Early Retirement Or Work Another 5 Years?

[middlepath]

Hi Gary,

Really at this time you have 200k to live on. Stated you have 200k in retirement accounts which I am sure can not be touched until you are 59.5 or you will recieve a server penalty, correct? So as of now you might be able to 9 to 10% on your remaining 200K, so say B50K before taxes which would eat up 15%. You cound do it living up north say like Mai Si.... Hard call, but follow your heart. Boths ways will work out for you, it's the law... there is no good luck or bad luck just luck, enjoy the ride.

Now for me, I enjoy my work, but i could enjoy it even more by not doing it.

I feel we (thai wife) and I need to but in 3 more years to do it right. So I have taken the work somemore route.

[Davey]

I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states. I'm in excellent health with no debt. I should also get Social Security at 62 with another $1200 per month, if SS still exists.

My question is should I quit and move to Thailand or should I stick it out and suffer for another 5 years then retire at 49?

<{POST_SNAPBACK}>

Why on earth are you asking what I presume are complete strangers what to do with the rest of your life?

$400,000 isn't that much money, about £250,000. I for one would not wish to see out potentially another 40 years of my life on £250k.

Personally, if I was in your position I would work the extra 5 years to ensure a bit more security.

I wouldn't dream of retiring early on anything less than £500,000 if I wasn't guarenteed any further income. However, it is your life and ultimately your decision.

I'm still bewildered by your post. Honestly, I cannot fathom what some people must think sometimes, asking a forum of complete stranger for some life guidance ...Surely this post is not genuine?

[bakachan]

Why on earth are you asking what I presume are complete strangers what to do with the rest of your life?

$400,000 isn't that much money, about £250,000.  I for one would not wish to see out potentially another 40 years of my life on £250k.

Personally, if I was in your position I would work the extra 5 years to ensure a bit more security.

I wouldn't dream of retiring early on anything less than £500,000 if I wasn't guarenteed any further income.  However, it is your life and ultimately your decision.

I'm still bewildered by your post.  Honestly, I cannot fathom what some people must think sometimes, asking a forum of complete stranger for some life guidance ...Surely this post is not genuine?

<{POST_SNAPBACK}>

LOL aren't financial advisors complete strangers?

I couldn't think of a more appropriate forum for asking this question.

These people have "been there done that"

and i might add that there is some ###### good advice here.

[Davey]

LOL  aren't financial advisors complete strangers?  

I couldn't think of a more appropriate forum for asking this question.

These people have "been there done that"

and i might add that there is some ###### good advice here.

<{POST_SNAPBACK}>

Financial advisor's are qualified.

If the OP just wants some opinions, fair enough. However I do find it rather, well, frightening someone could ask a forum of randoms whether or not he should pack in his life and move to a country of complete contrast to that of which he lives in.

I am just bemused someone could ask this question, particuarly in this context.

[geronimo]

I'd be out of there before you knew it!

[DJ Moore]

I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states. I'm in excellent health with no debt. I should also get Social Security at 62 with another $1200 per month, if SS still exists.

My question is should I quit and move to Thailand or should I stick it out and suffer for another 5 years then retire at 49?

<{POST_SNAPBACK}>

With no company pension ever, if you retire now you have $400,000.00 to use for the next 18 years.

When an iffy $1200 a month ($277.00 a week in today's money) comes in via S. S.

What might ($277.00 be worth 18 years from now)

That is scary, because that is all you'll have coming in. if that much......

i.e.. SS might be reduced, or put off until you are older, etc. etc. etc, because it's in such a bad state.

So in essences with interest you have about a budget of a million baht per year for 18 years.

Doing nothing most people's money gets used up much faster then one would think... It won't multiply, again that's doing nothing.

I don't like it at all................. If you are serious, think wisely my friend. As I see it, retiring in another 5 years would at least put you in a somewhat better position.............. DJM

[RDN]

...

I couldn't think of a more appropriate forum for asking this question.

These people have "been there done that"

and i might add that there is some ###### good advice here.

<{POST_SNAPBACK}>

Thanks bakachan, I agree. I'm here and done it. I made sure I had enough money to live off at 5% interest without touching the capital. How much you need depends on your life style. If you can, come live here for a few months to give it a try. Best of luck!

[Jomtienwow]

Good news for early retirees from the US.

You CAN take withdrawals from your IRAs without penalties.

To do so, you must follow very specific rules about how much is taken, and once you start, you must keep withdrawing or then face huge penalties. All it takes is a consultation with a good tax accountant.

Bottom line, I believe you COULD withdraw a yearly percentage of the 200K in your retirement accounts starting NOW.

More info at:

http://www.retireearlyhomepage.com/wdraw59.html

About your question, if it was me, I would be outta there, especially if I hated my job. It is not the "sensible" or "mature" choice, but who cares? You have your life to live.

[Cheeky Farang]

Only U can decide when enough is enough, click the link and play with you nett asset base and expected life term. ( this website will give you your best guess )

I would suggest when you enter your Required Income Required UP it by atleast 20-25% to give yourself a decent safety net for living abroad, this will then guard against inflation and currency exchange rate flutuations.

CLICK HERE FOR CALCULATION

Have Fun, but be relistic

CF

[IMA_FARANG]

I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states. I'm in excellent health with no debt. I should also get Social Security at 62 with another $1200 per month, if SS still exists.

My question is should I quit and move to Thailand or should I stick it out and suffer for another 5 years then retire at 49?

<{POST_SNAPBACK}>

That is too young for retirement.....even though like most I would like to be in that situation.

You could go for the 50 year retirement...but frankly financially that is risky.

Living on $1200 a month is possible in Thailand (lot of people on this Forum would disagree with me on that) but it is difficult at best to live that cheaply even in Thailand.

I suppose that you could invest the retirement funds in some income making plan or business but I don't know if you can find something that will generate enough income to add to your 1200 dollars. Depends on your lifestyle.

I am now 58 and plan to retire at 62. I think I am the very end of the Social Security generations. (I don't expect the Social Security system in the U.S. to be viable after 2010 to 2020 maximum) Don't count of SS when you are 62 (18 years off). Baby-boom money is going to flow out starting at 2007 (1945 plus 62 years). U.S. will have to change retirement laws to avoid going broke or pay more taxes for Social Security. Upshot---don't count on SS after 2010.

If you have some method of running your own business or income making idea it might be possible to use your 400K to start some income producing plan/business. You would have to work very hard to get that going and make enough money to live.

Bottom line----don't consider retirement before 62, at least realistically.

[Jomtienwow]

Regarding the US social security system, yes it is going to be under strain and yes, adjustments are going to be made, but I haven't seen any evidence whatsoever that the system is going away. The age to get full retirement benefits will surely go higher though, and benefits will probably be reduced, at the very least they will play games with colas, but again, I disagree that the program is going away.

[Thaipwriter]

I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states. I'm in excellent health with no debt. I should also get Social Security at 62 with another $1200 per month, if SS still exists.

My question is should I quit and move to Thailand or should I stick it out and suffer for another 5 years then retire at 49?

you say your bored of your life in the US?

interest off your pile of money should give you about 70,000 baht per month to spend.

2 million baht would get you a nice condo.

In Isaan 70,000 month is big money and you can live easy on this.

In Pattaya 70,000 month is small money and the girls will fleece you of that before the 15th day of each month.

Dont make any hasty desicisions, you are just one of many folks who have done the math and are at a point in thier lives where they are thinking of quitting the west.

[simcity]

I have been force retired at 39 , first a car accident who did open my eyes of my no existence and a to good offer I could not dismiss for my business , then I came to Thailand , I do not miss the problem of running a business and staffs ! Absolutely not, I put myself on active trading the last 8 years and call that a hobby and a covertures to make me believe I am still active!

You can retired when you think it is right for you.. do not follow the norm, if you do not want too .

Now how much? Depends of what is your spending pattern? I still received a monthly rent from a commercial place and a gesture from a friend who rent my house! That is ok for me, have everything I need.

I got a call from my solicitor telling me the business tenant want to buy my freehold, my reply was still bit to young to let it go! Perhaps in 5 years, and in this time I will call myself early retired! Buy a second places along the beach, a car and mutated between then.

Gary if I was you , I will concentrated to see how I can fructified my money the next 5 years , and your amount is a nice sum , but not enough for a retirement !

Can you do your planning on two or three faze ?

[Cheeky Farang]

I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states. I'm in excellent health with no debt. I should also get Social Security at 62 with another $1200 per month, if SS still exists.

My question is should I quit and move to Thailand or should I stick it out and suffer for another 5 years then retire at 49?

<{POST_SNAPBACK}>

That is too young for retirement.....even though like most I would like to be in that situation.

You could go for the 50 year retirement...but frankly financially that is risky.

Living on $1200 a month is possible in Thailand (lot of people on this Forum would disagree with me on that) but it is difficult at best to live that cheaply even in Thailand.

I suppose that you could invest the retirement funds in some income making plan or business but I don't know if you can find something that will generate enough income to add to your 1200 dollars. Depends on your lifestyle.

I am now 58 and plan to retire at 62. I think I am the very end of the Social Security generations. (I don't expect the Social Security system in the U.S. to be viable after 2010 to 2020 maximum) Don't count of SS when you are 62 (18 years off). Baby-boom money is going to flow out starting at 2007 (1945 plus 62 years). U.S. will have to change retirement laws to avoid going broke or pay more taxes for Social Security. Upshot---don't count on SS after 2010.

If you have some method of running your own business or income making idea it might be possible to use your 400K to start some income producing plan/business. You would have to work very hard to get that going and make enough money to live.

Bottom line----don't consider retirement before 62, at least realistically.

<{POST_SNAPBACK}>

The Thai immigration DEMANDS "on a pension" you should have 800k thb per annum to enable to get the Visa required.

I ASK THIS, is $1200us really enough PCM (1200*40 ave exchange rate= 48000) thai baht a month. (this is without allowing for inflation which is running at least 10-12% per annum, so PLEASE forget the Thai government figures on this, they are no different than any government in the world when it come to lying about the true cost of living and inflation)

There have been many many questions/polls on the related questions about cost of living in Thailand. All I can tell you is that, there are expats that are TRAPPED, and those who enjoy flexibility to do what they want when they want to do it.

Lifestyle, yes that is the BIG question, but if one wants quality of life and trips home at least 2 times a year , mortgage payments (safe option), vehicle on 3 year HP, What about kids, they cost money, what about NORMAL holidays at least 4 – 6 weeks per annum, decent falang food is expensive in LOS, the list goes on & on.

I firmly believe the expats that live near the tourist places that their average spend is not to different from those of us that stay out in the sticks, my reasoning behind this is that we both enjoy different life styles, but we do need a change every now and then and those weeks away from our homestead COSTS MONEY.

Below is a table of COMMON expenses, just do a quick exercise/budget and see how much TRUE retirement can cost per month.

Monthly Average Cost Of Living

House / Apartment Rental / Mortgage

Land Tax / Maintenance Fee (for Appartment)

General Property Upkeep (Monthly Average)

Insurance House

Maid, Gardener etc

Electricity (Suggest you allow 3500 min if you want AC)

Water (Min 300 - 500)

TV i.e. USB (1800)

Phones (min 500)

Internet ISP Fee / IPSTAR (3000 + if you are a heavy internet user)

General Housekeeping (Ex Food) (general stuff, cleaning soap etc)

Wardrobe i.e. Clothes, Shoes etc (we all need clothes and shoes)

Food Eating IN

Food Out & Entertainment etc (Lifestyle, thats the question)

Health Insurance

Life Insurances etc. (protection for our famly when we are no longer)

Vehicle's (Purchase / Lease Agreement)

Vehicles Service Fee's

Fuel, Road Tax, Insurance

Vehicle Wear & Tear, Deprecation Etc (ie, a 1000000 vehicle will reduce on ave 800,000 over 10 years) This is equal to a write-down of 6600 per month. ( thats if you keep you car 10 years), than add in inflation to purchase new model, (best guess ??????)

School Fees x Kids (good education costs load of money in Thailand)

School Books / Uniforms etc

Birthday / Xmas / Gifts etc (Now add a figure then DOUBLE IT)

Computer Upgrade / Software / Ink Cartridges etc.

Visa Run Cost Average( 30 - 60 - 90 - Annum visas all cost money)

Holidays (Remember Holidays are expensive, and where you live is not a Holiday)

Airfares ( Back to Home Country) (how many times per annum ???)

Husbands Spending Allowance. (Beer,cigarettes etc etc ETC)

Wife's Spending Allowance. (OH yes they spend money, makeup, clothes etc)

Other Spend Type (1) UP-TO-YOU

Other Spend Type (2) SAME SAME

Now I would suggest you go to the link I posted earlier and play with the figures and check if you have enough to retire in a LIFESTYLE that is acceptable to you.

In my option, currently 48000 thb a month is liveable, but ?? Thats the BIG question

If you are thinking about making your money work for you in LOS, then this is NOT retirement, IN FACT you might even find your average spend has increased.

[risky11]

I'm still bewildered by your post.  Honestly, I cannot fathom what some people must think sometimes, asking a forum of complete stranger for some life guidance ...Surely this post is not genuine?

<{POST_SNAPBACK}>

I find you quite judgmental. The OP has surely asked his friends and family about this issue and yet is not sure what to do. Why not ask a forum full fo strangers, who have no ulterior motives and are here to help, for their input. It is still his decision. But this group of expats and interested parties is a wonderful resource.

[The Coder]

I too think this is a good subject and a good place for it. When it comes down to it, money is freedom. The freedom to live where you want, eat what you want, buy what you want, travel how you want, etc. From the sound of it, the amount of money you have now you can just "make it". That means there is a kind of lifestyle in Thailand that would fit. But while that might sound good now, 10 or 20 years from now you may dream of a fancy car, a nice house somewhere else, or other toys that you can never have due to limited funds. You are essentially making a decision to limit your freedom for the rest of your life unnecessarily. I think you are cutting it a little too thin, but only you can answer that one. Avoid doing something that you can't undo and will shackle you. I would say look into if you can take a sabbatical or unpaid leave. Spend the better part of the year in Thailand, enjoy the heck out of it, recharge your batteries, learn what's important to you, and make that last 5 year push for that free pot of gold ahead. During that 5 year purgatory, spend your free time planning and lay out the foundation for having everything you want for your optimal lifestyle.

[loong]

Financial advisor's are qualified.

If the OP just wants some opinions, fair enough. However I do find it rather, well, frightening someone could ask a forum of randoms whether or not he should pack in his life and move to a country of complete contrast to that of which he lives in.

I am just bemused someone could ask this question, particuarly in this context.

I don't think that the OP was asking for a yes/no answer. That should be obvious to everybody!

He is asking for advice based on peoples real life experiences.

Financial advisors are qualified, yes, but who are most qualified by experience re this subject - ThaiVisa members.

[astral]

$1200 a month will not go far.

Not enough for a retirement visa in Thailand!!

[The Coder]

He does not meet the age requirements for a retirement visa.

[~G~]

I'm still bewildered by your post.  Honestly, I cannot fathom what some people must think sometimes, asking a forum of complete stranger for some life guidance ...Surely this post is not genuine?

<{POST_SNAPBACK}>

I find you quite judgmental. The OP has surely asked his friends and family about this issue and yet is not sure what to do. Why not ask a forum full fo strangers, who have no ulterior motives and are here to help, for their input. It is still his decision. But this group of expats and interested parties is a wonderful resource.

<{POST_SNAPBACK}>

Sorry, risky11, but I could not keep my concentration for more than 2 consequtive words of your reply. I do believe there is some interesting content there, one day I will even be able to read it.

[cobra]

... If you can afford it DO IT.

<{POST_SNAPBACK}>

Well said indeed,

So many times I've seen guys hang on for "just a few more years" to bolster a projected retirement, only to code out shortly after retirement (strike / cancer),

Lets face it, if your in your fifties / sixties, your in your dying years, anything could take you out. Don't delay, you worked all your life, an extra 5, 10 % for a few more years isn't worth it. Soon as you can afford a comfortable retirement, do it.

Unless your work is your life and you truly enjoy it, then of course do it as long as practical. Unfortunately that's the case for most.

[ThaiPauly]

I'm still bewildered by your post.  Honestly, I cannot fathom what some people must think sometimes, asking a forum of complete stranger for some life guidance ...Surely this post is not genuine?

<{POST_SNAPBACK}>

I find you quite judgmental. The OP has surely asked his friends and family about this issue and yet is not sure what to do. Why not ask a forum full fo strangers, who have no ulterior motives and are here to help, for their input. It is still his decision. But this group of expats and interested parties is a wonderful resource.

<{POST_SNAPBACK}>

I agree Risky, all the guy is doing is asking our OPINION, he does not have to take our advice as gospel, but he could not come to a better place to get that advice, and thats all it is ADVICE.

Love your Avitar by the way, superb //edit: Sorry, it had to go...

Edited September 15, 2005 by RDN

[KhunPadThai]

>> I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states.

I am in a similar situation, bored at work in the US and would like to retire, so I empathize. But I have to vote with the crowd that says stick with the job, Gary. At your age you have a life expectancy of 30 years, but a 50% chance of living longer. The chances that you will die young and miss out on retirement are negligible. The risk that you will outlive your money is fairly high, in my opinion. That would result in a wretched old age.

Inflation is a big risk. In the US 3% is a good long-term estimate, but it could run higher for periods as it did in the 70's. The trailing 12 month inflation rate in Thailand right now is 5.6%, although the historical norm is 1% to 2%. 3% is a reasonable number to work with.

You can't get 5% on your money right now without taking risk. 10 year US bonds pay about 4.11% right now. But let's be generous and assume you do get a nominal 5%. Your real rate of return, net of inflation, would then be 2%. You still have to pay US Federal Income tax, but let's ignore that for now. Let's also assume that both your pension and Social Security are secure, although SS is not and your pension may be increasingly at risk of default. Your company pension will be $1200/month in 2021 dollars which will be worth 61% of today's dollars after inflation. (I assume your COLA adjustments don't begin until after you start collecting.) SS adjustments do not keep pace with inflation, but let's assume they do so you collect just under $2000 per month in today's dollars beginning in 2023.

Will you have enough to last you the next 18 years until your pensions kick in? Probably yes, under these favorable assumptions. You current resources will provide you with about $2200 per month in today's dollars for the next 18 years after which nothing will remain. (I am assuming you do unpenalized SEPP withdrawals from your retirement accounts before age 59.5.)

However these calculations assume that the exchange rate between the USD and Thai baht remain stable, which is very unlikely. The USD is widely regarded as overvalued right now, particularly against Asian currencies. Many economists and investors believe it will have to drop in value until the trade deficit is substantially reduced. If the USD dropped a modest 25% against the Baht you would lost $500 per month in purchasing power, requiring painful adjustments in your living standard.

The reality is that you would be retiring, not to Thailand per se, but to Favorable-Exchange-Rate-Land, which would include Thailand initially, but perhaps not forever. Over time economics would push you to relocate to countries then enjoying weaker currencies. Exchange rate fluctuations are even harder to predict than inflation, but they would affect you more.

All of this assumes that you earn no income at all during retirement. Normally, our wages are the best hedge we have against inflation. Without that, your real income would be much more fragile. Your job marketability would erode fairly quickly. In my opinion, the chances are high of finding yourself in a desperate situation with a diminishing ability to improve matters.

On the other hand some people have successfully retired early. This fellow retired 20 years ago with resources like yours, lived and travelled with his wife since then, and now has twice as much:

http://www.geocities.com/TheTropics/Shores/5315/

Good luck. Please keep us posted about your thinking.

Khun Pad Thai

[gharknes]

>> I'm thinking about early retirement. I'm 44 years old and I have around $400,000 altogether. $200,000 in retirement accounts and $200,000 in cash. If I stay another 5 years with my company, I'll receive $1200 a month in pension for life with COLA when I turn 60 but the problem is I hate my job and my boring life in the states.

I am in a similar situation, bored at work in the US and would like to retire, so I empathize.  But I have to vote with the crowd that says stick with the job, Gary.  At your age you have a life expectancy of 30 years, but a 50% chance of living longer.  The chances that you will die young and miss out on retirement are negligible.  The risk that you will outlive your money is fairly high, in my opinion.  That would result in a wretched old age.

Inflation is a big risk.  In the US 3% is a good long-term estimate, but it could run higher for periods as it did in the 70's.  The trailing 12 month inflation rate in Thailand right now is 5.6%, although the historical norm is 1% to 2%.  3% is a reasonable number to work with. 

You can't get 5% on your money right now without taking risk.  10 year US bonds pay about 4.11%  right now.  But let's be generous and assume you do get a nominal 5%.  Your real rate of return, net of inflation, would then be 2%.  You still have to pay US Federal Income tax, but let's ignore that for now.  Let's also assume that both your pension and Social Security are secure, although SS is not and your pension  may be increasingly at risk of default.  Your company pension will be $1200/month in 2021 dollars which will be worth 61% of today's dollars after inflation.  (I assume your COLA adjustments don't begin until after you start collecting.)  SS adjustments do not keep pace with inflation, but let's assume they do so you collect just under $2000 per month in today's dollars beginning in 2023. 

Will you have enough to last you the next 18 years until your pensions kick in?  Probably yes, under these favorable assumptions.  You current resources will provide you with about $2200 per month in today's dollars for the next 18 years after which nothing will remain.  (I am assuming you do unpenalized SEPP withdrawals from your retirement accounts before age 59.5.)

However these calculations assume that the exchange rate between the USD and Thai baht remain stable, which is very unlikely.  The USD is widely regarded as overvalued right now, particularly against Asian currencies.  Many economists and investors believe it will have to drop in value until the trade deficit is substantially reduced.  If the USD dropped a modest 25% against the Baht you would lost $500 per month in purchasing power, requiring painful adjustments in your living standard.

The reality is that you would be retiring, not to Thailand per se, but to Favorable-Exchange-Rate-Land, which would include Thailand initially, but perhaps not forever.  Over time economics would push you to relocate to countries then enjoying weaker currencies.  Exchange rate fluctuations are even harder to predict than inflation, but they would affect you more. 

All of this assumes that you earn no income at all during retirement.  Normally, our wages are the best hedge we have against inflation.  Without that, your real income would be much more fragile.  Your job marketability would erode fairly quickly.  In my opinion, the chances are high of finding yourself in a desperate situation with a diminishing ability to improve matters.

On the other hand some people have successfully retired early.  This fellow retired 20 years ago with resources like yours, lived and travelled with his wife since then, and now has twice as much:

http://www.geocities.com/TheTropics/Shores/5315/

Good luck.  Please keep us posted about your thinking.

Khun Pad Thai

<{POST_SNAPBACK}>

I am doing exactly what you are considering, currently 45, single, no dependants, have some cash and investments, can draw on a reduced company pension in 5 years, I arrive in Thailand 2nd of October on Mulitple O visa, it took me all of 2 mins to make my choice, either work for the next 15 years to 60 then retire an old man, or pack my job in sell my house and move to thailand. I have 5 years to get through until my pension kicks in, when that happens my money will be invested in a high interest account to subsadise my pension giving me about £18,000 sterling per year, more than enough to have quite a comfortable living in Thailand, I have worked out that £18,000 per year in Thailand would be similar to about £45,000 year in UK a ratio of about 1:3

I belive you have more than enough to sustain a comfortable living in Thailand so "go for it" and don't look back.

[loong]

Khun Pud Thai

A bit of a bewildering post with figures flying around everywhere, but I get the gist.

7 years ago, my brother at age 55 was looking forward to a very comfortable retirement at age 60. He had done all the right things, ploughed money every month into his pension fund.

Now he is 62 and looking forward to at least another 7 years of hard slog to achieve the pension that he was expecting. Circumstances have changed and the pension fund drastically reduced almost overnight.

Many people in the Uk are in the same position. They feel cheated, but what can they do? Did the same thing happen in America?

Sometimes doing what is perceived as the sensible thing can lead to regrets about what you didn't do.

Nobody can tell the OP what to do. He has to make the decision himself. I made my decision to retire and even if I find my sums don't add up in future years, I will have no regrets. Things would have to go seriously wrong for me to be disappointed as I can live quite happily on 20,000 Baht per month. I choose not to restrict my budget to that amount, but know that if necessary, I could. My rental income from Uk will increase year on year, so as long as the Baht doesn't get too strong, I should be Ok. Anyway, I'm not gonna worry about it

[PeaceBlondie]

It took four pages, but here's a big problem; YOU CANNOT GET A RETIREMENT VISA AT THAT AGE. Are you going to do 12 30-day visa runs every year?

I held out to age 56, then retired early. Been getting SSA since birthday 62. I think you're not ready. If you think you're bored now, you'll be crazy-bored with nothing to do in Thailand.

If you don't intend to have more children but intend to be heterosexually active, get a vasectomy.

[loong]

It took four pages, but here's a big problem; YOU CANNOT GET A RETIREMENT VISA AT THAT AGE.  Are you going to do 12 30-day visa runs every year?

<{POST_SNAPBACK}>

Holiday outside of country once a year, get a 1 year multi entry "o". Okay, have to do a visa run every 90 days, but no hardship

[RDN]

It took four pages, but here's a big problem; YOU CANNOT GET A RETIREMENT VISA AT THAT AGE.  Are you going to do 12 30-day visa runs every year?

I held out to age 56, then retired early.  Been getting SSA since birthday 62.  I think you're not ready.  If you think you're bored now, you'll be crazy-bored with nothing to do in Thailand.

If you don't intend to have more children but intend to be heterosexually active, get a vasectomy.

<{POST_SNAPBACK}>

Good point - you must be 50. But the good news is, you don't need to transfer 800,000 baht every year into a Thai bank to get your yearly retirement extension (when you ARE 50) you just need to top up to 800,000 each year. So in theory, you could live off 400,000 and transfer 400,00 each year to meet the extension requirements.

But realistically, you need about 800,000 (give or take a factor of 2) to be comfortable here. This has been discussed in many threads on Thaivisa, and the consensus is that Immigration have in fact got it about right - 800,000 per year - even if the rules allow you to spend less, and top up.

[gharknes]

It took four pages, but here's a big problem; YOU CANNOT GET A RETIREMENT VISA AT THAT AGE.  Are you going to do 12 30-day visa runs every year?

I held out to age 56, then retired early.  Been getting SSA since birthday 62.  I think you're not ready.  If you think you're bored now, you'll be crazy-bored with nothing to do in Thailand.

If you don't intend to have more children but intend to be heterosexually active, get a vasectomy.

<{POST_SNAPBACK}>

Soryy but you sound almost disgruntled that you waited as long as you did to retire, I believe if you can do it at 45 then why not, holding out to age 56 is just downright depressing, I bought a house when I was 22, I worked my ass off for 5 years at the start with 3 jobs to pay the mortgage, I am now reaping the benefits, why the phuck shouldn't I or anyone for that matter if they can, sorry but 56 for me is old man status, I am retireing young and going to enjoy every minute of it, we are so programmed into the work ethic it is almost unbeliveable, the UK government believe that people now want to work until they are 70, I never wanted to work at all never mind 70, it is a means to return your hard earned money right back to the government to be wasted on a disfunctional NHS and squandered on ineffiecient government bodies, tax tax tax tax

bored in Thailand - never bored and unhappy having to work till I'm 56 wasting my life away in the rat race churn, well I know the answer to that one

As for getting a retirement VISA, well pretty much everyone is aware of the age limit, I have 3 VISA's "Mulitple O" to get before I'm 50, then I get a retirement VISA.

If you are bored in Thailand why don't you go back to where ever you came from and work till your 70, then you can come here and die soon after.

Edited September 11, 2005 by gharknes

[haha]

have you heard about the boeing study?

check this website out....

http://www.seeya-downtheroad.com/Informati...etireYoung.html

when this information first came out, the us government came down hard on the guy who published it. ..but we all know the real reason behind the clampdown, right?

...use your little brain, and you will know, too.

I've been in thailand for over 7 years now, and I don't have even a third of the money you have.

wishing everybody happy memories....