I first wrote this post in 2013 when I came to see my parent. One other consideration is relative civil stability. It would be great to visit the surrounding area. How do these things compare in Thailand or other locations? You can do it here but please don't feel obliged :). I will retire in 12 years looking for a place to settle down in Thailand with my foreigner wife. It is not the most similar to U.S. culture. He paid about $3,500 for them. Anyway, I would love to live in Chiang Mai for a few years. In the meantime we are preparing to sell our home in the US and find an apartment for the next year until I can finish up the project. While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. Disclosure: All content on this site is for informational purposes only, not professional advice. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. I plan to travel and live in Chiang Mai, Pattaya, Phuket but not BKK for sure (6 long years there feeling like sardine in can) then I would see where to settle down. Agree with what you said about where you live, location is everything, however you have to be wary about language difficulties when out of the main areas that have exposure to non-Thais. And for a single person, $2,000 a month would go far. The housing cost looks reasonable, irrespective of whether one rents a condo or buys one. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. Have a question? Just eating out. Ask our Retirement expert. You will need to get private insurance. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. Good luck to finding somebody who is nice for you. Oh, I put ? They are cheap to own and operate. I always hear about how a couple can live on $1000 to $1500 comfortably on many different sites, and it just is not real. My thoughts are turning to retirement however, I would still like to work as I am fit and healthy. Korea is great but so is Thailand and has better options for a British man approaching 58 and married to a Thai for the past decade plus. We know were not going to be in the DC area after Daughter Person graduates, but havent settled on any specific place yet (other than further north). Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. I still shuttle between the US and the Philippines since I have businesses and properties in both places and also a house in Thailand. I can probably buy Thai produced fish products cheaper in the UK where I am from, than in Thailand, things like Mangos are only marginally cheaper in Thailand, more exotic fruits like Mangosteens are off course cheaper. Good luck!! Not in the short-term, but within 5 to 7 years. Global economic shifts have devalued some Western currencies and made Thailand more expensive. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. Going out to eat is ridiculously inexpensive, he adds. Therefore, we will be exploring these two categories from a single mans point of view. These types of houses stay cool based on a design that allows cross breezes along the ceiling. in the healthcare column. Thanks for the information. He thinks itll be cheaper if he needs more healthcare. 55 Vs 35. I think South America and SE Asia will still be great places to retire to. Hepatitis is a concern. Canada is a great option too, but its a bit cold up there for my taste. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. Unless you become Thai you wont be able to live like a Thai. In short: Of course you can. Once this money has been in the account for 60 days you can apply for a 1-year extension of stay based on retirement at a local immigration office. Paid monthly or quarterly. What am I still doing in the US!? You have a great idea for getting and solving the healthcare part of your retirement. https://www.buymeacoffee.com/thethailandlife, https://www.thethailandlife.com/uk-pension-guide-thailand, https://www.thethailandlife.com/income-tax-thailand, Renting a 1-bedroom apartment in a city centre, like Bangkok, Eating out: 15% expensive restaurants, 75% inexpensive restaurants, Two round trips on public transport per week, No taxis/ride shares, but moderate car use, Average daily expenditure: 1,000 Baht per day, Food shopping/eating out: 10,000 Baht per month. I think the aforementioned downsides are more of a concern to those with children, perhaps a family considering relocating in their late 30s, 40s or 50s. Americans are living longer than ever, and that creates some challenges for retirees. Join thousands of others who receive my monthly roundup of content & insider tips on how to survive & thrive in Thailand. These issues can become a threat to the safety of children. . The city also gets over 10 million visitors in 2019 so they are used to foreigners. If only we were able to take more time off! It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. Great to see the numbers living on $1,000 a month Thailand sounds like a pretty nice retirement to me! Visit more than once. Great article. Thais hold special ceremonies after the death of a loved one, as no one wants ghosts to remain at home. Im 73 and will only have my 401(k) after retiring. Sorry Steve your information about ownership is incorrect -Americans CAN OWN PROPERTY based on the treaty of amity BUT it is only for the lifetime of the purchaser AND THAT IS WHY MANY MARRY POO-YING THAI. I would rent for a while before buying. It seems like they keep changing it.) to learn how you can update your cookie settings. I never felt like I belonged in the U.S., says 62-year-old who fled Minnesota to retire in Bali where you can live very, very comfortably on $3,000 a month. Kindly break down your monthly budget and how many people it supports. Things change though. All Rights Reserved. In her area, I could take a job in a local school or university (for much, much less than I earn now). The new spending bill makes it easier to save for retirement. Taxes? Im here to give you all the information you need to make your Thai adventure safe, happy, & successful. As somebody who has had the opportunity to speak with both locals and expats I will share the word on the street, so you know what it is like as a single man living in Thailand. Having travelled throughout Asia as both a professional, and a tourist, I understand the value between living on company time, and living on my own dime. I guess, it depends on where you live in Thailand. Malaysia? That said, for a single person in Bangkok, Pattaya, Hua Hin, Samui, or Phuket, paying rent, I still think you could live quite well on 50-60k per month. Its on my list, although Im not sure when it will happen. That combined with many Americans slim vacation days also means visitors are infrequent. I think thats a little low on the estimate. While the weather is hot and humid year-round, some months of the year are hotter than others. You really need to live there 3-5 years to get used to spending down instead of spending up to find out where to get all the great deals. Right okay. This should be done in January. Personally Im a big fan of moving internationally to facilitate retirement. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). Thanks for this article! You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. We go to eat with our three boys and spend $6 for all five of us to eat. Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! George Town, Malaysia. Most said preference, but upon digging deeper, some would say that the local men are not good and cheat, and therefore, they prefer foreigners who they see as being more loyal I would add that this is a generalization, but this is what they mentioned. There are many temples, festivals, and activities to do around Chiang Mai. My wife and I did most of our international travels with my small company in the 80s and 90s so we no longer feel the need to travel around the globe now that we are retired. I would be so fat if I retired in Thailand! Retirement Options for Foreigners in Thailand, http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. I don't plan to travel outside Thailand once I go back (unless I win the Thai Lottery!). Depends on the area. The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. How are you getting access to the free public healthcare? You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. Bumrungrad International Hospital hosts a million medical tourists per year. As to condo ownership the total ownership by farang cannot exceed 50% but if you own it, they wont force you to move if thru some quirk (a bit of tea money can work wonders) the farang ownership % exceeds 50% I spend about 3 months/year in 6 week segments 6 months apart in Thailand generally in Pattaya and traveling to Chanthaburi every other weekend and have a pretty good command of pa-sa Thai even if only 4000 words. Im dual. My sister is always struggling with money and drugs: I own a house with my husband and mother. After all that, return home, count your smiles, friends, kisses, and maybe even a tear or 2, and then dig deep to see what it is all worth. Please review our Heres what you need to know about moving to Puerto Rico for retirement. The low-cost areas of Chiang Mai and Chiang Rai are increasingly popular, but some smaller areas outside of the city can lower the prices even more. For some people, the best insurance option is to have travelers insurance from your home country. The people are generally friendly and understand that its a new culture for retirees, but its easy to make a faux pas. Actually, I dont know that much about Chiang Mai. He later returned these items to the store, apologized, and gave them a tip, but his partners thieving continued over this 10-month relationship.. . Enter the country on this visa. Chiang Mai is a lot quieter than in previous years. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). Education is pretty limited. Thats not true for most foreigners. Healthcare is important to factor into your budget. Thanks for your comment. Health insurance is still a big question here. Thai culture is also quite different from U.S. culture. It takes 24 hours of flying to get home. Debt and waiting until a financial situation improves are top justifications financial advisors hear. entities, such as banks, credit card issuers or travel companies. Can you share your cost of living? Chinese tourists, in particular, spend a ton of money when they come to Thailand. Itll be a while though. Less than a minute. Are you a Thai citizen/dual citizen? Thailand's excellent cost of living has enabled many people to start their retirement much earlier than they could have if they remained in their home country. Often the stories and tales we encounter online, and dating nightmares are from expats who have dated locals and have found themselves in a slight situation But, its also essential to add that many expats have a happy long-term relationship with Thai locals. Ill have to try living in BKK first though. I would say Chiang Mai offer me nice environment with nice people that still lingering in my memory. All the lessons cost some money. Hopefully, thats an unfounded concern on my part! Not everyone will require a moped, but some may want a car. What attracts people to these shores is the beautiful weather and be. Yeah, the food bill is a bit out of whack. Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. From what I understand, foreigners can buy condos, but not lands. This is awesome! If you live on a budget at home, adopt the same budget in your chosen home, Eat as you would, dance as you should, and sleep in like everyday is a Sunday. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. A health savings account is a beneficial tool for retirement planning. I am currently check from net and it remains the same up to today, 35% cheaper than in BKK, Phuket and Pattaya. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. Quality health care is widely available in major Thai cities at affordable prices. My dad likes to eat seafood so thats why his food expense is so high. Share a table. So if you like Thai food there is really no reason to spend a lot on your food. If you're looking to stretch your retirement budget as far as you can and are up for an exotic adventure, consider retirement in Thailand. Hahaha! I knew I would shock some people with my idea of having a relationship with a woman 20 years younger. Place we could use the money we are saving to travel a lot more. Tinder and other popular dating applications are booming in Thailand! The retirement visa is for one year and must be renewed annually. To see how far your benefit could take you, try this. Anyone considering a move should also make sure to research the Thai culture. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. Skype would help a lot there too. Take your reading anywhere with offline reading functions, Never miss a story with breaking news alerts. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. The lady is getting a nice man with more baht who does not cheat on her and I get a younger woman. You worked hard you whole life, why not enjoy your golden years? You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. and have not been previously reviewed, approved or endorsed by any other My girlfriends family has five sea front houses. He warns that driving in Thailand is dangerous and death rates from crashes are high. Its clouding their judgement. . Its hot and humid, but its better than Bangkok. 75% will never buy adequate medical coverage (will spend $1000s to fly home if needed, but will not spend 1/3rd of that for annual coverage that is 100% better than US medical services). But it only works in favour of Thai goods being exported!!! Mr. LH and I have discussed retiring abroad to someplace less expensive. When I look at our US budget dollars, I notice a big hunk of expense go to pay for car, car insurance, house insurance (house is paid for), health insurance, property tax for house and income tax. Great post! However, Im also looking in to retiring in South America. Average Retirement Savings: How Do You Compare? In regards to Paul Smiths comments about having food and sex for little or nothing, I think is a mis comprehension of Asia that belongs in the 70s and 80s. I was graduated in Chiang Mai University decades ago. Retiring in Thailand The mantra used to be that you could move to Thailand and live off your pension (which would translate to lots and lots of baht), strolling along Phuket beaches, shopping in Bangkok or living a quiet life in Chiang Mai. Food carts are a way of life in Thailand. + Best Visa Run Option, Contact |Privacy Policy|Site Terms & Disclaimer|Media Pack. I could live a pretty comfortable lifestyle here for about $1,600/month or maybe even less. My dad is picky about some stuff so thats why his cost is pretty high comparing to locals. Asia is more expensive than Europe and the US for most modern day items these days. Days also means visitors are infrequent makes it easier to save dollars visa is for one year and must renewed! Looking in to retiring in South America plan to travel outside Thailand once I go back ( unless win. On where you live in Chiang Mai for a few years Bangkok and other single man retiring in thailand! 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