newbepat Posted February 6, 2011 Share Posted February 6, 2011 (edited) I don't really want to say what country i am from, unless i am pushed (were talking about Europe) but if i say we are not in very good shape at this moment, that would be an understatement, I am tired of what is going on, with the banks and the goverment, in my country, I am looking for a change. ok let me tell you a little about myself, i am 63 years old, i am retired, Taxmam wants to interview me, not sure why. don't want to wait around to find out. i do have a Thai girlfriend,( 3 years now) i have about maybe 500,000 euros pension pot in cash. I am in trouble trying to decide what to do, I need help. I am separated, for about 25 years, can't get divorce as she wants half, i did have another westerner g/f but thats a long story. I have land about (6 rai) in Issan, don't know why i said that, its in her name, its in the sticks. I am thinking of retireing to Thailand, but reading Thaivisa I see lots of forangs are saying they are leaving Thailand, even Stickman is leaving, ( i have great respect for stickman) don't get me wrong Now i am not into the bar scene, done that wore the teeshirt, and all that <deleted>, ( but not that much ) Can anybody Tell me how long that kind of money would last in Thailand. I know i am going to get a lot of jokes from expats telling all sorts things, but can we be serious for a minute guys. I get my pension in 3 years time from my goverment, i would say about 200 euros per week ( if i am lucky )but what do i do in the meantime. This might not be the right forum to air my views, if not i am sorry, Thanks in advance Pat Edited February 6, 2011 by newbepat Link to comment Share on other sites More sharing options...
Jingthing Posted February 6, 2011 Share Posted February 6, 2011 Do you mean 2000 euros per month? Link to comment Share on other sites More sharing options...
RoyHarsip Posted February 6, 2011 Share Posted February 6, 2011 go for it.. thats plenty of dosh, and by the sounds of it you've plenty of land in LOS too (albeit in wifeys name) live as a Thai, keep your head down & you'll have no bother at all.. Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 (edited) go for it.. thats plenty of dosh, and by the sounds of it you've plenty of land in LOS too (albeit in wifeys name) live as a Thai, keep your head down & you'll have no bother at all.. Thanks Roy I hope your right, not wife girl friend its shit or burst now Pat Edited February 6, 2011 by newbepat Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 (edited) Do you mean 2000 euros per month? sorry about 200 euros per week (maybe) who knows whats going to happen in 3 years time Edited February 6, 2011 by newbepat Link to comment Share on other sites More sharing options...
pianoman Posted February 6, 2011 Share Posted February 6, 2011 I can't speak for others, and veryone's situation is different, but I retired to Thailand 10 years ago at the ripe old age of 52.... After investing about 1.5 millon baht on land and a modest but comfortable 3bedroom, 2 bath house, 650,000 on a new truck and possibly another possibly 150,000 on various items, I live very comfortably on about 40,000 to 50,000 baht per month... I live in a smaller city in Isaan rather than subjecting myself to "Village Life", enjoy eating out (Farang / Western Food) several times a week, travel to various areas of Thailand as a tourist maybe 6 to 7 times a year, and generally enjoy a very nice, comfortable and relaxed life and lifestyle... It's not hard to do the math, and with what you say that you have available in cash, and in possible pension income, I think that you will find that you have more than enough to be comfortable living such a life for many years beyond your life expectancy... Only advice that I would offer is be very conservative about your spending, do not loan / lend money to anyone and do not try to start / setup any business to try and recapture lost incomes... I have seen far too many Farang's build Huge / Fancy houses out in the villages then find that "Village Life" is way too boring and walk away from those houses... I have seen many Farang's buy way more land / farms at wife / GF's insistance then realise that it was a waste of money... Likewise many try various business ventures to try and increase their wealth or replace lost money, only to end up adding to the lost wealth... It is very easy to feel "Rich" when living in Isaan with Western levels of wealth, just don't act like you are "Rich" and you should be fine... Pianoman Link to comment Share on other sites More sharing options...
garyh Posted February 6, 2011 Share Posted February 6, 2011 Without your pension you could spend 200,000 to 300,000 setting yourself up with house car etc (you could do it for a lot less). The remaining say 200,000 if you live to 100 gives you 5,000 per month. Unless you like extreme luxury you won't run out of money without making any allowance for interest etc. Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 I can't speak for others, and veryone's situation is different, but I retired to Thailand 10 years ago at the ripe old age of 52.... After investing about 1.5 millon baht on land and a modest but comfortable 3bedroom, 2 bath house, 650,000 on a new truck and possibly another possibly 150,000 on various items, I live very comfortably on about 40,000 to 50,000 baht per month... I live in a smaller city in Isaan rather than subjecting myself to "Village Life", enjoy eating out (Farang / Western Food) several times a week, travel to various areas of Thailand as a tourist maybe 6 to 7 times a year, and generally enjoy a very nice, comfortable and relaxed life and lifestyle... It's not hard to do the math, and with what you say that you have available in cash, and in possible pension income, I think that you will find that you have more than enough to be comfortable living such a life for many years beyond your life expectancy... Only advice that I would offer is be very conservative about your spending, do not loan / lend money to anyone and do not try to start / setup any business to try and recapture lost incomes... I have seen far too many Farang's build Huge / Fancy houses out in the villages then find that "Village Life" is way too boring and walk away from those houses... I have seen many Farang's buy way more land / farms at wife / GF's insistance then realise that it was a waste of money... Likewise many try various business ventures to try and increase their wealth or replace lost money, only to end up adding to the lost wealth... It is very easy to feel "Rich" when living in Isaan with Western levels of wealth, just don't act like you are "Rich" and you should be fine... Pianoman My god Pianoman, thats very good advice, and thank you for been very honest, you have made my day, I consider myself very conservative, I was thinking of building a small house on my land, maybe a bamboo house, I know i am finished earning money now. thats it. I don't have a private pension. so i have to be careful with my money now. My only worry now is will the Euro go bust.. but thats another story. :jap: Pat Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 Without your pension you could spend 200,000 to 300,000 setting yourself up with house car etc (you could do it for a lot less). The remaining say 200,000 if you live to 100 gives you 5,000 per month. Unless you like extreme luxury you won't run out of money without making any allowance for interest etc. Thanks,Gary If i get another 10/15 years i would think myself lucky, Father died 73 Mother died 83. I am 63 now. Who knows? Pat Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 Without your pension you could spend 200,000 to 300,000 setting yourself up with house car etc (you could do it for a lot less). The remaining say 200,000 if you live to 100 gives you 5,000 per month. Unless you like extreme luxury you won't run out of money without making any allowance for interest etc. Gary are we talking Baht or euro now. Link to comment Share on other sites More sharing options...
garyh Posted February 6, 2011 Share Posted February 6, 2011 Without your pension you could spend 200,000 to 300,000 setting yourself up with house car etc (you could do it for a lot less). The remaining say 200,000 if you live to 100 gives you 5,000 per month. Unless you like extreme luxury you won't run out of money without making any allowance for interest etc. Gary are we talking Baht or euro now. So this is not correct? (500,000 euros pension pot in cash) You can build a 2 bedroom Concrete block house for 300,000 Baht. A really big expense you may encounter is if you get sick, without insurance an ongoing illness will break you. Link to comment Share on other sites More sharing options...
garyh Posted February 6, 2011 Share Posted February 6, 2011 Without your pension you could spend 200,000 to 300,000 setting yourself up with house car etc (you could do it for a lot less). The remaining say 200,000 if you live to 100 gives you 5,000 per month. Unless you like extreme luxury you won't run out of money without making any allowance for interest etc. Gary are we talking Baht or euro now. I am talking Euro's, this is if you are not modest, but I am confused you say you have 500,000 Euros and a pension and you are talking about building a Bamboo house???? If all the money you have will only allow you to build in Bamboo stay where you are. Also if you are not happy with government and banks where you are you will no doubt be more unhappy with the same in Thailand. Link to comment Share on other sites More sharing options...
jackdawson Posted February 6, 2011 Share Posted February 6, 2011 "Taxman wants to interview me" "can't get divorce as she wants half" "its in her name" gee, i don't know, sounds like u'd fit right in, pattaya i mean Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 Without your pension you could spend 200,000 to 300,000 setting yourself up with house car etc (you could do it for a lot less). The remaining say 200,000 if you live to 100 gives you 5,000 per month. Unless you like extreme luxury you won't run out of money without making any allowance for interest etc. Gary are we talking Baht or euro now. So this is not correct? (500,000 euros pension pot in cash) You can build a 2 bedroom Concrete block house for 300,000 Baht. A really big expense you may encounter is if you get sick, without insurance an ongoing illness will break you. Ok Gary, I have about 500,000 euros. i do have Insurance back in my home country, and i will have travel insurance worldwide. I don't think you would build much for 300k in Thailand. 500,000 euros in todays exchange rate = 20 million baht x 20 years ? any thoughts? anybody?:jap: Link to comment Share on other sites More sharing options...
Kron Posted February 6, 2011 Share Posted February 6, 2011 I would suggest that you sort out matters with the Taxman before leaving your home country. You must remember that at the end of the day we are just guests here in Thailand and for a host of reasons (as written about here) you may have to return home. As they say "do not burn your bridges" I've enjoyed 9 years here in Thailand but come to realize that I will return home, mainly due to the lack of medical facilities/support here in Thailand. My Bother-in-law died on the way to the hospital on the back of a pick-up. Whilst I have medical insurance I do wonder why I pay it knowing what the first response would be! Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 "Taxman wants to interview me" "can't get divorce as she wants half" "its in her name" gee, i don't know, sounds like u'd fit right in, pattaya i mean What the f..k does that mean ?Jack can you expound on that please? Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 I would suggest that you sort out matters with the Taxman before leaving your home country. You must remember that at the end of the day we are just guests here in Thailand and for a host of reasons (as written about here) you may have to return home. As they say "do not burn your bridges" I've enjoyed 9 years here in Thailand but come to realize that I will return home, mainly due to the lack of medical facilities/support here in Thailand. My Bother-in-law died on the way to the hospital on the back of a pick-up. Whilst I have medical insurance I do wonder why I pay it knowing what the first response would be! Yes Kron, i intend to do that but if taxman is looking for more than i intend to pay. God knows what he will come up with. just trying to do my best thats all. but why pick on that . Pat Link to comment Share on other sites More sharing options...
newbepat Posted February 6, 2011 Author Share Posted February 6, 2011 I would suggest that you sort out matters with the Taxman before leaving your home country. You must remember that at the end of the day we are just guests here in Thailand and for a host of reasons (as written about here) you may have to return home. As they say "do not burn your bridges" I've enjoyed 9 years here in Thailand but come to realize that I will return home, mainly due to the lack of medical facilities/support here in Thailand. My Bother-in-law died on the way to the hospital on the back of a pick-up. Whilst I have medical insurance I do wonder why I pay it knowing what the first response would be! I am sorry to hear about your brother in law. Please remember this is all new to me. all i am asking is for some sound advise If its a good time to retire to Thailand. :jap: Pat Link to comment Share on other sites More sharing options...
theoldgit Posted February 6, 2011 Share Posted February 6, 2011 You are talking about a pension pot of 500,000 Euros then you mention a pension of 200 Euros per week, does that mean you will have a lump sum of 500,000 Euros and a pension of 200 Euros per week or does it mean the pension pot has to be used to give you an income of 200 Euros per week, 866 Euros per month? there is quite a difference there. Is you pension liable for any sort of tax in your home country? You say the tax man wants to speak to you, surely you must have some idea what that's about, taxmen can be very unforgiving. If you intend staying in Thailand for the foreseeable future you need to either have 800,000 or 400,000 Baht on deposit, depending if you opt for an extension based on retirement or marriage, if you intend to extend your stay stay based on retirement you could demonstrate an income of 65,000 Baht, 200 Euros a week will not give you this. I note you have insurance in your home country as well as travel insurance, I don't know what insurance you are talking about but with travel insurance you are often limited to 90 days for any one trip, are you maintaining a residence in you home country? in which case we are back to the taxman. I realise you are only in the planning stage at the moment, but you need to proceed with caution. Good luck Link to comment Share on other sites More sharing options...
garyh Posted February 6, 2011 Share Posted February 6, 2011 (edited) I can't speak for others, and veryone's situation is different, but I retired to Thailand 10 years ago at the ripe old age of 52.... After investing about 1.5 millon baht on land and a modest but comfortable 3bedroom, 2 bath house, 650,000 on a new truck and possibly another possibly 150,000 on various items, I live very comfortably on about 40,000 to 50,000 baht per month... I live in a smaller city in Isaan rather than subjecting myself to "Village Life", enjoy eating out (Farang / Western Food) several times a week, travel to various areas of Thailand as a tourist maybe 6 to 7 times a year, and generally enjoy a very nice, comfortable and relaxed life and lifestyle... It's not hard to do the math, and with what you say that you have available in cash, and in possible pension income, I think that you will find that you have more than enough to be comfortable living such a life for many years beyond your life expectancy... Only advice that I would offer is be very conservative about your spending, do not loan / lend money to anyone and do not try to start / setup any business to try and recapture lost incomes... I have seen far too many Farang's build Huge / Fancy houses out in the villages then find that "Village Life" is way too boring and walk away from those houses... I have seen many Farang's buy way more land / farms at wife / GF's insistance then realise that it was a waste of money... Likewise many try various business ventures to try and increase their wealth or replace lost money, only to end up adding to the lost wealth... It is very easy to feel "Rich" when living in Isaan with Western levels of wealth, just don't act like you are "Rich" and you should be fine... Pianoman My god Pianoman, thats very good advice, and thank you for been very honest, you have made my day, I consider myself very conservative, I was thinking of building a small house on my land, maybe a bamboo house, I know i am finished earning money now. thats it. I don't have a private pension. so i have to be careful with my money now. My only worry now is will the Euro go bust.. but thats another story. :jap: Pat If you mean a basic Thai bamboo house you could build one of those for under 10,000 baht. Edited February 6, 2011 by garyh Link to comment Share on other sites More sharing options...
InterestedObserver Posted February 6, 2011 Share Posted February 6, 2011 Unless you are well isolated from currency depreciation, inflation, and have long-term medical insurance - not a good idea. Overall, the cost of living in Thailand, for the typical expat, has risen at least 50% over the past 5 years. Prices and exchange rate are putting the kibosh on the good life here in Thailand. Link to comment Share on other sites More sharing options...
mstribling Posted February 6, 2011 Share Posted February 6, 2011 Create a budget, stick to it Forget thinking in terms of Euro. Think Baht Stop worrying about Stickman, he's been leaving for years. Imagine what your willing to give up, think about how you would spend a typical day in Thailand. Remember, the only difference between an "expat" and a tourist, is a tourist knows when he is going home. Despite the problems with the global economy, this is still a great place to live. Link to comment Share on other sites More sharing options...
ballbreaker Posted February 6, 2011 Share Posted February 6, 2011 Ok Gary, I have about 500,000 euros. i do have Insurance back in my home country, and i will have travel insurance worldwide. I don't think you would build much for 300k in Thailand. 500,000 euros in todays exchange rate = 20 million baht x 20 years ? any thoughts? anybody?:jap: You have enough cash to make the move provided you don't blow big money on house and car purchase. Before you build house make sure you want to live in the sticks because you have enough money to live in just about anywhere you want in Thailand depending on your life style. I tried living in the sticks and found it wasn't for me so I moved to Bangkok. As someone else mentioned you end up walking away from any money you spent on a house in the sticks but I have no regrets because I keep the investment small. In Bangkok I rent and live a nice life for about 1M baht a year. You mention having travel insurance but you better check policy because they usually have a maximum number of consecutive days you can be out of country of issue. You can purchase health insurance in Thailand. Keep in mind that currency exchange rates will change over time. This will benefit or hurt you depending on which way rate goes. Link to comment Share on other sites More sharing options...
kevkev1888 Posted February 6, 2011 Share Posted February 6, 2011 OK I understand your concerns about moving to Thailand. But not about your financial concerns. YOU HAVE ENOUGH MONEY!!!!!!!!! Link to comment Share on other sites More sharing options...
tripplejjj Posted February 6, 2011 Share Posted February 6, 2011 Ok, I want to chime in. I retired at the age of 31. I moved to Thailand and have been living in Pathum Thani since 2006. I purchased a house for 4.3m baht. The house is in my wife's name only. My wife and I live a conservative but comfortable lifestyle. We don't own a car because taxi is abundant and it gets us to where we want to go without having to worry about parking or accident. We have medical insurance that covers just urgent and emergency care only. We pay as we go for the rest of the routine medical/dental care. In my opinion, routine medical and dental care is acceptable and inexpensive. I do worry about urgent and emergency care, however. As far as finance goes, internet banking is a must. My pension goes directly into my bank accounts in the US. I often use credit cards for most of the purchases when possible. I only use my ATM card to withdraw money when necessary. I do all of my investment online. I use Skype when making long distance calls. Dispite trying to save money as best as possible, our household expense average about 45,000 baht/month. Although the current exchange rate is a bit hard to swallow, the cost of living in Thailand is inexpensive when compared to living in the US. If you are thinking of building/buying a house, please make sure that the propery is not in a flood zone. From my personal experience, housing construction is substandard in Thailand, especially when it comes to electrical. There are many basic things in Thailand that need to be developed, but if you don't engage in the Thai political or social system, then life in Thailand is relatively quiet. Crime is higher than I am used to, so make sure you select the right neighborhood as well. Lastly, make sure that you look before you leap so you don't jump "out of the frying pan, into the fire." Is this a good time to retire to Thailand? My advice is to come and live (rent) a short time before making a decision to permanently retire in Thailand. You are now 63 yo. There is no more second chances if you blow your savings. Link to comment Share on other sites More sharing options...
cardholder Posted February 6, 2011 Share Posted February 6, 2011 I can't speak for others, and veryone's situation is different, but I retired to Thailand 10 years ago at the ripe old age of 52.... After investing about 1.5 millon baht on land and a modest but comfortable 3bedroom, 2 bath house, 650,000 on a new truck and possibly another possibly 150,000 on various items, I live very comfortably on about 40,000 to 50,000 baht per month... I live in a smaller city in Isaan rather than subjecting myself to "Village Life", enjoy eating out (Farang / Western Food) several times a week, travel to various areas of Thailand as a tourist maybe 6 to 7 times a year, and generally enjoy a very nice, comfortable and relaxed life and lifestyle... It's not hard to do the math, and with what you say that you have available in cash, and in possible pension income, I think that you will find that you have more than enough to be comfortable living such a life for many years beyond your life expectancy... Only advice that I would offer is be very conservative about your spending, do not loan / lend money to anyone and do not try to start / setup any business to try and recapture lost incomes... I have seen far too many Farang's build Huge / Fancy houses out in the villages then find that "Village Life" is way too boring and walk away from those houses... I have seen many Farang's buy way more land / farms at wife / GF's insistance then realise that it was a waste of money... Likewise many try various business ventures to try and increase their wealth or replace lost money, only to end up adding to the lost wealth... It is very easy to feel "Rich" when living in Isaan with Western levels of wealth, just don't act like you are "Rich" and you should be fine... Pianoman Excellent, well-balanced report. This is pretty much where I am now - what would you say TODAY's cost of setting up would be ? Link to comment Share on other sites More sharing options...
PoorSucker Posted February 6, 2011 Share Posted February 6, 2011 Helloooo, you have over 200 million baht and is worried. That makes around 85.000 baht per month for 20 years. When you get your pension, it will be 120.000 baht per month. My brother in-law survives on 6000 baht / month. Link to comment Share on other sites More sharing options...
theoldgit Posted February 6, 2011 Share Posted February 6, 2011 Helloooo, you have over 200 million baht and is worried. Actually a 500,000 Euro pension pot equates to 20 million Baht, unless there has been a dramatic change in the exchange rate since I last looked Link to comment Share on other sites More sharing options...
Naam Posted February 6, 2011 Share Posted February 6, 2011 I don't really want to say what country i am from, unless i am pushed (were talking about Europe)I get my pension in 3 years time from my goverment, i would say about 200 euros per week ( if i am lucky )but what do i do in the meantime. why hiding that you are Irish? Link to comment Share on other sites More sharing options...
Naam Posted February 6, 2011 Share Posted February 6, 2011 When you get your pension, it will be 120.000 baht per month. € 200/week = 35,500 Baht/month at today's exchange rate :jap: Link to comment Share on other sites More sharing options...
Recommended Posts