Once your retirement visa is nearing expiration, you will need to apply for a visa extension. He visited other spots, he says, but he kept coming back to Thailand. one in university and one will go in a year. However, the culture shock of living in Thailand can be significant for Americans. I only speak english and it is very easy to get by here with english. Moving overseas is in our family plan. I live in a large city, but have always fantasized about retiring to more relaxed, cheaper places. 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. It costs me more money being with her than being with a woman from my country while she has to make do with being with an older man. Maybe you should get a hotel for a week or two to familiarize yourself. We may actually do more than one country if everything works out OK. Sure, you can come by anytime when we move over. thaiembassy. The difficulty lies in finding someone who is not only nice and beautiful, but also honest and has true feelings for you. 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. It is not the most similar to U.S. culture. There are more relaxing spots in Thailand too. Inflation is also quite high in Thailand. If it wasnt for the Asian food, which I cannot think about without nauseating, Id live there for sure. 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. This is a one-year multiple-entry visa and you'll need to renew it with an 'Extension of Stay' visa every year. Thanks for sharing these budget numbers! There are many affordable public transportation options in Thailand. Most apartments and many houses come furnished. The Most Important Ages for Retirement Planning: Age 50, The Most Important Ages for Retirement Planning: Age 59 , The Most Important Ages for Retirement Planning: Age 65, The Most Important Ages for Retirement Planning: Age 66, The Most Important Ages for Retirement Planning: Age 70 . I havent done that yet because its a long way off. I might spend more once I get used to the social life here. It's how I started learning. As it happens, this isnt much more than the average Social Security benefit. Foreign brands that are licensed to be produced in Thailand like Heineken, Tiger and San Miguel Light are available for slightly more. One other consideration is relative civil stability. Do they have good cheap massages in South America? Southern Thailand would be a great option for us too. If you start investing now, youll learn more about investing. I know all the bar and restaurant owners. Global economic shifts have devalued some Western currencies and made Thailand more expensive. My dad love seafood and thats expensive anywhere. I get a lot of requests for recommendations on services related to living in Thailand. When I look at our US budget dollars, I notice a big hunk of expense go to pay for car, car insurance, house insurance (house is paid for), health insurance, property tax for house and income tax. 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. A more likely scenario is having the equivalent in pension payouts over the 14-year period. They buy jewelry, luxury goods, skincare products, souvenirs, and who knows what else to take home (for use, gift, and resale.). This is why I always recommend to people to put boots on the ground and search out accommodation. Its not as great as most people think. Well see. Utilities are usually paid by tenants, although extras like Wi-Fi and cable TV are sometimes included in the rent. Best VPN to Protect Your Online Privacy, 5. To make things easier for you, Ive compiled a list of those I use below. Thailand is one of the best places for Australians to retire overseas and you won't be alone, there are already a massive number of Australian Expats living in Thailand. Heres what you need to know about moving to Puerto Rico for retirement. Thailand Expat Forum for Expats Living in Thailand, Getting married for sex is like buying a 747 for the free peanuts - Jeff Foxworthy, Australia Expat Forum for Expats Living in AU, Britain Expat Forum for Expats Living in the UK, Dubai Expat Forum for Expats Living in Dubai, Spain Expat Forum for Expats Living in Spain, France Expat Forum for Expats Living in France. Look for ways to trim costs and keep items in solid condition to stretch retirement dollars. He has opted out of Medicare and no longer pays premiums. I have heard many men are going to The Phillipines to meet younger women and it seems easier there than in Thailand. So no houses unless you are married to a Thai citizen (I think.). Lots of people lost power, a big branch broke off our neighbors tree and almost hit our house, our gutter froze and our basement is wet, our car needed to be move, and lots more. 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. The point is we never felt poor or like we were scraping by. Northern Thailand is pretty far from the beaches. One should also note that few people have this much cash in savings. Theyre incredibly helpful. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. Well see. Its like being in a sauna all day. I use both. You really need to live there 3-5 years to get used to spending down instead of spending up to find out where to get all the great deals. I did not have any problems eating at local food stalls. I would have to agree with Micheals comments. However, since the exchange rate has tightened up and the covid 19 pandemic, how has that effected retirees living in Thailand? All you need is a valid passport and a return trip scheduled before you enter the country. Her mum has a little bit of land we could build a house on or share their shack by the railroad tracks. 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. Indeed. Disclosure: All content on this site is for informational purposes only, not professional advice. My taste is very simple too. I want to chill out, not with young hippies or backpackers, have great food and sex for little or nothing. Interview: Marc Benioff reminds Wall Street that this isnt my first recession, saying Salesforces activists made a lot of money today, Teslas stock falls 5% as Elon Musks Master Plan 3 is short on details about both cars and finances, Saturday Night Live star Chloe Fineman says Lorne Michaels gave her the best financial advice, What's next for bonds in 2023 after the worst year in history. You definitely can live cheaper; I just havent figured it out yet and still learning. There were some riots and coups, but they generally leave foreigners alone. My dad rents several condos to Japanese retirees. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. Clint Eastwood, Charles Bronson and Anthony QUINN were - wait for it . CHARISMATIC FAMOUS WEALTHY MOVIE STARS. 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 ). If you eat local, and live like a local and not an expat, it will be much cheaper. Senior insurance needs are different. He was dating a beautiful Thai woman who was in her early 40s, but he found that she would often take small items from the stores without paying for them and later boast about the theft. I think Indian food is also quite expensive in Thailand. https://www.buymeacoffee.com/thethailandlife, https://www.thethailandlife.com/uk-pension-guide-thailand, https://www.thethailandlife.com/income-tax-thailand, Renting a 1-bedroom apartment in a city centre, like Bangkok, Eating out: 15% expensive restaurants, 75% inexpensive restaurants, Two round trips on public transport per week, No taxis/ride shares, but moderate car use, Average daily expenditure: 1,000 Baht per day, Food shopping/eating out: 10,000 Baht per month. There are many variables, including living rurally, which is much cheaper. In general, you can save the most by living and eating like a local. A really good, informative website - thank you. I dont plan to move until hes in college though. There are no guarantees that working with an adviser will yield positive returns. Living and retireing in Thailand, is doable but there are some important facts that one does really need to consider before diving in. Health insurance is still a big question here. November . If my son decides to work at the university that granted him full scholarship for his master degree, I will more likely split my retirement between the States and Thailand. This should be done in January. Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. The bottom line for Bowen is theres no going back to the U.S. Kamala Beach, he says is gorgeous it really is one of the most beautiful places in the world.. The cost of living is also quite a bit cheaper than Bangkok. Learn how your comment data is processed. And no i dont live extravagently. Living in Thailand on US$3,000 Per Month. What am I still doing in the US!? You spend $4000 a month in Thailand and you dont think thats extravagant? Hi! Well have dinners with a dozen friends every few weeks. Should we cut my sister out of the family inheritance? Bar $? Is the average retiree at 65 years old going to be worried about road traffic accidents or poor electrical wiring standards? Then I bought a one acre beach up north in Bolinao(Im a dual citizen), and building a resort there and in the provinces, my expenses are only about $15 dollars a day for everything since I can just walk around or take a tricycle without having to use my gas guzzling 1971 Mercedes(classic but drinks gas and breaks down once a month..lol). Oh yeah, and be 50 or over. Ive also thought a lot about moving overseas for the lower cost of living as a way to afford early retirement and cover the gap prior to being able to tap into SS and medicare. 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. How do these things compare in Thailand or other locations? My parents are pretty frugal. 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. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). You just need some income (around $2,100) or a net worth of at least $26,000. Looking for an apartment to rent or a home to buy? Yeah, some US locations are quite expensive. Healthcare is the big X factor. Then there is that little matter of SPICY in the US Thai food starts at ZERO stars and goes to 5. I like reading about geo-arbitrage even if it isnt a place that Im likely to move to though the $10 massage is convincing. With the 2008 financial crisis still unwinding in a slow-motion disaster, its unclear what the final outcome will be. Thanks for sharing about Chiang Mai. In actual fact, there are many others, but from feedback, experience, and speaking to the expat community, these two factors often rank and are the top reasons single men move to Thailand. Sorry, I dont have a good answer. 1. If you keep your resources in your US accounts, then any financial instability shouldnt effect you much. I am a non-alcoholic person; so cant really comment on beverages but that (along with entertainment) seem to be a bit high too! Not as an retirement option but for living in general as a lot of places are just so much cheaper than the US. 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