension that will last the rest of your lifetime, then you can retire. If you don't have that, I suggest that you work until you do.

[Ulysses G.]

I have trouble understanding why people would leave work in their 50's for an uncertain future here. Thai people enjoy having foreigners less and less in the country--and I am not talking about tourists--I am talking about residents. We are appreciated about as much as the 'brown' people in your country are appreciated and from what I see on a lot of these forums, there isn't much appreciation for them.

And you will hear from all the folks living in a village in the absolute middle of nowhere, how wonderful it is and how cheap. Remember, they are probably the only foreigner around and see themselves like a king. If you live in a city, with a fair number of middle class folks, they will have little appreciation for your presence. They will, however, tolerate you well.

any valid reason whether appreciation exists or is important? i, for example care a sh** whether Thais appreciate my presence or not although i don't recall any negative experience. au contraire, all Thais i deal with appreciate the money i spend.

I agree with Naam and the Thais treat me exactly the same as they have for the last 2 decades.

[KeyserSoze01]

Many a man has gotten Jasmine Fever after their first taste of Thailand and I would wager just as many sunk into PTB (Post Thailand Blues) once they returned to their homeland. The first thought is to sell-up and move to paradise. Once they begin to plan their pilgrimage, the harsh reality begins to sink in that their dreams may never become reality due to not having the financial where with all to make it happen. It's one thing to have a dream and quite another to make it happen. Knowing where you are financially and putting a plan into place to achieve your goals is the first step... Here is a link to an online retirement planning tool which you can plug your numbers into and see what savings levels you need to achieve your retirement goals. Yes, it is geared toward US citizens, but you can adjust for those values.

http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

[mr78]

one's peak earning years are typically in the range 40-60 years of age, or even longer with a badly needed skill set. Why would anyone want to miss out on trying to max out earnings when there is uncertainty about having enough stashed away, especially when considering retiring to a different part of the world?

I think Spee is exactly right. Many of us start getting tired of the job in our 50s and start dreaming. Dreaming is nice, but for most of us that is all it should be. The key is to work until you have effectively maxed out your retirement income. I don't mean work for ever because your pension may go up for every year you work, but definitely into your middle 60s (unless you have health problems). Don't decide to retire at 50+ just because you think you can live on 50% of your full retirement pension. Sure, you might be able to survive, but will you have the quality of life you want for the next 30-40 years?

From the 50s on, you will have effectively no chance of going back to work if retired life doesn't work out after a year or two. And moving to another country.... a whole new set of problems. And toss in retiring and moving to a country you have only visited......phew, I can't count the number of problems I expect you would encounter.

I see people here who retired so early on so little percentage of their (what might have been a full) pension that now a big night out is a 50-60 baht dinner at a shopping mall food courts. They can't even think of spending 500+ baht, not even once a year for a Xmas dinner.

I would draw an analogy between retiring in your 50s (unless you have mega bucks stashed away) with the people in their 30s who have no savings and spend everything they make because "the future will take care of itself." It doesn't, as those of us now in that future know. If you don't prepare your financial future, you won't have one.

This was a wake up call for me, i've been spending my money like there's no tomorrow for 6 months a year 5-6 years now and have'nt given it too much thought. Maybe it's time to smarten up and get economically secure before it's too late. Thank's for a wise reply!

[nisakiman]

I'm currently putting 100,000 baht a month away and will continue to do so for the next 15 years. Money is going to be the last thing on my mind when I kick back and enjoy my golden years with my family. Its the least I can do for them.

That is assuming, of course, that you are still alive in 15 years time.

Life is a lottery, and sometimes you just have to grab the moment, and to hell with the (unknown) future.

[Kananga]

I'm currently putting 100,000 baht a month away and will continue to do so for the next 15 years. Money is going to be the last thing on my mind when I kick back and enjoy my golden years with my family. Its the least I can do for them.

That is assuming, of course, that you are still alive in 15 years time.

Life is a lottery, and sometimes you just have to grab the moment, and to hell with the (unknown) future.

That has to be without doubt the worst pearl of wisdom I have heard in a very long time. While you are correct that life is indeed a lottery that also means I could technically live for another 70 years and still be years off the age of the oldest living person on the planet.

Let's take two scenarios. Firstly, I continue saving and investing like I am. If I die within the next 15 years in addition to my generous life insurance policy my family would get my retirement funds and be well looked after for life. If I just grabbed the moment, they would not. If I live for another 50 years (which would put me in my mid 80s) I would have been able to have a happy worry free retirement for over 30 years. Free of financial strains.

Lets say I decide to follow your advice and spend it all now because I might die and I do, my family would be left to fend for themselves with nothing. Lets also think about what would happen if I live to be 100. I would have a pitiful existence scraping by on 6000 baht a month without a retirement visa like some other poor twerp on this thread who got it all so horribly wrong because he made the (un)conscious decision to retire before he should have.

Anyway, saving 100,000 a month doesn't mean I am not having a fabulous life as it is right now. I have a wonderful wife and 2 beautiful children, a relatively stress free job that has me travelling all round Asia staying in nice hotels for free. Since the end of July I have been to Malaysia twice (Penang and KL), Indonesia, Dubai, India, Hong Kong and next month Cebu in the Philippines.

Our family outgoings are still well over 100,000 baht a month and I make sure my family want for nothing.

My dear man, I have grabbed the moment with both hands, but that still doesn't mean you shouldn't have a couple of toes curled round the future too.

[JurgenG]

The general attitude of Thai toward foreigners is all because of hollywood.

When Thais watch foreign movies, all foreigners are young, beautiful and rich. But the ones they get are old, ugly and poor.

For them, all foreigners are hi-so. Unfortunately the ones they got are not up to their expectation.

They have the feeling to have been cheated.

[scorecard]

BKK or Chaingmai would be first choice but think differently about the place now. Still love it and met some great people living in Thai, however money would be more of a problem now as although the pounds sinks lower everyday, Thai baht which is linked to the dollar seems not to change. Capital to take there also reduced as investments have slumped.

The exchange rate question seems to come up a lot. IMHO, if exchange rate is a concern or a major go/no-go for this kind of decision, then you very likely may not have enough money socked away. Nothing wrong with your sentiments and motives to be sure, but one needs a large enough bankroll to withstand these kinds of fluctuations.

I am thinking of giving up my job which is ok ish but at 50 odd life is very short and the back end is spent in Out patients anyway.

These kinds of statements are really scary to me, unless one happens to be independently wealthy or at least financially quite well off. For the typical professional worker, one's peak earning years are typically in the range 40-60 years of age, or even longer with a badly needed skill set. Why would anyone want to miss out on trying to max out earnings when there is uncertainty about having enough stashed away, especially when considering retiring to a different part of the world?

I also find the last part about health in old age to be rather pessimistic. Being concerned about health in old age and choosing to do little or nothing about it, seems a bit apathetic, if not a sign of being lazy (forgive me). Getting old is a fact of life. Barring serious illness or injury, how we choose to age is up to us.

Just my own wrong opinion ...

Quote from above:

"These kinds of statements are really scary to me, unless one happens to be independently wealthy or at least financially quite well off. For the typical professional worker, one's peak earning years are typically in the range 40-60 years of age, or even longer with a badly needed skill set. Why would anyone want to miss out on trying to max out earnings when there is uncertainty about having enough stashed away, especially when considering retiring to a different part of the world?"

Totally agree, very wise words indeed.

[scorecard]

I'm currently putting 100,000 baht a month away and will continue to do so for the next 15 years. Money is going to be the last thing on my mind when I kick back and enjoy my golden years with my family. Its the least I can do for them.

That is assuming, of course, that you are still alive in 15 years time.

Life is a lottery, and sometimes you just have to grab the moment, and to hell with the (unknown) future.

That has to be without doubt the worst pearl of wisdom I have heard in a very long time. While you are correct that life is indeed a lottery that also means I could technically live for another 70 years and still be years off the age of the oldest living person on the planet.

Let's take two scenarios. Firstly, I continue saving and investing like I am. If I die within the next 15 years in addition to my generous life insurance policy my family would get my retirement funds and be well looked after for life. If I just grabbed the moment, they would not. If I live for another 50 years (which would put me in my mid 80s) I would have been able to have a happy worry free retirement for over 30 years. Free of financial strains.

Lets say I decide to follow your advice and spend it all now because I might die and I do, my family would be left to fend for themselves with nothing. Lets also think about what would happen if I live to be 100. I would have a pitiful existence scraping by on 6000 baht a month without a retirement visa like some other poor twerp on this thread who got it all so horribly wrong because he made the (un)conscious decision to retire before he should have.

Anyway, saving 100,000 a month doesn't mean I am not having a fabulous life as it is right now. I have a wonderful wife and 2 beautiful children, a relatively stress free job that has me travelling all round Asia staying in nice hotels for free. Since the end of July I have been to Malaysia twice (Penang and KL), Indonesia, Dubai, India, Hong Kong and next month Cebu in the Philippines.

Our family outgoings are still well over 100,000 baht a month and I make sure my family want for nothing.

My dear man, I have grabbed the moment with both hands, but that still doesn't mean you shouldn't have a couple of toes curled round the future too.

Nice picture but very few people comparatively have the knowledge, experience and good luck to find this scenario.

[Kananga]

I'm currently putting 100,000 baht a month away and will continue to do so for the next 15 years. Money is going to be the last thing on my mind when I kick back and enjoy my golden years with my family. Its the least I can do for them.

That is assuming, of course, that you are still alive in 15 years time.

Life is a lottery, and sometimes you just have to grab the moment, and to hell with the (unknown) future.

That has to be without doubt the worst pearl of wisdom I have heard in a very long time. While you are correct that life is indeed a lottery that also means I could technically live for another 70 years and still be years off the age of the oldest living person on the planet.

Let's take two scenarios. Firstly, I continue saving and investing like I am. If I die within the next 15 years in addition to my generous life insurance policy my family would get my retirement funds and be well looked after for life. If I just grabbed the moment, they would not. If I live for another 50 years (which would put me in my mid 80s) I would have been able to have a happy worry free retirement for over 30 years. Free of financial strains.

Lets say I decide to follow your advice and spend it all now because I might die and I do, my family would be left to fend for themselves with nothing. Lets also think about what would happen if I live to be 100. I would have a pitiful existence scraping by on 6000 baht a month without a retirement visa like some other poor twerp on this thread who got it all so horribly wrong because he made the (un)conscious decision to retire before he should have.

Anyway, saving 100,000 a month doesn't mean I am not having a fabulous life as it is right now. I have a wonderful wife and 2 beautiful children, a relatively stress free job that has me travelling all round Asia staying in nice hotels for free. Since the end of July I have been to Malaysia twice (Penang and KL), Indonesia, Dubai, India, Hong Kong and next month Cebu in the Philippines.

Our family outgoings are still well over 100,000 baht a month and I make sure my family want for nothing.

My dear man, I have grabbed the moment with both hands, but that still doesn't mean you shouldn't have a couple of toes curled round the future too.

Nice picture but very few people comparatively have the knowledge, experience and good luck to find this scenario.

I worked hard to get this quality of life. Made choices when I was in the UK 10 years ago to work where I had opportunities to move to Asia even though I took a pay cut at the time. Then through hard work moved to Asia and worked by butt off in a country I didn't like for 8 years so I could get in a position to move to Thailand on a western sized salary and a job that was not tied to Thailand, the Thai economy etc. I am only here through foresight, planning, patience and hard work so you will have to forgive me if I am proud of that fact and have little time for people who can't even scrape the money for a retirement visa together in over a decade.

[mazd2]

The general attitude of Thai toward foreigners is all because of hollywood.

When Thais watch foreign movies, all foreigners are young, beautiful and rich. But the ones they get are old, ugly and poor.

For them, all foreigners are hi-so. Unfortunately the ones they got are not up to their expectation.

They have the feeling to have been cheated.

That's the best point of this thread, so far.

[mazd2]

double-post

Edited October 18, 2011 by mazd2