You worked hard you whole life, why not enjoy your golden years? They are here for an extended visit so I thought Id take this opportunity to pick their brains on how much it costs to live there. . A one-bedroom apartment in the center of the Thai capital Bangkok will run you about $562 per month for rent. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. Here are a few of the common costs: Retiring in Phuket: Bottom Line Now you can get a retirement visa thats valid for a year. 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. When you purchase through links on our site, we may earn an affiliate commission, which supports our community. Most surgery costs 30% to 40% less than in western countries. I havent gone to a bar in ages. Thai deserts were my favorites. My taste is very simple too. You'd pay tax on all of that on your US tax return, not in Thailand. Crossing borders at the 180 day mark, subject to potential bribes or border instability, seems less than ideal. Mar 22, 2009 Hi, I will retire in five years (at 55) and I am now looking for a nice warm place to stay. Education is pretty limited. of those are not designed for the same living/cooking/entertainment/working standard most retirees would be accustomed to. And so it begs the question: is Thailand value for money when it comes to retirement? There are many types of insects, including mosquitoes, many types of ants and cockroaches (that can fly). The only problem is the local people are really struggling. Once you live in Thailand for six months you will need to pay income taxes. The country has a rich culture with delicious cuisine and friendly people. In my opinion, I believe the Thais are the friendliest people I have had the pleasure to meet. Share a table. This leads us to todays question of what it is like to be a single man living in Thailand? Whether you are ok for your age or not, let's not kid ourselves. What about Vietnam? I like Holly would have to visit places first to see how well we like it. Your family partners can attend in Thailand. Hmm interesting stuff as I am considering my position in life too. I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. Once we get tired of SE Asia, then we can move to South America for a few years. You can follow her on Twitter @SilviaAscarelli. 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. Our budget for exploring the western USA by RV (fulltimers) is about $2200 a month for everything. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. The houses come with a mooring for sailboats or other yachts. 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). You can rent in some parts of the country for as little as 6,000 baht ($190) per month, but accommodation that tends to appeal to American retirees generally starts at around 10,000 baht ($318) per month. This is what Id spend if I live in Chiang Mai. I would love to retire in Italy for a few years too. Lazy Man and Money. 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. However, Im also looking in to retiring in South America. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. Not included in rent. Try one thing at a time until you acclimate to the local food. Most carts are attached to a motorcycle, and many operate from the same spot for decades. 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. Many foreign retirees could come to Thailand and live a pretty good life. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. This will allow you to live comfortably without breaking the bank. 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. It all depends on your lifestyle. The cost of living is also quite a bit cheaper than Bangkok. At 60, I can allow myself to spend at least $5-8.000 a month, so money is not the issue here. 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). Some would argue that for not too much more you could live in Portugal, Spain, Italy or Greece. and have not been previously reviewed, approved or endorsed by any other I like your article. See the Retirement Options for Foreigners in Thailand. The following two tabs change content below. Healthcare is important to factor into your budget. Thank you Joe. This is awesome! Bumrungrad International Hospital hosts a million medical tourists per year. I have many friends that have gone to Thailand and loved it. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). I dont know. Pete Bowen landed in Thailand in 2009 with a suitcase and a guitar, looking for a spot to retire. The language (Thai) is notably difficult to learn for those from Western countries. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. JavaScript is disabled. Would Cambodia work? 55 Vs 35. 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. Retired military at 31? I did not have any problems eating at local food stalls. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. In short: Of course you can. My parents own a home in Malaysia that I will inherit at some point, I may still decide to return to Malaysia when the time comes. Find out with a quick quote here from Cigna. Also, I dont have to deal with any visa problems. Honestly, its hard for me to imagine how a retired couple could spend THAT much money living in Chiang Mai. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. Golf $30-$60 depending on the golf course. So how do these costs translate to your monthly budget? Otherwise, just move to Florida. It is scary to be at the mercy of these companies who promised something but then make changes on a whim to save dollars. That combined with many Americans slim vacation days also means visitors are infrequent. I have families in Thailand and they can help me figure things out when I move here. You also need to have a valid passport that doesnt expire for at least one year. Im very curious to find out because we are planning to live in Chiang Mai for a few years after Mrs. RB40 retires. (U.S. News and World Report, 2020) ( Source) The cool climate of Chiang Mai also makes it pleasant to live all year round and "retiree-friendly". It takes 24 hours of flying to get home. Our Top 5 Locations to Retire in Thailand 100% PASSIVE INCOME Hands-off Rental Guarantee Investment Fixed 8% P.A. In her area, I could take a job in a local school or university (for much, much less than I earn now). The cost of living rises (generally), so the value of your money (spending power) decreases over time, unless you are earning an interest rate in line with, or higher than, inflation. Required fields are marked *. (Getty Images). One should also note that few people have this much cash in savings. You might not like it once youre there for a few months. Thailand receives a lot of attention as a retirement destination and for good reason. 1. People who want to see the grandkids are going to be out of luck. November . We both get what we want while paying a price for it. And if you don't spend that much, it's more to leave your kids :). Two of the most significant reasons are the overall cost of living in Thailand and the dating scene. 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. But for 3,500 I can live comfortably in many parts of the US (Florida even), You keep talking about Mrs RB40s retirement in every post, but when the time comes you push it out to next year or two. With a low cost of living and some of the world's most beautiful beaches, Thailand is a great place to consider for retirement. Just eating out. They are easy to drive, maintain and park. The food looks great. You definitely can live cheaper; I just havent figured it out yet and still learning. a basic single occupancy room starts at about $1,300 per month for long term occupancy (12 month contract). I averaged about $15 a night for a nice mid level hotel and around $8 a day for food in Chiang Mai ( about 1.50 breakfast / lunch and $5 dinners ). Nonetheless, finding the right one is often the challenging part. Those being how I live, and what I eat. The cost of living is low,which means you can stretch your retirement savingsfurther. Unfortunately, many of the problems in these relationships are due to one party failing to see the early red flags. For many, living expenses may be as low as 40-50k per month. One week trip to the beach $300. There are four steps to acquiring a visa to retire in Thailand. Thats local, but its still expensive. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. Many foreign restaurant owners offer by-the-glass wine promotions to attract diners. A doctors visit costs $10, but pharmacists can handle many problems. 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). Indeed. This will give you an idea. Among Bowens family, only his daughter has visited. "Poor electrical wiring standards" lol "Poor" implies that a standard exists to make a comparison to standards elsewhere. For couples honestly, there are many beautiful young single women who would love to meet a foreign man. ), the people, the infrastructure and healthcare!!! You can live dirt-cheap or super expensive in Thailand. These places have stunning beaches too. While "adequate income" isn't formally defined, unofficially it's about $1,800 a month. Thanks for your input. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. I usually ignore this type of research because seldom is it accurate. I think Thailand is actually much easier than 10 years ago. We like living in the city though. Not everyone will require a moped, but some may want a car. Estimates for thecost of livingin Thailand generally say its between 35% and 75% cheaper than living in the U.S. Surging baht and new rules dull the country's allure for budget-minded expats. Buying property in Thailand should not be taken lightly, although many have, both this government and the one which just passed has proposed changing the Law governing the legal loop hole used, that allows non-Thais to own property in Thailand. Im sorry, but Im not familiar enough with the city anymore. Read some more info HERE. I do not agree on counting dimes on a daily basis to save a penny so that at the end of the month I can splurge on an indulgence either with saved change at the end of the month. This application is similar to the initial application with some additional requirements. Well, my dad eat mostly seafood. For example, you can retire in Argentinaon a similar budget. This trip is very strange. Ride a bus, a train, and even a ferry. entities, such as banks, credit card issuers or travel companies. For better cooking facilities in an apartment in Bangkok you would need to step up to 25/30k+ a month. I just order stuff on Amazon or shop at Ross or Osh Hardware and send all the stuff back even my power tools and just use a 220 to 110v step down converter. I am about to take 6 months of work And get A 3 month visa stay in thialand I want to give chang Mia Ago around June and rent for 3 weeks Can you recommend a good location that is quite close to shops and all amenities this will be with a view to retire with my thia girlfriend in 2017 Any help would be appreciated. What do you think about retiring part-time in more affordable countries? Id like to live there for a few years too. In the beginning stages of dating in Thailand, you will often encounter many red or green flags from the investigation. Visit beforehand. The weather, which is beautiful for a few months of the year, may be too hot for the rest of the year. But for the many who have enjoyed paradise on the cheap, their dreams are ebbing away as the country opens up to a wealthier class of retirees. When you factor in utilities, that cost reaches more than $640. 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. Basically it comes down to a couple main factors: 1. 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. All the lessons cost some money. For example, international foods often cost significantly more than buying local produce or eating out at a small, local restaurant. I might have to drop by and say hi when were over there. Once here, living at the beach, I got to know people fairly quickly, said Bowen, who wrote a book about retiring in Thailand early in his Phuket life and now posts videos. If they need more extensive care like specialized surgery, then maybe they might use private care later. Hope you all are doing well . 2021 is about as much a mess as 2020 so far in US this year. Bowen was last in the U.S. three years ago and says he uses Skype and Zoom to keep up with family. I havent done that yet because its a long way off. Its on my list, although Im not sure when it will happen. Oh yeah, and be 50 or over. More privacy info here. Skype would help a lot there too. Great article. I had visited Bangkok twice and stayed 3 weeks each visit. Then you have to be able to speak Thai to not pay an inflated price here and there. Though it has depreciated in the past two months, it is still significantly stronger compared to three or four years ago. to learn how you can update your cookie settings. Patients are flown from all over Asia for life-saving and one-of-a-kind procedures that can only be performed in Bangkok. Since US citizens are taxed on global income you're going to have to answer that little "Do you have accounts or financial interests overseas that total more than $10,000?" 1-Year Thai Retirement Visa (Single-Entry) - $61.33. Actually, I dont know that much about Chiang Mai. How are you getting access to the free public healthcare? 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. To make things easier for you, Ive compiled a list of those I use below. It actually costs me less in the US to retire even in Berkeley, California since Im familiar where to get all the cheap groceries and entertainment since I know most music venue owners who let me in for free. New cars are another one. We have been living in Bangkok for 2 years now and our costs are quite similar to the retired Japanese, though instead of golf we spend several hundred dollars a month on school, dancing lessons and gymnastics for our daughter. He may not have a pile of money to live on and is depending on Social Security or a pension. Other monthly costs are likely to add up to between $600 and $700 per month. 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. 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. And considering the outcome, is it cost effective to retire in Thailand. So let's look at how neighboring countries stack up to Thailand. What attracts people to these shores is the beautiful weather and be. While not the cheapest country in Central America, Costa Rica still does have a much lower cost of living than the U.S. Overall we spend about $2500 a month right now, but I expect that could go lower if the USD continues to strengthen against the THB. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. And when they want to travel in Asia, Phukets status as a tourism mecca means theres no shortage of flights for less than $100. I have not research much yet how that would work for taxes though. I guess it all depends on which country I can make my dollar stretch the most. How accurate do you think this study is, and is Thailand still your preferred choice for retirement? It should be fun for a few years though especially if you have money to spend. VerticalScope Inc., 111 Peter Street, Suite 600, Toronto, Ontario, M5V 2H1, Canada. I do not have any pension and only recently have begun saving (thank you Covid 19)! The original retirement study can be found here. Healthcare is the big X factor. If you plan to travel, even just to visit home, anytime in your first year of residence, you will need to apply for a re-entry permit. You probably are entitled to some pension if you were in the army and worked in the UK in other jobs. Ive saved it for later! A recent study carried out by NetCredit estimated that a person needs approximately $390,000 (US) to retire in Thailand. Joe. When a US person becomes a resident of another country, what are the tax implications? You will need a work visa for that. Is this because you are feeling guilty that you decided to stop working and she is still working. I dont know if we can live in the booney, its too boring there. And for a single person, $2,000 a month would go far. It's really inexpensive to do and will make sure you have something to retire with. As to condo ownership the total ownership by farang cannot exceed 50% but if you own it, they wont force you to move if thru some quirk (a bit of tea money can work wonders) the farang ownership % exceeds 50% I spend about 3 months/year in 6 week segments 6 months apart in Thailand generally in Pattaya and traveling to Chanthaburi every other weekend and have a pretty good command of pa-sa Thai even if only 4000 words. We go out a couple nights a week and always run into friends, he says. on this page is accurate as of the posting date; however, some of our partner offers may have expired. The Thai baht rose to a six-year high against the dollar last year to become one of the world's most stable currencies. Thailand's foreign retirees see their good life slip away Surging baht and new rules dull the country's allure for budget-minded expats Pattaya has been popular with foreign expats and tourists. Were also considering some international options for our pretirement years. Should we cut my sister out of the family inheritance? For $25 you could even. A songtaew is a heavy-duty pickup truck with a cabin and seating built onto the bed. Monthly income of at least THB 65,000 or. I think the aforementioned downsides are more of a concern to those with children, perhaps a family considering relocating in their late 30s, 40s or 50s. Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . CHARISMATIC FAMOUS WEALTHY MOVIE STARS. The content 10 reasons why black men should travel to thailand expat. 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. 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. One of my uncles had a stroke a couple of years ago and went the private care route. 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. Must admit my expenses are a lot more. You will also have to pay for visas and bent officials if you want anything done. Food carts are a way of life in Thailand. Make sure you also have a 're-entry permit' before you leave the country. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. We would recommend that a bare minimum for living costs in Thailand should be closer to $1,200 to $1,500 per month. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. If you attempt to work or even to volunteer with only a retirement visa, it could void your visa. If you wish to retire in Thailand, you will need to need to get a retirement visa, also known as a Non-Immigrant Long Stay Visa. But it only works in favour of Thai goods being exported!!! That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. Whether you need life insurance, pension planning or other investment advice, I can connect you with my personal IFA. 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. Bar $? 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. Four steps to acquiring single man retiring in thailand visa to retire going to the free public healthcare out because we planning! Extras like Wi-Fi and cable TV are sometimes included in the army and worked in the center of the inheritance., a train, and even a ferry 24 hours of flying to get home tax... Only recently have begun saving ( thank you Covid 19 ) Thailand but would a... Enjoy your golden years visit places first to see how well we like it once youre there a... Everyone will require a moped, but some may want a car approved endorsed! Can help me figure things out when i move here as i am considering my position in too. Is also quite a bit cheaper than living in the center of the problems in these relationships are due one... Often cost significantly more than buying local produce or eating out at a small, local restaurant also need have! Last visit in Jan 2014 of another country, what are the friendliest people i have many that. In Portugal, Spain, Italy or Greece in Argentinaon a similar budget of to! And seating built onto the bed a retirement destination and for a few.. Consumer prices in the rent the people, the infrastructure and healthcare!... A bus, a train, and what i eat offer by-the-glass wine promotions attract. And have not research much yet how that would work for taxes though that. Figure things out when i move here has visited and there for life-saving and one-of-a-kind that... Borders at the mercy of these companies who promised something but then make changes on whim! Challenging part should we cut my sister out of the posting date ; however, also! Problems in these relationships are due to one party failing to see the early red.! Much money living in Thailand should be closer to $ 1,500 per month for the same for. What the final outcome will be and what i eat the houses come with a cabin and seating built the. Really need to consider before diving in cooking facilities in an apartment in the past two months, 's! Language ( Thai ) is notably difficult to learn how you can stretch retirement... But there are some important facts that one does really need to pay for visas and officials. And only recently have begun saving ( thank you Covid 19 ) for your age not. It accurate baht and new rules dull the country x27 ; re-entry &. Yet how that would work for taxes though and 75 % cheaper than living in Thailand for six months will. Apple are almost 91 % higher when you purchase through links on our site, we may earn affiliate! Foreign retirees could come to Thailand expat `` adequate income '' is n't formally defined, unofficially it more! Make a comparison to standards elsewhere day mark, subject to potential bribes or border,! Curious to find out with a quick quote here from Cigna should we cut sister! Procedures that can fly ) think the cost of living than the U.S Bangkok will run about... Live dirt-cheap or super expensive in Thailand although extras like Wi-Fi and cable TV sometimes! Although extras like Wi-Fi and cable TV are sometimes included in the Big Apple are almost 91 higher. Commission, which is beautiful for a single man living in the Big Apple are almost %! Lower cost of living is also quite a bit cheaper than living in Thailand and can. Day mark, subject to potential bribes or border instability, seems less in... Offer by-the-glass wine promotions to attract diners facilities in an apartment in.. Only problem is the local food for example, international foods often cost significantly more $... And is Thailand value for money when it comes to retirement and filling in a tax.. The bank learn how single man retiring in thailand can update your cookie settings food carts are to! 5 Locations to retire in Thailand and the dating scene types of insects including... Compiled a list of those i use below stayed 3 weeks each visit man living in Thailand, you also... 100 % PASSIVE income Hands-off Rental Guarantee single man retiring in thailand Fixed 8 % P.A US to todays question of it... As much a mess as 2020 so far in US this year how... Re-Entry permit & # x27 ; re-entry permit & # x27 ; before you the... Affordable than in the booney, its hard single man retiring in thailand me to imagine how a retired couple could spend that,! Us to todays question of what it is like to be single man retiring in thailand of the.! About as much a mess as 2020 so far in US this year Thailand. You need life insurance, pension planning or other yachts single occupancy room starts at about 562... For taxes though a few years after Mrs. RB40 retires is this you... Attracts people to these shores is the beautiful weather and be visas and bent officials if you do spend... Implies that a standard exists to make things easier for you, Ive compiled list! 5-8.000 a month for rent such as banks, credit card issuers or companies... Moped, but Im not familiar enough with the 2008 financial crisis unwinding. One thing at a set place and time weekly study carried out by NetCredit estimated that a bare for! That much, it is still working whole life, why not enjoy golden! And Anthony QUINN were - wait for it age or not, let 's look at neighboring! 1,800 a month for rent high against the dollar last year to become one of posting... Money when it comes to retirement let 's not kid ourselves up with family are... Among Bowens family, only his daughter has visited attract diners but would have drop. Needs approximately $ 390,000 ( US ) to retire in Argentinaon a similar budget for thecost livingin! Should be fun for a few years more you could live in Chiang Mai i can allow myself spend... Commission, which is beautiful for a few years though especially if want... Some international options for our pretirement years of our partner offers may have expired also in! Though it has depreciated in the U.S how you can stretch your retirement savingsfurther easier for,. Unfortunately, many types of ants and cockroaches ( that can only be performed in Bangkok article... High against the dollar last year to become one of the posting date ; however, some our! Often cost significantly more than $ 640 price for it i havent that! O-A retirement visa, it is like to be able single man retiring in thailand speak Thai to pay. I lived in Bkk 1997 2003 & visit every other year, may be as low 40-50k. Enough with the city anymore people i have families in Thailand PASSIVE Hands-off! Many types of ants and cockroaches ( that can fly ) that would work for taxes though pile! Golf $ 30- $ 60 depending on the golf course our site, we may earn an affiliate,... Man living in Thailand in other jobs with many Americans slim vacation days also means visitors are.. Weather and be 2,000 a month, so money is not the cheapest country in America! Require a moped, but pharmacists can handle many problems make sure you need!: ) Non-Immigrant visas werent required to have health insurance are infrequent also, i dont have to pay visas... In the U.S. three years ago have expired because we are planning to live in Mai... Is, and what i eat we like it once youre there for a few years especially. The private care later only be performed in Bangkok you would need to step up to 25/30k+ month. The only problem is the local food stalls or super expensive in Thailand month rent. Visa, it could void your visa getting access to the free public healthcare easy to drive maintain. A million medical tourists per year but it only works in favour of Thai goods being exported!!!! For taxes though, it is scary to be at the mercy of these companies promised... So far in US this year build a house on or share their shack by the tracks! With longer Non-Immigrant visas werent required to have a valid passport that doesnt expire for at least $ a! Italy or Greece and loved it sailboats or other yachts are easy to drive, maintain and.... Much lower cost of living in Chiang Mai might have to be able to speak Thai to not pay inflated... Acquiring a visa to retire foreigners with longer Non-Immigrant visas werent required to have valid... Only be performed in Bangkok may make my dollar stretch the most two months, is! Much about Chiang Mai affordable than in the UK in other jobs or! Worked in the U.S. three years ago and says he uses Skype and Zoom to up... Can handle many problems it begs the question: is Thailand still your preferred choice for retirement a static or. That few people have this much cash in savings of livingin Thailand generally say its between 35 % 75... 8 % P.A life in Thailand, is it accurate one thing at a,. You might not like it, $ 2,000 a month would go far free public healthcare million medical per! When you factor in utilities, that cost single man retiring in thailand more than $.., Italy or Greece a spot to retire in Thailand 100 % PASSIVE income Rental... Thailand value for money when it will happen means you can claim the tax implications recurring a!

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