Retirement In Thailand-Is It Still Lucrative?

[RobL]

I have been contemplating with retiring in Thailand. Five years or so ago this was probably an easy decision to make given the x-rate, cost of living in Thailand and its relative political stability.

Fast forward to 2010 and white turns to black: Thai baht has soared compared to most OPEC currencies, cost of living has gone way up (the "beer index"-how much did a beer cost 5 years ago compared to now? sure there's inflation but 2x-3x times is unreasonable) and Bangkok was a war zone just a few months ago.

So all in all, is Thailand still an acceptable option for retirement or is it time to look elsewhere?.

Thinking out loud here and would be interested in other forum members' musings.

Cheers,

Rob.

[PattayaParent]

Depends on how much money you have available to retire on.

[fred007]

Im in the same boat as you Rob.

Maybe Boat is not the appropriate use of words being that in many provinces a boat has been there only means of transport of late

ahhhhhhh Thats another reason ? should i stay or should i go....Too much Naam Fon Phar Lap

Merry Xmas

[apetley]

I live in a nice quiet village so don't worry that BKK is a "war zone" every now and then.

Water, electric and internet are maybe 2500 bht per month, way less than they would be back home in the UK.

Our self built home is 100% paid for so little maintenance costs there.

I drink little beer, that's not one of my retirement priorities, maybe a case per month.

I am married to a Thai so no need to look for "entertainment", mine is all free

I am so much better off retired here in Thailand than still having to work back in the UK.

[RobL]

PattayaParent: wouldn't that be a consideration everywhere you retire?. Obviously if someone if very rich or very poor Thailand (and alike) are probably not a wise move. My question is assuming you're the average Joe, is it worth it?.

apetley: glad to hear you're enjoying the LOS. However if I'll retire I would probably look for something more central, say Bangkok, Pattaya or alike with major amenities and good medical services. Obviously a village in the countryside is always cheaper to live at but that's not on my radar.

[theoldgit]

Since I retired to Thailand a tad over three years ago I get about 57,000 less Baht per month due to it's strength against the GBP. I have cut my cloth accordingly and still live pretty well, I don't crave for western food, I don't go to bars, we have a very comfortable lifestyle. When I look at the increase in the minimum wage in Thailand it puts it all into perspective, but of course I would love it with more Baht to my Pound..

I went back to the UK in May to visit family, I did wonder how long it would take before I missed home (Thailand), it was less than an hour, the bus journey from Heathrow to Hemel Hempsted. As the week went on I became more and more disillusioned with the UK and remembered why I left in the first place.

Of course Thailand isn't perfect, where is in the world is, but if you think you will be happy living in Thailand, remember it's not a holiday, then follow your dream, there will be highs and lows, but it's the best thing I ever did.

[craigt3365]

Check out this thread...good discussions here:

http://www.thaivisa.com/forum/topic/347262-alternative-retirement-destinations-for-expats-other-than-thailand/page__st__375

[IMA_FARANG]

I now am retired, and live in Bangkok.

Yes the Baht/Dollar rate is a concern...but it's still possible for me to live in a comfortable way here. I would be better off if the baht weakend, but I've been planning/saving for my retirement for over 30 years...so I knew what I was getting into long ago.

I have a house for myself and my family, so I don't have to pay rent. Big savings there.

The "baht to beer ratio" is a non-problem. Basically because I really don't want or need any beer. That's just a personal choice I made. Honestly I don't really know what the price of beer is now, and I don't really care.

You're idea that Bangkok was a battle zone a year ago is not completely true. Frankly, out where I live, it was barely noticed. Sure they saw the demonstrations and such on television. But Bangkok is a big place, and there were parts of Bangkok that were barely affected...except for traffic problems...by all that stuff.

Somehow people who have been here a few years (but not longer) seem to think that things are "worse" now in Bangkok. I'm not deneying the problems...but the idea that there was some magical golden time that made Thailand a paradise to live in, I'm here to tell you it never was that.

If you think 30 Baht to a dollar is bad...when I first came to Thailand it was between 20 and 25 Baht to a dollar. In July 1977, the first time I came to Thailand, there was as 0100 (1 a.m.) curfew in Bangkok and you could be arrested (although foriegners rarely were) for breaking that curfew.

Bottom line: if you really want to retire in Thailand, you still can. Just do your homework, save the money you will need, and make your preparations for that time. Then just do it. If you spend all your time worrying and thinking about the possible problems, you'll never get it done.

And stay out of the "Farang Ghettos".

Edited December 13, 2010 by IMA_FARANG

[longstebe]

I now am retired, and live in Bangkok.

Yes the Baht/Dollar rate is a concern...but it's still possible for me to live in a comfortable way here. I would be better off if the baht weakend, but I've been planning/saving for my retirement for over 30 years...so I knew what I was getting into long ago...........

And stay out of the "Farang Ghettos".

Very sensible post

Edited December 13, 2010 by astral
Removing long quote

[afarang]

PattayaParent: wouldn't that be a consideration everywhere you retire?. Obviously if someone if very rich or very poor Thailand (and alike) are probably not a wise move. My question is assuming you're the average Joe, is it worth it?.

apetley: glad to hear you're enjoying the LOS. However if I'll retire I would probably look for something more central, say Bangkok, Pattaya or alike with major amenities and good medical services. Obviously a village in the countryside is always cheaper to live at but that's not on my radar.

Bkk., Pattaya, Phuket are well and truly off my radar. Village life for me and mine. Comfortable house , cheap food, good local Monday market, Albeit a visit to Makro every 3 months, local beer bar ,to have a beer with friends .What more could you want?

[craigt3365]

PattayaParent: wouldn't that be a consideration everywhere you retire?. Obviously if someone if very rich or very poor Thailand (and alike) are probably not a wise move. My question is assuming you're the average Joe, is it worth it?.

apetley: glad to hear you're enjoying the LOS. However if I'll retire I would probably look for something more central, say Bangkok, Pattaya or alike with major amenities and good medical services. Obviously a village in the countryside is always cheaper to live at but that's not on my radar.

Bkk., Pattaya, Phuket are well and truly off my radar. Village life for me and mine. Comfortable house , cheap food, good local Monday market, Albeit a visit to Makro every 3 months, local beer bar ,to have a beer with friends .What more could you want?

Jazz bars, fine restaurants, movies, bowling, beaches, shopping, seaside restaurants, wine shops, etc.?????? Just a few that come to mind.

[neverdie]

I am married to a Thai so no need to look for "entertainment", mine is all free

Theres no such thing as a 'free lunch' apetley, I am sure you have heard that before. Others will argue that its cheaper to be single & entertain yourself via other means.

[craigt3365]

Edit: Deleted due to duplicate post. Sorry!

[Kwasaki]

I live in a nice quiet village so don't worry that BKK is a "war zone" every now and then.

Water, electric and internet are maybe 2500 bht per month, way less than they would be back home in the UK.

Our self built home is 100% paid for so little maintenance costs there.

I drink little beer, that's not one of my retirement priorities, maybe a case per month.

I am married to a Thai so no need to look for "entertainment", mine is all free

I am so much better off retired here in Thailand than still having to work back in the UK.

Not all free but very cheap indeed, a yes from me too. +1.

horses for courses.

[supaprik]

I am married to a Thai so no need to look for "entertainment", mine is all free

Theres no such thing as a 'free lunch' apetley, I am sure you have heard that before. Others will argue that its cheaper to be single & entertain yourself via other means.

Never a truer word was spoken in jest......sums it up in a nutshell

[fletchsmile]

I'd rethink why you want to retire in Thailand. It's a lifestyle choice, and there are many different lifestyles within that.

The factors you mention are: "is it lucrative", (cheap)"cost of living", "exchange rate". Thailand will tend to grow quicker than most places in the West for some time to come. With that in mind, expect the cost of living and exchange rate trends to continue in the same direction. So the financial incentives for being here funded on overseas income will get less and less. If you're worried about it now, I don't see it improving for you in the next decade - aside from a few short term blips now and again.

I see politics as a bit of a red herring. It leads to temporary economic blips, but for foreign retirees, aren't part of politics, government and arguably society anyway, so it doesn't matter much. Thailand's politicains have been shooting themselves in the foot for decades and life goes on. Chances of a civil war are small in my view, and most other political outcomes irrelevant

[Jingthing]

It certainly isn't cheap anymore for most western currency dependent people these days. When you add the baht strengthening (which is likely to continue) to continued inflation, it cannot be ignored. Personally, I strongly suggest those looking for a budget retirement destination these days LOOK ELSEWHERE. Many will disagree but these days I often am feeling here -- first world prices (and often higher) for third world service/quality/infrastructure. There are certainly better value retirement destinations in the world.

Edited December 13, 2010 by Jingthing

[rgs2001uk]

How much money do have to live on each month?

Others have already mentioned falling exchange rates and inflation what you have today will be worth half as much in ten years time.

Have you priced up the cost of decent medical insurance?

Can you afford to retire in your own country, if the answer is no then you cannt afford to retire here.

[Jingthing]

Bottom line, I think people need to hear the current truth rather than the pie in the sky live on 500 dollars a month in paradise fantasy island websites. Things really have changed here rather dramatically. Many of us still like Thailand of course, but the cheap factor needs to less of a factor in that, because it is no longer true. I have my own reasons now for staying (some economic based on assets in Thailand already) but if I was starting now, I would not do it.

Caveat, if you think you would enjoy living like a poor Thai peasant, OK, it can be still be cheap, but be prepared to be double charged even at that level!

Edited December 13, 2010 by Jingthing

[IanForbes]

it all depends on your goals in life and whether you are single or married. It's much more expensive to be married... even to a good wife who works. Believe me, I know. And, I don't lack for female companionship.

As I've grown older I no longer value "things" anymore. By things I mean houses, furniture and all the stuff that goes into a home. The only thing I value are my toys: cameras, computer, fishing tackle etc, and they are replaceable.

It's different when you are married and the woman wants a home and all its furnishings. You can only sit on one chair, eat at one table, sleep in one bed, or bath in one shower at a time. It's just as cheap to eat a Thai meal in a cafe as it is to cook your own meals. If I lived full time in Thailand I would probably own a car, but for the 5 months I'm here each year its easier and cheaper to ride a motorbike.

I have a modest pension and yet live a very full life, both in Canada and Thailand. It helps that I own my big home in Canada and I don't have mortgage payments. All I pay are the taxes and electricity. It's actually cheaper for me to close my home in Canada for the winer and live in Thailand for 5 months. My telephone, TV and internet package in Canada costs me more than my rent in a Thai hotel in Chiang Mai... (Shhhh, don't tell the hotel owner. )

To me, my home in Canada is just my son and daughter's inheritance. They'll get all my junk when I'm gone.

[jazzbo]

Believe me, I know. And, I don't lack for female companionship.... as he will be the first to tell you.

[IanForbes]

Believe me, I know. And, I don't lack for female companionship.... as he will be the first to tell you.

You are begining to sound very childish, jazzbo. I can back up everything I say and don't need to sneek around like yourself.

[jazzbo]

How can you 'sneak up' on someone who makes 3000 posts per year ... Just say what you have to say ... You don't have to qualify it with that "Believe me... I know" or "I know lots of Thai women and ..." boorishness.

Edited December 13, 2010 by jazzbo

[astral]

Don't forget to factor in health care,

which may be government subsidised back home.

My insurance premium has just risen by nearly 50%.

[stander]

I have lived here a long time and have a settle home and family, so almost certainly I will be retiring here.

However if I was asked whether I could recommend retiring here, I would be very hesitant and recommend that you have a good look around and do not commit until you have at least a few trial runs.

I have hedged my bets somewhat also as last year we bought a place in Penang, which is turning out to be a nice earner.

[rics21]

its always better to retire in Thailand, i have friends, at least 10 of them. having small businesses here. all of them r doing well, i guess.

its fine to retire in thailand, if:

1. u r not looking for sex entertainment

2. u dont get into a scam with a thai bar girl

3. u didint over pay your GF the sin sot she ask for (500k+)

4. u have pensions, and monthly income.

5. u have the pensions and monthly income and u know how to invest the money in to something worthy.

i met a lot of retirees who spent their life-time savings on:

1. a young bar girl

2. an old bar girl

3. night outs with the bar girlS

4. an investment on a Bar/ night outlets.

5. scams and frauds

all went either broke or desperately trying to make ends meet.

retiring here is almost the same as retiring back home.

the only difference is that there is a high possibility u can find someone to grow old with u.

[jazzbo]

As for retirement here in Thailand it is simple: For me Thailand is my home 11+ months per year... Financially I am way ahead ... If I were in the USA I would not see Mother and siblings much more than I do with my annual trip ... I have plenty to do with a USA registered Non Profit (NGO) ... and I am able to assist Persons in Thailand who are disabled on a daily basis which is well known to the authorities... My health care costs in Thailand are a small fraction of what they would be in USA... So at least for myself it is certainly lucrative enough.

[RJfromUSA]

im from usa and lived and worked in bangkok for 4 years

i retired after 4 years and lived for 1 year at jomtien beach in pattaya

there r many activities for retirees in pattaya as well as for families

the night life u can either take it or leave it or just hang around to observe sometimes

the transportation is very cheap and the cost of food is very reasonable if u have a thai friend to show u the where and how and when

i leased a condo on the 15th floor and had an awesome view of the gulf and off shore islands for 13,000 baht a month

and live a reasonalbly comfortable life for 65,000 baht a month (2 people)

after 2 years i moved to karon beach in phuket and rent a 4 room bungalow with all the conveniences for 12,000 baht a month and after 1 year will be reduced to 10,000 baht a month

im very close to the beach in a quiet and private area and live every near nice restaurants and shops

the air is pure and the beach is clean and the sea breeze is refreshing

2 of us can still live here with reasonable comfort for 65,000 baht a month

im living in a place that is like paradise to me

i have no plans to return to usa to live and could never live there and enjoy this kind of life on this amount of money

i hope this helps u with ur decision

CHEERS!!

[jdinasia]

Starting my 8th year living in Thailand full time (and "retired" the first 7).

BKK is one of the least expensive cities in the world to live in. (I lived there 5+) Thailand is still a great bargain overall. The exchange rate is STILL better than when I first visited here.

I went back to work last January, not because I HAD to, but because at 45 years old just knocking around Thailand had started to wear on me. Strangely that has worked to my advantage with the strengthening Baht. The rental income I have from the US now stays in my retirement trust instead of getting spent and that helps offset a bit of taxes etc.

If you really haven't planned a retirement then retiring ANYWHERE is not gonna be too much fun. If you have done some decent financial planning then Thailand still has a lot to offer.

Will I stay here in the looooong run? Who knows!? I probably will but I have also been learning Khmer and looking at a business there as well as having enough back in the US to pick up stakes and walk without taking a beating here.

[GuestHouse]

I'm pleased to see Imafarang has edited his early post - The numbers were interesting but then on the internet the math doesn't always add up.