How much is enough to retire in Phuket?

[fred Kubasa]

I, with higher then average rent, get along well on $ 2000.00 a month so with 3 grand

you should be on easy street !

[Tony125]

Do hospitals and other health care providers in Thailand accept retirement health insurance coverage like Medicare and Tricare for Life or do you have to pay up front and then get reimbursed?

Medicare does not pay outside the USA so actually unless you intend to go back don't need to pay the premiums. I also am covered by civil service retirement and I think if he checks his Gov Insurance will cover him overseas . Can also get Thailife Insurance Company policy which is low cost and includes a medical rider.Get it before 61 years old or have a health issue.

Phuket is visited by many wealthy tourists so for living I would suggest Pattatay or Rayong or Chon Buri. Heck you have time rent a condo for awhile in Pattya and travel to Bangkok and other areas and see where you might want to settle thats what I did. Have homes in Chon Buri and Rayong and apartment in Bangkok.

[Tony125]

Does anyone else get a bit fed up of these endless posts- how much to retire in Chang Mai, Nakhon Nowhere, Bangkok, Khorat, Pattaya, etc etc etc.

You have a monthly disposable income.

Your lifestyle has to comply with your income.

If you are planning to live in a country that you have no clue about living costs- go somewhere else.

Since he is a newbie I don't see any problem with him stating what his finances are and where would be a good place to settle. Sure we have heard the question many times but I guess he wasn't

aware how to use the search box. Lighten up or say nothing.

[Altalake]

RGS2001 has it spot on - but.....the medical is a real issue as he says. If you have a problem - e.g. stroke/heart attack/bad accident/whatever, it could cost a bomb.

Otherwise US$3,000 a month is pretty good for your wants and needs. Watch out for the gals tho'!!!

[jjJJ1133]

Do hospitals and other health care providers in Thailand accept retirement health insurance coverage like Medicare and Tricare for Life or do you have to pay up front and then get reimbursed?

Medicare does not pay outside the USA so actually unless you intend to go back don't need to pay the premiums. I also am covered by civil service retirement and I think if he checks his Gov Insurance will cover him overseas . Can also get Thailife Insurance Company policy which is low cost and includes a medical rider.Get it before 61 years old or have a health issue.

Phuket is visited by many wealthy tourists so for living I would suggest Pattatay or Rayong or Chon Buri. Heck you have time rent a condo for awhile in Pattya and travel to Bangkok and other areas and see where you might want to settle thats what I did. Have homes in Chon Buri and Rayong and apartment in Bangkok.

Yes, my U.S. civil service retiree health insurance (Kaiser Permanente) covers Emergencies/Urgent care ONLY overseas. However - you must pay 100 percent upfront and submit a claim to get reimbursed.

[USNret]

Just curious -- will you be getting Social Security in a few years or are you exempt from that?

[jjJJ1133]

Just curious -- will you be getting Social Security in a few years or are you exempt from that?

USNret - I'm ex-U.S. Navy myself (1979-1988) and retired after 34 years civil service & U.S. Navy combined.

I'm receiving an annuity supplement from social security in addition to my pension until I reach 65 years old.

At 65 I can they apply for regular Social security.

Best

[LivinginKata]

If you get sick,ill ,whatever the airline won't let you "JUMP ON A PLANE,"then what?

Exactly, friend on mine had cancer and was refused flight boarding at the gat. He died here in Phuket a few weeks later.

[slipperylobster]

If you get sick,ill ,whatever the airline won't let you "JUMP ON A PLANE,"then what?

Exactly, friend on mine had cancer and was refused flight boarding at the gat. He died here in Phuket a few weeks later.

If you do have a military disability...I would recommend you visit the VA in Manila, Philippines. They can schedule appointments for you....and might even help you pay to get there. I think it is the closest VA clinic (to Thailand).

Philippines is only 3 hours by flight (so not good for a King Cobra Bite)....but if you get hit by a car or get pushed off the balcony (which is more likely), you can hobble onto a flight over and get the follow up stuff done there. Checkups and other services available as well (if you are military disabled). I hold my records there

Edited June 30, 2015 by slipperylobster

[slipperylobster]

If you get sick,ill ,whatever the airline won't let you "JUMP ON A PLANE,"then what?

Exactly, friend on mine had cancer and was refused flight boarding at the gat. He died here in Phuket a few weeks later.

How did they know? Really. He must of been pretty far along. My idea is to get regular checkups, before it becomes obvious that you are at the critical stage. A checkup once a year will allow you to catch things early. Well worth the money. You then fly back for treatment. No need to provide that information to the airlines.

[slipperylobster]

If you get sick,ill ,whatever the airline won't let you "JUMP ON A PLANE,"then what?

Exactly, friend on mine had cancer and was refused flight boarding at the gat. He died here in Phuket a few weeks later.

I would not wait until you are too far along, and it becomes obvious that you are in the final stages.

Frequent checkups would allow you time to fly back, should anything show up (in the early stages).

No need to tell the airlines you went in for a checkup, and the doctor advised you to get some treatment...as you are not yet critical.

[LivinginKata]

If you get sick,ill ,whatever the airline won't let you "JUMP ON A PLANE,"then what?

Exactly, friend on mine had cancer and was refused flight boarding at the gat. He died here in Phuket a few weeks later.

How did they know? Really. He must of been pretty far along. My idea is to get regular checkups, before it becomes obvious that you are at the critical stage. A checkup once a year will allow you to catch things early. Well worth the money. You then fly back for treatment. No need to provide that information to the airlines.

He waited far too long, a month or so earlier and he would have been able to walk unaided onto the flight, but by then he had to be in a wheel chair with a friend accompany him.

[NamKangMan]

Medical Insurance for someone in the 50's is not that expensive.

It also depends if you are looking at In & Out Patient cover or only Inpatient cover . My main concern was the BIG hospital bills for any major surgery, so I opted for IN-Patient only cover. Out-Patient expenses are relatively easy to handle.

Deductibles are available, depending with which company you choose .

Working with my Health Insurance broker, gave me a much wider field of options than going to a specific company. Whether going to a company direct or working through a broker, the premiums remain the same.

My broker got me my Health cover of $1 Mill for just $1,120.00 per year. By the way, I'm in my 50's .

His name is Steve and you can contact him on : [email protected].

He is in Bangkok, Thailand.

"$1 Mill for just $1,120.00 per year." - despite being in your 50's, this seems very cheap.

Are you covered for accidents as well as illness? Who is the underwriter?

[gonefish]

1000 baht a day for overheads, rent,elec,inet,food etc.

1000 baht a day for your entertainment/nocturnal activities. some days you will not use this 1000 which will cover overspill in the overhead department.

you can live an awesome life on 2000 baht a day.

rent everything except a motorbike. cheap to buy and run. transport will kill you in phuket. pattaya baht buses at 10 baht a ride will get you most places if you dont want to ride a bike.

rent a condo.dont buy. the market is flooded.prices dropping every day and you will get a neighbour from hell at some stage. they can open a harley shop next door or start a pig farm. no zonongs in thailand. if renting and this happens you just forget about your deposit and move on. owning in this situ will be a 3 year nightmare. happens all day every day and people go home with their tail between their legs !!

[Rimmer]

A post has been removed, please do not hijack the topic with your budget and questions, I suggest you start a new topic in Bangkok forum where costs and expenditure could be very different and as you say your post should probably be there anyway. Thank you

[SunLover2]

Thank you for any constructive comments.

Monthly Retirement Budget - Thailand

Rent 26400 1BR in nice part of Bangkok

food 10725 eat bfast at home, rest 25% home - 75% out (of the out, half low end/half mid range like a food court) transportation 3300 BTS/Taxi

utilities 4125 TV/cell/internet/electric/water

travel 13200 1 USA trip per yr + local trips about every 3 months

entertainment 16500 bar (moderate)/dating will take care of “higher” end dining (VPN/NFL are Bt500 per month) Health care 4950 Pills/annual check or BUPA insurance

misc 3300 basic necessities

Emergency fund - Look at putting $30k in a ST time deposit account, may not be necessary if have insurance $2,500.00@33 82500

This basically jives with my back of the envelope estimates up thread:

Rent 26400

food 10725

transportation 3300

utilities 4125

Health care 4950

misc 3300

(26400 other total)

entertainment 16500

(31% of rent + other total)

Grand Total: 69,300b

I would consider this a discretionary expenditure:

travel 13200

So I kind of come back to this estimate:

(Rent x 2) + (xx% of rent x 2)

--or--

800,000b / 12 months

SunLover

[frankv42]

A post has been removed, please do not hijack the topic with your budget and questions, I suggest you start a new topic in Bangkok forum where costs and expenditure could be very different and as you say your post should probably be there anyway. Thank you

Got it...I'll put Phuket on it next time and all will be good, no other changes needed.

[louse1953]

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 ?

That's if they let you on the plane.Maybe have to pay for doctor or nurse to go as well.A lot of people bludge on the system and then expect their mates to pay the hospital bill.There are farangs in comas,racking up huge bills in Thai hospitals right now.What if,is not a back up plan.

[mercman24]

why would anyone want to buy a condo at 57 years of age, he is a single guy, so go and waste 3 million on a condo, that is a lot of rent money, i know on the law of averages i will be long gone before my rent spendings total 3 million baht, and with renting the guy can always move on, if ya buy your stuck in one place maybe after one year you no longer like your surroundings, so i say at that age mate rent every time.

[VIPinthailand]

10725 for food? what do you eat for that? a cow everyday.?

26400 bahts for your rent? do you need really a big empty house for your beer belly sitting on a couch watching TV all day anyway?

16500 for entertainment? Jesus.... what do you smoke for that money?

all you need is 20'000 bahts all included. that s well enough for a single retired guy in Thailand . anything over than that will probably kill you.

Edited July 1, 2015 by VIPinthailand

[DrDave]

10725 for food? what do you eat for that? a cow everyday.?

26400 bahts for your rent? do you need really a big empty house for your beer belly sitting on a couch watching TV all day anyway?

16500 for entertainment? Jesus.... what do you smoke for that money?

all you need is 20'000 bahts all included. that s well enough for a single retired guy in Thailand . anything over than that will probably kill you.

Why is 60-70K month a good starting estimate? Oh, I don't know, maybe because he's worked all his life and feels like he deserves to have a standard of living somewhat north of squalor?

Rent for a nice apartment/condo in a good area is going to be at least 25k/month. Yes, you can go much cheaper if you don't mind living in a run down place on a main road with constant noise from trucks and tuk tuks overlooking an alley filled with garbage. Probably not the kind of place one imagines when dreaming of their retirement.

I think most of the detail budget numbers are spot on for a comfortable, but not extravagant lifestyle. I think the "entertainment" number might be a little high, but up to you and what you like to do. Don't forget there will always be things that you want/need to buy (new cellphone, laptop, home furnishings, etc) so maybe take a little out of the entertainment budget for these kinds of things.

The only other suggestion I have (and this has been mentioned by others) is to get your own transport, even if it's just a rented or purchased motorbike. Transport in Phuket (especially the west coast beach towns) is very expensive if you have to rely on tuk tuks and motorbike taxis. In Patong, you're looking at a minimum of 200 baht per ride for a tuk tuk, and about 40 for a motorbike taxi.. You might feel pinned down at home due the the cost of transport. A motorbike can be rented for 2K/month (which works out to 66 baht - $2USD per day), which would be money well spent for the freedom you gain.

[NamKangMan]

why would anyone want to buy a condo at 57 years of age, he is a single guy, so go and waste 3 million on a condo, that is a lot of rent money, i know on the law of averages i will be long gone before my rent spendings total 3 million baht, and with renting the guy can always move on, if ya buy your stuck in one place maybe after one year you no longer like your surroundings, so i say at that age mate rent every time.

Not to mention the interest / income earnt on that 3 million baht will subsidize living expenses.

[rocketboybkk]

why would anyone want to buy a condo at 57 years of age, he is a single guy, so go and waste 3 million on a condo, that is a lot of rent money, i know on the law of averages i will be long gone before my rent spendings total 3 million baht, and with renting the guy can always move on, if ya buy your stuck in one place maybe after one year you no longer like your surroundings, so i say at that age mate rent every time.

Not to mention the interest / income earnt on that 3 million baht will subsidize living expenses.

You won't get a great deal of interest money these days.

I'd buy. Something and an investment

Sent from my iPhone using Tapatalk

[NamKangMan]

why would anyone want to buy a condo at 57 years of age, he is a single guy, so go and waste 3 million on a condo, that is a lot of rent money, i know on the law of averages i will be long gone before my rent spendings total 3 million baht, and with renting the guy can always move on, if ya buy your stuck in one place maybe after one year you no longer like your surroundings, so i say at that age mate rent every time.

Not to mention the interest / income earnt on that 3 million baht will subsidize living expenses.

You won't get a great deal of interest money these days.

I'd buy. Something and an investment

Sent from my iPhone using Tapatalk

"You won't get a great deal of interest money these days." - true, but you would keep your capital, that is working for you, and not put it into a problematic, and often costly, Thai property.

"I'd buy." - what, exactly, do you think you are buying, because it's certainly not an "investment" on Phuket.

Edited July 1, 2015 by NamKangMan

[Sharp]

Personally the way I sum up buying in Phuket against money in the bank is as follows..... baht/£/$/€.... in the bank is baht/£/$€. = real cash... Baht/£/$/€ as an asset is a tricky one and can be invariably less should you need to liquidate...

Edited July 2, 2015 by Sharp

[KarenBravo]

I also think you should rent.

At your age, you are just not going to get enough use of a bought property to make it worthwhile.

Also, with the property market as it is, you will have problems trying to sell it if you need to. In my opinion, the property market is only going to get worse once the reality that Phuket is now on a downward spiral, sets in (which most Thais are in denial about).

[DrDave]

Personally the way I sum up buying in Phuket against money in the bank is as follows..... baht/£/$/€.... in the bank is baht/£/$€. = real cash... Baht/£/$/€ as an asset is a tricky one and can be invariably less should you need to liquidate...

As long as your € are not held in a Greek bank.

[Sharp]

Agreed DrDave... Personally my money/assets are split between UK/Singapore and only what I need in Thailand... As I said it's only my personal point of view ,buying in Phuket especially is a daunting prospect even if your going to retire here. Definitely renting leaves your options open and capital in the bank...

[SunLover2]

why would anyone want to buy a condo at 57 years of age, he is a single guy, so go and waste 3 million on a condo, that is a lot of rent money, i know on the law of averages i will be long gone before my rent spendings total 3 million baht, and with renting the guy can always move on, if ya buy your stuck in one place maybe after one year you no longer like your surroundings, so i say at that age mate rent every time.

I have done a fair amount of calculations on this, and believe the break even is around 6-7 years Basically:

If you are only going to live in country 6 months or less per year - cheaper to rent.

Buying makes financial sense in the long term because carrying costs are so low (no property tax.)

General assumptions:

Rent 6% of property value

Expense inflation 2.5%

Property appreciation 2.5%

Invested cash appreciation 5% (stock/bond alternatives)

IMO the flexibility in renting currently trumps the long term advantage of owning when the future is in flux. Wait until the succession issue sorts itself out. Rent and figure out where you want to live. Wait on a deal.

That said: the sooner you buy and the longer you hold the larger the potential financial payoff.

That said: do not invest more money than you could ultimately walk away from. Anything could happen in crazy Thailand.

SunLover

[LivinginKata]

<snip>

Property appreciation 2.5%

I would not bank on any appreciation, you could be 'lucky' or you could have a big loss if you needed to get out quick.