You can live dirt-cheap or super expensive in Thailand. When you retire in Chiang Mai you can expect to find large numbers of expats and retirees based in the centre of the city. Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. Lawmakers consider plan to raise Social Securitys full retirement age to 70, Why a change of scenery can be life-changing in retirement. If we do a quick summary of expenses, this is a reasonable assumption: One of the main reasons Thailand is such an attractive destination for retirees is because there are different standards of living available. The following countries all work out cheaper than Thailand for retirees: Singapore is very expensive at $946,993, as is Hong Kong at $871,578. Many foreign restaurant owners offer by-the-glass wine promotions to attract diners. Cheapest Way to Send Money to Thailand, 4. Although foreigners cannot own land directly, many buy houses with 30-year extendable leases on the ground the house sits on. No, I dont feel guilty. My wife an I are on the other side of 40.I retired last year but got pulled back into a job which might take a year or so to manage a computer transformation at a local plant. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. Thanks for sharing these budget numbers! About a week ago we had a meteor shower. Ill have to try living in BKK first though. The grocery and restaurant cost seems a bit high, even comparing with US standards. Considering the people/culture, weather, variable living standards, and beach get-away options, I think Thailand is still value for money. Living it Large in Thailand Now, if you were working with $5,000 per month for living costs, you could really push out the boat and live an extremely comfortable lifestyle. + Best Visa Run Option, Contact |Privacy Policy|Site Terms & Disclaimer|Media Pack. 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. the cost of living in thailand in 2020 how much do you need. I guess, it depends on where you live in Thailand. Here are some reasons why I want to live in Chiang Mai for a few years. Thats a law that dates back to the Vietnam war. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. I have many friends that have gone to Thailand and loved it. I usually ignore this type of research because seldom is it accurate. A part-time career could mean a stressful future if you don't use some of these tips to prepare for retirement. Its up to her. 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. 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. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. Hopefully, Thailand will open up soon. Ive not tried bugs and dont think I ever will. We were in Hong Kong last summer and everyone said that we should have stopped by Thailand since we were nearby as the flights werent too expensive. 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. Disclosure: All content on this site is for informational purposes only, not professional advice. Here are a few of the common costs: Retiring in Phuket: Bottom Line There are no guarantees that working with an adviser will yield positive returns. The food looks great. #2: Get rid of ghosts. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. I havent gone to a bar in ages. And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. Inflation is also quite high in Thailand. A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. Not in the short-term, but within 5 to 7 years. Simply. Share a table. For the largest selection of properties in Thailand, and a completely free service, To keep your data secure you should use a VPN when using public WIFI and when accessing internet banking and other sensitive information online. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. I did not have any problems eating at local food stalls. Is it so? + Find a TEFL Course Find out more here http://resilientman.com/retire-thailand/. My dad likes to eat seafood so thats why his food expense is so high. Chiang Mai is a lot quieter than in previous years. Several years ago I wrote a post about living abroad on less than $3000 a month. There are a lots of chinese message place all over Costa Rica. The amount you spend on healthcare really depends on your health. 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. Why dont you just rent? Anyway, I would love to live in Chiang Mai for a few years. Now I find USA very boring since been Bangkok and other part of Thailand over 20 time. (I think thats the current rule. The Fora platform includes forum software by XenForo. Bowen also notes that while Phuket is great for single men, it may be less appealing for others. Isnt that why you moved? Things change though. That has changed. The weather, which is beautiful for a few months of the year, may be too hot for the rest of the year. Did you ask me to buy you a coffee? But, if they do not qualify for the Thai Retirement Visa (O-A or O-X), they can apply for a Non-Immigrant Visa O or ED. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. Great information. Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'filipinowealth_com-box-4','ezslot_7',165,'0','0'])};__ez_fad_position('div-gpt-ad-filipinowealth_com-box-4-0');Therefore its often wise to add a few hundred dollars on top of what you think you will need if you plan to move to Thailand. My dad love seafood and thats expensive anywhere. Its a great way to explore and get to know other parts of the world. If only we could go back in time! Retiring in Thailand sounds amazing, but I would just like to visit there to start. in the healthcare column. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. I would also add that many locals see foreign partners as being very kind. Leo had 2 cataract operations last year. You will also have to pay for visas and bent officials if you want anything done. + Get COVID Insurance A typical Social Security payment is likely to cover basic costs in these areas. Vendors offer fresh pineapple, mango, watermelon and even stinky durian. Bar $? The cost of living is low,which means you can stretch your retirement savingsfurther. Its on my list, although Im not sure when it will happen. The native English speakers tend to be Australian or English, not American. 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. I like South America too. + Get Married This may work for you if you plan to travel a lot or return home frequently. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. Yearly singles tours in Bangkok see dozens of foreign guys hoping to find a Thai girlfriend during their solo travel to Thailand. This leads us to todays question of what it is like to be a single man living in Thailand? Click here. Glad you found the website. I will admit that I am neither frugal, or spend thrifty, regardless of whose dime I am on, I always opt for what I like and make no reservations or excuses about certain indulgences. Hahaha! He was dating a beautiful Thai woman who was in her early 40s, but he found that she would often take small items from the stores without paying for them and later boast about the theft. I,m single and spend 4000 per month. Thanks for your comment. The new spending bill makes it easier to save for retirement. I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. I hope South America will still be affordable in 15 years. 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). The data shows that inflation is around 3-4% each year, but my dad said it feels like more. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. My parents are pretty frugal. Twenty years isn't too much of an age gap given your age. Maybe you should get a hotel for a week or two to familiarize yourself. We have almost no mosquitoes year round. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Therefore, people will no doubt comment that you can live on half the amount I've cited above. I realize that to each, one's own but for me being unable to cook or to have a space dedicated to "work" and "relaxation" would be a bitter pill, indeed. In her area, I could take a job in a local school or university (for much, much less than I earn now). I would love to retire somewhere cheap but would hesitate to move away from my kids (and future grandkids?) And keep in mind that because Thailand is in a tropical area, the wildlife is very diverse. Read some more info HERE. Good luck! You worked hard you whole life, why not enjoy your golden years? I don't plan to travel outside Thailand once I go back (unless I win the Thai Lottery!). And for a single person, $2,000 a month would go far. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. Lastly, you will need to meet certain financial requirements. I would be so fat if I retired in Thailand! Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. If my son decides to work at the university that granted him full scholarship for his master degree, I will more likely split my retirement between the States and Thailand. Yikes! 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. Joe, i need an advice. Im sure we would have a tough time at first too. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. Returning to the same vendor again and again is a great way to make a local friend. But I think the main challenge would be cultural. Sorry to hear that! For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. I have a studio condo 150 meters from a MRT station on the purple line (Bangkok side, not Nonthaburi), pay utilities, water, internet, cell phone (x2), food (x2, and a mix of street food and mid-level restaurants), groceries for 2, car insurance, gasoline, clothes, shoes, needs, wants, travel (x2) and as a couple we average around $1,850 per month. My mom, in particular, doesnt like to spend money at all and lives a simple lifestyle. I agree on that having a budget is key to both a healthy lifestyle, and a life fulfilled. The research was based on the following lifestyle for 1 person: The cost was calculated over 14 years: retiring at 64 and with a life expectancy of 78.7 years. For small stuff, Id probably go to a private clinic and pay. My girlfriends family has five sea front houses. Healthcare is important to factor into your budget. But then again if I were going to have that much in retirement funds I would just retire in beautiful San Luis Obispo, California where Ive spent most of my life. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa Besides the application form, you need to have a picture of yourself and various parts of your passport. we been Thailand over 30 times with kids so far. Thank you Molly! Savings aren't static, even though it might seem that way if the money is just sitting in an account. 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. It really depends on you. It would be great to visit the surrounding area. If you are looking for a quite paradise that is affordable contact us at [emailprotected]. We sleep with are children on the balcony at least half the year. I know Belize has a pretty good retirement visa. Buying monthly bus and train passes. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. Im definitely going to have to visit Thailand after the pandemic is over. There are many affordable public transportation options in Thailand. The upstairs bedroom is designed like a open tree house. Therefore, we will be exploring these two categories from a single mans point of view. However, financing is normally unavailable or difficult to obtain as a foreigner. Going out to eat is ridiculously inexpensive, he adds. I am Thai working in Middle East. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. A more likely scenario is having the equivalent in pension payouts over the 14-year period. Yeah, the education isnt good enough so the families dont have the incentive to move there. Of course, booking a girl for your Thailand holiday does not mean treating them like a commodity, but treating them with respect, as you would like to be treated. She has one more year syndrome and Im a bit tired of waiting. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. Thanks for your input. I think these comments hold some weight in a debate of historical context, but I don't think that's the whole picture. 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. Thats not true for most foreigners. Glad you are finding it useful. How do you do that you ask? 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. Otherwise, just move to Florida. 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. 90% will never own a car. The financial requirements are: Bank account with THB 800,000 or. Heres what to consider before moving to Thailand for retirement. I dont see many retired couples or single women retire here, he says. I think I prefer Chiangmai. To rent a condo (2BR, 60 sqm) in Bkk will cost around USD 600 per month away from the city center, less if on the outskirts or in the districts. Foreigners can own property in Thailand with restrictions. I do like Vancouver, but its super expensive. The cost of care is much more affordable there than in the US. I think the cost of care just about everywhere is much more affordable than in the US. I think civil stability is not too bad in Thailand. There are some lower cost Japanese (Yipun) food in what amounts to a fast food version of a traditional restaurant usually found in some of the malls. 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). Its working well for them. 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. This year, I spent 6 weeks in Thailand to help my parent. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. There is no public health insurance for expatriates in Thailand. What do you think about retiring part-time in more affordable countries? I had visited Bangkok twice and stayed 3 weeks each visit. My adult children had left, and I wasnt in a relationship, he says. Thanks for this article! ), the people, the infrastructure and healthcare!!! Some may have savings and just a state pension. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. Visit more than once. Test your dream retirement spot for a few months before committing to it. It took six months to decide that Kamala Beach, a two-traffic-light town, was the right spot. I use Thaipod101. But I think 70k a good monthly amount to aim for if you are considering retirement in Thailand. They have hundreds of video and audio lessons to help you start speaking Thai today. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. 10 reasons why black men should travel to thailand expat. Do they have good cheap massages in South America? For flexibility and a sense of purpose, consider these jobs for people over 50. Retire Earlier on Less. Tinder and other popular dating applications are booming in Thailand! Ill have to visit again. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. It is free to get started & easy to use. The content Taking classes keeps your mind sharp, helps you network and may even be free. In the beginning stages of dating in Thailand, you will often encounter many red or green flags from the investigation. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). This should be done in January. All investing involves risk, including loss of principal. I dont know if we can live in the booney, its too boring there. The retirement visa also does not allow you to work in the country. Thaipod101 is the best way to learn Thai online. So basically, taxes and insurance. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. The cost of living is low, as is the cost of healthcare. Sign up to receive new articles via email. A visit to the dentist that includes a cleaning and cavity filling is less than $30. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. 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. If they need more extensive care like specialized surgery, then maybe they might use private care later. Chiang Mai is cheaper than Bangkok, but it sounds as if it isnt THAT much cheaper any longer. What matters the most is that living like locals is cheaper, but might be difficult at first. To get a such a visa, you have to be at least 50 years old and pass a criminal background check. I just know a little because my parents live there. There were some riots and coups, but they generally leave foreigners alone. How are you getting access to the free public healthcare? Maybe $6-7/drink. How Much Do I Need to Save for Retirement? I have probably mentioned this before but 10 years ago when I lived in Phuket with my girlfriend for a year we managed to get by very nicely on 39K Baht ($1300) a month. In the Thalang area, a two-bedroom, two-bathroom apartment with a pool, just a five-minute walk to Surin Beach, rents for $720 a month. Some have gotten around the issue by creating a Thai company and buying the house in the companys name, but the Thai government has been increasingly looking for this type of fraud. Learn Thai online to 7 years if the exchange rate goes back the! 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