Could You Retire in Thailand on a Teacher's Salary?

[eldragon]

Just out of curiosity, could you retire in Thailand on a teacher's salary? What happens to young people that come here to teach, fall in love with the place, maybe decide to marry a local, and choose to live out in Thailand? Is that possible? Assuming you had nothing in the bank when you arrived, how much would you need to be earning per month to feel secure about raising a family and eventually dying here? 

[Scott]

A lot of people seem to do OK on the 35,000 baht per month and manage to survive and even raise a family.   The ones with a wife and child(ren) seem to do OK if there are two incomes, even if the 2nd one is low.   I must admit, though, most of the people I know that are in the 35 -40K per month find that finances are pretty tight.   Not much wiggle room.  

 

I also know people who are earning 90,000+ and complaining, so it depends on what type of person you are and how well you deal with delayed gratification.   You will be a year or two away from getting a motorcycle, you will be 5 years or so from that point before getting a car.   You, well actually your partner, will probably be 15 years from getting a house.  

 

A lot of teachers I know keep changing jobs and as a result they are slow to break that starting salary.   Depending on where you live, you will likely start in the 40,000 area in the major cities -- that includes salary and possible housing allowance.  

 

 

[nottocus]

I suppose you could but you would just be retiring a hell of a lot later than some people.

[eldragon]

9 hours ago, Scott said:

A lot of people seem to do OK on the 35,000 baht per month and manage to survive and even raise a family.   The ones with a wife and child(ren) seem to do OK if there are two incomes, even if the 2nd one is low.   I must admit, though, most of the people I know that are in the 35 -40K per month find that finances are pretty tight.   Not much wiggle room.  

 

I also know people who are earning 90,000+ and complaining, so it depends on what type of person you are and how well you deal with delayed gratification.   You will be a year or two away from getting a motorcycle, you will be 5 years or so from that point before getting a car.   You, well actually your partner, will probably be 15 years from getting a house.  

 

A lot of teachers I know keep changing jobs and as a result they are slow to break that starting salary.   Depending on where you live, you will likely start in the 40,000 area in the major cities -- that includes salary and possible housing allowance.  

 

 

 

The last time I met a teacher with a Thai wife and kids he was working 24/7. School during the day for the 35 to 40, and then a language school almost every night for an extra 400 to 600 per hour. Probably all day on Saturdays too. I wouldn't want to make a life here if I had to work every day.

[eldragon]

8 hours ago, nottocus said:

I suppose you could but you would just be retiring a hell of a lot later than some people.

 

Can you even count on being regularly employed after 50? Don't they tend to prefer young teachers here?

[Scott]

8 hours ago, eldragon said:

 

The last time I met a teacher with a Thai wife and kids he was working 24/7. School during the day for the 35 to 40, and then a language school almost every night for an extra 400 to 600 per hour. Probably all day on Saturdays too. I wouldn't want to make a life here if I had to work every day.

Yes, some teachers work very, very hard.   For a number of years, I worked full-time and then in the evenings I worked at a factory teaching English and on Sat and Sun at a language school.   I absolutely loved working at the factory -- the staff were fantastic and the only ones taking English were the ones who wanted to take it.  I was treated very, very well and it was as much a social event as it was a class.   The weekend work was with kids from 3 years old on up and the environment was comfortable, but it was work.  I was making tons of money, but I had no time to spend it!!

 

Once established in an area, if you have a reputation as being a good teacher and some respect in the community, then there will be a lot of work available.   I didn't want to work that much, but there was a lot of pressure from the students.   Occasionally, I would turn the Sat/Sun classes over to someone else and when they quit, I would get them back.  

 

 

[ozmeldo]

90% of public school teachers are female. I'd venture 90% of them single. After a lifetime of wearing the same clothes, eating free lunches, enjoying retreats and teaching privates. They aquire a car, home/condo both paid off by 60.

 

A 35k pension is not bad. They do just fine, especially considering the caliber of teaching most spend their lives providing.

[lemonjelly]

It's ok on 30-35 grand, until you start thinking about buying a semi decent car, health insurance etc

[ozmeldo]

8 hours ago, eldragon said:

 

Can you even count on being regularly employed after 50? Don't they tend to prefer young teachers here?

 

Thai teachers in better public schools stay put.

 

As for foreigners, I'm sure I've been passed over but quite happy about the response to my job enquires. I'm 56.

 

The best teachers move on. The worst get pushed out. The mediocre just stick around waiting for their lives to end, probably playing the lottery and dreaming of a wage rise to 35k.

Edited January 18, 2017 by ozmeldo

[eldragon]

90% of public school teachers are female. I'd venture 90% of them single. After a lifetime of wearing the same clothes, eating free lunches, enjoying retreats and teaching privates. They aquire a car, home/condo both paid off by 60.
 
A 35k pension is not bad. They do just fine, especially considering the caliber of teaching most spend their lives providing.

Talking about foreign teachers here.


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[eldragon]

 
Thai teachers in better public schools stay put.
 
As for foreigners, I'm sure I've been passed over but quite happy about the response to my job enquires. I'm 56.
 
The best teachers move on. The worst get pushed out. The mediocre just stick around waiting for their lives to end, probably playing the lottery and dreaming of a wage rise to 35k.

How do you plan for retirement on 35K?


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[allane]

The following comments are relevant to foreigners working in Thailand at an average sort of teaching job; let's say paying about B 35,000/mo.  You can retire in Thailand on that sort of salary only if you came here in mid-life or later, and already had substantial savings. I think that if you want to retire to a western lifestyle, you need to spend at least half your life working in the west.  Better to spend the first half there, then let the power of compound interest work for you, though that too is a bit risky right now, with interest rates so low.  Spending the first  half of your working life in Thailand is riskier; you may find it hard to get a good job if you move to the west at, say, 45, and you will not have as much momentum from compound interest on your earnings there even if you are receiving a good salary.

These comments exclude Thai teachers and teachers at international schools, the latter generally receive the same salary as they would in their home country. 

[eldragon]

The following comments are relevant to foreigners working in Thailand at an average sort of teaching job; let's say paying about B 35,000/mo.  You can retire in Thailand on that sort of salary only if you came here in mid-life or later, and already had substantial savings. I think that if you want to retire to a western lifestyle, you need to spend at least half your life working in the west.  Better to spend the first half there, then let the power of compound interest work for you, though that too is a bit risky right now, with interest rates so low.  Spending the first  half of your working life in Thailand is riskier; you may find it hard to get a good job if you move to the west at, say, 45, and you will not have as much momentum from compound interest on your earnings there even if you are receiving a good salary.
These comments exclude Thai teachers and teachers at international schools, the latter generally receive the same salary as they would in their home country. 

I guess it's all about how much you can save, not how much you earn. When I was making 70K in journalism here, my friends back home would snicker at my salary. But what they didn't realize is I was able to put away a $1,000 USD per month. Not many of em can say they're doing that right now, although I've never had a family here.

How tough is it to get into an international and make 60 or 70K. I feel like I've met some pretty big dopes with low qualifications that worked at that level. Is there a concern about getting pushed put when you're older? Will Thai teachers ever evolve to the level of making foreigners obsolete or not as necessary?


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[LazySlipper]

The point of the question "Could You Retire in Thailand on a Teacher's Salary?" is not quite clear to me. Are you asking if someone could live off the equivalent of a teachers salary, or whether a person could retire from abroad with a gvt or personal pension and keep working here as a teacher on a teacher's salary. If the latter is the point then you probably would be combining a pension from abroad and a salary earned as a teacher thus why worry when you need to really retire. You probably could retire right now... 

 

As for living till you die here on a teacher's salary without any other income is as far as I am concerned quite impossible unless you one day have a pension from abroad. Living and saving for retirement, even on 60 000 a month, is quite impossible IMHO. For a retirement visa you need 800 000 in the bank. For a marriage visa you need 400 000 in the bank. Saving 400 000 and living on 35 000 a month will take you years and you haven't even started to save for your monthly personal expenditures. I have turned fifty one not too long ago and I really worry about my future. I can see myself in 15 years with no pension living and begging on the streets... riding the public system all day to keep warm during winter... Gvts all over are really trying to make it impossible for my generation to eventually have pensions.   For now they have raised the age to 67 what comes next???

 

I really cringe and lose sleep at night sometimes...

 

 

Edited January 19, 2017 by LazySlipper

[simon43]

Although I lived in Thailand for 15 years, I usually didn't teach there, because without a teaching licence from my home country, I was unable to get employment in a 'real' international school.

 

So what I did was to teach in Myanmar, and I've been teaching there off and on since 2012 :)

 

A few plus points about teaching in Myanmar:

- Salaries are typically tax-free, (or the school pays your tax bill)

- There is no age discrimination (schools often prefer older teachers who want to work long-term, and working till 70 years old is quite OK if you're still fit and have your 'marbles')

- Salaries are higher than for equivalent schools in Thailand.  I earn about 85,000 baht basic salary plus another 30,000 baht is paid to keep me in a decent hotel.

- The cost of living is very low in Myanmar.  I typically save $2,000 or more every month.

 

There are of course, minus points:

- If you live in Yangon, then the traffic is hell (too many cars, no Skytrain, MRT or tollways)

- IMHO, Myanmar food is revolting (when compared to Thai food or dog food). But that's just my personal opinion :)

- Myanmar is a very modest country - no drunken or lewd behaviour please (but you can do this in your own house!)

- IMHO, It takes a person with a strong and confident character to survive in Myanmar. It is not a holiday.

 

I hope to teach here maybe for the next 10 years. With my annual pay rise and modest bank interest etc, that should put 10 million baht in the bank, which is a reasonable amount for a single guy to survive on for a few years :)

 

There is no way that I could save that amount if I were teaching in Thailand, (unless I had QTS and were working at a real international school)

 

 

Edited January 19, 2017 by simon43

[ozmeldo]

I started teaching when I was essentially retired. I'm good.

 

For those teaching for 30-35k, after hours in shonky language centers and online teaching fat Chinese snowflakes. Kill me.

 

Most teachers are unemployable back home. Work ethic sucks. Even the Chinese won't put up with it. So it's here as long as possible, then Cambodia or Indonesia. In at 7:58 out at 4:01 until the system moves you on. Then it's language centers I suppose. Ugh.

 

But the khao phat is excellent!

[ozmeldo]

Lazy slipper. At least your concious of it. Now is the time to do something about your future. At 57 given the vagaries at TCT and retirement at 60 only an idiot would do a PGCE.

 

China

 

 

It's funny, no one thinks about their future, but there it is. One thing I know is that 98% of you will all be back home broke. I'd bet each teacher save for one, maybe two I've worked with will do just that. A few already turned tail. After twenty five years in Asia. I takes a certain kinda person to remain out here, let alone fund it. Good luck.

Edited January 19, 2017 by ozmeldo

[dotpoom]

If you are working as a teacher then you are not retired?

[1FinickyOne]

I think with that kind of salary, it can be done but the compromises are that you will be integrating entirely and living Thai style... with the logic being that Thai people do it. 

 

When I was young, and I was here at an early age, living that way was ok - but I am glad that I chose to work in the West and save for a decent retirement... 

[Enoon]

 

It depends on the size of the parcel that wish to secure with your 35k "piece of string".

[likeke]

Quote

I couldn't and wouldn't retire on a teachers salary. My retirement from my country is over 100,000 baht and I am doing fine. No wife, no steady GF (I keep it that way on purpose), and I am fiscally responsible with my money. I always seem to save about 5-10K every month. I literally never have to worry about money. Just remember one thing: Everything in moderation. 

 

[little mary sunshine]

Depends on the person and the monthly salary.

My British friend has a Masters in Education, teaches

at an International School in BKK and lives comfortable 

on B60,000 per month.

[NoshowJones]

On 1/18/2017 at 3:24 AM, Scott said:

A lot of people seem to do OK on the 35,000 baht per month and manage to survive and even raise a family.   The ones with a wife and child(ren) seem to do OK if there are two incomes, even if the 2nd one is low.   I must admit, though, most of the people I know that are in the 35 -40K per month find that finances are pretty tight.   Not much wiggle room.  

 

I also know people who are earning 90,000+ and complaining, so it depends on what type of person you are and how well you deal with delayed gratification.   You will be a year or two away from getting a motorcycle, you will be 5 years or so from that point before getting a car.   You, well actually your partner, will probably be 15 years from getting a house.  

 

A lot of teachers I know keep changing jobs and as a result they are slow to break that starting salary.   Depending on where you live, you will likely start in the 40,000 area in the major cities -- that includes salary and possible housing allowance.  

 

 

What about a guy in his twenties or thirties who comes over here to work as a school teacher, gets married, raises a family, has a wage of around 40.000 Bt per month, reaches his sixties.

What happens  when he is too old, and the schools don't want him? He could probably work in a language school, then if he wants to retire, what's next?

How many have paid into their countrys pension system all that time they have been teaching here so they can get a pension? What about the ones who haven't? Are they going to have to rely on any offspring to give him enough money to live on? What kind of life is he going to have then?

Edited January 20, 2017 by possum1931
Added more words.

[Scott]

I would not recommend that anyone come to Thailand and work as their primary means of support for the long term.  There are two issues that need to be addressed, first is health care, which will cease when you reach a certain age -- insurance companies will not insure people over 60 (usually) and if you have insurance, it will cease when you turn 65 or 70, depending on the company.  

 

Under ordinary circumstances, you will not be eligible for any type of financial retirement, so a person may end up working until they drop dead -- if they are lucky enough to actually just drop dead and not experience a catastrophic illness, with no money and no insurance.  

 

Without some type of planning or paying into a retirement fund, people will likely find themselves in a world of hurt and that doesn't even begin to address the issue of visas.  

 

I have worked in Thailand long enough to see people who did drop dead at work, leaving their family to fend for themselves.  Worse, I have seen people have a serious medical problem and ended up being deported -- or at least forced to return to the home country because they could not pay, again leaving the family behind.  

 

I have seen some people who have managed to get themselves into a very bad situation, being older, having no real skills, being dependent on schools to pay them when they have no Teacher's License, degree and have passed their Use-by date.  

 

There are success stories, but they are few and far between.   People have managed to set up a business with the family that assures some sort of reasonable life, but there are still some big holes in the social security system for a foreigner.  

 

[CaptHaddock]

A young Westerner in, say, his twenties or thirties who settles in Thailand intending a lifelong career teaching English is making one of the very worst possible career decisions possible for any number of reasons.  First of all, financing a retirement by accumulating savings in the bank is a rube notion.  The real interest rate, i.e. net of inflation however low, on savings here and indeed in most places is approximately zero.  If you work from age 30 until 60 and then retire let's say 80, then you have 30 years of income to cover 20 years of expenses in retirement.  Your money didn't grow in real terms and may well have shrunk if there is any period of higher than normal inflation.  So, that means that you would have to save 67% of your income during your work years to fund those retirement years.  Is that even remotely possible?  And that's making another rosy assumption that you have no major adverse episodes such as accident, major illness, loss of job, loss of visa, divorce, etc.  It's also assuming that your cost of living remains the same, but older people usually use more medical services for which  you will not have insurance. 

 

In the West retirements are usually funded by corporate income (pensions), the mortality credit system of Social Security,  gains from property ownership, and/or investments earning much higher rates of return than bank deposits.   In the US the minimum savings rate considered necessary during the working years to finance retirement is 15% to 20% and that's in addition to the contribution to Social Security that is another 7.2% or double that if self-employed.  Among my own acquaintances all of those who managed to retire saved higher than 20% as did I.  That said, there are certainly Americans who do survive in retirement only on Social Security without substantial savings, but that's academic for our life-long expat retiree who will not be eligible for SS benefits.

 

Those Westerners who worked in Thailand and did manage to retire successfully probably had high-level executive jobs, ran their own businesses successfully, or qualified for a pension somehow. 

 

If that's not you, go home now before it is too late.  Otherwise you  have an excellent chance of hitting the trifecta one day: old, sick, and broke.

[Baerboxer]

37 minutes ago, Scott said:

I would not recommend that anyone come to Thailand and work as their primary means of support for the long term.  There are two issues that need to be addressed, first is health care, which will cease when you reach a certain age -- insurance companies will not insure people over 60 (usually) and if you have insurance, it will cease when you turn 65 or 70, depending on the company.  

 

Under ordinary circumstances, you will not be eligible for any type of financial retirement, so a person may end up working until they drop dead -- if they are lucky enough to actually just drop dead and not experience a catastrophic illness, with no money and no insurance.  

 

Without some type of planning or paying into a retirement fund, people will likely find themselves in a world of hurt and that doesn't even begin to address the issue of visas.  

 

I have worked in Thailand long enough to see people who did drop dead at work, leaving their family to fend for themselves.  Worse, I have seen people have a serious medical problem and ended up being deported -- or at least forced to return to the home country because they could not pay, again leaving the family behind.  

 

I have seen some people who have managed to get themselves into a very bad situation, being older, having no real skills, being dependent on schools to pay them when they have no Teacher's License, degree and have passed their Use-by date.  

 

There are success stories, but they are few and far between.   People have managed to set up a business with the family that assures some sort of reasonable life, but there are still some big holes in the social security system for a foreigner.  

 

 

Thai Life offer health insurance over and above 60. But as you age the premiums increase a lot. 

 

They actually have some very good insurances, life cover, and investments too.

 

Oddly enough, I know quite a few teachers who work for Thai Life part time to.

[Scott]

Most companies do not offer cover over a certain age and those that do, the cost gets very high.   Most teachers have a difficult time keeping up with premiums if they are in the lower salary range.  

 

Investments are always a gamble, especially if it is what you need to live on.  

[01322521959]

At the mo I'm trying to get by on 20,000 a month. Possible but bloody difficult

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[Thaidream]

In a word- don't- do not come to Thailand at a young age and teach english and think you are living the dream because you are in fact destroying your dream. Your peak earning years in the West are when you are young into middle age. Those are also the years one builds up their pension fund or contributed to the social security system of their country. While it is possible to teach English in Thailand for many years- the problems occur when one gets over 60 and has no pension; no social security and no income.

On the oher hand- if one has a sizable bank account; has already built up their pension or social secuiy account and has this to fall back on when teaching ends- this might work. Most of these individuals would already be over the age of 60 and teaching would be a supplement to their income and not a necessity to survive on.

[12DrinkMore]

I personally know a couple of hopefuls who are expecting/hoping that Mum and Dad are going to die soon and leave them a substantial wad.

 

There are also a few who call up grandma/grandad for a "little help".