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- เผยแพร่เมื่อ 12 พ.ค. 2024
- The exact amount of money you need to have saved to move to Thailand and retire is......revealed in this video.
This is the bare minimum that I'd recommend and won't afford you a lavish lifestyle. I know a lot of people whose cost of living in Thailand is much more but I also know a lot who live here very happily with this budget.
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0:00 How Much Money to Retire in Thailand
1:21 Cost of Living
2:29 Part 1: The Hard Costs
2:45 Retirement Visa
4:21 Relocation Expenses
6:59 Your First Month in Thailand
7:56 Health Insurance
9:28 General Living Expenses
11:42 Total Monthly Cost of Living
12:43 Unexpected Costs
15:29 Grand Total You Need Saved
17:26 The Biggest Risk
18:57 Should You Do It?
![[Vowel]물고기는 물에서 살아야 해🐟🤣Fish have to live in the water #funny](http://i.ytimg.com/vi/3G9MH063Cx4/mqdefault.jpg)
If you are looking to relocate to Thailand and need help finding a property to rent or buy, I have set up RW4U Real Estate to help you out. We aren't big enough to help everyone so if you're looking, you can find my contact here: retiredworkingforyou.com/realestate/
you get commission? newbies will often end up with places they will soon dislike. Happened to me. My advice is rent month to month when first arriving in Thailand, although may be more rent to start but at least you can move as you discover what you really like(maybe a lower floor to avoid busy slow elevators) and want(more space and not a shoebox). Yearly lease and you lose 2 month deposit if you bail early which I did because of how bad the management was, noisy neighbors, sun hitting the balcony and heating up my place, so I had to run AC and had a huge bill!
@@TomorrowMan-ig5gx
Very good points and excellent tips 👍
@@TomorrowMan-ig5gx You are surprised that real estate agents get commission. did you think they just work for free?
no, but someone on TH-cam will push a place and who knows what they will say to get paid? How about Objective advice? Like taking stock tips from someone who owns the stock! Not a good thing. @@RW4U
But this is not right because you are assuming one will be there for 25 years many things can happened in that time you can die you can get married there you can find a better place like Vietnam Philippines so may be a 3 to 5 year period will be more logical also the health insurane if your healthy wont cost so much... and there are ways to cheat the system because thailand is corrupt i mean 23,000 usd in account you cant touch with only your name so in case you die they keep it. For five years taht is 7000 usd
I moved to Thailand with 3 suitcases and shipped nothing. In hindsight I only needed 1 suitcase. Haven’t touched the other 2. You wear t-shirts and shorts everyday and you can buy those here for less than in Western countries. If I had my time again I would have bought 50% less crap while working and moved to/retired to Thailand sooner.
I got rid of the great majority of the "junks" before moving from Chicago to Hawai'i.. And when I am moving from Hawai'i to Thailand next year, I would probably have only 2 suitcases with me.
Where do u live? Where do u recommend people to go if on a visit for 2 weeks
Exactly. I would only bring a few sets of clothes, my laptop and anything sentimental. I could easily fit everything I need in a small suitcase.
I’m going to have an estate sale.
I just started this. Sold my house. Paid off all debt. Moved into a cabover. Almost zero overhead. Fast tracked to retirement at 45.
As Thai citizen, I would like to give you additional info.(Affordable version)
1.) Thai retiree median annual retirement cost is around 600k baht (17k USD) per person in 2023. (of course, assume they have their own house)
2.) Cost of condo in bangkok per 1 unit (1 bedroom + 1 bathroom + 1 kitchen + 1 dinning room) in bangkok is around 1-3 millions baht for lower tier type of building.
3.) Search online for expat community first, many retiree can not adjust right away!
4.) If you plan to have a kid here at retirement age. Make sure your partner know boundaries financially. (there are a lot of gold diggers but there are love as well. Example I personally know a japanese retiree (65 yr) who have a son with 33 yr woman and live happily in Chiang Mai with monthy pension of 55K bath and yes, he also working as japanese translator/teacher)
5.) Do not come to the country with zero thai langauge skill. you will get scam more than you realized.
👍👍👍👋👋👋👋👋👋 excellent 👌👍 advice. Especially without WANTING OR TRYING to learn the language
Hi, thanks for sharing. The lower tier apartments are not near BTS right? So transportation can be difficult? Thanks
Is there political stability in Thailand? Recently there was open fighting in the streets against the government, many places were burned . It was 5 years ago. Is everything peaceful now?
@@humungushumungus213you don't have to worry about the street protest ,the level is very low compared to the protest in France .
I worried the same before moving here in 3/23 from the USA. Am I to close to communist China? lol Actually, I feel safer here than America. The government here pretty much is run by a general, after the Coup in 2013(I think that was the year). The place is a vacation and tourist destination for many countries here, including Russia, India, Japan, Korea. The Thai debt to China is huge so Thailand must stay free and keep drawing people from all over the world to spend money. Putin wont be invading here soon! Just ask all the young Russians who came here to escape the draft!@@humungushumungus213
I retired 5 years ago. I had a dream, move to Thailand, from the USA, and live out my golden years, I’m now 63. The reality turned out better than the dream. Thailand is the best life ever. I’d say a bare minimum of 45-50,000 baht per month is necessary to live a really good life here, however, don’t forget to account for inflation over the years, very important.
I live well on 40k a month and make a lot more in passive income, usually the big spenders are up to no good, Thailand is cheap, especially condo rental, well done
I started out with 45K baht per month strictly from Social Security but found to have a better life, like eating in better places and not just street food and night markets, but actual good restaurants that even have Western fare, you need at least 70-90K. If you factor in a mate, then 100K baht a month is best. My condo is 20K, and after bills, i have around 2300 baht per day which is more than most Thai make per week in pay.
as a Thai, totally agree with minimum of 45-50,000 baht per month
@@kippsguitar6539 Yes, if you limit the alcohol you really can live cheaply.
Wait wait $2500 US is all you live good in Thai? U guys have car?
I don't understand why more people don't do this kind of breakdown. This is the best breakdown I've seen on the internet.
i guess you don't get out much.
@@BrianGriffinTH trolls are everywhere…
@@Pohunohi not nearly as many trolls as there are YouDouches and e-beggars. 🤣🤣🤣🤣
We moved to Thailand and brought 0 boxes. Just 2 suitcases! THAT's a purge!
Dam talk about traveling lite 😅
that is how I plan to do it but first I am visiting this winter year to see everything they already have, Shopping wise of course and if possible, just my electronics in a backpack. Living simply is doing just that.
@@Aislinhood I just came back a few weeks ago. If your up for it, I met lots of back packers who bought tents in Thailand and they just go from one camping sit to the next touring the entierty of Thailand. By doing this your total expenses can go from $1500 down to $700 for food and transportation only. Really living the Nomad lifestyle.
I "retire" 6 months a year in Thailand. The other 6 I'm working in the USA. Thanks for your motivation Sir 🙏🏻
Me too !
Smart ass, working to get more money in the US.and spending less money for having a good time in Thailand.Job well done,brother.
May I ask what kind of job you’re doing?
What visa do you use?
I'm a Bigotry Analyst @@Schrear
Chris, hard to express how much your helping me not just with budget info, but harnessing a fearless mindset to make the most of this one life we get. Thank you, brother.
Second this.. you're doing a great thing here, Chris.. Kudos 😊 👏
Fear is staying on the west imo.
@@markshepperson3603 100%
Just get on and do it! Less talk and watching stuff, more get on and do something.
Agree 100%.
You're spot on about being prepared before making the big move.
For a pensioner in Australia, their monthly income is around $1,377 USD.
It's impossible to live on that in Australia as a lot of pensioners are finding out, especially those who don't own a home.
My wife and I are prepared for when we move back to thailand in about 4 years, we own a house here, rental income, and currently building in thailand, so no rental fees, best is always to plan ahead, and if we ever need to return to Australia, we'll always have our home.
Chris you are an inspiration. We have followed you for a while and YOU are right on. We are currently in Bangkok checking where within Thailand to retire. Meeting with a real estate agent in Hua Hin tomorrow.
Hi hello
Question about ATO in Australia do we still need to pay taxes on the rental home every year?
Cause if so not much left to spend in Thailand?
@heavymetal7731 I'm not sure. We are still living in our home. Once we move to thailand and rent out our house, I guess I'll find out then, there are a few Aussies living in thailand who own rentals that would have a better idea.
Your rental income is just that - income. So it will be taxed in Australia at the standard tax rate depending on the amount you are earning. Remember the first 18k p.a. or so is tax free.
Awesome Video. Thank you Chris!
I sold everything and moved to Bangkok with a suitcase and a back pack. I regret the suitcase though since I like to be able to travel with a bike. Two back packs would have been preferred.
Selling stuff at home also gave some money.
I moved to Thailand with a carry on bag and a small day pack. It was all that i needed. In fact i didn't even need most of that. Everything is available in Thailand including larger size clothes. i do have a friend with size 14 shoes which is impossible to find in Bangkok so if you have big feet bring some extra ones. Also, I am living on a monthly budget of about 1200 USD a month and it seems like plenty. I have an insurance policy from my old job in the USA which would cover emergencies. For minor stuff I just self pay. If anything major comes up I will just return to the USA.
Great job with this video! You roll out the information that we need in a no nonsense, easy to understand manner. Thank you.
Thanks for being real in this video!! So many of us needed to hear the information. Great video!!!
Thanks, Chris for that "back of the napkin" analysis, including the upfront costs just to get there! Not many people talk about those costs, so thanks for unraveling that mystery a little for us. Most helpful as we start putting the pieces together for our move in late-2024/early-2025. This, and the Low-Medium-High table included in your "Real Cost Of Living" video are helping me to dial in much better on a pretty big life-change. Also, at the risk of overdoing it, I should also mention that your video on Nomad health insurance was very informative as well!
Thank you so much for this realistic retirement cost overview Chris. I'm planning to retire in Asia sooner than later because the way thing are going over here where I live. I already had my feet on the ground in Hong Kong , South Korea, Singapore and the Philippines and thanks to your video's I'm flying to Bangkok next week and stay there for one month (yes too short I guess). The retirement budget needed what you described is kind of more or less what I expected. For those who can't effort it I would recommend to research the Philippines retirement visa SRVV (free lifetime basic healthcare coverage for retirees, tax exemption and more) If you have served in the army depending which country your from you will get even more benefits. I'm looking forward to experience Bangkok after watching almost, if not all of your video's!
It is as if you read our minds. Very much appreciate this. With our home going up after the holidays we are looking to be there as early as the end of March or early April. You have shared so much information already that has been helpful such as insurance etc. but this is another one we will refer to a lot I am sure. Thanks again, Sukanya and I can't wait and you have spared us a lot of mistakes. Thanks again Chris
hey ive been watching you for ages and others here too. this video was the most eye opening video i have seen in years of researching. i cant wait to get there! thanks brother !
Visa secured and one way ticket booked. I don't think I'm going to ship anything.
This is the way
Enjoy I'll be there soon
8 years away 😂
Awesome Man
@@mh8757no it's not
Another great video Chris. You've given a good insight in financial factors effecting ones ability to move to Thailand, but the only person that can decide how much you need is yourself.
We're on target to get there in 2024. Spouse visa sorted, land purchased, pension prepared, time to enjoy life. We won't be in Bangkok, Pattaya, or other tourist areas though so our expenses will be a little lower (depending on travel) than most.
We enjoy your videos (both channels).
Good info. We did our back of the envelop budget during our last vacation to make sure we would be fully ready to make our move and our numbers look good compared to your bare minimum. Since we have been living the expat life for over a decade the thought of moving isn't scary at all, in fact it is super exciting. We also made the mistake of too many boxes with a move, so lesson learned. Looking forward to your next video.
Incredibly informative video! Thank you Chris
Hi Chris, I started watching you videos about three years ago. With the information you provided and my savings, I took the leap and moved to Bangkok last March.
The numbers and info in this video are right on almost to the dollar. My budget and living expenses are almost exactly as you described.
Keep up the good work.
Thanks
Hey Chris great video. My wife and I are set to fly to Bangkok this January and are planning to stay until the end of April. We will be seeing all the areas and several other countries. If you have time and want to do a coffee when we get settled please let us know. It would be cool to see a fellow Canadian from Ontario. Thanks again for everything you’re doing.
Very good information. Thank you for starting this channel and taking time to provide this useful information. Extremely helpful!!
I've watched a few of your videos, but this vid is your best yet. Very entertaining and funny. Thank you and keep up the great work.
Just a few points from a 60+ single man living in Australia...
1) A one way flight from Australia to Thailand can be as low as $300 AUD.
2) Shipping personal items in a container can be as little as $1500 AUD (no furniture of course)
3) If you have at least say $500K in Superannuation savings (Non-homeowner asset test limit for a full pension is $543,750), you should be collecting at least $25k/yr in interest on top of a pension (tax free in super in retirement phase), say $50k/yr total without touching your savings. You can live quite comfortably on that in Thailand unless you must live in a large polluted city like Bangkok or Chaing Mai.
4) Parking $800,000 Bhat in a Thai bank at almost no interest has a opportunity cost of ~$1500 AUD/yr. Bad alternative.
5) The cost of health insurance for someone, say 60+, is obscene at $537 USD/mo just for standard cover. For Australians, that's $815/month!!! (my cover in Aus costs $350/month by comparison)
6) Thai tax residence laws due to come into effect in Jan2024 may see your retirement income taxed when remitted into Thailand!
In summary, moving to Thailand has its appeal. But for retirees, the cost of health insurance and the possibility of your retirement savings/income being taxed on transfer to Thailand should give you pause.
Number 3.....if you get $25000 in interest, you will have to pay Australian tax on that. Also then you won't be entitled to a full pension
@@jackhayden4138 Wrong, non-homeowner asset test for a full pension is $543,750 and the deeming rate is 2.25%. There is no tax on Super income in retirement phase.
@@jackhayden4138If you have your $500000 in super generating 5% you’ll pay no tax at all. If you’re single and don’t own a home you can have up to $540000 without the age pension being reduced at all. So you can have easily over $50000 per year in income from the scenario he describes
@@jackhayden4138 Lol, upvotes from people who think your claims about tax on interest and pension entitlement were factual or informative, amazing.
@@jackhayden4138depends on your age and the type of income I think
I pulled the trigger in early 2020. Retired on Feb 14th and the shutdown for Covid started March 14. I learned a lot early on and have settled into a "slow travel" routine where I avoid the worst winter weather in the USA by coming to places like SE Asia, South America and Southern Europe. Can't say I am ready to settle down yet but I do like all the different kinds of ways to make the best of this chapter in my life. Your videos are informative and entertaining! Thank you for all your hard work!
We want to slow travel also. Have you had any surprises along the way, i.e., are you able to stay within your budget? Do you stay in Airbnbs? Thanks!
I liked your Candid discussion regarding expenses to retire and live comfortably in Thailand. Getting the information from someone who’s actually living in Thailand was very helpful!
Thank You For Sharing
Hands down the best overview on the net Chris: your calculations are very clearly laid out and a great starting menu for anyone setting out on their Thai adventure. Thank you!
Amazingly helpful!
Thank you!
I've already began minimalizing my life here in Canada. Living a minimalist lifestyle can be very rewarding and beneficial. Experiences over possessions my friend.
I’m going through a major purge right now. It’s really tough after many years of accumulating stuff.
Excellent vlog. Ballpark figures adjusted to age and lifestyle are very helpful. Also your suggestions about household stuff and cars etc are worth noting.
Love your videos. Wife and I reached out to you last time to find a place, but we weren't sure we were ready to commit. (You told us to wait until we were ready). After a few weeks we actually found a realtor that found us a place. Never been happier. Thank you for your videos.
I’m gonna argue $500k US dollars is a minimum. $500k is 25k a year in fidelity fund basic cd interest a year. (Low risk) You live on $25k plus social security when it comes only…Never blow through savings. Inflation and taxes are how people lose in retirement. Governments steal… you’ll never make it on savings alone. Focus on revenue streams (rent house, cd interest, etc…) for as long as humanly possible.
Thank you, thank you, thank you, this is exactly the video I needed. I'm 43 and I'm sooo damn close I can taste the mangos and Pad Krapow now.
Close at 43? Nice I guess were I am from we need to work till 67
Chris, i love watching your videos. You give me hope to escape the rat race of australia and crazy cost of living etc. I'm 52 and your videos open up a whole new world of excitement and possible plans for the future!
Chris. Your studio looks great. Your content and production too. Thanks. You have yet another subscriber.
To retire in Thailand, the amount of money you need will depend on your lifestyle and location. However, a monthly budget of $1,500 to $2,000 is often cited as a comfortable amount. This can vary based on factors such as housing, food, and other lifestyle choices. For a retirement visa, you may need a Thai bank account holding 800,000 baht (approximately $24,500) or a monthly income or pension of 65,000 baht (approximately $2,000) or more. It's also important to consider healthcare costs and other expenses when planning for retirement in Thailand.
He just said exactly this in the video!
So living in Thailand costs more than living in most western countries? Strange. Better start looking for alternative locations.
once you have a girlfriend, that wont be enough. lol
@@PATinPattayaThailand Once you have a girlfriend, you can double that amount. It's expensive to have a woman by your side, regardless of where you live. That's just how the cookie crumbles nowadays.
Quite informative and clever budget, great video, thanks for sharing
Thanks for this Chris! Exactly what I needed 😊
My countdown clock to retiring in Thailand is ticking away. 8 weeks to go! I’m selling or giving away all of my material possessions in the US. Boat, motorcycle, RV…all gone now. Have 2 rental properties and a nice retirement setup after 41 years of working. I intend to leave the US, for good, with only a rollaboard and a backpack. Very excited. Your videos continue to inspire and excite me!
I'd dump one of the properties and keep the best one, in case you move back.
Sir that’s a good set up right there
I’m a few years behind you and your strategy is good reference point for me 🔥🔥🔥💖
One more thing. Before going all in on relocating anywhere and retiring there is that vacationing somewhere is a different experience from actually living there. Take a temporary trip of at least a few months at the location you are thinking about and actually live there. Preview what living there will actually be like. You may find that location is not to your personal liking, lifestyle or meets enough of your expectations. In which case try some other places before spending a lot of your retirement funds making a full financial commitment
And rent first! ;-)
I am so glad i found your channel!!!!So informative!!
Love that you got right to the point and don’t spend wasted minutes pitching your stuff or asking to subscribe. Your content made that easy!!
Great insight for those thinking of retiring here under the scenario you painted. Well done. I'm 71 and have lived here 24 years in a different environment of village life so my sums are vastly different. But I spent the first 3 years in Bangkok and can equate to your assessment. Again, very impressed.
Thanks 👍
Wow can't imagine moving with that much stuff. Hubby and I moved to Costa Rica at age 52 with 4 suitcases each and a cat. Ready to move on now and considering Thailand, plan is to move with even less. Great episode. Very informative.
What things did you need to do when moving overseas with a cat? And did you take your cat as a carry-on or checked?
Your one of the best Chris thanks a million very helpful info.
Love this channel, such helpful information always. Life in the UK as i'm sure in many other Western Countries/Cities at the moment is utterly miserable and i should imagine will get much worse than get better, so i am currently weighing up the option of following in your footsteps, your quote about rather die penniless than with too much money really resonates with me, the old adage of you only live once doesn't have a real meaning until you get to your later years in life, thanks once again Chris, keep up the good work buddy.
Very interesting, thanks Chris. I’ll be 57 when I retire in Thailand next year. Really looking forward to living in our very rural farmhouse in deepest darkest Issan🇹🇭
Very few ex pats can handle the boredom and isolation of rural Thailand in reality it sounds good but boredom is a real factor, take plenty of books and good luck
I lasted 7 months in rural Issarn. I had the top sat dish for entertainment, thats it. Zero food options except for cooking all your own meals. 3 hour journey for shopping for 2 weeks. In the end I hated it. Locals ripped me off every chance. I moved to Pattaya/Jomtien since 2007 and love it here
@@jaideedave I hate cities and love the countryside. We have coffee and cocoa farms surrounding our house and this will be our hobby. My wife is an incredible cook and rustles up beautiful dishes from all over the world having lived and worked in the UK for nearly 20 years. Lotus is 10km away. I also enjoy cycling and motorcycles so I’ll never be bored and will have very little spare time for TV. I can’t wait 👍🏻
@@kippsguitar6539 I’ll be far too busy to be bored 💙🇹🇭
@@jaideedave And you always go back and visit anytime for shorter periods. Best of both worlds!
The thought of retirement makes me sad. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It's so difficult for people who are retired and have no savings to fall back
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you're not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I've made over $250k since then
I'm in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
I need a guide so i can salvage my port-folio due to the massive dips and come up with better strategies. How can one reach this advisor?
The decision on when to pick an Adviser is a very personal one. I take guidance from ‘Carol Vivian Constable‘ to meet my growth goals and avoid mistakes, she's well-qualified and her page can be easily found on the net.
Great video. Very informative. Thankyou for your efforts. Take care.
Thank you for making these videos for us. Trying to escape seattle this year and your content has not only given me hope you’ve done a lot of leg work 🍻
I'm curious, have you spent any time in Mexico or South America since this is much closer to WA than Thailand? I live in CA and my biggest concern is Thailand is so far away. We are considering Panama or Costa Rica as well.
@@pacificH2O yes plenty of visits to mx.
The issue is now the dollar is dying and peso is rising and inflation is wild giving you the equivalent spending power as the states basically.
I loved Mexico until my dollar weakened and i have a problem with the borders and don’t feel like supporting that economy in any way shape or form if i can help It.
But with that being said costs rica is on my bucket list in the way back from Asia and Europe later in the year. I’ve heard great things about CR and Panama. Those destinations aren’t as close as Mexico to me so I’ve put them on the back burner.
Everyone is different and i don’t plan to just settle down forever anywhere again until i figure out what country i love the most.
Asia is cheap, friendly,good food, and plenty of beaches!
@@pacificH2O il vlog It all if you want to follow my journey :)
I plan to take flight after our PNW beautiful summer ends 🛩️
#1. If you are SHIPPING ANYTHING to Thailand, you are doing it wrong. Minimalism is the key to life, sell it all!
I think that was a very fair assessment. I'm very fortunate in being married to a Thai and we have a property waiting for us. If you have no direct connection, then there are significant hurdles to overcome, although, if moving with your partner, then pooling your resources will definitely help. As someone who had lived in Thailand and remains a frequent visitor, I do notice that most foreign retirees who take the plunge on their own tend to come from rich countries (e.g. Scandics).
That being said, you can live comfortably in Bkk on 50k THB a month, even less if you are not a drinker. As we get older, we should be drinking less anyway.
Great video! I shared in a few groups and with friends.
Thanks Chris, great advice and info.
I’m loving the channel mate. You’re answering all the questions I’ve been asking myself before I decide to pull the trigger and sell up everything I own in Australia and retire early in Thailand.
Keep up the great work my friend 🫡
Same, but I was thinking A$1 000 000 to be worry free.
Great video Chris. It really helps the 1st time expat evaluate the costs and risks of F.I.R.E. (F It Retire Early). I’ve been able to do it on much less. But im completely comfortable living alone, cooking for myself, not dating, and living like a hermit. Also Thailand isn’t the only choice in SE Asia so don’t be discouraged by these numbers. Many guys are doing it on much less money than presented here. But Chris raises excellent points here that must be considered. GLTA 👍🍀
Where did you retire?
Thanks Chris, great vid. In January I retired at age 55, so this video is perfect for me. I'm in Bangkok right now, going back to Cape Town in a coupla days after a month here. Don't think I'm going to move here, but definitely spend more time here. So far it's only been about a month a year for the last few years, might try bump it up to 3 or 4 months a year, short rent my house back home to pay for some of it. Thanks again for your excellent vids.
Well done! Best I've seen on moving to any other country. Thanks.
Chris, great video, so useful!
You said that life for someone younger would cost much more in Thailand. I'd say it depends on how much you'd have to pay for health insurance, which would be much cheaper for someone not retired.
It would be interesting to compare your monthly costs and those of Adam...
I agree. This would be informative.
I think the calculation would be more reasonable if you're assuming someone who is 55 and wanting to retire that someone could take social security at 62. The average full retirement benefit for SS is $1782 and you get about 70% of that at 62 or about $1250 per month. That's the average, some get more some less. That's $15,000 in social security income every year you start getting at 62, which is 7 years after you retire at 55, and for the next 18 years of your 25 year calculation. $15k x 18 years is $270k in income from SS over those 18 years, So if you include average social security benefits to your calculation starting at 62, the needed IRA funds drops way down from over $500k to under $250k. Much more doable and I think getting SS is a reasonable assumption for most if they don't have a pension.
Problem is that SS might not be there, or that there will be restrictions based on if you're in the USA or not. Esp. if Republicans take power
@@drmikebluez there been little discussion on what to do about US SS when it reaches financial issues in a few years. No one is concerned about it. Would be nice if some changes took place but we will have to wait
They will likely raise the retirement age for very young people and increase the earnings cap. They know what to do. Dems want to increase the cap, Republicans increase the retirement age. @@darwinjina
I don't see anyone talking about restricting it if you live outside the USA so that's a non issue so far. And it will be there if they do nothing it will pay about 75% of expected. But they will do something they usually do. @@drmikebluez
@@drmikebluezthere will def be restrictions coming in a few years but it's a massive hot potato for any politicians basically political suicide for those that implement cuts.
I've seen several "cost to live in Thailand Vids Chris" but this is by far the best one and most interesting. I am retired and heading back to Thailand soon under the Retirement visa. Luckily I have done well and have some properties and a reasonable monthly income from my pension so I am ready top pull the trigger this coming January. Pulling all of the details together now. This list of costs is comprehensive and realistic from everything I have seen and read so thank you as always for taking the time to put this out here for us. I am a fan of Chiang Mai so my living arrangement will be in that area. I also want to experiment with Hua Hin too. I am going to do what I can to arrive with two suitcases and a wallet. I'll reach out to you with an invite for a cup of tea or Leo and some Khao Soi when I get there.
Awesome video Chris, great info 👍
I retire in April '24 aged 66. UK.
At christmas I begin the big giveaway. Clothes to charity, my Nephew will have my Technics, amp Tannoy monitors, TV set and 50 years of vinyl.
A community charity will take my furniture.
Neighbours can pick over the other stuff and a few things sold off on marketplace for cheap cheap prices.
If it doesn't fit in two suitcases, it's not coming with me.
The pension is on the way and I'm pretty confident I'll be ok with my 47 years of pension.
Thanks for this rough guide. I am going to treat myself with a decent flight, I am also going to use an agent to do my paperwork and open my bank A/c for the 800K
I should be fine with your basic calculations, so many thanks for the rough costs, I am looking at being down south Songkhla.
Hoping to leave the UK august '24 to Penang (2 months) where I have extended family who will help me transfer to Thailand and find a place to live, they have friends in Hat Yai.
Sounds exciting, wishing you all the best
Great reality check Chris. I have been in Thailand for 2 1/2 years and there are always extra unexpected costs in moving to a new country and immersing yourself in a new culture. Many new things to try and experience and most are not free. My initial investment was more as we have property and a farm in Isaan but in retrospect I can choose to live there rent free, the food is far more inexpensive and we grow some of our own food. I can live up north for far less than 40k a month but have to give up many amenities the city provides. All in all, a person can live happily and easily survive in Thailand on much less than it costs in the west, and I personally couldn't afford to create a self sustaining type existence in North America like I can here.
Obviously you don't have to support a Thai village in Issan, I am married to a beautiful Thai lady, but for us is too risky to live in Thailand near her family, we would go broke quickly !!
@@petrsimunek6517 Ah yes. Although I help out the family when I can they don't ask for much. I guess it depends on the people in the family and what they expect. I was only speaking to our personal costs to survive and enjoy a simple life. I like helping her family and giving back for this once in a lifetime experience and women are most often the happiest when they are close to family. Men, not so much, each to his own.
Agree. I'm going to retire in Khon Kean. My apt will be like 6,000 a month.
Thank you for this fantastic video. I'm also considering retiring in Thailand. For this video alone. You have a new subscriber.
Welcome aboard!
excellent well done! This information is thorough and will save many much pain. Good job
We will be travelling full time in SEA from the end of 2025. We will be 66 years old and will be on an Australian pension. We have a budget of $1K AUD a week for everything and we believe we can live comfortably on that. Our pension will be $750 AUD a week (on today's money) and we will be drawing the shortfall from our Superannuation. After 5 years of travel our Superannuation will reduce by $65K AUD less our Investment return of around $25K AUD (based on a conservative return). Our budget includes regional and domestic travel throughout SEA, return to Australia at least once a year for a few weeks, storage costs at home ($250- a month), subscriptions (media etc) all insurances etc. Net costs for us over that 5 year period will therefore be around $40K AUD. Thanks for the video and keep up the great work 🙂
Great video Chris, I am retired in Florida and my God that is cheap comparing to the US. One thing I think you made a mistake of is that you didn't multiply the monthly cost by 12 and then by the 25 years life expectancy which will bring the cost up ( or may be you did), Any how I think half a mil USD to 750K would be the sweet spot for retirees to make the plunge. I visited Thialand with a friend of mine who had a sick child this october and was blown away with the cheap cost of medical care and how advanced is their hospitals and doctors (in matter of fact the cancer doctor we saw went to school in the US).
Will definitely evaluate options here soon since Florida is getting really crowded and not a good value for what's it worth.
Great info Chris. Appreciate it. As alway's stay cool 😎 kind and generous. Go Wings!
Hey, nice job breaking down the cost! Really good content.
Great video Chris and very solid points. I'm 52 and retired in Thailand and the best and safest way is having some sort of passive income. Rental properties back in my home country solved that for me. Keep up the good work.
Don’t you have to manage those properties?
@@FitandFabinvestor agents charge 10% and manage everything (uk).
@@FitandFabinvestor my property managers manage everything for me.
Glad to hear you have some properties to rent out, sure will make it easier, however, I think most of us don't have that option. Make me question though... why wait until 52?
Because it look me this long to get the amount of rental properties I need to support my lifestyle in retirement in Thailand.@@patrickproost5707
You can get far better deals to BKK from the West Coast of USA especially after summer, normally under $1000 US, I normally pay $800 on EVA, a 5 star carrier. Gr8 video Chris
Excellent projections brother, thanks!
Hey Chris luv your videos, great to get the information from a fellow Canadian. I've visited Thailand twice and plan to retire there in a few years. I'm taking notes, thank-you for sharing this information. David 🇨🇦
you quote Bangkok prices. This is at the top end of 40,000 baht per month.
My friend rents a fully furnished condo in Hua Hin for 8000 baht per month, but had to take the lease for 1 year. I lived in a small village in Isaan for 6 months and I think I spent more money on beer than anything else and spent no more than 5000 baht per month. Bangkok would have to be the most expensive place to live in Thailand.
If you live frugal and don't go to bars every night and shop at Makro you can live on the smell of an oily rag in Thailand.
I'm nearing retirement in a year and despite having solid companies in my portfolio. It has remained stagnant for awhile now I'm willing to make huge investments if the profits comes in big leaps too, my question is are there any calculated profit opportunities during a recession?
Generating substantial gains at uncertain times involves experience and intricate strategies best executed by financial planners
In terms of investing, I have heard numerous stories of people earning up to €200k working with real time portfolio managers. I don’t have much insight on the subject topic though.
I retired at 55, put everything away on investment then sold the big house and moved to a beachfront 1150sqft condo. 5 years later and it's still the best thing I ever did.
Very true, people downplay planners role, until burnt by their mistakes. I remember just after my layoff early 2020 amidst covid outbreak, I needed to stay afloat, hence researched for license-fiduciary advisors. Thankfully, I came across someone of practical knowledge, and decades of experience, I liquidated 200k of 325k from my 401k it has yield nearly 1M after subsequent investments so far.
@@ericbergman7546yes a good number of folks are ranking in huge 6 figure gains in this downtrend, but such strategies are mostly successful executed by experts with in depth market knowledge. How can I contact this fiduciary?
This IS the year!
Thanks so much for the wisdom.
Another great realistic well thought out video!
Chris, thanks for the video and for putting things into perspective for me.
Now I just learned that I don't have enough to retire in Canada nor do I have enough to retire in Thailand.
😢
Brigitte L Jones. So you probably like me fall in the category of someone on a basic government pension who'll have basic public health care, own a basic cheap residence best kept till you ever need to sell to get into residential care. A safe survivable situation for your senior years where you can maintain a passable familiar social contacts and interests. There is no cheap country to offer a plausible alternative to move to where the culture is foreign and you'll never belong in, especially as you age. If you are rich enough to retire safely and comfortably in Thailand, you may be better off having long holidays there and retaining your base in your own country.
I was thinking about retiring in Thailand some years ago, but no, I will not do that. I have a bit more than the 500.000 $ you mentioned and from the financial aspect of today it would work. But looking at changing Visa rules, new taxes, health insurance and inflation, it could be a dream of may be 15 - 20 years. I can imagine to travel 90 days to Thailand, make holiday there, go afterwards to other countries nearby. I think, this plan suits better to me. I do not have to learn Thai, I do not have to live with society rules I do not understand longterm. I don´t want to marry a Thai woman. As a short time visitor I can do everything possible to adapt to the country. Additional I want to visit more countries than Thailand, not only in Asia. I come from Germany, this is a bit different to USA.
My plan is to move to a nice place in EU and from there I can travel. This could be in Germany, but other countries in the EU as well. I´m not sure yet.
I think, you are not much cheaper in Thailand than for example in Germany. I don´t want to live like a student and the opposite, when I live there, I want to see as much as possible. This costs money and for this I doubt that 1400 $ will work for me. It´s more in the direction 2.000 $/month.
Ok, if you have a pension of let´s say 1500 $, which isn´t much, you are forced to save money. With this you can live in Thailand on the countryside. But there is not much interesting, it is a silent and slow life. If you are looking for it, than this will work. But this is not for me. Everyone is different.
100% agree!! This is why I watch TH-camrs like Vagabond Awake that advocates slow travel. It's a great solution to everything you mention here.
1500 is more than enough to live in Thailand. If you are retiring your not a young pup. Your not going out drinking everyday chasing tail. Or will you ? 5555
Love this video Chris!!! Thanks for the tips🙏🏼 Also, could you please remind me again of the storage space in Bangkok? Saw this video long time ago but forgot to write the place down:(
Great video thanks, very thorough and realistic. Thanks
I have been here 9 months now. My initial expenses for larger items came from my savings. Things like a car(520Kbaht), a scooter(33kbaht), Retirement Visa(32kbaht), Health Insurance(AIA Full coverage5M was 55k baht.) After that, I figured that since I have 1300.00 a month pension, I would have about 45k baht per month to spend, which is around you're minimum 40K! (My goal was to not touch my savings after the initial expenses.) Rent 12k, bills 3k left me about 30K per month to spend which was 900baht a day. Since I dont go to bars, that left me enough to eat out in decent places, even have a girlfriend who I could treat. I date mostly women who have non-sex jobs so feels more like a girlfriend. It is possible if she isnt a drinker, which bar-girls are! Yea, they love to eat, drink and sleep! None of those for me!
What do you mean the girls love to eat, drink and sleep? 😂
I actually like the sound of that. If they’re lazy in that way, then they won’t bother you to do all these activities and want to be entertained by you all the time!
Smarter than the average foreigner !
all the time they are hungry and eat 4-5 times a day easy! If you get the wrong girlfriend, like one that is prettier(8-9) than most, she wont clean, cook, and she will sleep, eat and complain. Better off with a 4-5 girl, who will do everything to make you happy because her options are slim to find another meal ticket.@@coreyworthingtonii9230
I can see your a guy who's willing to feast on dead buffalo should it be offered on the menu @ a good price, Smart
Chris, I suppose the other unforeseen costs to consider are inflation and movements in foreign exchange rates. The Baht is relatively volatile, and can appreciate or depreciate against a retirees home country investment currency. Something everyone should build into their budget equation.
Thank you for saying this. I also wonder what the cut/fees the banks take. I know in Mexico the banks could really rip you off on the exchange rate.
And the new tax regime for retirees.
@@mysticaltyger2009 Isn't that why people use apps like Wise to move their money?
@@mysticaltyger2009 I use “Wise” a fintech bank, which has very low foreign exchange transaction fees. Very reliable and low cost.
Thanks so much for this video. It was a big eye opener. Not as easy or cheap as I thought it would be.
YOUR absolutely right,thank you for the real numbers
video
I retired at 40, that was 32 years ago.
I have spent a lot of time and money travelling and living in various countries just enjoying the ride.
Now I have $820,000 nest egg $3000/month pension.
72 years old now, guessing I have 10 - 20 years to live. No health issues as at today. The future still looks good. 😊
Explain then how you can "retire" at 40, swan around the world living the high life and still have $820,000 in the bank and a $3000 a month pension at 72. If you started work at18 say and retired 22 years later aged 40 how can your pension be what it is?? You either robbed a bank, worked for a hedge fund, started and then sold a business or you are the boss of a drug cartel.
wondered the same thing! Maybe inheritance is all I can figure.@@stevenhull5025
@@stevenhull5025maybe a first responder or cop. Gets PTSD and early retirement is granted with full pension in Canada
you got a lot more than you need grandpa. The money will out last you assume you spend it wisely.
@@stevenhull5025 They probably didn't live the "high life" but a decent one. A lot of engineers are good at being frugal and saving/investing the difference. Lots of engineers in the FIRE movement (Financial Independence Retire Early). The one I'd recommend for those who want to travel is Millennial Revolution.
Great video. Nice break-down.
40k is quite low, but as you said prob more of a good bottom line, esp for BKK living. Other areas may be a little easier.
Just wanted to mention if one goes the route of using an agency for a retirement visa, they normally take care of the 800k bank acct situation ;) That will likely cost you around 750+/- usd (approx 26000 thb - this may be good for those that don't feel like parking 25k usd in a thai bank acct - ofc it's about 700 usd extra out-of-pocket per year.
How does a visa company take care of the $800k baht bank requirement?
As far as I have read you have to have bank statements proving you have the money parked in a Thai bank at each visa renewal.
@MrSean03839 isk. Just relaying what i heard they provide
@@MrSean03839 idk, that's what a couple people that used a service told me...they paid and the service took care of everything and also helped expedite their visit at the immigration office...front of the line
Well, I quit working a year ago because I'm done, and I have been looking at Thailand for about 4 years ...... and this video was one of the best down-to-earth videos about moving there that I've seen in years - well done dude !!! Ya NAILED It !!!
Very well thought out.
More folks need to think about these issues.
$400K will pay you $2,000 (70,000THB) a month in 6% dividends, in age of 62 you will get additional Social Security pension
I am planing on doing this. 58 now, so getting real close. Sell the home invest the cash, one back pack, that's it, everything else I sell or leave behind, expect one of my guitars., and I am so gone. Thing is I can't find detials on the retirement visa he is talking about. The closet I can find is a non - immigrant visa that is for 10 yrs but every year you have to check in and pass certain qualifications. Or the Elite Visa but that costs like 80K or so Canadian. So, anyway got some digging to do.
amazing video dude. i am 39 years old now, saving to retire at 50 in thailand. this video has been so helpful to get a clear financial picture
Great video - Thanks Chris!
I'm on the cusp and returning in December.
Maybe I pulled the trigger of coming here too soon , but you only live once , I’m 59 I’m in northern bkk I doing ok but yes got to be disciplined and sensible .. been here 9 months , i have budgeted well for incidental things, dentist , hospital , 😊 .. I’m healthy , I have visa , health insurance , I have no family in uk so why not .. the uk 🇬🇧 is crazy expensive .. we go on .. 😊
Salute 🖖you MADE IT. A lot of guys haven't stepped foot out here and I'm a younger Gen Xer/Millennial that'll let you know how many are crying they aren't there yet
I haven't made the plunge yet (I will in early 2025), but regarding disposing of items: I moved to Thailand for about 13 months back in 2011-2012. I spent 2010 purging - selling, giving, donating, and boxing up into a shared rental unit. I kept only the bare minimum in case I returned (which I did). But when I was in Thailand, living in an apartment in Chaing Mai, I missed almost NOTHING.
If anyone has a home - consider renting it out for passive income. Rent it out furnished. Some online rental services can help manage, otherwise, hire a local property manager (factor in the 5%-10% management fee). There are several options for renting furnished homes or individual rooms in a home (or an ADU). That way, you can keep things until you feel comfortable eliminating them while ... PEOPLE PAY YOU PREMIUM MONEY to keep your things (because they're renting your furnished home). Plus, you have a home to return to if you have a need or desire to go back home for whatever reason.
I randomly stumbled upon your vid (and your channel now will look more videos now!)
Since I was a kid my dream was moving to Thailand somehow because I loved our yearly vacations.
But I always thought it would be too difficult to do that when you are not a Thai citizen and u dont find someone to marry. I just learned from you about the retirement Visa. WTF im 32 so of course I would need a lot more money but Iam able to rent 3 apartments and I also have dividends from the shares I own.
Wtf it now seems like its so possible.... Thank you for making me not giving up hope :D
When I finally move to Thailand I will come with 2 Suitcases and a backpack…. I hope. Anything else at Home that is not nailed down will be Sold or given way. Oh btw Chris, it was great to meet you the other night at Jonny’s meetup in Soi 7 !!! Hanging out with you guys has been the highlight of my trip !!!