Best Age To Retire To Thailand

[humonster]

Obviously as soon as you can. You never know what tomorrow brings. Enjoy your life while you can ;-)

[hhfarang]

enjoy your life while you can

Enjoying your life is subjective, as I have been living here for eight years and am now miserable and stuck as I burned my bridges and moved here lock stock and barrel leaving nothing behind. I left my friends, western family, a good job (by taking early retirement), and most of my hobbies and interests behind, which was a mistake for me.

Also, when you do it and on what budget depends on your lifestyle expectations. I didn't want to lower my standard of living so I built a house similar (in size) to the one I had in the west, bought two cars (one for me and one for the missus) and thought my fixed pension of 120k per month would allow us to live as well as we did in our western country. I had intended to work until 60 and by then my savings would have nearly doubled and my pension would have been 30% more, but my (Thai) missus who had been living abroad for eight years missed her family and home country so I made the move at 55, selling up everything and effectively starting over.

After problems getting the house built, and it going over budget and time, taking a lot more of my savings than I had intended, and the 44 baht to the dollar dropping to 29 baht to the dollar making my income of around 120k per month closer to 80k we have been in dire straits for the last couple of years.

So I would say estimate what you think you will need to live the lifestyle you want and work until you have 30 to 50% more than that to allow for inflation, exchange rate fluctuation, or just bad luck... and if you have the option and money to keep the home in Australia, do that as you may get "island fever" after a few years here and want to live part time back in your home country.

Because of our financial problems, I have not been able to leave Thailand since 2005 as I just don't have the disposable income to pay for the trip, which means I missed my mother's funeral, my daughters wedding, and many more important things back on the other side of the world.

I love Thailand but I regret the move and wished I had waited until I was more financially secure. Now I rarely leave the house and am depressed most of the time.

Plan carefully and don't end up like me.

[ToffeEFCpower]

Hi All

Long time lurker, first time poster

My story - early 40s male, divorced a few years ago, went to Thailand for the first time a year or so ago, fair to say that since then have been thinking about getting back there on more of a full time basis. Realistically cannot retire until 50 (which works well with the retirement extension age), but of course the longer I work beyond 50 the more cash that builds up in the retirement kitty.

So for those that have done this already, what do you recommend being the best option:

A. Age 50. Sell house, live off interest from proceeds and other money, and have an early retirement (for me) in Thailand - talking around 100k baht / month

B Age 55. Rent house + interest from savings - around 200k baht / month income

C Age 60. Could probably live half time here in Oz and half time in Thailand, with an income around 300k baht / month

Now I know 100k baht / month should be enough from what I have read and experienced, but I guess the question is - for those that made the move as soon as they could, any regrets? Conversely, for those that kept working, any regrets? Your thoughts please.

[ToffeEFCpower]

Ref your option B: Remember you can only rent your house for maximum of 6 years tax exempt. Beyond that you will be up for 50% capital gains tax when you decide to sell.

[SICHONSTEVE]

Retired at 51, sold up and moved to "the land of the free" - any regrets???? just ask Edith Piaf for that answer!!!

I married about 4 years ago built a private kindergarten school with my wife, live off the income (this is 3 - 4 times my salary back in England when working) and teach our children English for 2 hours a week. Think about it this way - if you would rather get up when you want and do what you want, or get up early in the morning work all day, come home tired, watch TV and go to bed to repeat this ritual 5 or 6 days a week????

If you decide to get married then choose your wife wisely and maybe avoid touristy areas such as Pattaya and Phuket and it might be pertinent to avoid the poorer areas of Thailand such as the North, North East and East (maybe the West as well). In other words the South or Central Thailand would probably be the safest bet. By the way Iblive in Sichon Nakhonsithammarat in Southern Thailand and my life has NEVER been happier!!!

Whatever you decide to do - good luck!!!:jap:

Edited October 16, 2011 by SICHONSTEVE

[expatdreamer]

enjoy your life while you can

Enjoying your life is subjective, as I have been living here for eight years and am now miserable and stuck as I burned my bridges and moved here lock stock and barrel leaving nothing behind. I left my friends, western family, a good job (by taking early retirement), and most of my hobbies and interests behind, which was a mistake for me.

Also, when you do it and on what budget depends on your lifestyle expectations. I didn't want to lower my standard of living so I built a house similar (in size) to the one I had in the west, bought two cars (one for me and one for the missus) and thought my fixed pension of 120k per month would allow us to live as well as we did in our western country. I had intended to work until 60 and by then my savings would have nearly doubled and my pension would have been 30% more, but my (Thai) missus who had been living abroad for eight years missed her family and home country so I made the move at 55, selling up everything and effectively starting over.

After problems getting the house built, and it going over budget and time, taking a lot more of my savings than I had intended, and the 44 baht to the dollar dropping to 29 baht to the dollar making my income of around 120k per month closer to 80k we have been in dire straits for the last couple of years.

So I would say estimate what you think you will need to live the lifestyle you want and work until you have 30 to 50% more than that to allow for inflation, exchange rate fluctuation, or just bad luck... and if you have the option and money to keep the home in Australia, do that as you may get "island fever" after a few years here and want to live part time back in your home country.

Because of our financial problems, I have not been able to leave Thailand since 2005 as I just don't have the disposable income to pay for the trip, which means I missed my mother's funeral, my daughters wedding, and many more important things back on the other side of the world.

I love Thailand but I regret the move and wished I had waited until I was more financially secure. Now I rarely leave the house and am depressed most of the time.

Plan carefully and don't end up like me.

Thankyou for your candid post, and am sorry to hear this. However, this was the type of thing I was wanting to hear about in asking if anyone had any regrets, so you have helped me and no doubt other future expats lurking on the site. I hope things improve for you in the future.

[JeffreyMcCollum]

For years I had been planning to retire here at 50. I had been doing the Thailand for a month and back to Hawaii for 2 months rotation for years and working on my planned retirement to have a home and some rental income here due to no pension or income.

Long storey short, after my daughter, then father died, I decided to move here at 48 years old. Wish I had done it sooner. If you really want to be here there are may ways such as schooling or working or other ways that are legal.

Happy and have a wife and daugher now. At times we have lived ok, for 15,000 Baht a month but I truely feel very comfortable at 30,000 Baht. But I do not drink or smoke. Just like to Ride and putter around and explore

I'd say sooner than later. If you want to be here things really will work out for you

[expatdreamer]

Ref your option B: Remember you can only rent your house for maximum of 6 years tax exempt. Beyond that you will be up for 50% capital gains tax when you decide to sell.

Agreed, am aware of this. Am also aware that if I were to sell the house and just put the money in bank term deposits (presently earning 6%), I would only pay 10% tax on the income as a non-resident vs 30% tax on any income from rent. Would also have to allow for maintance, taxes and other expenses associated with keeping the house, so income would definitely be greater if I sell the place.

Bear in mind I am not completely adverse to selling the home, as this house exceeds my requirements and I could always buy a smaller place if I were to return (for half the price of my current home) assuming I returned single. Dont think I would want to bring any new Thai wife here, they are much happier in their homeland from what I know, and the relationship laws here are just plain unfair for anyone with some money to their name.

Edited October 16, 2011 by expatdreamer

[Spaniel]

If you move to thailand now she cant chase you for child maintenance

Stupid post... child support is not about the woman extorting... it's about the child (to who's "production" the OP played a role...) and about making sure the child can get decent education... I paid 3K+ CHF for my two kids till they were 25 and finished their education... and am proud of their success, their current jobs etc...

Excellent reply! We can use fewer people like BuffaloRescue.

[ronz28]

I have worked with several good people in the past who were looking forward to retirement but never made it. One died at his desk during lunch from a heart attack and could have already retired on a good pension. Just another consideration and I would/did retire as soon as I could to make sure I got to enjoy some retirement life.

[jamescollister]

There has been a lot of very good advise posted on this thread, in saying that sometimes it is just as good to let your heart rule your head. In the end we all will die and being the richest man in the graveyard won't matter much. Maybe just go for it and let tomorrow take care of it's self.

Seen people come with money and lose and others come with little and make a life. One thing is for certain, if you don't try you will never know. It's not just a health thing, how long you live that counts. It's a fitness thing, how many years do you have to enjoy life, before you become that old guy sitting in the corner,living in the past. Jim

[Kananga]

There has been a lot of very good advise posted on this thread, in saying that sometimes it is just as good to let your heart rule your head. In the end we all will die and being the richest man in the graveyard won't matter much. Maybe just go for it and let tomorrow take care of it's self.

Seen people come with money and lose and others come with little and make a life. One thing is for certain, if you don't try you will never know. It's not just a health thing, how long you live that counts. It's a fitness thing, how many years do you have to enjoy life, before you become that old guy sitting in the corner,living in the past. Jim

I'd rather end up the richest man in the graveyard, than the poorest man on the plane home.

[khunPer]

100k/m or 300k/m - you can live fine for 100k/m and easially spend a lot more - depending of your life-style.

Also remember inflation, which may be a bit higher in Asia than Western countries. Thailand is not that cheap, if you wish a more Western-like lifestyle.

Another questions is, when and at what age you wish to enjoy your life, instead of working and saving up for...?

I chosed 55 year and live fine here with family for little less than 100k/m, but I am not drinking (much) or hanging out in the gogo's!

[jamescollister]

There has been a lot of very good advise posted on this thread, in saying that sometimes it is just as good to let your heart rule your head. In the end we all will die and being the richest man in the graveyard won't matter much. Maybe just go for it and let tomorrow take care of it's self.

Seen people come with money and lose and others come with little and make a life. One thing is for certain, if you don't try you will never know. It's not just a health thing, how long you live that counts. It's a fitness thing, how many years do you have to enjoy life, before you become that old guy sitting in the corner,living in the past. Jim

I'd rather end up the richest man in the graveyard, than the poorest man on the plane home.

Someone has to pay the taxes, so people like me can fall back on the welfare system if it all goes wrong. Jim

[Bkkorupcountry]

enjoy your life while you can

Enjoying your life is subjective, as I have been living here for eight years and am now miserable and stuck as I burned my bridges and moved here lock stock and barrel leaving nothing behind. I left my friends, western family, a good job (by taking early retirement), and most of my hobbies and interests behind, which was a mistake for me.

Also, when you do it and on what budget depends on your lifestyle expectations. I didn't want to lower my standard of living so I built a house similar (in size) to the one I had in the west, bought two cars (one for me and one for the missus) and thought my fixed pension of 120k per month would allow us to live as well as we did in our western country. I had intended to work until 60 and by then my savings would have nearly doubled and my pension would have been 30% more, but my (Thai) missus who had been living abroad for eight years missed her family and home country so I made the move at 55, selling up everything and effectively starting over.

After problems getting the house built, and it going over budget and time, taking a lot more of my savings than I had intended, and the 44 baht to the dollar dropping to 29 baht to the dollar making my income of around 120k per month closer to 80k we have been in dire straits for the last couple of years.

So I would say estimate what you think you will need to live the lifestyle you want and work until you have 30 to 50% more than that to allow for inflation, exchange rate fluctuation, or just bad luck... and if you have the option and money to keep the home in Australia, do that as you may get "island fever" after a few years here and want to live part time back in your home country.

Because of our financial problems, I have not been able to leave Thailand since 2005 as I just don't have the disposable income to pay for the trip, which means I missed my mother's funeral, my daughters wedding, and many more important things back on the other side of the world.

I love Thailand but I regret the move and wished I had waited until I was more financially secure. Now I rarely leave the house and am depressed most of the time.

Plan carefully and don't end up like me.

If you are struggling and in dire straits living on 80k per month, then you are in desperate need of a financial advisor. I'll give you some advice for free to start you off. Sell of one or both your cars. Sell you house and downsize to a smaller one. Stop smoking, quit drinking. Eat local. Come to think of it, if you follow this advise, you won't need a financial advisor after all. It's not rocket science.

[londoedan]

Retired at 51, sold up and moved to "the land of the free" - any regrets???? just ask Edith Piaf for that answer!!!

I married about 4 years ago built a private kindergarten school with my wife, live off the income (this is 3 - 4 times my salary back in England when working) and teach our children English for 2 hours a week. Think about it this way - if you would rather get up when you want and do what you want, or get up early in the morning work all day, come home tired, watch TV and go to bed to repeat this ritual 5 or 6 days a week????

If you decide to get married then choose your wife wisely and maybe avoid touristy areas such as Pattaya and Phuket and it might be pertinent to avoid the poorer areas of Thailand such as the North, North East and East (maybe the West as well). In other words the South or Central Thailand would probably be the safest bet. By the way Iblive in Sichon Nakhonsithammarat in Southern Thailand and my life has NEVER been happier!!!

Whatever you decide to do - good luck!!!:jap:

Perfect That is exactly how I would like to retire. EXACTLY ! :jap:

I'm 48 now and I intend to work my arse off for the next couple of years and do it.

Thanks for the positive and upbeat post and good luck to you.

[crazygreg44]

There has been a lot of very good advise posted on this thread, in saying that sometimes it is just as good to let your heart rule your head. In the end we all will die and being the richest man in the graveyard won't matter much. Maybe just go for it and let tomorrow take care of it's self.

Seen people come with money and lose and others come with little and make a life. One thing is for certain, if you don't try you will never know. It's not just a health thing, how long you live that counts. It's a fitness thing, how many years do you have to enjoy life, before you become that old guy sitting in the corner,living in the past. Jim

I'd rather end up the richest man in the graveyard, than the poorest man on the plane home.

What kind of philosophy is that, can you spend your money after you have hit the bucket ?

I'd rather say, I do not want to die as a rich man ! When I die , I want to have spent all the money I had ! Only then, you have truly lived up to your budget !

[BuffaloRescue]

Ref your option B: Remember you can only rent your house for maximum of 6 years tax exempt. Beyond that you will be up for 50% capital gains tax when you decide to sell.

Agreed, am aware of this. Am also aware that if I were to sell the house and just put the money in bank term deposits (presently earning 6%), I would only pay 10% tax on the income as a non-resident vs 30% tax on any income from rent. Would also have to allow for maintance, taxes and other expenses associated with keeping the house, so income would definitely be greater if I sell the place.

Bear in mind I am not completely adverse to selling the home, as this house exceeds my requirements and I could always buy a smaller place if I were to return (for half the price of my current home) assuming I returned single. Dont think I would want to bring any new Thai wife here, they are much happier in their homeland from what I know, and the relationship laws here are just plain unfair for anyone with some money to their name.

6% wont even keep you up with inflation - at real terms

[SICHONSTEVE]

Retired at 51, sold up and moved to "the land of the free" - any regrets???? just ask Edith Piaf for that answer!!!

I married about 4 years ago built a private kindergarten school with my wife, live off the income (this is 3 - 4 times my salary back in England when working) and teach our children English for 2 hours a week. Think about it this way - if you would rather get up when you want and do what you want, or get up early in the morning work all day, come home tired, watch TV and go to bed to repeat this ritual 5 or 6 days a week????

If you decide to get married then choose your wife wisely and maybe avoid touristy areas such as Pattaya and Phuket and it might be pertinent to avoid the poorer areas of Thailand such as the North, North East and East (maybe the West as well). In other words the South or Central Thailand would probably be the safest bet. By the way Iblive in Sichon Nakhonsithammarat in Southern Thailand and my life has NEVER been happier!!!

Whatever you decide to do - good luck!!!:jap:

Perfect That is exactly how I would like to retire. EXACTLY ! :jap:

I'm 48 now and I intend to work my arse off for the next couple of years and do it.

Thanks for the positive and upbeat post and good luck to you.

Thanks friend, If you are serious about your plans (don't forget it will be a life changing decision) then if I had to stress one aspect for a successful transition then it would be to trust your own judgement of character when it comes to choosing a partner as this is where the whole venture (as that's what it is) can all fall down and make you look and feel rather foolish should it happen.

You need to understand that Thai people on the whole are far less well off than Westerners and there are many gold diggers out there who will not bear any conscience about taking you to the cleaners given half the chance - if that is their intention, indeed. They can be extremely good actresses when it suits them and it might be worthwhile throwing in a few subtle tests in now and then and watch their response to situations to assess whether they are genuine or not!! It is not very romantic admittedly but could save you a lot of heartache and money in the future if you do your home work on this!!!

Keep your focus (as it seems you are intent on doing) and chok dee to you.

Thats another thing that will hold you in good stead - start earning Thai - learn to read first NB: when you start it may seem daunting but stick with it and if you can master this then learning to understand and speak it will become much easier. Having said that it is unbelievably complex with 32 vowels (16 short and 16 long) and 44 consonants - try using mnemonics as this helped me enormously in mastering it - I am about 90% there and just need reading practice now.

[BuffaloRescue]

What you should do is sell your house now. Move the money to Thailand. If your house is worth $500k thats 15 million baht.

That should give you at least 15 years of hard core drinking and shagging. You then get to die young, having a fulfilled life and avoid all the pains of old age!

If you invest your money wisely - id go for half in precious metals, and half in emerging markets, you could easily extend this to maybe 25 years. If alive after that time you could consider a humble existence on a state pension in some thai villiage or you can just go back to Australia broke and the social security will take care of you. Ex Wife wont get anything.

Cheers

Edited October 16, 2011 by BuffaloRescue

[BuffaloRescue]

What you should do is sell your house now. Move the money to Thailand. If your house is worth $500k thats 15 million baht.

That should give you at least 15 years of hard core drinking and shagging. You then get to die young, having a fulfilled life and avoid all the pains of old age!

If you invest your money wisely - id go for half in precious metals, and half in emerging markets, you could easily extend this to maybe 25 years. If alive after that time you could consider a humble existence on a state pension in some thai villiage or you can just go back to Australia broke and the social security will take care of you. Ex Wife wont get anything.

Cheers

Edited October 16, 2011 by BuffaloRescue

[Billmont]

Of course the ideal way to to retire as early as possible. Remember that the cemetery is full of people who worked long and hard. However retiring too early and without sufficient funds can also lead you to joining the cemetery crowd before your time.

I think the most important thing is funds and age is secondary assuming health is not a problem.

I think that selling your house in your home country is a mistake as you never know when you may have to return. Keep the house and rent it out (additional income) is the preferred option but I understand some people have to sell their house to move into retirement, an understandable but not a good choice. You never know when you may have to return for numerous reason, heath, political uncertainty,fed up etc.

If you can buy a house in Thailand, through Thai wife or maybe an apartment that you can own in your name, plus a car and then still have an income per month of THB100,000 then you can live comfortably. But with inflation etc. you really need to be able to increase your income about 5% per year to maintain the same standard of living. You also have sufficient funds in the bank, over the funds required by immigration, to cover emergencies, such as hospitals, accidents, teeth etc and to return home at short notice due to close family requirements.

When you have taken all the above into account then you will know at what age you can retire and still live comfortably. Most people who retire are faced with the same question "How did I ever find the time to work"? It is amazing how times passes and if you have a house and a garden, that can take up a lot of time, also cooking if you like to do that, learn Thai or develope a hobby that you really wanted to do but could never find the time. So passing the time problem does not really exist if you are really ready to retire.

I hope this helps.

[Ulysses G.]

That should give you at least 15 years of hard core drinking and shagging. You then get to die young, having a fulfilled life

Good advice, wise one.

[ludditeman]

6% wont even keep you up with inflation - at real terms

Name 10 items that went up more than 6% in Thailand in the last year?

I can't do it!

(Items you use in everyday life, and can own yourself, so not gold or a house)

Edited October 16, 2011 by ludditeman

[newbepat]

6% wont even keep you up with inflation - at real terms

Name 10 items that went up more than 6% in Thailand in the last year?

I can't do it!

The problem I have is the 6% Interest rate

I see this 6% alot on TV, but any time I ask the question (where) nobody can give me a straight answer.

Again : Where can one earn that kind of interest?

The best I can do is 3.5% with dodgy banks locked in for 1/2 years

I can get 2.4% with AAA rated banks on demand

Ok I know this post is straying from the OP question but I have to ask (sorry to OP)

Pat

:jap:

[ludditeman]

The problem I have is the 6% Interest rate

I see this 6% alot on TV, but any time I ask the question (where) nobody can give me a straight answer.

Australia, the banks pay that on the 1 year fixed deposit accounts (5%-7% in the last two years, current best 5.8% for 1 year, 6% for 2 years)

Australia Bank interest rates

Get on a plane to Australia, stay overnight, and you can open a bank account to take advantage of these rates.

But I made 9% last year on my portfolio, so I think 6% is a bit low and sticking money in bank accounts a poor way to invest.

The year before I think it was a bit highter 11%, what did I make this year .... dunno ask me next year.

Edited October 16, 2011 by ludditeman

[newbepat]

The problem I have is the 6% Interest rate

I see this 6% alot on TV, but any time I ask the question (where) nobody can give me a straight answer.

Australia, the banks pay that on the 1 year fixed deposit accounts (5%-7% in the last two years, current best 5.8% for 1 year, 6% for 2 years)

Australia Bank interest rates

Get on a plane to Australia, stay overnight, and you can open a bank account to take advantage of these rates.

But I made 9% last year on my portfolio, so I think 6% is a bit low and sticking money in bank accounts a poor way to invest.

The year before I think it was a bit highter 11%, what did I make this year .... dunno ask me next year.

OK but do I not have to be resident in Australia to open a bank account there? And what about the exchange rate I have Euros only?

Edited October 16, 2011 by newbepat

[hhfarang]

If you are struggling and in dire straits living on 80k per month, then you are in desperate need of a financial advisor. I'll give you some advice for free to start you off. Sell of one or both your cars. Sell you house and downsize to a smaller one. Stop smoking, quit drinking. Eat local. Come to think of it, if you follow this advise, you won't need a financial advisor after all. It's not rocket science.

I have tried to sell my house (to downsize) for about 1/2 of what it was worth when I finished building for the last four years. The current economic situation where I live won't allow it to sell. I don't smoke and the cars are both paid for and 2004/2005 models. I not only eat local, I eat in my home 90% of the time with the food my wife cooks. I drink but its the cheapest boxed wine and Chang beer at home.

Some people are content to live in a flat above a shophouse and eat somtam, and those people can live on 30 or 40k per month but I don't think that was what the OP was asking. That's why I started my post off with "enjoying your lifestyle is subjective". I chose to build a nice home for my family (I support 3 people) and I originally thought I had enough money to do that plus go back to the U.S. once a year. That has not turned out to be the case. I'm just honestly trying to help other people to plan better so as not to end up like me.

Edited October 16, 2011 by hhfarang

[ludditeman]

OK but do I not have to be resident in Australia to open a bank account there? And what about the exchange rate I have Euros only?

You need an Australian address for 1 night (hotel is OK)

Inherent risks in any investment or currency speculations are "up to you".

Some people are content to live in a flat above a shophouse and eat somtam, and those people can live on 30 or 40k per month but I don't think that was what the OP was asking. That's why I started my post off with "enjoying your lifestyle is subjective". I chose to build a nice home for my family (I support 3 people) and I originally thought I had enough money to do that

Thats just not true.

I can live very well on 40k a month, evenings out with the boys two times a week, lunch and beer afternoons three times a week, outings with the gf and family two times a week, hobby outings four times a week (mainly hiking and swimming), and all of us eating out often. I live in a very nice bungalow for 5000bht a month and run a pickup truck and two motorcycles. Building a house you can never own is just a waste of capital IMHO but that's another story, I still can't understand why you are having to live so simply but still have high monthly outgoings. (I support myself and 4 other people)

Edited October 16, 2011 by ludditeman

[kennkate]

wise words from hhfarang

The OP should take notice and act accordingly. Things can change It's not your Country.

Like hh has pionted out the exchange rate can have a big impact on you if your income is coming from outside Thailand.

I found that out. but fortunatly I had retained my house in the UK. And that is where we are.

It is no more expensive to live in the UK for me with free helthcare ect.

That is why I said in my other post Plan B would be your best bet.