StevenHeidbriderSr Posted September 21, 2011 Share Posted September 21, 2011 I will retire to Nong Khai that is a given since my wife's family are all there and she is in poor health and will need her families care in the future but could certainly use it now. My quandry is should i wait til i am 62 and drawing SSI or just jump ship now with about $1400.00 USD a month income and about $50k in savings.If i wait until i am 62 which is 6 years away my monthly income would be about $4500.USD a month. Serious responses please! Link to comment Share on other sites More sharing options...
lovelomsak Posted September 21, 2011 Share Posted September 21, 2011 The answer is obvious to me. Wait 6 months, get $4500 a month. Link to comment Share on other sites More sharing options...
wannascuba Posted September 22, 2011 Share Posted September 22, 2011 The answer is obvious to me. Wait 6 months, get $4500 a month. He said 6 years, not months... If it were me I would keep working and wait till 62 for your full benefit. Assuming you having only 50K in savings, and only relying on the smaller 1k SSI payout to live off. Thats too risky for me. Just my 2 cents worth. On the bright side, at least your full payout is at 62. I will have to wait till I am 67, if there is anything left. Whatever you choose, I wish you the best of luck and hope you retirement turns out well.... WS Link to comment Share on other sites More sharing options...
johna Posted September 22, 2011 Share Posted September 22, 2011 If your wife is in poor health now, can you provide for all her future needs on $1400 a month?. Realistically how much of that 50K in savings will you need to get set up here. Link to comment Share on other sites More sharing options...
Ulysses G. Posted September 22, 2011 Share Posted September 22, 2011 (edited) I would come to Thailand for sure. 1,400 is plenty to live on in Nongkhai and when you are 62 you will have more. Of course, I already know that I have loved living here for 20 years and could easily live on 1,400 dollars and fill my needs. Edited September 22, 2011 by Ulysses G. Link to comment Share on other sites More sharing options...
jackr Posted September 22, 2011 Share Posted September 22, 2011 (edited) Dollar could go down, baht could go up along with inflation so that 40-odd k could turn into 30-odd. Defo hang on, 6 years is nothing nowadays ( ) and she has her family around her as you say while you send over moneys. You also get 6 years salary don't forget and in the long run, family (and you) will be better served with the extra income for later on. If she were terminal and only had say a year, then that would be different. /Will you get that 4.5k when 62 even if you retire now?// Edited September 22, 2011 by jackr Link to comment Share on other sites More sharing options...
wannascuba Posted September 22, 2011 Share Posted September 22, 2011 I would come to Thailand for sure. 1,400 is plenty to live on in Nongkhai and when you are 62 you will have more. Of course, I already know that I have loved living here for 20 years and could easily live on 1,400 dollars and fill my needs. If he begins drawing SS now (prior to reaching 62), how will he have more when reaching 62 Years old. As I understand it if you begin drawing your SS before your "full" retirement age, in his case 62, then that is the reduced amount you are stuck with for your monthly benefit. I could be wrong? Link to comment Share on other sites More sharing options...
guzzi850m2 Posted September 22, 2011 Share Posted September 22, 2011 I would wait until 62 years of age if I was you. The 4500$ pr month is very very handy to have, you can buy a car, travel overseas for holidays (Hongkong - Singapore and so on). With only 1400 pr month your options are much more limited and I think you will regret it if you do. Link to comment Share on other sites More sharing options...
Ulysses G. Posted September 22, 2011 Share Posted September 22, 2011 I would come to Thailand for sure. 1,400 is plenty to live on in Nongkhai and when you are 62 you will have more. Of course, I already know that I have loved living here for 20 years and could easily live on 1,400 dollars and fill my needs. If he begins drawing SS now (prior to reaching 62), how will he have more when reaching 62 Years old. As I understand it if you begin drawing your SS before your "full" retirement age, in his case 62, then that is the reduced amount you are stuck with for your monthly benefit. I could be wrong? I am pretty sure that one can not draw social security until one is 62, so the 1,400 is from something else. He will get social security no matter what when he is 62, but maybe his pension would be higher if he waits. Link to comment Share on other sites More sharing options...
JSixpack Posted September 22, 2011 Share Posted September 22, 2011 Do it now if you will be covered by great health insurance or have a couple million baht in reserve to self-insure. Link to comment Share on other sites More sharing options...
wannascuba Posted September 22, 2011 Share Posted September 22, 2011 I would come to Thailand for sure. 1,400 is plenty to live on in Nongkhai and when you are 62 you will have more. Of course, I already know that I have loved living here for 20 years and could easily live on 1,400 dollars and fill my needs. If he begins drawing SS now (prior to reaching 62), how will he have more when reaching 62 Years old. As I understand it if you begin drawing your SS before your "full" retirement age, in his case 62, then that is the reduced amount you are stuck with for your monthly benefit. I could be wrong? I am pretty sure that one can not draw social security until one is 62, so the 1,400 is from something else. He will get social security no matter what when he is 62, but maybe his pension would be higher if he waits. AH!! I understand now, my mistake. I did not read the OP correctly. In that case it would indeed be a difficult decision....Best of luck. WS Link to comment Share on other sites More sharing options...
kerryk Posted September 22, 2011 Share Posted September 22, 2011 The answer is obvious to me. Wait 6 months, get $4500 a month. He said 6 years, not months... If it were me I would keep working and wait till 62 for your full benefit. Assuming you having only 50K in savings, and only relying on the smaller 1k SSI payout to live off. Thats too risky for me. Just my 2 cents worth. On the bright side, at least your full payout is at 62. I will have to wait till I am 67, if there is anything left. Whatever you choose, I wish you the best of luck and hope you retirement turns out well.... WS I think you can start drawing SS at 62 but full benefits start at 66. Link to comment Share on other sites More sharing options...
mario299 Posted September 22, 2011 Share Posted September 22, 2011 I think you can start drawing SS at 62 but full benefits start at 66. You can draw a reduced amount starting after your 62nd birthday, and full benefits after your 65th birthday. You can live in that area on $1400 per month, probably pretty well as a matter of fact, but my advice would be to wait until you are 62 and can collect the SS. All of this assuming her health can be treated sufficiently (health care is free or low cost to her as a Thai), and she can be cared for by relatives until you can arrive and be with her. Best of luck Link to comment Share on other sites More sharing options...
Mirth Posted September 22, 2011 Share Posted September 22, 2011 If you think short term, you would move here now but if thinking long term, better to wait out the 6 years. Alternatively, you can send your wife over first while you stay there and wait out till you're 62. Honestly, 3000 is a lot of difference and 6 years ain't long. Link to comment Share on other sites More sharing options...
DP25 Posted September 22, 2011 Share Posted September 22, 2011 In the long term Thailand will only get economically stronger compared to back home. The baht will get stronger and things more expensive. $1400 is very comfortable now what about in 10 or 20 years? Link to comment Share on other sites More sharing options...
Gary A Posted September 22, 2011 Share Posted September 22, 2011 I faced a similar situation. I didn't wait until I was 62 but did wait until I was 58. There is a Social Security formula that will calculate what you will get depending on your income over a certain number of quarters. I was able to start a reduced company pension at age 60. It has worked out well for me although it ate up a lot of my savings before I started collecting Social Security. I still have a small nest egg 401K that I have not had to use. Since that portfolio is now down by 38 percent due to the economy crash, it would appear that I should have tapped it. Anything can happen so you do need to be cautious. As it has worked out, the tanked 401K money is just that much less that my kids will get. I doubt that I will spend any of it unless something drastic were to happen. Link to comment Share on other sites More sharing options...
PattayaParent Posted September 22, 2011 Share Posted September 22, 2011 How's the OPs health? No point in putting it off until you're 62 only to drop dead before then. Link to comment Share on other sites More sharing options...
StevenHeidbriderSr Posted September 22, 2011 Author Share Posted September 22, 2011 How's the OPs health? No point in putting it off until you're 62 only to drop dead before then. I am in good health but its my wife i am concerned with.She tries to keep house etc.. but it is difficult for her. I DO appreciate all the responses!! Link to comment Share on other sites More sharing options...
Johnniey Posted September 22, 2011 Share Posted September 22, 2011 Live for the now. What's so good in the USA? Then again Nong Kai is very boring. If you die at say 65, what will you wish you had done? Link to comment Share on other sites More sharing options...
zorro1 Posted September 22, 2011 Share Posted September 22, 2011 In the long term Thailand will only get economically stronger compared to back home. The baht will get stronger and things more expensive. $1400 is very comfortable now what about in 10 or 20 years? Im pretty sure his pension will be indexed so that shouldn't be an issue. If it was me I would go for sure. 5 years is a long time and at 62 you may only get a few years more? Link to comment Share on other sites More sharing options...
tink2mutt Posted September 22, 2011 Share Posted September 22, 2011 Unfortunately $1400 per month is not enough to live properly in my opinion - especially with a sick wife. It's going to be tough waiting 6 years. Good luck with your decision. Link to comment Share on other sites More sharing options...
Darrel Posted September 22, 2011 Share Posted September 22, 2011 (edited) It all hinges on whether both the pensions are index-linked or fixed, and whether the second larger pension will kick in anyway at age 62 or whatever, or whether it is permanently lost if he takes the lower pension now. So without a lot of extra info from the OP, it is impossible to give any advice. A fixed pension of 1400USD today at age 56 is probably enough to live on now, depending on the life one leads, but certainly wont be enough in 30 years' time. Anyone who is age 56 today has to count on living to about age 84, on average (farang stats, of course). Edited September 22, 2011 by Darrel Link to comment Share on other sites More sharing options...
nong38 Posted September 22, 2011 Share Posted September 22, 2011 You have to wait 6 years you will regret it otherwise, who knows what might come up unexpectedly in the interim period? Do come I am sure you will love it, not all of it, some will get your goat,but, you know there are things in the US that do too. Simpler happier lifestyle, good healthy food, drier climate maybe. You can have holidays in the 6 years and prepare for the best move of your life. Link to comment Share on other sites More sharing options...
houseinbkk Posted September 22, 2011 Share Posted September 22, 2011 Cant you just wait a couple of years and get say 2500USD per month. Should be plenty with no rent to pay. Link to comment Share on other sites More sharing options...
jamescollister Posted September 22, 2011 Share Posted September 22, 2011 How's the OPs health? No point in putting it off until you're 62 only to drop dead before then. I was just about to post something similar. Friend of mine saw me last time I was home. He was thinking of retiring here in 5 years. He was dead 2 weeks later. Jim Link to comment Share on other sites More sharing options...
KNJ Posted September 22, 2011 Share Posted September 22, 2011 In the words of Suze " People first, money second, things third" So People first. Is your wife terminally ill, desease that will take a long time to recover, incapacitating? If above or similar then you should seriously consider some time out can you take a sabatical leave for 6 months with your company. If terminally ill what are your long term plans if she were to die, would you still want to be in Thailand ? do you have children here? So money second. 1400 a month is not huge, and 50k is not a lot. Do you have additional savings? positive equity in your house? or any other investments? I assume that you need to work till 62 in order to get that higher 4500 and if you do not then your 1400 is just that. IT IS NOT ENOUGH, especially over time. 50k is easily eaten up, hospital bills, car, house plus the unexpected. I am assuming you want a retirement visa so that ties up about 27 000 which you cannot touch Make an estimate of that, and all other expenses Things third. If you were to move any assets you can sell. What would you need to buy in order to live in Thailand. 1400 is possible, if regardless then it increases at 62. 4500 is very possible but having 500 000 upwards after cashing everything out is a better safe bet Link to comment Share on other sites More sharing options...
iono Posted September 22, 2011 Share Posted September 22, 2011 It's about quality of life, if your wife is miserable with her situation, being sick, unable to care for the home then this also weighs on you....is it healthy to live like this for another 6 years? What does your wife want to do, are you satisfied with your job? If you own the home in Thailand plus transportation...$1400.00 is over kill...I live in a village wife, two kids, car motorcycles, eat great, small vacations in Thailand all this on about 800.00 a month...we have more and it is banked...guess it all depends on your lifestyle expectations...wait to long and well you will be just another story, could'a, would'a, should'a may he rest in peace.... :jap: Link to comment Share on other sites More sharing options...
welsh1 Posted September 22, 2011 Share Posted September 22, 2011 How's the OPs health? No point in putting it off until you're 62 only to drop dead before then. I was just about to post something similar. Friend of mine saw me last time I was home. He was thinking of retiring here in 5 years. He was dead 2 weeks later. Jim My Dad (RIP) worked all is life retired and had a good pension at 65..then was diagnosed with Cancer and died 6 months later Live for today.. as you dont know what tomorrow will bring..or what it will take away. Link to comment Share on other sites More sharing options...
theblether Posted September 22, 2011 Share Posted September 22, 2011 From a financial point of view you must wait........the difference of $3100 per month extra for the rest of your life after 62 is vast........you must wait. From an emotional point of view would it be possible to get a family member into the country to help you care for your wife on compassionate grounds? If that is not possible, can you afford health care assistance in the States? If not, could you live with the idea of your wife returning to Thailand and you continuing to live in the States until you are 62? The question you have asked isn't really a financial one, it's an emotional one. In my experience when emotion meets logic emotion always wins. Whatever you decide will not be wrong. I wish you and your wife all the best. Link to comment Share on other sites More sharing options...
CaptHaddock Posted September 22, 2011 Share Posted September 22, 2011 The OP's position would be considerably better if he were to work six more years than the $4500/month figure suggests. In addition to the higher monthly income (comprising private pension and SS, I assume) his $50k nut would probably grow if he were working and saving rather than shrinking to fund shortfalls in his early retirement plan. The difference in funding a long-term retirement could be large. If he were to retire early on his current slender resources he might survive, but he wouldn't have any slack for unforseen problems (e.g. new health issue or Thai inflation increases while the dollar declines.) He could be squeezed with no way to recover. I wouldn't want to take that risk myself. Now how you weigh such a risk against your wife's health, I can't say. If he sent his wife on to Thailand ahead of him, would his company give him compassionate leave of some period per year to take care of her? Some companies would. Link to comment Share on other sites More sharing options...
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