The cost for that Japanese food is STILL about 30 to 40% of what I pay here in the US. I think thats a little low on the estimate. Hahaha! I think anywhere in central city would work because Chiang Mai is not that big. Healthcare is the big X factor. Youre right. 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 four steps to acquiring a visa to retire in Thailand. I got food poisoning from eating at one of the stalls. If you still have assets and family back home, that 13-hour trip (for me) gets increasingly tiresome with age, particularly dealing with the jetlag. Average Retirement Savings: How Do You Compare? We rent one for $500 a month. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? Where do you live? Fact is if I choose to return to Malaysia now, I can live a fairly comfy life. How far away to the beach driving? I dont see many retired couples or single women retire here, he says. Great idea to use it as a base for exploring Asia. Best VPN to Protect Your Online Privacy, 5. Its not as great as most people think. Thailand is a famous destination for retiree's, digital nomads and single man travelers. Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? Camping/rustic countryside trip over the weekend $50. Best Parent Student Loans: Parent PLUS and Private. is it wise to split it in half and put the other half in investing? How do you do that you ask? Learning Thai makes life here easier and more fun. Im not sure, but I dont think its that high. Like you say, I can't imagine Bali being much cheaper, and Cambodia always seems more expensive to me. Most surgery costs 30% to 40% less than in western countries. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. But if you need to spend less, you can. Thats a law that dates back to the Vietnam war. While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. Health insurance is still a big question here. I was very happy thinking I found the resources I needed and then I heard something about "taxes" in Thailand? The government requires that you have income of 65,000 baht deposited in a Thai bank every month; thats less than $2,200 at early 2021 exchange rates). These types of houses stay cool based on a design that allows cross breezes along the ceiling. Not in the short-term, but within 5 to 7 years. i am setting aside $1000/month for paying down debts primarily student loans. You have a great idea for getting and solving the healthcare part of your retirement. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. Individuals moving to Thailand from the U.S. may suffer a bit of culture shock. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. I love Italy. 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. Considering the people/culture, weather, variable living standards, and beach get-away options, I think Thailand is still value for money. Might require some additional paperwork on your US return. FYI For $1000 you can get a nice pool villa out here! Those with kids also have schooling to consider. From what I understand, foreigners can buy condos, but not lands. Here's how that person could spend that amount each month. 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). Local office worker - $650/month (low income) $150 Rent - He can rent an apartment about 10 minutes from the city center for about $150/month. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. I have two kids. I dont even spend $4000 a month in my Washington DC suburb and I pay mortgage and child support. Cheap living cost is good but not all, so what about quality of life and what else the city offer me. I really love your comment. 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. Im pretty sure well be back and forth a lot even if we live in other countries. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living . $1200 on food cost for a couple; not counting drinks/beverages) is quite high. Even Thailand appears to have made it much more difficult to gain permanent residency in recent years. However, Id just as soon be within the borders of the US with its amazing depth and breadth of resources, than Thailand. It depends on what you want to buy. This is much less than our current expense of about $4,800/month here in the US. In Manila, it would cost me around $3000 a month even though I own my own two bedroom flat in Makati City(very expensive area, like Asok or Thonglor in Bangkok), because all the surrounding restaurants are expensive and so are the nice grocery stores. Right okay. We go out a couple nights a week and always run into friends, he says. Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. JavaScript is disabled. Also consider that some expats live in the family home of their partner, or a home they have built, and therefore don't have to pay rent. I think Thailand is actually much easier than 10 years ago. Find out with a quick quote here from Cigna. The financial requirements are: Bank account with THB 800,000 or. There are no guarantees that working with an adviser will yield positive returns. And, like you, were also waiting for that big mega-thrust earthquake! The only thing that *might* be taxable would be income from your investments in Thailand if you ever moved a large sum of money during a time when the exchange rate is more favorable. The cost of living is low, as is the cost of healthcare. And considering the outcome, is it cost effective to retire in Thailand. Thais generally know a little English. Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Not too mention fantastic restos of any and every type of cuisine! That has changed. 90% will never own a car. + Find a Job Its clouding their judgement. Just like people book or hire a personal assistant or tourist guide, our Thai travel companions can be booked for your Thailand vacation at ThaiSingleReisen. 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. Some old geezer with a pension! Motorbikes and scooters rule the roads in Thailand. 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. + Learn Basic Thai 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. + Open a Thai Bank Account 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. New cars are another one. Dang. Check out the reality from someone who knows before you decide your romantic view of a foreign culture is the truth! The retirement visa also does not allow you to work in the country. Great to see the numbers living on $1,000 a month Thailand sounds like a pretty nice retirement to me! My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. 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. Professional athletes come to Piyavate Hospital for orthopedic surgery critical to their careers. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. Good luck to finding somebody who is nice for you. If he had to rent, itll probably be closer to $2,000. You can follow her on Twitter @SilviaAscarelli. My sister is always struggling with money and drugs: I own a house with my husband and mother. A typical Social Security payment is likely to cover basic costs in these areas. Mr. LH and I have discussed retiring abroad to someplace less expensive. A health savings account is a beneficial tool for retirement planning. I plan to live comfortably on USD 2,000 per month, and set aside some money every month for medical expenses rather than pay an insurance premium. Canada is a great option too, but its a bit cold up there for my taste. Thailand receives a lot of attention as a retirement destination and for good reason. 10 reasons why not to retire to thailand retire 2. Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. A bit cooler than Portland, but quite similar climate overall. Chinese tourists, in particular, spend a ton of money when they come to Thailand. Think to remember no matter how much you love eating Thai food or food that you were not brought up on, you will still crave food from your homeland. If only we could go back in time! Cookie Policy I guess they have pensions and dont mind spending it to have a more luxurious retirement. Should we cut my sister out of the family inheritance? Less than a minute. entities, such as banks, credit card issuers or travel companies. Thailand is only $125,000 less than the UK, but the UK is cold, grey and rainy for 6 months of the year! Malaysia? The prices look great. Can you share your cost of living? I will retire in 12 years looking for a place to settle down in Thailand with my foreigner wife. I think the Thai government prefers short-term visitors. In general, you can save the most by living and eating like a local. You need to answer that first. From past over 20 years we visited Bangkok and other places every year twice . I do like Vancouver, but its super expensive. 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. 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. Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. Its quite nice down south near the beaches. 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. Oh, I put ? 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). The study covered most countries of the world, with the goal of estimating the cost of retirement based on the equivalent quality of life you'd enjoy back home. . It's how I started learning. But it only works in favour of Thai goods being exported!!! The cost depends on the location. However, the culture shock of living in Thailand can be significant for Americans. Maybe $6-7/drink. Answer (1 of 5): I lived in Thailand for seven years, and I've now been living in the Philippines for almost five years. When Medicare kicks in, we can move back to the US part-time. NET. Anyone considering a move should also make sure to research the Thai culture. Then language is taught here from the very first say at school, and most Fil. There are many reasons why you might need to get additional permits or different visas. Ask our Retirement expert. Alas, as it always is the case in any kind of FIRE analysis anywhere: The gigantic elephant in the room is always health care cost. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. BKK is so busy. From the people I've talked to, the LOS is becoming less inviting to those wishing to retire there. I have been to Thailand many times, and I plan on retiring there very soon in the next few years (I will be in my 50s by then). Great article. This time, Ill update the post with 2021 numbers and give more examples. Then you have to be able to speak Thai to not pay an inflated price here and there. I,m single and spend 4000 per month. They are easy to drive, maintain and park. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. If you start investing now, youll learn more about investing. This article oddly makes Thailand seem like any other place. For some people, the best insurance option is to have travelers insurance from your home country. 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. To get a such a visa, you have to be at least 50 years old and pass a criminal background check. The retirement visa is for one year and must be renewed annually. 2023 Retire by 40 The amount you spend on healthcare really depends on your health. 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