Most apartments and many houses come furnished. The Japanese retirees spend about $3,000 per month to retire in Thailand. Also, I dont have to deal with any visa problems. Today we get our dental work done in Mexico, across from Yuma. I,m single and spend 4000 per month. That is renting a furnished home that will allow friends to visit. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. This country has a low cost of living as well as some of the world's most beautiful beaches. Well see. Hi, My name is Tom and I am 49 and live on Ko Lanta Island in Thailand. Sunrises and moon-rises are so good. Also, we do not eat at home..ever. the cost of living in thailand in 2020 how much do you need. They are cheap to own and operate. + Check Cost of Retirement My dad just got a 1 bedroom for about 1.5m. A forum community dedicated to expatriates and enthusiasts. I have two kids. Originally I am indian and now me and my husband getting bored at usa . I don't plan to travel outside Thailand once I go back (unless I win the Thai Lottery!). Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. Quality health care is widely available in major Thai cities at affordable prices. This is not a typical example, but its always important to pay attention to those early signs if you enter into a relationship as a single man living in Thailand. Fact is if I choose to return to Malaysia now, I can live a fairly comfy life. I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) Dang. Insurance is affordable, and full coverage on a midsize late model car should run about 20,000 baht per year ($635). Savings aren't static, even though it might seem that way if the money is just sitting in an account. Lazy Man and Money. Nikkei Inc. No reproduction without permission. Once your retirement visa is nearing expiration, you will need to apply for a visa extension. 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. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. A visit to the dentist that includes a cleaning and cavity filling is less than $30. They dont keep track of every dollar so this is just an estimate, but they generally spend about $1,300/month and live quite comfortably. If you dont go looking for trouble, you wouldnt even notice it. Cuenca, Ecuador is the #1 retirement abroad destination. And for a single person, $2,000 a month would go far. Please let me know why i m thinking is correct? Nice article. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. You can also pay 8k for a very modern studio apartment, or 35k for a 2 bed. There were some riots and coups, but they generally leave foreigners alone. Motorbikes and scooters rule the roads in Thailand. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. They are here for an extended visit so I thought Id take this opportunity to pick their brains on how much it costs to live there. After he married, he couldnt get a U.S. visa for his wife to meet family, and theyve only been able to meet her on Zoom. Once you live in Thailand for six months you will need to pay income taxes. Well probably try to avoid the import stuff as much as we could when we go to Thailand. one in university and one will go in a year. Theyre incredibly helpful. Its like Chiang Mai when I was a kid. Three-wheeled tuk-tuks can be loud and hot, but they are affordable, and they do have a certain charm. Ill probably do that again next year. Less than a minute. Find out with a quick quote here from Cigna. Exactly. How far away to the beach driving? Returning to the same vendor again and again is a great way to make a local friend. Great post! What is wrong with that? They have hundreds of video and audio lessons to help you start speaking Thai today. This is what Id spend if I live in Chiang Mai. The bottom line for Bowen is theres no going back to the U.S. Kamala Beach, he says is gorgeous it really is one of the most beautiful places in the world.. Kindly break down your monthly budget and how many people it supports. The only problem is the local people are really struggling. Id probably take the train or fly. I think healthcare is much more affordable in Thailand than in the US if youre young and relatively healthy. I wont be wealthy, but I wont be worrying about where the next dollar will come even if I dont work another day in my life. This should be done in January. Taking classes keeps your mind sharp, helps you network and may even be free. One-Time Checkup with a Financial Advisor, 7 Mistakes You'll Make When Hiring a Financial Advisor, Take This Free Quiz to Get Matched With Qualified Financial Advisors, Compare Up to 3 Financial Advisors Near You. You could top up your contributions now and you're allowed to backpay for 6 years. 55 Vs 35. If only we could go back in time! To make things easier for you, Ive compiled a list of those I use below. It actually costs me less in the US to retire even in Berkeley, California since Im familiar where to get all the cheap groceries and entertainment since I know most music venue owners who let me in for free. Its a lot of fun to visit, but living there is quite different. And the great thing is that the tastiest food always comes from the cheapest places either the little hole in the wall open-air places where you sit on cheap plastic chairs, or in the food courts of shopping malls and department stores. Yeah, some US locations are quite expensive. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? NET Paid monthly or quarterly One of the most important decisions you will ever make in terms of retiring in Thailand is where you will live in the Kingdom. Here is an estimate of their living cost in Thailand. to learn how you can update your cookie settings. 1-Year Thai Retirement Visa (Multiple-Entry) - $153.32. I agree. 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 also notes that while Phuket is great for single men, it may be less appealing for others. Driving to Southern Thailand would take a couple of days. Hahaha! I only speak english and it is very easy to get by here with english. Canada is a great option too, but its a bit cold up there for my taste. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. I have families in Thailand and they can help me figure things out when I move here. His advice? In my opinion, I believe the Thais are the friendliest people I have had the pleasure to meet. The Philippines? is it wise to split it in half and put the other half in investing? Expat Forum For People Moving Overseas And Living Abroad. Learn how your comment data is processed. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. Other monthly costs are likely to add up to between $600 and $700 per month. Camping/rustic countryside trip over the weekend $50. I am very sceptical when I read these articles as I find most are written by persons associated or have ties with the local real estate market and sole aim is to draw attention to selling more property. I do not agree on counting dimes on a daily basis to save a penny so that at the end of the month I can splurge on an indulgence either with saved change at the end of the month. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. What attracts people to these shores is the beautiful weather and be. If you haven't done these things by age 50, it could be too late to do them well. I get a lot of requests for recommendations on services related to living in Thailand. We have almost no mosquitoes year round. This is why I always recommend to people to put boots on the ground and search out accommodation. For more active retirees, you can visit beautiful temples or go for a hike. If youre interested, it may be worth consulting with a financial advisorbefore actually making your move. My wife is Thai and we have been planning for our future in Thailand even since we got married 9 years ago. There are many reasons why expats choose to move to Thailand; this includes the beautiful weather and the stunning scenery. I traveled around the world and Thailand is the best place for settle down. Its on my list, although Im not sure when it will happen. The cost of living allows a retired man the opportunity to live in a nice place while trying to make do on a fixed income. Thailand is one of the best places for Australians to retire overseas and you won't be alone, there are already a massive number of Australian Expats living in Thailand. Sign up to receive new articles via email. I'm not judging either way. My taste is very simple too. I love Italy. How do these things compare in Thailand or other locations?. I even have thoughts of just doing that (going back to Thailand) until the well runs dry and then saying bye-bye to this Earth. However, do not expect to find English to be spoken or understood everywhere you go. Southern Thailand would be a great option for us too. I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. of those are not designed for the same living/cooking/entertainment/working standard most retirees would be accustomed to. It really depends on you. I would like to take a year or two in retirement and stay in Ecuador or Chile, then another year or two in Spain or Italy. I can find a small room in a hotel A/C, fan, refrig, hot water about 800, 900 meters from the beach for maybe 5,000B plus power and water (power is 5B/ unit and water is about 100B/ week). It all depends on your lifestyle. I want to know, what people are saying and I want to be a full part of society there instead of being a tourist or bystander. Jim has run his own advisory firm and taught courses on financial planning at DePaul University and William Rainey Harper Community College. Great article. Some may have savings and just a state pension. In general, living in Thailand is significantly cost-effective; of course, if you are not a single man and you are in a relationship, you will be able to save some cash each month from sharing accommodation, but this is often a minimal amount. , Thanks for the great article! But for the many who have enjoyed paradise on the cheap, their dreams are ebbing away as the country opens up to a wealthier class of retirees. Another example is that some Thai women see themselves as very old even if theyre only in their 30s or 40s, but in reality, they still look very youthful. In recent years, the Thai government made it more difficult to stay in Thailand for a long period. website. You have to provide a letter from the bank showing proof of deposits. Joe, youd like the west coast and Vancouver Island. NET. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. $3,000 per month seems to be top spending there for complete luxury. Yes, my parents are using the public healthcare right now. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. Most surgery costs 30% to 40% less than in western countries. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. In actual fact, there are many others, but from feedback, experience, and speaking to the expat community, these two factors often rank and are the top reasons single men move to Thailand. There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. as compared to ahaan (food) Thai, Indian is a bit more expensive but most farang dont mind too much. Sorry to hear that! Ive saved it for later! Monthly income of at least THB 65,000 or. Not everyone will require a moped, but some may want a car. The financial requirements are: Bank account with THB 800,000 or. Retiring in Thailand sounds amazing, but I would just like to visit there to start. Now you can get a retirement visa thats valid for a year. I guess they have pensions and dont mind spending it to have a more luxurious retirement. Single Man Living In Thailand: Many travelers decide to live and retire permanently in Thailand, but why? But it only works in favour of Thai goods being exported!!! We could get by on less than $1,000 per month in Texas if not for taxes and insurance. Thais take ghosts seriously. Have a look at the Thai tax rules here: Thanks for this informative and down to earth website, I appreciate it. For about 80 cents, you get a bag full of fresh and healthy fruit to go. He rents a two-bedroom, two-bathroom house for $580 a month; a one-bedroom house or apartment can easily be found for $400 a month, he says. Visa Options in Thailand 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. That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. The Fora platform includes forum software by XenForo. I really love your comment. You can rent in some parts of the country for as little as 6,000 baht ($190) per month, but accommodation that tends to appeal to American retirees generally starts at around 10,000 baht ($318) per month. Other parts of Thailand that are great places to live are even cheaper, and life can be cheaper yet in other parts of Southeast Asia, he notes. Keep in mind that there are also other affordable, international destinations where you can spend your retirement. You can live dirt-cheap or super expensive in Thailand. If you wish to retire in Thailand, you will need to need to get a retirement visa, also known as a Non-Immigrant Long Stay Visa. Imported stuffs are expensive so I usually send cargo boxes of stuffs to the Philippines: like ten cargo boxes through a Philippine freighter like LBC which gives you a 24 by 20 by 20 box, unlimited weight for 55 bucks door to door. There was basic Thai health insurance available for maybe 5000 7000B/ month in May 2016 but their brochures are cryptic to understand (and that is being KIND). And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. Try one thing at a time until you acclimate to the local food. It would be great to visit the surrounding area. My dads cost doesnt include rent because he own his condo. Its like being in a sauna all day. You can process the paperwork yourself and pay about 2,500 baht ($80), or you can seek help from an attorney who will charge 10,000 to 15,000 baht ($318 to $475). Thank you Joe. Your retirement visa is valid for one year,but you still need to report to immigration every 90 days. Thanks for this article! The figure ($390,000 / 11 million Baht) breaks down to just over 70,000 Baht per month. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve. Thais generally know a little English. You just need some income (around $2,100) or a net worth of at least $26,000. Please review our This is a great plan, Joe! Retire Earlier on Less. Your email address will not be published. Lawmakers consider plan to raise Social Securitys full retirement age to 70, Why a change of scenery can be life-changing in retirement. Those being how I live, and what I eat. No stomachache or diarrhea. Foreigners cannot own land period. Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. No, I dont feel guilty. When Medicare kicks in, we can move back to the US part-time. You spend $4000 a month in Thailand and you dont think thats extravagant? Chiang Mai is the largest and most culturally significant city in northern Thailand. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. There are four steps to acquiring a visa to retire in Thailand. The place I live in the US loses power significantly more frequently for a significantly longer period of time than any I've experienced in Thailand. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. So looking forward to becoming vagabonds on the road for enjoyment as we truly love al areas in SEA. Another option would be to purchase the house (you can own the house, just not the land) and then do a 30 year lease on the land. on this page is accurate as of the posting date; however, some of our partner offers may have expired. In short: Of course you can. I plan on retiring in the U.S. and traveling to Europe and the mediterranean. Hey Everyone, Im in Chiang Mai and it is great here. Your email address will not be published. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Kamala Beach has a small but closely knit expat community, he says. The same study estimated that a retiree needs $515,742 in the UK, and $601,489 in the USA (over the 14-year period). In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? I hope South America will still be affordable in 15 years. If he had to rent, itll probably be closer to $2,000. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. So basically, taxes and insurance. I'm also a fan of Switzerland, but it's way too expensive and lacks the beaches. She shoveled snow all day yesterday. Camping/rustic countryside trip over the weekend $50. Since US citizens are taxed on global income you're going to have to answer that little "Do you have accounts or financial interests overseas that total more than $10,000?" You definitely can live cheaper; I just havent figured it out yet and still learning. People who want to see the grandkids are going to be out of luck. Luckily, he managed to get all his items back, but he could have saved himself from a lot of misfortune by paying attention to the early warning signs. I believe the entire text of the Thai wiring code is: "Don't let the smoke out." I jest. I live in a large city, but have always fantasized about retiring to more relaxed, cheaper places. Ended up landing a gig in Japan starting this month so will have a good chance to visit varied countries during the balance of this year and next including Thailand. There are many types of insects, including mosquitoes, many types of ants and cockroaches (that can fly). Though it has depreciated in the past two months, it is still significantly stronger compared to three or four years ago. Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). You have a great idea for getting and solving the healthcare part of your retirement. Buying property in Thailand should not be taken lightly, although many have, both this government and the one which just passed has proposed changing the Law governing the legal loop hole used, that allows non-Thais to own property in Thailand. My dad likes to eat seafood so thats why his food expense is so high. They probably could cut costs a bit. Consider your health care plans, income sources and tax bracket before making the transition. Bowen says he arrived without a visa and now has to let Thailands immigration office know every 90 days, either online or in person, that he is still there. 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. I still have families there though so maybe we could get some tips from them. For US$3,000, or THB105,000, a single person would live quite comfortably in Thailand. The language (Thai) is notably difficult to learn for those from Western countries. #2: Get rid of ghosts. Sorry, you'll have to zoom in on the image to see the country names. However, other countries in SE Asia aren't immune to these problems either. Hmm interesting stuff as I am considering my position in life too. Have a question? It is an exchange. It really depends on the accommodation. Thats the beauty of retiring from your day job by 40 and creating the one you really want for the next 20 years. 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. These places have stunning beaches too. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. (Unless you live in the neighborhood) Financially? 2023 Retire by 40 Wow, thats really interesting. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. 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. He visited other spots, he says, but he kept coming back to Thailand. Hopefully, thats an unfounded concern on my part! For many, living expenses may be as low as 40-50k per month. Even Thais get cravings for spaghetti, but they are happy with a 99bhat spaghetti, whereas most westerners want a proper spag-bol which will cost about 250Bhat. These are some of the things the wifey and I are considering now. Lots of people lost power, a big branch broke off our neighbors tree and almost hit our house, our gutter froze and our basement is wet, our car needed to be move, and lots more. Maybe $6-7/drink. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. Here's how that person could spend that amount each month. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. Chiang Mai and Bangkok are tourist traps and I think thats why the prices are so much higher. I have lived and worked in Asia since 1989.The bulk of those years has been in Thailand, followed by Korea, Vietnam (now), Malaysia, Hong Kong & China (Shanghai). It's a tonal language with a lot of dialects that make it even harder to understand than it is to speak. Renting before you consider a property purchase is a good idea. This article oddly makes Thailand seem like any other place. Copyright 2023 MarketWatch, Inc. All rights reserved. Depends on the area. I would love to retire in Italy for a few years too. For couples honestly, there are many beautiful young single women who would love to meet a foreign man. It's very helpful. Glad you found the website. It's true. Silvia Ascarelli is a senior news editor for MarketWatch based in New York. Nothing is free. Why did you have to write about this? Ask our Retirement expert. It can take a long time to be good at investing and the earlier you start the better. There are lots of reasons why you may want to retire in Thailand. Read more here: Really interested to hear of your experience and whether you have decided to settle in Thailand. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. Thaiger Video Sunday, March 6, 2022. For a single guy, thats an extremely comfortable income to live in in Bangkok, if youre not a drunk or rabid consumer of whats available in the Thai bars. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. Ive been thinking more about central and South America. I dont know if we can live in the booney, its too boring there. i am setting aside $1000/month for paying down debts primarily student loans. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. IF you can stand being a little more spartan, you could try somewhere in ISSAN (thats NORTHEAST THAILAND) for an even lower cost. Joe. Isnt that why you moved? Some people have a few beers twice a week, and others drink a few beers every night. Find out more here http://resilientman.com/retire-thailand/. I need to emphasize that you want to EAT WHERE YOU SEE THAI PEOPLE EATING. Is this because you are feeling guilty that you decided to stop working and she is still working. Perhaps when medicare kicks in so I dont have to worry about medical cost as much. That is by keeping the same lifestyle they maintained in the US. Among Bowens family, only his daughter has visited. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. My dad said Thai products are cheaper in Thailand, but they export the best quality products. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). Id love to live there for a while and explore more places. Those with kids also have schooling to consider. 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. From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. Not in the short-term, but within 5 to 7 years. I dont plan to move until hes in college though. I think it might work out well for a retired couple with ties in Asia though. A typical Social Security payment is likely to cover basic costs in these areas. To see how far your benefit could take you, try this. We rent one for $500 a month. Im Peter. check out for a fairly accurate COL estimate. Youre right. If you fail to do this, your visa may become void. There are a lots of chinese message place all over Costa Rica. The climate is tropical. Tags: retirement, money, Thailand, moving. All investing involves risk, including loss of principal. In general, you can save the most by living and eating like a local. Otherwise, just move to Florida. http://www.expatistan.com/cost-of-living Let say I can afford house maid when living in Chiang Mai but cannot in other city. I might have to drop by and say hi when were over there. Good luck with the resort. And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. I have so many folks asking me what it costs to live here in Chiang Mai. Debt and waiting until a financial situation improves are top justifications financial advisors hear. Mostly Western guys, these . (Getty Images). Thanks for your input. Why Thailand? Come join the discussion about residency, taxes, documents, visas, travel, health care, finances, banking, classifieds, and more! For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. Ive not tried bugs and dont think I ever will. Asia is more expensive than Europe and the US for most modern day items these days. Joe, i need an advice. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). Coups, but living there is quite different in New York and again a! Be within the borders of the world and Thailand is the beautiful weather and be the cost of in. May want a car thats an unfounded concern on my list, although Im not sure when will. As a single man living in Thailand than in western countries should run 20,000. 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