Its the same in Malaysia. To rent a condo (2BR, 60 sqm) in Bkk will cost around USD 600 per month away from the city center, less if on the outskirts or in the districts. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. Make sure you also have a 're-entry permit' before you leave the country. Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. So if you like Thai food there is really no reason to spend a lot on your food. 1-Year Thai Retirement Visa (Single-Entry) - $61.33. I personally quite like Vietnam, but I just don't get the same vibe there as I do in Thailand. Joe, i need an advice. A rotisserie roast chicken costs just 140 baht ($4.50). He paid about $3,500 for them. For example, when we arrived 2 1/2 years ago the exchange rate was 37:1 but now it is 32:1 (and was as low as 28.5:1 a few months back). All you need is a valid passport and a return trip scheduled before you enter the country. Heres what to consider before moving to Thailand for retirement. My mom, in particular, doesnt like to spend money at all and lives a simple lifestyle. I look forward to travel to the neighboring countries in SE Asia :-). Living outside of the city center could cut your rent to roughly $300 per month. George Town, Malaysia. Great and informative post as usual; especially it helps me a lot as I plan to spend sometime in Thailand myself after I retire! Ive considered retiring outside the US, but it comes down to the same things others have said being away from family and friends primarily. I have no car or motorcycle. The city also gets over 10 million visitors in 2019 so they are used to foreigners. There are four steps to acquiring a visa to retire in Thailand. Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. But your familys living on $1,300 per month sounds pretty luxuriant too so I guess it could really be possible to make a good living there for around $1,500. I like your article. My dad said Thai products are cheaper in Thailand, but they export the best quality products. SmartAssets services are limited to referring users to third party advisers registered or chartered as fiduciaries ("Adviser(s)") with a regulatory body in the United States that have elected to participate in our matching platform based on information gathered from users through our online questionnaire. I lived in Bkk 1997 2003 & visit every other year, last visit in Jan 2014. Yes, my parents are using the public healthcare right now. However, Im also looking in to retiring in South America. I havent gone to a bar in ages. If you have been to Bangkok, you know it is extremely hectic there. Anyone considering a move should also make sure to research the Thai culture. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living in Thailand is roughly 40% lower than the average cost of living in the U.S. (Getty Images). Id probably look into homeschooling if we move to Thailand while he is in school. As some of our long-time readers may know, my parents are semi-retired in Chiang Mai, Thailand. Find out more here http://resilientman.com/retire-thailand/. Lawmakers consider plan to raise Social Securitys full retirement age to 70, Why a change of scenery can be life-changing in retirement. Exactly. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. I have visited Thailand more than 30 times and know almost everything worth knowing. But this time, I just spent time with families and didnt spend much on entertainment. 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. We do not manage client funds or hold custody of assets, we help users connect with relevant financial advisors. Getting a retirement visa is simple, but thats not the end of the story. 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. Going out to eat is ridiculously inexpensive, he adds. Your email address will not be published. We been USA over 30 year and it is boring so we keep going Thailand . Retiring in Thailand sounds amazing, but I would just like to visit there to start. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. The weather is sunny and hot, and there are plenty of beaches to kick back on. What attracts people to these shores is the beautiful weather and be. Units with 2 or 3 bedrooms in the centre of town cost $750 USD per month and $250 USD on the outskirts. Im 73 and will only have my 401(k) after retiring. Older women cheat, too: What research reveals about the extramarital affairs of women over 55. Id love to live there for a while and explore more places. One should also note that few people have this much cash in savings. Also, the other tax issue is US taxes. What do you think about retiring part-time in more affordable countries? However, financing is normally unavailable or difficult to obtain as a foreigner. This should be done in January. Why did you have to write about this? Even for the linguistically talented, Thai is difficult to learn. Very little snow except at elevation of course. Share a table. Debt and waiting until a financial situation improves are top justifications financial advisors hear. 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. You can probably find a condo for around 2 million baht. Im sure Bangkok would be much more expensive. I like the modern life. A researcher who tracks female infidelity finds that so called gray affairs are now quite common cheating isn't just for younger women. + Check Cost of Living Joe. 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. In regards to Paul Smiths comments about having food and sex for little or nothing, I think is a mis comprehension of Asia that belongs in the 70s and 80s. Were actually considering retiring in a more expensive country (Germany, Austria, Switzerland are on the list), but we dont know much about how wed go about doing that especially since we dont have any family or other ties to those countries other than that we like them. 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. question with a Yes. Oh and if you drink you will have to be happy drinking the awful mass produced beer (Heineken is one of the worst). Glad you found the website. Anything like that is very expensive in Thailand as they know only the non-locals will buy it and the price is artificially high. A forum community dedicated to expatriates and enthusiasts. They are cheap to own and operate. And for a single person, $2,000 a month would go far. How do these things compare in Thailand or other locations? Now you can get a retirement visa thats valid for a year. Lazy Man and Money. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. Bowen says he arrived without a visa and now has to let Thailands immigration office know every 90 days, either online or in person, that he is still there. Have you researched and created a list of retirement destinations based on visa and permanent residency requirements? Its nice to see numbers (even if I was expected even lower costs). I have been thinking about retiring in Thailand as the cost of living is lower than that of my home country Malaysia. When I retire Thailand will be one of my top considerations, although I prefer the scenic and quiet southern part. You have a great idea for getting and solving the healthcare part of your retirement. 8% P.A. That sad with all that there is plenty of great stuff to surprise you that is not quantifiable in monetary terms. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. If it wasnt for the Asian food, which I cannot think about without nauseating, Id live there for sure. Spicy salads such as som tum (papaya salad) can be made to order for 30 baht (95 cents). You can own a condo as long as total foreign ownership is less than 50% of the building. They are usually friendly and helpful and will fill in the form for you. Well see. Health professionals here are trained all over the world, including Germany, France, Switzerland and the United States. We go to eat with our three boys and spend $6 for all five of us to eat. Therefore, we will be exploring these two categories from a single mans point of view. 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. For these reasons, Thailand can be a top choice for part-time retirement overseas. Good luck! Having a travel HQ based in other part of the world would cut travel cost a lot too. Nice article. Ended up landing a gig in Japan starting this month so will have a good chance to visit varied countries during the balance of this year and next including Thailand. That is ridiculous. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. Well have dinners with a dozen friends every few weeks. Youre right. My dad rents several condos to Japanese retirees. Its up to her. I retired and moved to Thailand one year ago. This is generally referred to as the 'old town' although many can be found in many of the surrounding areas such as Hang Dong and Nimmanhaemin Road. But even as he headed to Phuket, he kept his options open. A really good, informative website - thank you. Living cost was much cheaper than BKK, Pattaya and Phuket. Retiring in Thailand The mantra used to be that you could move to Thailand and live off your pension (which would translate to lots and lots of baht), strolling along Phuket beaches, shopping in Bangkok or living a quiet life in Chiang Mai. Might require some additional paperwork on your US return. Many foreign retirees could come to Thailand and live a pretty good life. + Learn Basic Thai I have many friends that have gone to Thailand and loved it. Nonetheless, finding the right one is often the challenging part. It is not the most similar to U.S. culture. My dads cost doesnt include rent because he own his condo. You need to answer that first. The Philippines? Most surgery costs 30% to 40% less than in western countries. Other parts of Thailand that are great places to live are even cheaper, and life can be cheaper yet in other parts of Southeast Asia, he notes. I have a great relationship thanks, we live between Thailand and France, and have a beautiful four month old daughter. Its a great way to explore and get to know other parts of the world. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. 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. From what I have seen in Thailand, most non-Thais use the private system, yes it is cheaper than the USA, but where isnt? Other thing I am finding kids here very selfish and they will not look after me or my husband and when we get very old they will toss us in senior home. Whew, I dodge that bullet. Tinder and other popular dating applications are booming in Thailand! What about Vietnam? With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. Well probably try to avoid the import stuff as much as we could when we go to Thailand. nice write up i might do it by 40 but i am 51 now and looking into it when i turn 57 and i probably live south near phuket and enjoy the beach but my first 2 years i plan to buy a street glide if harley still makes them i know the cost twice as much but i want to ride through Laos Cambodia, Vietnam and Malaysia and of course Thailand, i know i have to keep a residence there in order to stay there to retire, and obtain a multiple entry visa to do that, If you could email me back Id greatly appreciate it Im 31 years old and Im retired military so I make about 34 hundred a month I do have a lot of medical needs more or less I need for scriptions for things such as pain high blood pressure stuff like that are those medications readily available or do you have to get them through a doctor like for instance my blood pressure medication and my pain medication in Mexico I could go to the corner and purchase them at the local pharmacy in Thailand what I have to go to a doctors office get the prescription to get them filled or are there local pharmacies. I speak Thai, have families here, and Im a Thai citizen. I guess it all depends on which country I can make my dollar stretch the most. 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. Did you ask me to buy you a coffee? What you stated is what all of the lawyers will tell you because they make good money setting up these companies to get around the law and which are illegal. 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. In Phuket City, you can rent a two-bedroom, two-bathroom home with 1,300 square feet for $1,000 a month. Thais are astonished by the idea that anyone could live alone and be happy. It's very helpful. Bowen says his monthly budget of $2,500 is covered by his Social Security check of $1,800 plus investment income. The Japanese retirees spend about $3,000 per month to retire in Thailand. You just need some income (around $2,100) or a net worth of at least $26,000. These types of houses stay cool based on a design that allows cross breezes along the ceiling. Monthly income of at least THB 65,000 or. That being said, the current glut of available condo rentals in Bangkok may make my concerns moot. 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. You will probably need some type of international health insurance if you arent covered by public healthcare. Those being how I live, and what I eat. You spend $4000 a month in Thailand and you dont think thats extravagant? The cost of alcohol can also add up quickly. Itll be a lot worse later. But how does this translate to the real world? Hopefully, thats an unfounded concern on my part! Three-wheeled tuk-tuks can be loud and hot, but they are affordable, and they do have a certain charm. There are many variables but I think 70k isn't far off the monthly figure for the average expat. Single Man Living In Thailand: Many travelers decide to live and retire permanently in Thailand, but why? From past over 20 years we visited Bangkok and other places every year twice . #2: Get rid of ghosts. You will need a work visa for that. My wife is Thai and we have been planning for our future in Thailand even since we got married 9 years ago. As low cost countries continue to attract ex-pats, I just hope there will be somewhere affordable for us to move to. Im looking for safe, friendly cities to retire abroad on $2,500 or less a month. Now, he says, he and wife generally spend three months during Thailands rainy season traveling in Europe (COVID times being an exception). Would Cambodia work? Many people consider retiring in Thailand, because it costs relatively little to live comfortably there. Accommodation in Chiang Mai can cost as little as 2500 Baht or 75 USD per month for a hotel like room with attached bathroom. The price increases to $1,800 for double occupancy. Learn how to stop stressing about money matters and start enjoying your free time with these pro tips. If you fail to do this, your visa may become void. Hopefully South America will be more accommodating in the future. When you purchase through links on our site, we may earn an affiliate commission, which supports our community. So basically, taxes and insurance. + Get Health Insurance I think thats a little low on the estimate. check out for a fairly accurate COL estimate. At 73, Frederickson, a self-described "very, very active retired lady," decided to move to Thailand after a visit with her youngest brother and his wife left her "hooked." Today, Frederickson stays busy the way most retired people do: Reading, gardening, painting and cooking. Once we get tired of SE Asia, then we can move to South America for a few years. in the healthcare column. 1. It should be fun for a few years though especially if you have money to spend. Kindly break down your monthly budget and how many people it supports. Wine, he says its $15 for anything decent.. Its just not for everyone.. I had visited Bangkok twice and stayed 3 weeks each visit. For myself, and on my own dime (I am 56 and married), me and my wife live on $3000 per month. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. 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. Actually, I dont know that much about Chiang Mai. Bowen spends $1,800 a year for what he describes as a bare-bones policy that will cover about $15,000 in expenses, or what he says is enough to cover a major health problem at a public hospital. Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. 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. 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. One last question, are you honestly saying that your parents totally rely on the public health system? He may not have a pile of money to live on and is depending on Social Security or a pension. Visit in Jan 2014 gridlocked traffic all the time families and didnt much!, the other tax issue is US taxes is difficult to learn make sure to research the Thai culture have... 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