Poll: Expat Retirees -- Do You Worry About Running Out Of Money Before You Run Out Of Time?

[Jingthing]

For most retirees, that is the most important concern in their financial planning. Will your money outlast your life? Of course running out of money when you are long retired and old would be quite tragic, so it is an understandable area of anxiety.

Inspired by a recent book on the subject which presents a somewhat different twist on the issue, here is a poll for your amusement about how retired expats in Thailand are feeling about how long their money will last.

The poll is for expats retired in Thailand already and also those with firm plans to retire soon in Thailand. If that isn't you, no reason to vote in it really, even as a null vote.

http://www.thebigretirementrisk.com/

Edited October 2, 2012 by Jingthing

[chainarong]

What do you mean run out of money , did that long time ago , a new battery cost the young bloke six thousand Bht yesterday, same price as Australia.

[Jingthing]

Of course, many or most retirees have savings/assets AND income streams (or expected ones later in the case of people retiring before pensions kick in, etc.). But even with a healthy income stream it certainly is still always possible for most non-super-wealthy people to spend down depending on markets and personal events.

[David006]

5555..Lots of things to worry about ...run out of beer , run out of cigs, run out of steam.

Don't understand your poll...to what end..is it raining and you are bored?

Here it has just started raining again..and I am bored and very worried about running out of scotch.

Count me GOM...... I am an old silver spoon-er, lazy, apathetic, procrastinator with beautiful half Chinese/half my age Hi So independently wealthy ....yadda yadda yadda and she washes my ....

Have a good one mate...

Think I will go back to the "Do you live in Thailand" pissing contest now.....naaa bugger it.... read me book instead

[davejones]

5555..Lots of things to worry about ...run out of beer , run out of cigs, run out of steam.

Don't understand your poll...to what end..is it raining and you are bored?

Here it has just started raining again..and I am bored and very worried about running out of scotch.

Count me GOM...... I am an old silver spoon-er, lazy, apathetic, procrastinator with beautiful half Chinese/half my age Hi So independently wealthy ....yadda yadda yadda and she washes my ....

Have a good one mate...

Think I will go back to the "Do you live in Thailand" pissing contest now.....naaa bugger it.... read me book instead

What a strange person!

[GarryP]

I am not even retired and I worry about this. Worrying about whether I will have enough to keep me going until I kick the bucket. Nary a day goes by without this issue coming to mind unbidden.

[Jingthing]

I am not even retired and I worry about this. Worrying about whether I will have enough to keep me going until I kick the bucket. Nary a day goes by without this issue coming to mind unbidden.

Yeah, I can relate. I fear severe poverty more than death. I wouldn't last a day on the streets.

In my case, I haven't worked for pushing ten years now, and I thought I'd be richer at this point than I actually am. What hit me wasn't so much inflation or personal events, but the BAD luck of the TIMING of when I stopped working. (Market meltdowns.)

Edited October 2, 2012 by Jingthing

[Briggsy]

If inflation ramps up to double figures in the expat's home country a lot of people here relying on savings invested in Euros, Dollars, Aussie Wollars, etc. will be getting a lot less bang for their Baht.

Inflation is the big potential danger.

[CharlieH]

At the rate they seem to be finding ferang bodies lately I think we all might run out of time rather than money.

[soi41]

What do you mean run out of money , did that long time ago , a new battery cost the young bloke six thousand Bht yesterday, same price as Australia.

Battery for the pacemaker ?

[jamescollister]

Run out of money here or anywhere and you are poor. No difference, just cheaper here. Jim

[Lancelot]

Nice poll JJ and thanks for adding the "Delete My Vote" feature. I screwed up my first vote and needed to change, Ha!

I've been retired in Thailand since 2003, minus one year back home for family illness.

I'm a value guy and so far Thailand has fit the bill. If my cost of living were to increase substantially in US dollar terms, I'd be out of here in a heart beat. I like Thailand but I'm usually happy where ever I am- or I leave

For the folks that have more permanent ties to the LOS, its not so easy and I can understande their angst. Right now I'm foot loose, happy and free.

And I intend to stay that way

Edited October 2, 2012 by Lancelot

[TwoDogz]

I am not even retired and I worry about this. Worrying about whether I will have enough to keep me going until I kick the bucket. Nary a day goes by without this issue coming to mind unbidden.

Yeah, I can relate. I fear severe poverty more than death. I wouldn't last a day on the streets.

In my case, I haven't worked for pushing ten years now, and I thought I'd be richer at this point than I actually am. What hit me wasn't so much inflation or personal events, but the BAD luck of the TIMING of when I stopped working. (Market meltdowns.)

Someone might take you in and adopt you, pet you, feed you.

[yoslim]

I'm only 34 and I think it's nearly 100% I will run out of money at some point

[fletchsmile]

Probably somewhere between moderately likely and very unlikely I won't run out. That's to say simply "likely I won't"

That's a very different statement than the question you ask of whether you worry about it or not though. Some people will think they won't run out but worry they might. Some people will think it's likely they'll run out but don't worry. Whether you think you will and whether you worry about it are 2 different things

[Jingthing]

Probably somewhere between moderately likely and very unlikely I won't run out. That's to say simply "likely I won't"

That's a very different statement than the question you ask of whether you worry about it or not though. Some people will think they won't run out but worry they might. Some people will think it's likely they'll run out but don't worry. Whether you think you will and whether you worry about it are 2 different things

That's a good semantic point. However, none of us can actually predict the future so all we've got is our perceptions. As I hinted in my last post, at the BEGINNING of my so called retirement I would have had a more optimistic forecast than I have now. So it's really a snapshot in time kind of thing as both perceptions and reality are always changing.

[davejones]

Run out of money here or anywhere and you are poor. No difference, just cheaper here. Jim

But run out of money in the UK and you'll get a rent-free place to live and some spending money. You'd still be poor, but not as poor as here. where you'd have nothing at all.

An option for some would be to start earning something part-time and saving for later years. Internet based stuff always brings in at least some money.

[mania]

I have no idea if I will run out of money

I am positive I will run out of time

If time is money then I guess it will all work out

[Mike45]

JT

Haven't you heard? All you have to do is follow the safe withdrawal recommendation and withdraw 4% of your assets every year and you will never run out of money. At least that is what all the professional money managers are telling us these days.

You know better than I do because I haven't retired just yet. But it scares the crap out of me that I could have retired and would have had to liquidate assets during the most recent downturn.

I unexpectedly realize now that US Social Security is going to be a big part of my retirement plan. Are you collecting yet? Can you live on the amount?

[davejones]

JT

Haven't you heard? All you have to do is follow the safe withdrawal recommendation and withdraw 4% of your assets every year and you will never run out of money. At least that is what all the professional money managers are telling us these days.

This depends on a lot of things. The older you are, the more likely it is to work. But if your assets are losing value, then the money could run out in under 10 years. Also, the assets are getting smaller due to inflation. So it depends on what sort of assets they are, how they will perform over coming years and how easy it is to liquidate 4%. If your asset is one or two houses, it's difficult to liquidate 4%.

Seems like most have planned ahead, but a few seem to have done no planning at all. For the younger members, save and invest 10-20% of your income and you'll be ok. Most would prefer a new car, bigger house, etc. They are the ones that tend to have little saved for retirement.

[rsokolowski]

If inflation ramps up to double figures in the expat's home country a lot of people here relying on savings invested in Euros, Dollars, Aussie Wollars, etc. will be getting a lot less bang for their Baht.

Inflation is the big potential danger.

Inflation is my biggest fear. If it gets out of control I fear for the value of my savings. I need to buy more Gold.

[Mike45]

JT

Haven't you heard? All you have to do is follow the safe withdrawal recommendation and withdraw 4% of your assets every year and you will never run out of money. At least that is what all the professional money managers are telling us these days.

Seems like most have planned ahead,

Unfortunately I do not have any faith in the planning I have received. In 2006 I had three different projections done telling me I could retire. They were ALL wrong! How can anyone have faith in that? Now I understand why so many people do not retire early.

[jombom]

In regards to sleeping on the street or beach, it's not so bad, although not ideal, as long as your brain is still working. I have slept in some very strange places and survived.

[Chivas]

Surely you'd never leave your own country for good unless you were 100% sure you'll never need to return.............

I can only imagine having perhaps to return home from Sunny Pleasant Thailand to a cold winter in an Old Peoples home in the uk ??

If you are concerned why not have the best of both worlds and spend 6 months in each country. I'd never burn my bridges in the first place to be honest though.

Edited October 2, 2012 by Chivas

[Jingthing]

100 percent certainty? Wow. What a concept.

[Mike45]

100 percent certainty? Wow. What a concept.

No such thing!

[DrTuner]

Mai bpen rai. Falang tink too mut.

[IvanLaw]

100 percent certainty? Wow. What a concept.

No such thing!

Are you 100% Certain about that ?

[chainarong]

What do you mean run out of money , did that long time ago , a new battery cost the young bloke six thousand Bht yesterday, same price as Australia.

Battery for the pacemaker ?

Ya gettin close, me walkin frames battery powered, the bloody thing got caught in high range the other day, lost me pants at high speed.

[chainarong]

JT

Haven't you heard? All you have to do is follow the safe withdrawal recommendation and withdraw 4% of your assets every year and you will never run out of money. At least that is what all the professional money managers are telling us these days.

Seems like most have planned ahead,

Unfortunately I do not have any faith in the planning I have received. In 2006 I had three different projections done telling me I could retire. They were ALL wrong! How can anyone have faith in that? Now I understand why so many people do not retire early.

I had one financial guru tell me the worst case scenario was interest rates wouldn't drop below 12%,that was a while back , I take interest rates at a worst case scenario yard stick of 2%, I never dream.Thats in Oz .