How much is enough to retire in Phuket?

[jjJJ1133]

Just putting out "feelers" here and would really appreciate any helpful comments.

It's been quite a few years since I've been to Phuket (Patong beach) and Pattaya beach area and was just wondering what is a "livable" income to retire in the Phuket and/or Pattaya areas as I plan to visit and retire there.

I know there are a lot of variables and this it's a loaded question but here are some of my circumstances.

Single

57 years old

Fairly healthy

Receive U.S. civil service retirement of $3000. USD per month

Like to frequent some of the bars, mainly weekends and Yes - socialize with the female companionship there and buy a few drinks for them also (Man do I miss the Kangaroo bar in Patong beach)!

Like to eat most meals out at cheap restaurants - not into fancy dining.

Living arrangements - average/mediocre livings standards (condo-apartment rental)

No car desired and prefer using tuk-tuk mostly.

I know the Non-immigrant Visa category O-A requirements are 65,000 baht (approx $2050. USD) per month pension (if it hasn't changed?)

Just read and hear a lot of different $$$ figures from others and really would like to hear from those who are actually there and more or less have same circumstances as I have.

Thanks in advance for any responses.

John

[rgs2001uk]

You have plenty to retire on and come here to live the lifestyle you talk of.

Be aware adding a partner will cost you.

Up to you as they say here.

My only concern would be medical/health insurance.

[berybert]

Not only would you be able to live comfortably, but could expect to save a few dollars a month also.

There is always the health issue, but for me just because you all of a sudden choose to live in a different country doesn't mean your health will go down the pan overnight.

[keetoot]

10 aussie dollars a day is existing.

20 aussie dollars a day is surviving.

50 a day is living.

[LivinginKata]

I know the Non-immigrant Visa category O-A requirements are 65,000 baht (approx $2050. USD) per month pension (if it hasn't changed?)

It's still 65,000 baht/month pension for a retirement visa/extension.

Edited June 27, 2015 by LivinginKata

[fiddlehead]

Of course, with inflation, your needs (or wants) will become more expensive.
I would try to also have enough to buy a car (or at least motorbike) as the tuk tuk as your sole means of transport may end up costing you more than the food you eat!

$3,000 a month will work for now.

Might not in a few years.

I'd try to have some additional savings in case you find a place you really like, and can buy yourself a condo or similar.

Rents will rise, food will go up. Drink prices go up quite often.

[redandyellow]

What we need and what we want are two completely different female figures.

[Shot]

You're gonna want a motorbike or small car.

[samuibeachcomber]

10 aussie dollars a day is existing.

20 aussie dollars a day is surviving.

50 a day is living.

pretty much sum's it up.The beauty of here is if you have to be careful with money its doable,ok maybe not much fun but imho better than home.

[phuketrichard]

I live on 50,000 baht for 2 of us BUT already own the car/bike and do not drink an eat out only 1-2 times /week dinner and 3 or 4 for lunch

easy to find a 2 bedroom house/condo for under $20,000 baht ( $600 0r so) /month

That socializing is the kicker that will get ya LOL

[madmitch]

Many expats I know live reasonably well on quite a bit less than you are stating. You'll be fine.

Health insurance is a must and will be between $1000 and $2000 depending upon coverage, the price increasing the older you get.

[KarenBravo]

All very well until you get hit by a medical emergency, or, unwittingly get involved in the Thai legal system, both of which can easily rack up a million Baht bill.

Unless you can survive at least two emergencies, I wouldn't do it.

Also factor in a sudden exchange rate change (25%) that goes against you. If you can't survive that, then I wouldn't do it either.

I'm a cautious bloke.

Edited June 28, 2015 by KarenBravo

[beachproperty]

Rent is going to be your biggest expense. As said earlier ...can easily find a place for under 20,000 Baht. A quick look at the thai visa classifieds shows a one bedroom in Kata beach for 15,000 and a studio in Phuket town for 9,000 Baht. BUT best way to find a cheap rental is "on the ground" (ie footwork)....drive around and look (you'll need someone who speaks Thai and some English to help). I have friends there who rent small houses for 10,000 baht

Personally I think you have plenty of money (read the thread about the guy who lives on 20,000 Baht a month in Bangkok...."Bangkok is really expensive.....") but as said be prepared for emergencies

All depends on your spending habits

Best to just come back for a holiday at first and check everything out yourself......good luck

EDIT: a quick look at DDproperty for rentals in Phuket shows 54 pages of rentals many under 15,000 Baht. Some as low as 3500 Baht

Edited June 28, 2015 by beachproperty

[wazzadg44]

I have lived in Patong for 5 years.I get $2500 AUS. per month in pension/super payments.I allow 40,000 baht per month ($1600 +/-)for two.This includes rent,utilities,a few beers every day,groceries etc.I cook most meals at home and my Thai wife makes her own or buys from carts/market.Occasionally I break out with meal out,wine eg: but not often.Very comfortable lifestyle for us.I do not have health insurance ( I'm 70)-very expensive here at my age ($400+/- p/m) so I maintain Australian insurance instead ($100 p/m).

So yes you will enjoy a comfortable lifestyle here especially given the exchange rate (33 baht/US dollar-AUS $ 26+/-).Go for it.

[jjJJ1133]

1. Thanks to all for the responses. Looks like I may have to get some Thai health insurance.

[LivinginKata]

Thanks to all for the responses. Looks like I may have to get some Thai health insurance.

Yes, well worth getting some sort of health insurance, at least an accident policy.

You are 57 so you still have time to sign up with BUPA Thailand and be covered for life - yes I know, premiums will be high after 65. Worth investigating.

Edited June 28, 2015 by LivinginKata

[phuketrichard]

Never had medical insurance

past 30 years have spent about 75,000 baht on hospital visits, (blood clot, Broken collar bone, checkups, blood work done)

figure im ahead

yea yea i know

what if,

but to me, i look at it like this, you get insurance an ur betting u get sick or something goes wrong so u can use it. seems wrong to me

If something serious goes wrong, i jump on a flight back to the states where i am covered.

PS; i do have a nice positive balance in my accounts an dont live month to month

[Crazy chef 1]

If you have some savings to buy a condo the rest is more than enough.and the pu$$y game gets boring after a few weeks and Ning Naa or Nong will hook you up anyway but it is still more than enough for both of you...

[The Big Mango]

Never had medical insurance

past 30 years have spent about 75,000 baht on hospital visits, (blood clot, Broken collar bone, checkups, blood work done)

figure im ahead

yea yea i know

what if,

but to me, i look at it like this, you get insurance an ur betting u get sick or something goes wrong so u can use it. seems wrong to me

If something serious goes wrong, i jump on a flight back to the states where i am covered.

PS; i do have a nice positive balance in my accounts an dont live month to month

Understand your opinion and respect that ,

But id like to see you "jump" on a plane if something really goes bad for you.

For the sake of a thousand dollars or two a year why the hell would people not get themselves insurance here ?

[beachproperty]

Never had medical insurance

past 30 years have spent about 75,000 baht on hospital visits, (blood clot, Broken collar bone, checkups, blood work done)

figure im ahead

yea yea i know

what if,

but to me, i look at it like this, you get insurance an ur betting u get sick or something goes wrong so u can use it. seems wrong to me

If something serious goes wrong, i jump on a flight back to the states where i am covered.

PS; i do have a nice positive balance in my accounts an dont live month to month

Understand your opinion and respect that ,

But id like to see you "jump" on a plane if something really goes bad for you.

For the sake of a thousand dollars or two a year why the hell would people not get themselves insurance here ?

Well for me, I stopped my insurance 10 years ago when I move to Thailand also. Had insurance in the US that was costing me $10,000 per year. Took the money I would have spent on insurance during that 10 years and invested it .....now have over $100,000 for health care and emergencies. My health bills in Thailand for the last 10 years have been less than $1000.

Self insured here in Thailand and have no problem with it, as costs in Thailand for medical care is WAY less than the US.

[The Big Mango]

Never had medical insurance

past 30 years have spent about 75,000 baht on hospital visits, (blood clot, Broken collar bone, checkups, blood work done)

figure im ahead

yea yea i know

what if,

but to me, i look at it like this, you get insurance an ur betting u get sick or something goes wrong so u can use it. seems wrong to me

If something serious goes wrong, i jump on a flight back to the states where i am covered.

PS; i do have a nice positive balance in my accounts an dont live month to month

Understand your opinion and respect that ,

But id like to see you "jump" on a plane if something really goes bad for you.

For the sake of a thousand dollars or two a year why the hell would people not get themselves insurance here ?

Well for me, I stopped my insurance 10 years ago when I move to Thailand also. Had insurance in the US that was costing me $10,000 per year. Took the money I would have spent on insurance during that 10 years and invested it .....now have over $100,000 for health care and emergencies. My health bills in Thailand for the last 10 years have been less than $1000.

Self insured here in Thailand and have no problem with it, as costs in Thailand for medical care is WAY less than the US.

Agreed thats why a half decent policy here is around only 1,000$ a year and not 10,000$.

Covers you in every place on this planet except guess where , the US.

But I don't disagree self insured is also viable

[phuketrichard]

If you have some savings to buy a condo the rest is more than enough.and the pu$$y game gets boring after a few weeks and Ning Naa or Nong will hook you up anyway but it is still more than enough for both of you...

GOD NO: dont buy a condo; the resale value is worthless as there building htem everywhere on the island!!

[thrilled]

If you've been in Thailand for awhile you'll see prices going up little by little.Inflation.To live comfortable maybe do some

Traveling.Emergencies do come up.For me I believe 1 million baht A year .Approximately just under 100000 baht A

Month.With that you should be fine.

[NamKangMan]

"No car desired and prefer using tuk-tuk mostly." - you'll need more than $3000USD a month then.

[rocketboybkk]

You have plenty to retire on and come here to live the lifestyle you talk of.

Be aware adding a partner will cost you.

Up to you as they say here.

My only concern would be medical/health insurance.

I agree, 3000 usd is plenty to have a decent living

I reckon you could live in half & still be ok & not eat red rice only.

Good luck

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[rocketboybkk]

If you've been in Thailand for awhile you'll see prices going up little by little.Inflation.To live comfortable maybe do some

Traveling.Emergencies do come up.For me I believe 1 million baht A year .Approximately just under 100000 baht A

Month.With that you should be fine.

For a million a year if live like a king & then some.

Sent from my iPhone using Tapatalk

[Jimi007]

Rent, don't buy! I've been paying the same 11,000 Baht a month for 10 years and they still want about 6 Million for the place. And if you end up not liking your neighbors or the area, you can move! You're going to need a small car as it rains and then it get's very hot! A motor bike is good too to run errands around town as there is not a lot of parking in some areas. I bought used ones 10 years ago for cheap and they still run fine. It's not like you wrack up a lot of miles if you just stay on the island. $3,000 US should be plenty, unless you hook up with some greedy Thai woman. Accident or health insurance is a good idea. I bought accident insurance as medical treatment and check ups for routine things are inexpensive.

[Shot]

"No car desired and prefer using tuk-tuk mostly." - you'll need more than $3000USD a month then.

Agree. Plus A1 medical insurance for the regular crashes and beatings.

[xylophone]

Some great advice here and, yes, you can live very well on US$3000 pm (over 1 million baht pa), although I'm not sure how one of the posters suggests that $50 Australian per day is living, because for me that is way too low. Anyway, you have been to this place before so you know that a good night at a good bar along with lady drinks etc can easily set you back 5000 baht, and that's without ending up with company!!

And as other posters have suggested renting an apartment or whatever you choose, is a better way to go than buying for several reasons. The main ones for me being that with all of the building going on, the resale value of anything at the moment is extremely low and I don't see that improving in my lifetime. Then of course there is the classic event here whereby you have your dream accommodation and someone plonks a multi-storey apartment block next to it, or indeed bogan neighbours move in and make your life a misery.

I will add that for me another factor is that at any time should something change in this country which affects me, or could affect me, then I can simply pack a suitcase and be out of here within a couple of hours and this is a great source of comfort to me.

IF you were dead set on buying something, then live here for a while and get a feel for the various locations and if you like a particular area, keep your eyes and ears open for a "fire sale/urgent sale/relocation sale" and buy at a bargain basement price..........this still means that you need to employ a lawyer and understand fully that you cannot own the land if you buy a house, whereas buying a condo is different.

As for health insurance, it is something I am currently "grappling with" because my premium has just increased quite dramatically to 105,900 baht pa so I am looking at alternatives and may well downgrade to a policy (with the same company) which covers me for major events and which I can easily top up, or if circumstances allow, I can get on a flight back to my home country for treatment (as another poster has suggested and with which I concur).

Be aware that with many health insurance companies you need to join before a certain age (59 or 60) to get ongoing acceptance, so if you do make it over here, make that a priority.

As I said, lots of good advice forthcoming for you from the posters and good luck with whatever you decide.

[Deli]

Stay away form expensive and greedy pussies and you live a great live !

Have fun