Should I Retire To Thailand Now Or Hang On In Usa

[Khun ?]

How long will the wife live if you do move and it causes you to live the rest of your life with far less money.

If the wife is not around will you even want to stay supporting her relatives, which in most cases would happen

if you stuck around. You have to have a life after as she would if it was you passing on first.

Let her be cared for by family and receive your tokens of finance, $1400 is no where near a good life for any where

close to western style living and if you want to return back home to live part of the time you'll be in the dumps.

Try 59 for retirement and let your pension get a few more years of earnings for the higher pay. Take an extended

leave of absence from work for illness, maybe 3 months, seems most companies would allow this or set it up

with 2 each 6 week vacations a year for tending to wives condition if they will let you do it. Waiting till

65 to get the full rate of social security should also be considerd, sounds like your pension could be enough

to live well on for the years fom 62 to 65.

If your wife is that ill you need to think of the life after for yourself, Khon Kean may very well not be suitable for you on your own.

All the best to your wife and hope she recovers from here sickness.

[RickThai]

The important thing is your wife's health. If she is a Thai citizen and can get good quality health care in Thailand for free, then I would think it is just a matter of what her desire is currently.

If you wait too long and your wife was to get to sick to travel (or worse) than you will regret not giving your wife the opportunity to spend quality time (relatively speaking) with her family.

If she needs state-of-the-art health care and she will only be able to get it in the USA, then I would suggest trying to budget just for a two or three week visit.

If you have a nice-paying job, I would think twice before quiting unless I was really tired of working and felt I could have a better quality of life, living cheap in Thailand.

I quit my nice-paying job almost two years ago and have been living off of savings in the USA since. I spend about $1500.00 a month (I own my own home and all my cars and trucks). I just have to buy food and pay insurance and taxes.

In Thailand I could probably live comfortably on $1000.00 a month. That would include rent, etc, but my life would be very different.

Good luck with your decision and I wish your wife well.

RickThai

[AmeriThai]

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

I could be wrong, but if you start drawing SS early, you might not get maximum benefit at full retirement age. There are exceptions though, such as for disability, in which case you'd get at or near maximum benefit early, and continue to maximum benefit at normal retirement age. It'd be a good idea to check what can and can't be done with regard to Social Security benefits.

I agree that health is something that should be taken into account. While the OP may be healthy now, that doesn't mean something unforeseen couldn't pop up unexpectedly. As we get older, it's more likely various medical problems and ailments can become more frequent. You either have to have medical insurance (which isn't always cheap) or dip into cash reserves to foot the bill.

Edited September 22, 2011 by AmeriThai

[ES1]

Life is short and face it you are no spring chicken. Do want to risk regretting that you played it safe? Money can come and go but you can't get your time back.

Life is a gift and you need to squeeze as much out of it as you can while you can.

Just focus on that and you will make the right decision IMHO.

Edited September 22, 2011 by ES1

[moe666]

You have enough for a marriage visa at present. if your wife dies and you have to go to retirement visa you donot have enough income and you have to assume your 50,000 will be gone or deminished. You really donot have enough for a long term retirement in Thailand, yes live for today but you also have to plan for the future.

If you can handle it send you wife home and you keep working not a good solution but really if you think realisticly the more reasonable solution. How is your health that is also to be considered.

You are caught between a rock and a hard place good luck on your decision

[hawthorne]

If you have no other sources of possible income in your life I would wait until 62. If have to ask yourself will it bother you about being tight on finances from time to time especially for medical bills for your wife. Does she prefer you to be with her now or make sure you can provide the better health care? Also what standard of living are you use to? Will you be satisfied living in a village?

What is good for one is not necessarily the best for you.

I would suggest your wait until you are 62 under your present situation.

[hawthorne]

Life is short and face it you are no spring chicken. Do want to risk regretting that you played it safe? Money can come and go but you can't get your time back.

Life is a gift and you need to squeeze as much out of it as you can while you can.

Just focus on that and you will make the right decision IMHO.

It is funny when I was younger I thought this way and now that I am older I act just the opposite when I have less time on the planet. Youth is a wonderful thing.

[Beetlejuice]

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.

Very good question and this is the crux of the matter.

If your wife has severe health problems and perhaps for the long term, then you are better off staying in America.

[poanoi]

As everyone knows countries began cut their reserve in US currency a few years ago,

but now there are signs they are forcing the banks to cut reliance on US dollar too, so the US dollar will continue to fall.

http://7economy.com/archives/16376

1400 buck won't be a lot to buy rice for in a couple of years, better carry on a few more years while urgently converting dollar into gold/silver/norwegian krone/swiss franc, and why not some in thai baht

Edited September 23, 2011 by poanoi

[swisstouristpattaya]

no country give 4500$ to a 62-63 years old guy.

view the debt of the USA right now i doubt you will see a penny in 6 years.

where can you get this money because i would be (very) interested?

[NovaBlue05]

@ swiss

Most of that would have to be in pension. My state govt pension in the US is heavily backloaded. If I leave now with 25 years, I get a cola'ed pension of $2500/mo. If i wait 5 more years until I have 30 years, I will be 58 and my pension is $4600/mo. This is pension only and doesn't include SS

[bendejo]

It's true, even though there are people in this country who live on much less, US$1,400 isn't all that much to live comfortably.

Doctor bills, special needs etc will eat that up quickly. Also, the cost of living will probably keep going up.

No aspersions meant to your in-laws, but the tendency out here is believe that all farang have access to unlimited wealth, and it will usually be expected that YOU pick up the tab whenever you're around, and any problems related to money be referred to you (this may not be the case with your wife's family, just thought I'd mention it).

[AmeriThai]

@ swiss

Most of that would have to be in pension. My state govt pension in the US is heavily backloaded. If I leave now with 25 years, I get a cola'ed pension of $2500/mo. If i wait 5 more years until I have 30 years, I will be 58 and my pension is $4600/mo. This is pension only and doesn't include SS

Good point. Trying to live solely on SS, even at maximum benefit, is less of an option these days. Adding a pension can help boost your retirement income. I don't know how all pension plans work, but the trend seems to be that if you choose to retire at the earliest point, the penalty can be pretty severe giving much less than waiting a few more years to receive maximum benefits. You can't turn around when you reach normal retirement age and ask for maximum benefits later on. You're stuck with what you get by choosing to retire early. In addition to SS and pensions, it's a good idea if a person has other investments, TSAs, IRAs, life insurance plans that can be cashed out at maturity, or personal assets which can be liquidated into cash. Some, if not most, TSAs and IRAs can hit you with pretty severe penalties for early withdrawal, giving only 50% of the value.

Medical issues is a concern that needs to be taken into account. I'm assuming the OP has coverage for both himself and his wife through a medical plan provided by the company. I think most medical insurance companies will continue coverage after you retire, but the premium rates can certainly skyrocket, which eat into your income. Then too, not all medical plans will provide general coverage if you retire in other countries. Things like that should be determined long before making a move to Thailand. Even though medical expenses in Thailand are pretty low in comparison to the U.S., a major medical expense for a major medical problem can still be very expensive. If the OP's wife has a medical problem that requires on-going treatment and medication, that's going to be an on-going expense to deal with which is going to reduce the retirement income. What happens if the OP has a medical problem crop up in the future? And like it or not, there's bound to be relatives that will be going straight to the wife with any of a million different excuses to hit up for money.

Since the OP could get $1400/month from SS to retire at age 62, I don't understand how it could jump to $4500/month waiting an additional 6 years. That sounds like an enormous jump. I'm not sure how realistic that is, unless the OP is including a future pension in that figure. The 50K in savings sounds good, but even in Thailand, that can easily be dwindled away. It's possible to live on an income of $1400/month in Thailand, but as others have said, it depends on what kind of lifestyle the OP is willing to settle for. Then too, if the OP is thinking of living in Thailand under a retirement visa, he's going to have to be able to show an annual income of 800,000 baht each year. US$1400/month isn't going to do it, although US$50,000 in a Thai bank would more than cover the visa requirement. The problem is what happens if it trickles down too much? Any way you look at it, unless a person is wealthy, or has a nice on-going steady income whether he retires or not, it helps to do some serious planning well before making a leap to move to Thailand, or anywhere else for that matter.

I think the best choice for the OP is to wait for the US$4500/month income which would be more than plenty to live pretty well.

[migrant]

You may want to meet with your companies HR department to see what you would get if you retire early. Many companies offer a early retirement these days. It may be less, but could also be close.

Social security can also calculate for you, it is based on your 40 highest quarters of pay, generally over life.

I am waiting too, probably 3 years but I have a company and am working on building equity. There are times I think "screw it" since we aren't getting younger, but I see many retirees in my business (I'm a CPA) struggling on a fixed income so that keeps me motivated.

[AmeriThai]

You may want to meet with your companies HR department to see what you would get if you retire early. Many companies offer a early retirement these days. It may be less, but could also be close.

Social security can also calculate for you, it is based on your 40 highest quarters of pay, generally over life.

I am waiting too, probably 3 years but I have a company and am working on building equity. There are times I think "screw it" since we aren't getting younger, but I see many retirees in my business (I'm a CPA) struggling on a fixed income so that keeps me motivated.

Here's a link regarding the percentages for Social Security benefits. The figures based on each month that you dely beginning at the earliest to normal retirement. Includes a calculator to figure out what you'd get.

http://www.ssa.gov/oact/quickcalc/early_late.html

[rotary]

I think you have to consider what income you have in the USA now and what it cost to live in the USA. If you have say $3000 a month income in USA now but it takes $2500 to live you would be better off coming to Thailand on that $1400 a month. In my opinion US$1400 a month in Thailand is like $4000 a month in the USA. Also do you have a skill that perhaps you could get a job in Thailand?

[TDD6464]

I would say go now and then apply for SS 6 months before your 62nd birthday. The SS office can tell you how much you will get at age 62 if you retire now. It just depends on the number of credits you have built up.

[oldgeezer]

If the OP is 56 years old and can now draw $1400 a month, this is not from SS. Then if he can draw $4500 a month at age 62, at least $3000 of this is not likely to be SS. One can assume the majority of his retirment income will come from sources other than Social Security. This would necessitate waiting until 62, at which time the difference between early SS draw and maximum would not be much.

Complicated but think this through.

Sorry, but trying to be as brief as possible.

[qdinthailand]

I think you need to check your numbers again. Unless you are going to get a chunk of pension money, in addition to SSI, your SSI will never be close to the $3100 you imply in your post. Somewhere around just over $2000 is the max anyone gets at "full retirement" - those maxing out their payroll tax (making $160,000+ a year in income on work - excludes investment income).

You take early SSI retirement at age 62, I'm guessing you will draw closer to $1000 per month (since 62 SSI is roughly 1/2 of full retirement draw).

Your full retirement age will be 67 I believe; those of us retiring now are at 66. SSI full retirement is ratcheting upwards for your age (which is 57 I'm guessing by your statements).

Edited September 25, 2011 by qdinthailand

[orang37]

Sawasdee Khrup, TV Friends,

Last time I checked (a few years ago), you could begin partial U.S. Social Security benefits six months after your 62nd. birthday, and you are eligible for full benefits at age 66.

best, ~o:37;

[qdinthailand]

I would say go now and then apply for SS 6 months before your 62nd birthday. The SS office can tell you how much you will get at age 62 if you retire now. It just depends on the number of credits you have built up.

No, your SSI benefit depends on your income over your lifetime. Everyone needs the same number of credits to draw SS which is 40 for most people (earning up to 4 each year of work). The Social Security Admin estimates your retirement benefits based on your income in your 'later years' because it assumes you will be pulling down big $$'s as you get older, the most income in your last decade or so of work (from historical figures - now with the new job reality in America, that is probably total crapola). All SSI can do is estimate things before hand - when you actually retire, that's when they can state for certain what your benefits will be.

[orang37]

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!

Sawasdee Khrup, Khun Steve,

The most "serious" response I can offer is to say that I think your potential quality of life in Thailand, and in Nong Khai, is as important, or more important, than the money aspects ... given you have, in any case, it appears, enough money to live ... and live well (by Thai standards) ... in the country.

Of course I don't know what your previous experience in living in Thailand is, or anything about your lifestyle.

best, ~o:37;

Edited September 25, 2011 by orang37

[CaptHaddock]

I would say go now and then apply for SS 6 months before your 62nd birthday. The SS office can tell you how much you will get at age 62 if you retire now. It just depends on the number of credits you have built up.

No, your SSI benefit depends on your income over your lifetime. Everyone needs the same number of credits to draw SS which is 40 for most people (earning up to 4 each year of work). The Social Security Admin estimates your retirement benefits based on your income in your 'later years' because it assumes you will be pulling down big s as you get older, the most income in your last decade or so of work (from historical figures - now with the new job reality in America, that is probably total crapola). All SSI can do is estimate things before hand - when you actually retire, that's when they can state for certain what your benefits will be.

qd,

Please don't give advice on Social Security benefits. Virtually every single "fact" in your two posts about SS is wrong. For example, "SSI" is not the SS retirement benefit (called "PIA"), but this:

Supplemental Security Income (SSI) is a Federal income supplement program funded by general tax revenues (not Social Security taxes):

It is designed to help aged, blind, and disabled people, who have little or no income; and It provides cash to meet basic needs for food, clothing, and shelter.

PIA benefits at age 62 result in payments that are 75% of the FRA (Full Retiremen Age) benefit, not 50%.

etc., etc.

Edited September 25, 2011 by CaptHaddock

[lannarebirth]

IMO opinion the OP is cutting things a bit fine given his savings, income and term till that income is due to increase. My recommendation would be to stay put, continue to work , build your nestegg and reassess your situation in 2-3 years time. If your wife's infirmaties are so grave that you think it is essential that she return to Thailand and the care of her family immediately than ignore my previous advice. Every month will be somewhat tight and you'll have to hope no emergency situations arise but family comes first and I'm sure you'd find a way to get by somehow.

[bkk_mike]

Isn't the OP making a mistake in thinking that if he starts taking reduced SS at 62 that it increases to the regular full SS when he reaches his FRA (66-67).

Social Security pays out a higher monthly amount the longer you delay taking it. But once you start taking it. That's the amount you get (with cost of living increases) for the rest of your life. i.e. Someone who starts collecting SS at 62 gets about 70% of what they'd get if they start collecting at their FRA and about half what they'd get each month if they start collecting at 70.

If you expect to live to 90 you're better off collecting SS as late as possible.

For your wife. How feasible would it be to get a family member over to the US to help with her care?

Edited September 25, 2011 by bkk_mike

[thaibeachlovers]

Whatever money you have will probably not be enough in the long term.

I thought I had plenty, but due to certain factors beyond my control will have to return to my own country at some stage to earn more/ qualify for pension.

It just takes a lowering of the exchange rate against you to make the best laid plans go awry.

If you have the opportunity to be making more in the future, and can wait that long, that would be my choice.

[JimGant]

A lot of funny info on SS floating around on this thread ...

Presuming from the OP's input that he is age 56, full SS retirement age would be 66 years, 2 months. This means that if drawing SS benefits at the earliest date possible, i.e., when he turns age 62, he will take a hit of 25.83% off what he would receive if waiting until full retirement age.

But, taking it early, especially if it's really needed early, would be the advice of 95% of financial planners. The break even point would be around age 85 (i.e., if you die before then, you will have collected more than had you waited until full retirement age). But I've even seen valid arguments for early collection, even if you live until a hundred -- and this argument had nothing to do with the questionable status of Federal finances. Now, a young, healthy wife might change the bidding. But this doesn't appear to be the situation. So, beginning SS at age 62 is the valid choice.

Will working 6 more years add to your monthly check? Sure. But not penny for penny. SS is front loaded, so your last few years of payroll taxes are considerably more than you'll get back, assuming you die on schedule. (And, of course, even less return if you die early.)

So, if the OP continues working, it's not for the measly increased SS bennies. But, only to increase his company pension and savings (both, however, very valid reasons to keep working).

How long has wife lived in the US? She needs to have been the OP's wife, in the States, for 5 years if she is to get the spousal benefit, which is 50% of the OP's benefit (but reduced by 30.83% if he takes early SS benefits at age 62). So, OP needs to factor this in -- to include not just the spousal benefit, but the survivor benefit (i.e., she'll get his full SS benefit upon his death -- if she's been married to him for 5 years in the States).

if you start drawing SS early, you might not get maximum benefit at full retirement age

No might not involved. You're stuck with the early retirement figure (well, you can stop payments and reset with the SS Administration, paying back all early receipts to the SSA -- then refiling later to once again begin SS benefits, but now at the full retirement rate).

You can draw a reduced amount starting after your 62nd birthday, and full benefits after your 65th birthday. Y

Full benefits at age 66 years, 2 months for the OP. For anyone born at or after 1960, full benefits at age 67. Early benefits reduced by 30%.

This would necessitate waiting until 62, at which time the difference between early SS draw and maximum would not be much.

Depends on whether or not a 25.83% reduction is considered not much....

If the OP is 56 years old and can now draw $1400 a month, this is not from SS. Then if he can draw $4500 a month at age 62, at least $3000 of this is not likely to be SS

Does not compute....

[HaleySabai]

Keep Working.... 50K in cash is nothing for a retirement.... but $4,500 per month in Thailand is Grand...... can you trust your government (which is essentially broke) to maintain your monthly cheques ?????

[StevenHeidbriderSr]

no country give 4500$ to a 62-63 years old guy.

view the debt of the USA right now i doubt you will see a penny in 6 years.

where can you get this money because i would be (very) interested?

Combination of 2 pensions and SSI.

[StevenHeidbriderSr]

no country give 4500$ to a 62-63 years old guy.

view the debt of the USA right now i doubt you will see a penny in 6 years.

where can you get this money because i would be (very) interested?

Combination of 2 pensions and SSI.

Given six years i should also have a great deal more savings so i am waiting the six years.

Someone posted earlier that a Non Immigrant Visa may be possible for a Family member to come here to the US to help care for my wife.I am seriously considering this IF a family member is willing to come here.

Thank You all for your responses!!!