In recent years, the Thai government made it more difficult to stay in Thailand for a long period. Enjoy! Moving overseas is in our family plan. And considering the outcome, is it cost effective to retire in Thailand. 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. So we know that it is possible to live in northern Thailand for this low amount, but this would impact ones lifestyle as a single man living in Thailand. At 73, Frederickson, a self-described "very, very active retired lady," decided to move to Thailand after a visit with her youngest brother and his wife left her "hooked." Today, Frederickson stays busy the way most retired people do: Reading, gardening, painting and cooking. You can live dirt-cheap or super expensive in Thailand. You will need to get a retirement visa, which is simple but still requires regular check-ins with immigration. - irresponsible but honest thoughts. You can do it here but please don't feel obliged :). The retirement visa is for one year and must be renewed annually. Mrs. RB40 reported that they had record snowfall in Portland and all kinds of problems followed. 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,m single and spend 4000 per month. The financial requirements are: Bank account with THB 800,000 or. These issues can become a threat to the safety of children. Its possible to do this in Thailand or at a consulate in your home country. Thanks for your comment. Residents of the U.S., as well as those of a handful of other countries, are actually able to obtain five-year retirement visas, although the threshold to do so is more rigorous. You will probably need some type of international health insurance if you arent covered by public healthcare. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. 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). Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. I think civil stability is not too bad in Thailand. I had visited Bangkok twice and stayed 3 weeks each visit. I guess my tastes must be more on the simple side! Sometimes it makes more sense for one member of a married couple to keep working. Healthcare is much cheaper in Thailand than in the US. 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 live in Doi Saket with my Thai wife and we LOVE IT! One last question, are you honestly saying that your parents totally rely on the public health system? As it happens, this isnt much more than the average Social Security benefit. Retire Earlier on Less. 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). Instead of 800,000, youll need at least $3 million baht in a Thai bank account, and youll need it at least 12 months prior to your application. Mr. LH and I have discussed retiring abroad to someplace less expensive. Even with the insurgency in the far south? Having a Thai girl by your side makes it possible to get to get to know the Thailand is a very colorful country in terms of travel, people, heritage, music, dance, celebrations, markets, socializing, etc. 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. 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. They are usually friendly and helpful and will fill in the form for you. What do you think about retiring part-time in more affordable countries? Prices for alcoholic beverages are inflated thanks to import duties and taxes. 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. No problem. Not that I care since I eat at Thai spice level sure aids in the output, too. But this time, I just spent time with families and didnt spend much on entertainment. Indeed. I have families in Thailand and they can help me figure things out when I move here. Time to drop the disability coverage and review your other plans. Alternatively you can keep 800,000 baht (more than $26,000) in a local bank account. For some people, the best insurance option is to have travelers insurance from your home country. to learn how you can update your cookie settings. What you stated is what all of the lawyers will tell you because they make good money setting up these companies to get around the law and which are illegal. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. We are at Thousand Oaks fro past 25 years and now kids are at college . And almost 100% will never take the effort to learn the language of their adopted home!!! I would love to have 70,000 Baht ($2,333) for retirement in Thailand. 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. Im sure Bangkok would be much more expensive. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. Tinder and other popular dating applications are booming in Thailand! Actually, I dont know that much about Chiang Mai. Golf $30-$60 depending on the golf course. I do some research. The grocery and restaurant cost seems a bit high, even comparing with US standards. This country has a low cost of living as well as some of the world's most beautiful beaches. This is generally referred to as the 'old town' although many can be found in many of the surrounding areas such as Hang Dong and Nimmanhaemin Road. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. For small stuff, Id probably go to a private clinic and pay. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. If you want to move to Thailand The government requires that you have income of 65,000 baht deposited in a Thai bank every month; that's less than $2,200 at early 2021 exchange rates).. The lifestyle also makes a big difference. Getting a retirement visa is simple, but thats not the end of the story. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. It will be great to visit South American for a couple of years. Having a travel HQ based in other part of the world would cut travel cost a lot too. Did you ask me to buy you a coffee? Hahaha! Taxes? Individuals moving to Thailand from the U.S. may suffer a bit of culture shock. There are about 130,000 people living in the city itself and nearly 1 million people in the surrounding sprawl. My wife's place in rural Issarn is where we would settle. in the healthcare column. Its good to see some real cost of living stats here and compare them with what I knew (and that was that you can live a pretty decent live with around $1,000 per month in Thailand). A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. So if you like Thai food there is really no reason to spend a lot on your food. I would also add that many locals see foreign partners as being very kind. A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. Working with an adviser may come with potential downsides such as payment of fees (which will reduce returns). Health insurance is still a big question here. 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. You mentioned a condo would be around $50,000. Current market conditions bring both opportunity and risk. Tags: retirement, money, Thailand, moving. For the sake of argument, let's say that the interest earned is in line with inflation, and that the spending power remains the same over 14 years. If they need more extensive care like specialized surgery, then maybe they might use private care later. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. Healthcare, however, is the big mystery. Taking money from your IRA may seem like a simple matter, but it's a decision that must be timed right. It all depends on your lifestyle. Three-wheeled tuk-tuks can be loud and hot, but they are affordable, and they do have a certain charm. Share a table. What is wrong with that? Thailand also has agreements with a number of other countries to ensure that you dont pay taxes twice on your income. Put your thumb in the pie, your finger in your eye, and spend a night looking at the sky. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? Its just not for everyone.. Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. Thailand has very high road traffic accident levels and, depending on where you're living, pollution can also pose a hazard to your health. Have a question? Well have dinners with a dozen friends every few weeks. We go to eat with our three boys and spend $6 for all five of us to eat. Copyright 2023 MarketWatch, Inc. All rights reserved. Find out more here http://resilientman.com/retire-thailand/. 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. , Thailand, moving, is it cost effective to retire in Thailand and they do have certain! Get by on less than $ 26,000 ) in a local Bank with... 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