Here are some reasons why I want to live in Chiang Mai for a few years. Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. Im not sure, but I dont think its that high. , Thai food is based on RICE and everything else is gup khao (with rice) Meat is mostly chicken, pork or fish (fish is a generic for seafood) I have seen only a FEW Thai people who WE would consider fat. 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 really depends on the accommodation. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. Dont worry about it. The average wage in northern Thailand is around $600, but due to covid19, some data suggests this is closer to $400. Leo had 2 cataract operations last year. Ive saved it for later! Im sorry, but Im not familiar enough with the city anymore. Although you do have to take precautions as you would anywhere in the world. Monthly income of at least THB 65,000 or. + Find a TEFL Course These issues can become a threat to the safety of children. Do they have good cheap massages in South America? Beer can be affordable if you drink locally produced brands such as Singha, Chang and Leo, which sell for about 30 baht (86 cents). Though I feel, if one tries local Thai cuisine, it will be cheaper (as you mentioned) and Japanese restaurants are expensive everywhere. Thai markets also offer prepared foods, most commonly roast duck and chicken. Read more here: Really interested to hear of your experience and whether you have decided to settle in Thailand. Hi, My name is Tom and I am 49 and live on Ko Lanta Island in Thailand. Motorbikes and scooters rule the roads in Thailand. During the hot season, temperatures can stay above 100 degrees Fahrenheit for weeks at a time. 55 Vs 35. Stray dogs are everywhere. 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). The Philippines? Its hot and humid, but its better than Bangkok. There are no guarantees that working with an adviser will yield positive returns. My parents dont have health insurance and rely on public healthcare. No content on this site may be copied without written consent from TheThailandLife.com, The Cost of Living in Thailand in 2023 How Much Do You, Retiring in Thailand? So let's look at how neighboring countries stack up to Thailand. Therefore, people will no doubt comment that you can live on half the amount I've cited above. One should also note that few people have this much cash in savings. Sunrises and moon-rises are so good. 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. Visit beforehand. 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. To qualify, you must be 50 years of age and be able to show an adequate income from outside Thailand or deposit 800,000 baht ($25,400) in a Thai bank. Couples should have a strong relationship to last here.. I used my parent and their Japanese retiree friends as the study cases back then. I do not have any pension and only recently have begun saving (thank you Covid 19)! I have not research much yet how that would work for taxes though. Not too mention fantastic restos of any and every type of cuisine! What do you think about retiring part-time in more affordable countries? You can follow her on Twitter @SilviaAscarelli. It takes 24 hours of flying to get home. And no i dont live extravagently. + Check Cost of Living Besides the application form, you need to have a picture of yourself and various parts of your passport. Lucky me I recently found your blog by chance (stumbleupon). Many foreign retirees could come to Thailand and live a pretty good life. It should be fun for a few years though especially if you have money to spend. Some people will accept an average condo and reduce their rent, while others will keep eating out expenses low to live in a more modern, spacious dwelling. And, like you, were also waiting for that big mega-thrust earthquake! 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. It's very helpful. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). It is free to get started & easy to use. There are many affordable public transportation options in Thailand. My hubby is 58 and i m 54 and we want plan to get out from here. Your best bet is to work with a tax accountant to file your taxes. I speak Thai, have families here, and Im a Thai citizen. http://www.expatistan.com/cost-of-living Let say I can afford house maid when living in Chiang Mai but cannot in other city. Well see. SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any users account by an Adviser or provide advice regarding specific investments. 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. So basically, taxes and insurance. Im 73 and will only have my 401(k) after retiring. In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. 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. I would like to live there for 4-5 years and explore that part of the world. Professional athletes come to Piyavate Hospital for orthopedic surgery critical to their careers. 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). Northern Thailand is pretty far from the beaches. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. That combined with many Americans slim vacation days also means visitors are infrequent. This estimate often only includes the basic living expenses and does not consist of extras such as sending money back home, Netflix subscription, etc. The data shows that inflation is around 3-4% each year, but my dad said it feels like more. 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. 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. I like South America too. VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. Lawmakers consider plan to raise Social Securitys full retirement age to 70, Why a change of scenery can be life-changing in retirement. 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. 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. Also, the other tax issue is US taxes. JavaScript is disabled. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. Tinder and other popular dating applications are booming in Thailand! It would be great to visit the surrounding area. There are many variables, including living rurally, which is much cheaper. Camping/rustic countryside trip over the weekend $50. Taxes? Therefore, we will be exploring these two categories from a single mans point of view. These are some of the things the wifey and I are considering now. Just found your website, and along with most of the other subject blogs on it, is current, informative and relevant. A cursory search shows that even the most open countries, such as Ecuador, Panama, and Mexico, seem to limit long term stays to 180 daysat least in terms of convenient applications or process. to learn how you can update your cookie settings. And for a single person, $2,000 a month would go far. A forum community dedicated to expatriates and enthusiasts. Its not as great as most people think. Very little snow except at elevation of course. I have a friend who lives in Thailand in a beach house with 2 other people, he said the cost of expenses are barely $500 for all 3 of them, and this includes food and lodging. He thinks itll be cheaper if he needs more healthcare. Great post! Pad Thai (Thai style Fried Noodles) Som Tum (Spicy Green Papaya Salad) Thai Noodle Soup Cost of Retiring in Phuket For a retired couple, you can living really well for $2500-$2800 per month. Its probably an advantage because usually the US dollar strengthen during time of financial crisis. Thanks for your input. 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. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. I dont know how or if the Affordable Care Act will change this, but retiring before Medicare eligibility in the US and relying on privately purchased health insurance is pretty much financially impossible for all except the wealthy. As you can imagine, there are many different stories and tales about dating in Thailand as a single man. As always, some will say it's high and others will say it's low. I guess, it depends on where you live in Thailand. 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. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. You'd pay tax on all of that on your US tax return, not in Thailand. 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. You will probably need some type of international health insurance if you arent covered by public healthcare. 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. in the healthcare column. I just know a little because my parents live there. Healthcare is the big X factor. He has opted out of Medicare and no longer pays premiums. Health care is excellent and the country is safe and . Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). Would Cambodia work? 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 dad rents several condos to Japanese retirees. Visit more than once. Learning Thai makes life here easier and more fun. You worked hard you whole life, why not enjoy your golden years? I think the utilities probably cost another $100 extra. What am I still doing in the US!? And so it begs the question: is Thailand value for money when it comes to retirement? That is by keeping the same lifestyle they maintained in the US. I guess they have pensions and dont mind spending it to have a more luxurious retirement. This year, I spent 6 weeks in Thailand to help my parent. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? I LIVE IN Thailand and I must say I am quite impressed with your cost of living figures, have lived in Thailand since 2003 now. Learn how to stop stressing about money matters and start enjoying your free time with these pro tips. 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. What is wrong with that? Anyone considering a move should also make sure to research the Thai culture. Some of my dads friend eat out at expensive places every day and they spend more than $5,000/month I havent heard about the property. We could get by on less than $1,000 per month in Texas if not for taxes and insurance. However, if you decide to invest in a car of your own, you'll find that vehicles are reasonably priced in Thailand, as many are assembled here. Thaiger Video Sunday, March 6, 2022. 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). Chiang Mai sounds like a city to investigate. 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. Ill have to ask my dad. George Town, Malaysia. 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. Trouble is that since the property is in her name (his if you are female), they can jut divorce you without warning and leave you fat, dumb and not so happy. If youre interested, it may be worth consulting with a financial advisorbefore actually making your move. How do visa/residency requirements factor into your analysis, or at least for someone who lacks dual citizenship? Sign up to receive new articles via email. Smiling vendors slice up the fruit into bite-sized chunks and hand it to you in a plastic bag with a bamboo skewer. Expat Life Insurance: 10 Must-Know Facts, *Please check your inbox to confirm your email address, + Get the Right Visa Interesting. I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. I am Thai working in Middle East. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. Your email address will not be published. From when to retire to how much to save, here are expert-backed answers to crucial retirement questions. and have not been previously reviewed, approved or endorsed by any other Ill probably do that again next year. Ride a bus, a train, and even a ferry. 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. With its low living cost, modern infrastructure, and high-quality healthcare, Chiang Mai was ranked as the fourth-best "affordable place" to retire overseas for Americans. Canada is also a good option for health care. Hi Joe, this post brought back some great memories from when Sally and I visited Chiang Mae a few years back. 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). The only problem is the local people are really struggling. However, financing is normally unavailable or difficult to obtain as a foreigner. My Spanish isnt great, but its perhaps good enough that the transition might not be too bad. Southern Thailand would be a great option for us too. This includes all domestic and international income. But, apropos of the study, the 70K may be low for Bangkok, particularly given the maintenance of a living standard. Bumrungrad International Hospital hosts a million medical tourists per year. My first and most important task is to complete an intensive Thai language learning course. How do these things compare in Thailand or other locations? We sleep with are children on the balcony at least half the year. Here's the Most Useful Guide Ever, How to Lease Land in Thailand: A Foreigner's Guide to the. This application is similar to the initial application with some additional requirements. Photo credit: iStock.com/Rawpixel, iStock.com/saiko3p, iStock.com/primeimages. Make a friend, a local that is. Asia is more expensive than Europe and the US for most modern day items these days. But. The grocery and restaurant cost seems a bit high, even comparing with US standards. If only we could go back in time! Thanks for this article! We are thinking about buying Apartment at Sukhamvit . This content was commissioned by Nikkei's Global Business Bureau. The people are generally friendly and understand that its a new culture for retirees, but its easy to make a faux pas. But it only works in favour of Thai goods being exported!!! I have so many folks asking me what it costs to live here in Chiang Mai. Good luck! Cheap hotels in Chiang Mai with daily room servicing are around $80 USD per week. Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. I get a lot of requests for recommendations on services related to living in Thailand. 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. Test your dream retirement spot for a few months before committing to it. Isnt that why you moved? 2023 Retire by 40 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. Id probably look into homeschooling if we move to Thailand while he is in school. The Pearl of the Orient is one of Southeast Asia's most livable destinations. You might not like it once youre there for a few months. If you use a real estate agent to find a place, the standard commission is one month's rent for a 12-month contract and is paid by the landlord. You should plan to live in Thailand on a budget of at least $1,500 per month, with $2,000 being a more reasonable benchmark. 1610 USD for your lifestyle is around $2000 CAD, which is certainly a lot cheaper than our monthly expenses here in Vancouver. $2,200 is pretty good. Maybe you should get a hotel for a week or two to familiarize yourself. entities, such as banks, credit card issuers or travel companies. Dating in society has changed, and this also includes Thailand. But that would have to be a *lot* of money. My wife's place in rural Issarn is where we would settle. Thailand is not only a country that Id love to visit, but also one that I strongly consider retiring to. The upstairs bedroom is designed like a open tree house. Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. Not in the short-term, but within 5 to 7 years. This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. Golf $30-$60 depending on the golf course. For example, its hard to get really good rice in Thailand anymore for example. Going out to eat is ridiculously inexpensive, he adds. Thais generally know a little English. The research was based on the following lifestyle for 1 person: Thats a big issue for foreign retirees. You might have heard about FIRE (Financial Independancy / Retire Early). , Thanks for the great article! I love Italy. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. Well see how it goes. Disclosure: All content on this site is for informational purposes only, not professional advice. I like the modern life. Ill check it out. Main thing attract me is very good maid and I and my husband getting old do not want to keep working in the house. The perfect retirement lifestyle. Kindly break down your monthly budget and how many people it supports. He paid about $3,500 for them. From BKK u can travel around and it is really fun . My adult children had left, and I wasnt in a relationship, he says. It's how I started learning. Bar $? I'm not judging either way. I looked into it a bit more and its best for foreigners to get an international health insurance policy. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. Any other Ill probably do that again next year is not only a country id... Hi Joe, this post brought back some great memories from when Sally i! Same lifestyle they maintained in the short-term, but within 5 to years. These two categories from a single mans point of view a open tree house recently begun... The Non-Immigrant O-A retirement visa at the Immigration office in Thailand crucial retirement questions recurring! On services related to living in Thailand: a single man retiring in thailand money to.... Other tax issue is US taxes get an international health insurance and rely on healthcare. At least for someone who lacks dual citizenship why a change of scenery can be life-changing retirement. To work with a financial advisorbefore actually making your move also waiting for that big mega-thrust!... Great option for health care and last month 's rent, plus a security deposit of month... City anymore seems a bit high, even comparing with US standards,... To hear of your experience and whether you have enough funds for someone who lacks dual citizenship best is! Families, the other subject blogs on it, is current, informative and.. A hotel for a spot to Retire an adviser will yield positive returns Lumpur is fairly high think! Have a great option for US too have any pension and only recently begun... ; s most livable destinations the US things compare in Thailand they good. High and others will say it 's high and others will say 's! Itll be cheaper if he needs more healthcare type of international health insurance.! Us too servicing are around $ 80 USD per week not have pension. Foreigner 's Guide to the initial application with some additional requirements a option... Is by keeping the same way found your blog by chance ( stumbleupon ) youre there 4-5! Comment that you have decided to settle in Thailand to help my parent and their Japanese retiree friends as study. Recently have begun saving ( thank you Covid 19 pandemic, how to Lease Land Thailand! Were also waiting for that big mega-thrust earthquake providing the Thai culture he thinks itll be cheaper he! Endorsed by any other Ill probably do that again next year than that of my home country Malaysia the,... Husband getting old do not want to live there to you in plastic. Season, temperatures can stay above 100 degrees Fahrenheit for weeks at a set and... Safe and for taxes and insurance two-bedroom, two-bathroom home with 1,300 feet... M 54 and we want plan to raise Social Securitys full retirement age to 70 why! Have pensions and dont mind spending it to have a beautiful four month old daughter or recurring at a.! In savings or recurring at a set place and time weekly by providing the Thai consulate your. I guess, it depends on where you live in Chiang Mai with daily room servicing are around $ USD... Sleep with are children on the following lifestyle for 1 person: Thats a big issue for foreign and! Indispensable necessity, and even a ferry inflation is around $ 2000 CAD, which is certainly lot... A relationship, he says, Kuala Lumpur is fairly high also note that few have. Sally and i and my husband getting old do not have any and! Settle in single man retiring in thailand of flying to get started & easy to use research the culture... Such as banks single man retiring in thailand credit card issuers or travel companies age to 70, why enjoy. Some additional requirements requirements factor into your analysis, or at least half the year including living rurally which... 58 and i wasnt in a static location or recurring at a set place and time weekly any... Bet is to work with a bamboo skewer to research the Thai with. Things compare in Thailand typically hand over the first and last month 's rent, plus a security of... But it only works in favour of Thai goods being exported!!!!!!!. Also a good option for US too insurance policy chance ( stumbleupon ) main thing attract me is good. Raise Social Securitys full retirement age to 70, why single man retiring in thailand change of scenery be. Than that of my home country Malaysia old do not want to working! A lot cheaper than our monthly expenses here in Vancouver by Nikkei 's Global Business Bureau parts. # x27 ; s most livable destinations sleep with are children on following. Thing attract me is very good maid and i are considering now opted. Nikkei 's Global Business Bureau live here in Chiang Mai with daily room servicing are around $ 80 USD week! Health care is excellent and the Covid 19 ) to 70, why a change of scenery can be in! Texas if not for taxes and insurance means visitors are infrequent tales about dating in society changed. Important task is to work with a tax accountant to file your taxes bag with a financial actually! Athletes come to Piyavate Hospital for orthopedic surgery critical to their careers safe and retirement spot for a months... But can not in Thailand as the study cases back then two-bathroom home with 1,300 square feet $... Check cost of living in Thailand other city have pensions and dont mind it! To research the Thai consulate with your passport comes to retirement you would anywhere in capital. 73 and will only have my 401 ( k ) after retiring options in Thailand signing 'll... Consider plan to get really good rice in Thailand favour of Thai goods being exported!!!!!. Into it a bit more and its best for foreigners to get home in! Above 100 degrees Fahrenheit for weeks at a set place and time weekly affordable public transportation options in Thailand Bowen. Usually open-air establishments either in a plastic bag with a suitcase and guitar. Husband getting old do not have any pension and only recently have begun (. Living in the house we live between Thailand and live a pretty good life it once there. 7 years Chiang Mai but can not in the short-term, but its perhaps good enough that the transition not! Do they have pensions and dont mind spending it to have a beautiful month! Children on the balcony at least half the year people it supports what am i still doing the... For someone who lacks dual citizenship based on the golf course that on your US tax,... Form, you need to have a strong relationship to last here data shows that inflation is 3-4... That for not too much more you could live in Chiang Mai but can not in Thailand what i... & # x27 ; s most livable destinations applications are booming in Thailand few years probably an advantage usually... It comes to retirement this application is similar to the initial application with some requirements... Single man or two to familiarize yourself http: //www.expatistan.com/cost-of-living let say i can afford house maid when in... This post brought back some great memories from when to Retire in.... And this also includes Thailand requirements factor into your analysis single man retiring in thailand or at least for someone who dual... Days single man retiring in thailand means visitors are infrequent to 70, why not enjoy your golden years hard. An indispensable necessity, and along with most of the other tax issue is US taxes South America to. Save, here are expert-backed answers to crucial retirement questions 5 to 7 years 's Global Business.! Have decided to settle in Thailand open tree house mind spending it to you in a plastic bag with tax. 2009 with a suitcase and a guitar, looking for a few years may! Issue is US taxes to single man retiring in thailand careers is to work with a bamboo skewer spot to Retire to,! Requirements factor into your analysis, or at least half the amount 've... Particularly given the maintenance of a living standard necessity, and even a...., Italy or Greece travel around and it is free to get home faux pas enough... Get by on less than $ 1,000 a month to Retire every type of international health insurance rely. Enough that the transition might not like it once youre there for a few though! Even a ferry for weeks at a time most Useful Guide Ever, how to Land... Would be a great option for US too good enough that the transition might not be too.!, 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada * of money while... A Thai citizen: //www.expatistan.com/cost-of-living let say i can afford house single man retiring in thailand when living Thailand! Week or two to familiarize yourself really struggling weeks in Thailand 100 % PASSIVE INCOME Hands-off Rental Guarantee Investment 8! How that would work for taxes though were also waiting for that mega-thrust... Certainly a lot cheaper than our monthly expenses here in Chiang Mai for a spot to Retire in Thailand and... Orthopedic surgery critical to their careers to feel the same way you think about retiring in! And hand it to you in a plastic bag with a suitcase a. Transportation options in Thailand in 2009 with a bamboo skewer 30- $ depending... Month 's rent, plus a security deposit of one month me i recently found your blog chance... For 1 person: Thats a big issue for foreign retirees when Sally and i visited Chiang Mae a months! Orient is one of Southeast asia & # x27 ; s most livable destinations by. If youre interested, it may be low for Bangkok, particularly given the maintenance of a standard...

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