Decline On Sterling (The Pound)

[thaibeachlovers]

Turning for a moment from the emotive stuff about "Baby boomers" and derision of the OP because he has four pensions (so what? - if you changed jobs a few times in your career, that's not unusual), I wonder what calculations other retirees are making as to their future plans. We all have our own reference point about the exchange rate, my own is that when I first visited Thailand in 1996, the pound bought 40 Baht. In the 3.1/2 years since I finally retired out here, when the rate was 55, I have thought several times that there now seems to be little reason why it should not descend again to 40, but I've really no idea any more.

The point is, there could come a stage when one's pension income no longer translates into the 65000 Baht monthly figure required for a Retirement Extension. I have so far shrunk from calculating that point in my own case, and will put off the moment of truth a little longer as last week I just extended for another year without a problem. But I have always religiously followed the nostrum frequently expressed on this forum, "Never bring in to Thailand more than you can afford to walk away from." So all my pensions, which are paid (and taxed) in the UK are banked there, all my savings are still there, and I want to keep it that way for as long as I can. However, I now find myself wondering whether it would be a good idea to transfer 800k-worth into one of my accounts here, or a proportion of that figure so as to ensure meeting the Thai immigration requirements.

I've always kept 400k in the bank here, to ensure my visa extension.

Seems sensible to me. The exchange rate only affects my day to day spending power.

True. As long as you can pay rent and electric, water, it is possible to live on 100 baht a day. Not enjoyable but possible.

[TommoPhysicist]

His attractive lady friend also "suffers" with her nerves and hasnt worked for the same period, I do believe one of them acts as and gets extra benefit for "caring" for the other.A friends neighbour hasnt worked for over 30 years he is a bone idle git and now at 60 years old he will soon get the full state pension. Not sure what benefit hes on currently.

They do manage to keep 4 dogs 3 cats 2 parrots an aviary and some sort of lizard in a tank. The whole house stinks.

Its easy to see how anyone working for 50 years think folks like this ( and there are a lot, go to any council estate) are taking the p***.

However its not Thai related so mods can delete it.

The forces, defense spending, foreign aid, devolution, country councils ....... all needless expenses ...... I have no problem with the bludgers, good on them.

[Eff1n2ret]

Hmmmm. Die in a hospital bed in the UK, or in the street in LOS? It's a conundrum.

I worked in the UK NHS and I was less than impressed with the care on offer, but at least the morphine is free while you die.

In my worst nightmares I've never anticipated dying on the street in Thailand, and that's not likely to happen. As they'll make you pay for nursing home care in the UK if you have assets more than about £22k, I'll spend what it takes to keep going for as long as possible here. Without knowing what will happen and when, you can only provide as best you can and then stop worrying about it. What I have observed is that insurance isn't the be-and-end-all, judging by a couple of friends' cases, you hit your limit and the companies stop paying out - if they agree to pay out at all. I also knew a chap whose claim was rejected because they said he had a pre-existing condition which he knew nothing about.

[metisdead]

Inflammatory posts, bashing posts, and other off topic posts and replies have been removed.

[theblether]

I enlisted as a sapper, I was offered a Commission, I'm an engineer to trade and I showed up well in training. I rejected it and left the RE. It's one of the few regrets I have in life, given my time again I would have accepted the Commission.

I haven't heard this for a very long time. It is commonly uttered by crows that can't make the grade (fitness and/or weapon handling) in an intake of OR's & are discharged before the end of their basic training.

What type of plant did you find @ Ponderosa?

(Hats off to your Granddad BTW. PM for details re obtaining his WW1 service records)

I was already serving when I was offered the Commission. reckoned to be O material and a qualified engineer, tends to put you on the fast track eh?

Thanks for the kind offer re my Great Grandfathers war records, we have them already. My Great Uncle landed at Anzio and he's still here to tell us any tales, and another uncle was captured in at Singapore after fighting on the Malay Peninsula. That's setting to the side three more family members, including my father and grandfather that served without seeing combat action, and a brother in law that has just recently received a service medal for service during the Malay Emergency ( I think ) while serving 25 years in the Royal Navy.

My family is nothing special in this regard but we do stand our corner, and I regret not serving longer.

Edited February 27, 2013 by theblether

[fletchsmile]

Naam, on 27 Feb 2013 – 03:47 said:

....

GuestHouse, on 2007-12-09 00:01:00, said:

Its not some inbuilt ability JK. As part of my overseas assignment package I receive free (company paid) access to one of the world's leading tax and investment advisory firms.

Their advice has been consistent - I don't need to put savings off shore to protect myself against tax. I should maintain my savings in my home currency (home being where I'll head if life goes to rat sh1t) and I should take advantage of the trust laws to ensure my family's future is protected.

Of course individual circumstances are different but my bet is that the fundamentals of the advice I have been given is good for everyone except for those with no savings and the super rich.

quite interesting to read our old discussions Fletch! especially where the participants agree to vehemently disagree

ironically the heavy sabres duel Guesthouse vs. Naam on "home currency" took place a couple of weeks after GBP 1 fetched THB 71

Indeed time flies when you're having fun... and to think not only you you get the call right, but the overall strategy too...and all that without the world's leading tax and investment advisory firms to "help" you

There are still the single currency home country advocates out here, though, and not limited to UK and GBP either. eg There are quite a few posters or people you hear day to day say they'd rather keep all their money back home in Australia in AUD where interest rates are higher, and the AUD has done well in recent years vs the THB etc. Not having a go at the Ozzies BTW just saying they have the same risks and life goes round in circles. AUD looks vulnerable and if their economy stalls on Chinese growth etc....

Fletch

Edited February 27, 2013 by fletchsmile

[fletchsmile]

....

The point is, there could come a stage when one's pension income no longer translates into the 65000 Baht monthly figure required for a Retirement Extension. I have so far shrunk from calculating that point in my own case, and will put off the moment of truth a little longer as last week I just extended for another year without a problem. But I have always religiously followed the nostrum frequently expressed on this forum, "Never bring in to Thailand more than you can afford to walk away from." So all my pensions, which are paid (and taxed) in the UK are banked there, all my savings are still there, and I want to keep it that way for as long as I can. However, I now find myself wondering whether it would be a good idea to transfer 800k-worth into one of my accounts here, or a proportion of that figure so as to ensure meeting the Thai immigration requirements.

Good idea if you wish to continue living here. However, don't forget to do at least one transaction just before applying for the extension.

However, depending on your age, you may no longer be able to afford the medical insurance, so might have to go back to live in the UK anyway.

For some people this makes sense. A couple of other things about the 800k retirement visa route rather than monthly income worth bearing in mind:

- When they revise the rates upwards they often grandfather the amounts, so that you can "lock in" the 800k and yours isn't increased if you leave it in place

- If you get married you can always half that amount of course as married extension is only 400k

BTW Liked your post in terms of many people do bury their head in the sand on Thailand - so worth considering. The word "nostrum" is a great one to describe the mantra of not investing in Thailand. Have to admit I needed to google it as to meaning. Great word in this context

[Denizen]

Naam, on 27 Feb 2013 – 03:47 said:

....

GuestHouse, on 2007-12-09 00:01:00, said:

Its not some inbuilt ability JK. As part of my overseas assignment package I receive free (company paid) access to one of the world's leading tax and investment advisory firms.

Their advice has been consistent - I don't need to put savings off shore to protect myself against tax. I should maintain my savings in my home currency (home being where I'll head if life goes to rat sh1t) and I should take advantage of the trust laws to ensure my family's future is protected.

Of course individual circumstances are different but my bet is that the fundamentals of the advice I have been given is good for everyone except for those with no savings and the super rich.

quite interesting to read our old discussions Fletch! especially where the participants agree to vehemently disagree

ironically the heavy sabres duel Guesthouse vs. Naam on "home currency" took place a couple of weeks after GBP 1 fetched THB 71

Indeed time flies when you're having fun... and to think not only you you get the call right, but the overall strategy too...and all that without the world's leading tax and investment advisory firms to "help" you

There are still the single currency home country advocates out here, though, and not limited to UK and GBP either. eg There are quite a few posters or people you hear day to day say they'd rather keep all their money back home in Australia in AUD where interest rates are higher, and the AUD has done well in recent years vs the THB etc. Not having a go at the Ozzies BTW just saying they have the same risks and life goes round in circles. AUD looks vulnerable and if their economy stalls on Chinese growth etc....

Fletch

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

[thaibeachlovers]

Naam, on 27 Feb 2013 – 03:47 said:

....

GuestHouse, on 2007-12-09 00:01:00, said:

Its not some inbuilt ability JK. As part of my overseas assignment package I receive free (company paid) access to one of the world's leading tax and investment advisory firms.

Their advice has been consistent - I don't need to put savings off shore to protect myself against tax. I should maintain my savings in my home currency (home being where I'll head if life goes to rat sh1t) and I should take advantage of the trust laws to ensure my family's future is protected.

Of course individual circumstances are different but my bet is that the fundamentals of the advice I have been given is good for everyone except for those with no savings and the super rich.

quite interesting to read our old discussions Fletch! especially where the participants agree to vehemently disagree

ironically the heavy sabres duel Guesthouse vs. Naam on "home currency" took place a couple of weeks after GBP 1 fetched THB 71

Indeed time flies when you're having fun... and to think not only you you get the call right, but the overall strategy too...and all that without the world's leading tax and investment advisory firms to "help" you

There are still the single currency home country advocates out here, though, and not limited to UK and GBP either. eg There are quite a few posters or people you hear day to day say they'd rather keep all their money back home in Australia in AUD where interest rates are higher, and the AUD has done well in recent years vs the THB etc. Not having a go at the Ozzies BTW just saying they have the same risks and life goes round in circles. AUD looks vulnerable and if their economy stalls on Chinese growth etc....

Fletch

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

The reason I call another country "home", is that it's where I paid tax most of my working life, and is the only country that will pay for my nursing home ( hope I'm dead before that ) and hospital bills.

So, although I love Thailand, I can't call it "home".

Let's face it, serious medical bills are unaffordable unless very rich, and insurance is too expensive here when old, so unless I want to commit sideways on becoming too decrepit to survive alone, or having a crippling accident,, what alternative do I have?

Modified to allow posting

[exeter]

The question of home mmm, well I guess this is my home now but, some people have 2 homes, some have duel nationality, so England was where I was born , paid my taxes grew up and spent over 60 years there. So I think I would always leave something there in case things went downhill rapidly here

The UK is fine pickle thats for sure and I wonder if the current decline of the value of the GBP is causing to many troubles and worries in the Gvt, they want you stay at home and spend so they can raise more taxes for themselves( they will have some new ones for you in April), they wil also see the decline as an advatage to the export sector so I think they will not bother to much, imports will put prices up in the shops though and inflation does not seem to worry the Gvt either at the moment.

Here, I am not on the street, but have also decided that tips are frozen and we eat in a couple of times a week to keep on budget, who knows where it will end, 44.7 tonight we all hope for a change of wind but there is nowt we can do other than carry on and stay calm.

[jocko]

Naam, on 27 Feb 2013 – 03:47 said:

....

GuestHouse, on 2007-12-09 00:01:00, said:

Its not some inbuilt ability JK. As part of my overseas assignment package I receive free (company paid) access to one of the world's leading tax and investment advisory firms.Their advice has been consistent - I don't need to put savings off shore to protect myself against tax. I should maintain my savings in my home currency (home being where I'll head if life goes to rat sh1t) and I should take advantage of the trust laws to ensure my family's future is protected.

Of course individual circumstances are different but my bet is that the fundamentals of the advice I have been given is good for everyone except for those with no savings and the super rich.

quite interesting to read our old discussions Fletch! especially where the participants agree to vehemently disagree

ironically the heavy sabres duel Guesthouse vs. Naam on "home currency" took place a couple of weeks after GBP 1 fetched THB 71

Indeed time flies when you're having fun... and to think not only you you get the call right, but the overall strategy too...and all that without the world's leading tax and investment advisory firms to "help" you

There are still the single currency home country advocates out here, though, and not limited to UK and GBP either. eg There are quite a few posters or people you hear day to day say they'd rather keep all their money back home in Australia in AUD where interest rates are higher, and the AUD has done well in recent years vs the THB etc. Not having a go at the Ozzies BTW just saying they have the same risks and life goes round in circles. AUD looks vulnerable and if their economy stalls on Chinese growth etc....

Fletch

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

The reason I call another country "home", is that it's where I paid tax most of my working life, and is the only country that will pay for my nursing home ( hope I'm dead before that ) and hospital bills.

So, although I love Thailand, I can't call it "home".

Let's face it, serious medical bills are unaffordable unless very rich, and insurance is too expensive here when old, so unless I want to commit sideways on becoming too decrepit to survive alone, or having a crippling accident,, what alternative do I have?

Modified to allow posting

Wherever I lay my hat that's my home.

But I'm keeping options open and --------------

[TommoPhysicist]

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

Unless you have Thai citizenship or at least PR, you really can't call Thailand home.

It's just temporary accomodation.

Edited February 27, 2013 by TommoPhysicist

[kennedy]

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

Unless you have Thai citizenship or at least PR, you really can't call Thailand home.

It's just temporary accomodation.

LIFE is a temporary accomodation

[GuestHouse]

ironically the heavy sabres duel Guesthouse vs. Naam on "home currency" took place a couple of weeks after GBP 1 fetched THB 71

You're the man Naam, but to be honest, while I do enjoy your posts you've got the look of a wet bar of soap when it comes down to making a statement that you can be tied down to 'Rates go up, rates go down', 'Markets go up, markets go down' is what you give us.

Yes the Bht was 71 to the GBP - but go read my first response to this post. The OP came into Thailand right at the sweet moment, and set up a variable cost life style on a fixed income while disregarding all the advice that the exchange rate crazy deal was not here to stay.

Those balmy days were good, but they were good for spare cash purchases of assets at rock bottom prices.

If, and I know at least one person who did this , an individual bought Thai property at rock bottom prices, but left their main assets outside of Thailand they would still have those main assets to call upon.

PLEASE TELL ME where is it written that cash in the UK needs to be in a sterling account? Please tell me where it is written that tax absolutely must be paid on investments in the UK - I know were the laws regarding deposit protection are.

I know too guys who have moved their life savings to Thailand, put them in the hands of their Thai spouse (or fake company) and now hope that some else will do the right thing by their dependents if and when they die.

UK trust law would have served them well.

I know too of guys who have placed their pension savings into the crock of <deleted> QROPS schemes - put this to the test - try to nail down the charges the next time one of QROPS carpet baggers comes calling. Believe me, I've tried, they are more slippery than getting Naam to give a solid financial prediction.

I have a theory, a lot more money is lost by foreigners in Thailand than is made by foreigners in Thailand - Prove me wrong.

[theblether]

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

Unless you have Thai citizenship or at least PR, you really can't call Thailand home.

It's just temporary accomodation.

LIFE is a temporary accomodation

Do you mind??......this is the General Forum, we don't like profound statements here.

[Denizen]

A lot of this debate centres around which country people call home. I bet that some of the people who call Thailand home are still keeping savings in country of origin and not Thailand.

The big question is where is home and why would one call country of origin home if one intends not to live there?

Unless you have Thai citizenship or at least PR, you really can't call Thailand home.

It's just temporary accomodation.

LIFE is a temporary accomodation

Do you mind??......this is the General Forum, we don't like profound statements here.

An old saying:

Life is a sexually transmitted terminal disease.

[rgs2001uk]

Do you mind??......this is the General Forum, we don't like profound statements here.

An old saying:

Life is a sexually transmitted terminal disease.

An even older saying, love comes in spurts.

[TommoPhysicist]

Do you mind??......this is the General Forum, we don't like profound statements here.

An old saying:

Life is a sexually transmitted terminal disease.

An even older saying, love comes in spurts.

I thought that was Richard Hell and the Voidoids?