PATTAYA, Thailand -- From the mountains of Chiang Mai to the beaches of Phuket, Thailand has long been a draw for foreign retirees wishing to spend their golden years in tropical bliss. Sounds like it can get pretty expensive there even in Thailand in that category (for foreigners). I think anywhere in central city would work because Chiang Mai is not that big. If you can afford to live off a budget of $5,000 per month, you can expect a rather luxurious life. Great idea to use it as a base for exploring Asia. Thats local, but its still expensive. Enjoy! This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. JavaScript is disabled. Enter the country on this visa. Also, despite the fact that Thailand is the second most dangerous country in the world to drive in, I chose to have a motorcycle rather than a car so transportation costs were minimal. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. Thaiger Video Sunday, March 6, 2022. However, the culture shock of living in Thailand can be significant for Americans. It takes 24 hours of flying to get home. It's true. In preparation for this article, I asked a few close friends of mine who are single Thais and why they prefer foreigners? 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. Where should I retire? However, other countries in SE Asia aren't immune to these problems either. Why Thailand? Will be seeing how different Thai living areas feel and would be up to buying dinner or a beer if you have a couple of hours available during one of my scouting trips this year. Are you a Thai citizen/dual citizen? 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. So basically, taxes and insurance. 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. That said, for a single person in Bangkok, Pattaya, Hua Hin, Samui, or Phuket, paying rent, I still think you could live quite well on 50-60k per month. Time to drop the disability coverage and review your other plans. The food looks great. Wow, thats really interesting. Touching base again. As you note, you can get a 2-bed house on an island like Phuket or Samui for 15-20k - less in some areas, and something modern for 25-30k in a decent location. When a US person becomes a resident of another country, what are the tax implications? 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 have to complete an irish tax return for 2021. and said return require people who are non resident land lords to submit their earnings and employment reference numbers for the country they are living in. And in some parts of the country, farmers burn their fields from the middle of March through May to prepare for the next planting, creating air-quality concerns. Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. Find out how it stacks up against North America, Europe and Asia. But that would have to be a *lot* of money. Currently I have enough for a retirement visa in my Thai bank account and overall I have about 600,000 baht to my name - I could possibly double that if I spend another year working here in Vietnam. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. Costa Rica is a safe and stable country with a low crime rate, especially in the rural areas. If youre interested, it may be worth consulting with a financial advisorbefore actually making your move. Get a 90-day single entry Non Immigrant O Visa from your local Thai embassy. Dont worry about it. Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. 1. 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. + Get Health Insurance Mr. LH and I have discussed retiring abroad to someplace less expensive. I was graduated in Chiang Mai University decades ago. My wife's place in rural Issarn is where we would settle. People who want to see the grandkids are going to be out of luck. How far away to the beach driving? If you fail to do this, your visa may become void. 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. Great article. The cost of living in the capital city of Malaysia, Kuala Lumpur is fairly high. Im not sure, but I dont think its that high. i am setting aside $1000/month for paying down debts primarily student loans. Having travelled throughout Asia as both a professional, and a tourist, I understand the value between living on company time, and living on my own dime. i really want to start investing in index funds and i am concerned that i dont have much time to wait it out since im hoping for some financial independence in 10 years. Great to see the numbers living on $1,000 a month Thailand sounds like a pretty nice retirement to me! I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. But even as he headed to Phuket, he kept his options open. Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. Thailand's foreign retirees see their good life slip away, Pattaya has been popular with foreign expats and tourists since American servicemen flocked there during the Vietnam War. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). I lived in Bangkok for 6 months. 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 you arent comfortable being around these types of critters, make sure you research Thailand a bit before moving. Just fun.. Ill probably do that again next year. He knew no one in the country. The cost depends on the location. However, if you compare a popular U.S. city for retirees like Sarasota, Florida, consumer prices are 52% higher than Bangkok when you exclude rent. You worked hard you whole life, why not enjoy your golden years? Joe. Today we get our dental work done in Mexico, across from Yuma. Its a long way off though so there might be a lot of changes by then. I will retire in 12 years looking for a place to settle down in Thailand with my foreigner wife. My dad rents several condos to Japanese retirees. FYI For $1000 you can get a nice pool villa out here! Im dual. If you haven't done these things by age 50, it could be too late to do them well. I consistently see comments online that Thailand is expensive, Thailand has had its day, and that Thailand is no longer welcoming to foreigners. This is why I always recommend to people to put boots on the ground and search out accommodation. of course, I would have to keep 400,000 baht in the bank for the visa. Just take it slow as you would at home and make sure in your own mind she isn't a gold digger and I'm sure you'll be fine. Im definitely going to have to visit Thailand after the pandemic is over. The weather is sunny and hot, and there are plenty of beaches to kick back on. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. Isnt that why you moved? Now that IBM is changing to exchange medical options for retirees. I would be so fat if I retired in Thailand! VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. Who the hell are you?! Cheapest Way to Send Money to Thailand, 4. Let me know if you have any specific questions and Ill get the answer for you. My parents dont have health insurance and rely on public healthcare. One unique kind of street food is fruit. Well done Peter, keep up the good work! Kindly break down your monthly budget and how many people it supports. There is a lot to see and do in the country. He visited other spots, he says, but he kept coming back to Thailand. But is it a good fit for retirement? Its like Chiang Mai when I was a kid. Locals who eat out every meal at cheap food stands or take out can probably keep it under $200/month on food. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. Nikkei Inc. No reproduction without permission. Well see. Im pretty sure you still have to pay the US federal income tax. Nothing is free. 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. The houses come with a mooring for sailboats or other yachts. It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. We sleep with are children on the balcony at least half the year. 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. Going out to eat is ridiculously inexpensive, he adds. I might have to drop by and say hi when were over there. Its landlocked though right? Therefore, as an estimate as a single man living in Thailand, you would need at least $900 $1200 a month. I used my parent and their Japanese retiree friends as the study cases back then. An average Australian table wine that would cost about $8 in the United States is $27 in Thailand. Perhaps when medicare kicks in so I dont have to worry about medical cost as much. However, if you can choose to eat the local foods and not go to 5 star restaurants, its not too bad, Healthcare in Malaysia is a lot cheaper than the US and is just as good. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. To qualify, you must be 50 years. Make sure you also have a 're-entry permit' before you leave the country. This should be done in January. 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. Thanks for sharing these budget numbers! Good private schools are expensive here, and that's where the balance is likely to tip in favor of living back home. Can you share your cost of living? . The Fora platform includes forum software by XenForo. Most retirees have modest savings and a half decent pension. Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). Buying a Condo: 9 Questions Before You Decide, 8. You could top up your contributions now and you're allowed to backpay for 6 years. 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. The upstairs bedroom is designed like a open tree house. It's very helpful. The only problem is the local people are really struggling. Nothing major happened to me though. You didn't shock me at all. Thus, due to Westons cultural upbringing and other factors, foreigners may be kinder and gentler, but this is in general. Most carts are attached to a motorcycle, and many operate from the same spot for decades. Nearly 12 years later, he says his life in a beach town on the western side of Thailands Phuket Island is living in paradise., Bowen, now 70 years old, admits his decision to sell his house and all his belongings in just three months, after being laid off from his job in the Bay Area in 2009, was somewhat impulsive. Anyway, I would love to live in Chiang Mai for a few years. Hi Great site and very informative Im 57 have worked for over 39 years in govt and have been thialand many times I have had a marriage break up and lost my home able to keep my super I have had a gut full of my work recently due to a new boss need to get out I want to use my super and move to Chang Mia I will not be able to acces my pension for 10 years could I live with 6 million baht till then I have a thia girlfriend and need to buy condo so confused hope you can help Thanks Robert. on this page is accurate as of the posting date; however, some of our partner offers may have expired. 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. A typical Social Security payment is likely to cover basic costs in these areas. I live in a large city, but have always fantasized about retiring to more relaxed, cheaper places. There are a lot of women 30+ who have good jobs or businesses, but are divorcees, abandoned or widowed. Look on sites like ThaiLoveLinks (I'm sure there's an advert here somewhere on this site) - or some of the others. The country has a rich culture with delicious cuisine and friendly people. Many of those retired folks live part time in Thailand. Indeed. That has changed. Best Parent Student Loans: Parent PLUS and Private. Good luck!! Ask our Retirement expert. Chiang Mai sounds like a city to investigate. Most apartments and many houses come furnished. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. Average Retirement Savings: How Do You Compare? 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. The cost of alcohol can also add up quickly. Many local Thais can live on this budget in the north, but naturally, some locals are restricted due to this low amount. Honestly, its hard for me to imagine how a retired couple could spend THAT much money living in Chiang Mai. 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). Camping/rustic countryside trip over the weekend $50. Ive been thinking more about central and South America. I havent gone to a bar in ages. No stomachache or diarrhea. The cost of living is also quite a bit cheaper than Bangkok. 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. About a week ago we had a meteor shower. That's true. The amount you spend on healthcare really depends on your health. 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. For some people, the best insurance option is to have travelers insurance from your home country. If only we could go back in time! Even Thailand appears to have made it much more difficult to gain permanent residency in recent years. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. Originally I am indian and now me and my husband getting bored at usa . You might not like it once youre there for a few months. If you can eat MSG, rice, pork, chicken and loads of oily greasy and spicy curries as well as bugs and all manner of weird snacks, you can live like a Thai. Thanks Im planning to visit Chang Mia in March get the feel for it stay a week If I buy a condo 2 bedrooms would I be pushing it to find something under 2 million baht and could I buy small business for my girlfriend to bring in a income any chance you or someone you can recommend meet me for a coffee to assist me as you seem to have a good knowdge of Chang Mia The decision to retire has been forced upon me and I am not getting much sleep your site is great. Thaipod101 is the best way to learn Thai online. Renting a place (no property taxes other than whats included in rent) and not owning any cars (no payment, gas, insurance or maintenance costs) would save a lot. I like your article. Yeah, some US locations are quite expensive. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. I know Belize has a pretty good retirement visa. 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