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I'm living up near Chiang Mai city, I retired at 54 and moved here. I have small private pension that I live on. I'm married to a local Thai woman who retired at 40, she's very money savvy and frugal. We own our house 120 sqm, 3 bed, 2 bath new build on a 94 SQ wah (375 sqm) plot of land about 25 minute drive from the old city walls. We run two cars, have mobiles with data packages, 5G home internet, and all the normal bills: electricity and water, drinking water etc. We generally eat lunches out rather than evening meals, very rarely eat western food, don't drink or smoke and buy most of our fresh produce from local markets. Our general living expenses come in at about 26,000 Baht, it's a little higher recently because we've been buying stuff for the new house and creating a nice garden. By the time we've lived here a year I think that will have dropped to 23-24,000 Baht. There are other costs, once a year things, visa, insurance, holidays etc they can be expensive or very low cost depending upon personal preference. If you're an English couple, I think it would be naive to think you could live on that. It might ruffle your feathers, but foreigners are viewed as rich and you'll pay the rich people's price most of the time. Even speaking Thai well doesn't help a lot, unless you look Thai. In all financial situations, I stay away and my wife haggles, if I'm with her, it's less likely to work. I'm not saying you'll pay more, you're just unlikely to get a discount on things if you ask like Thai's would. There is one thing to consider if you're hoping to survive on a state pension, once you retire and move here you pension is fixed. By that I mean it will never increase. I'm sure other can explain the why's and wherefore's but there is no I'm increase in person payments if you live here even if the pension increases for UK based pensioners. That almost certainly will become a factor over time, 30,000 Baht might work for you now, but in 10 years you might need 35,000 and your state pension won't have increased. Is that fair? No, especially when you aren't using UK benefits like UK based pensioners, but that's how it is. Good luck if you're thinking of moving here, from my perspective, I'll die here, there really is nothing in the UK that I want that could tempt me to return. I'm happier now than when I moved here. One of the things linked to lifestyle, it's never cold, rain can sometimes be a welcome relief from the constant sunshine but it stays warm, is never having colds and flu every winter. It's a little thing but is nice.
I like your nicely balanced view of retirement in Thailand. I am married to a Thai and we live in the UK. We don't really want to leave the UK full time otherwise the sales of our assets would see us nicely sorted 🎉 I would love to do half and half but that I think be just too expensive with flights as well, although by the time I retire in 2 years I may well be so fed up with the UK I'll want to sell up! 😊
Your UK state pension is taxed in the UK so you should benefit from what the UK offers. Your tax pays for it! Your right about the state pension, it's frozen. There's been numerous petitions and campaigns to unfreeze it for expats but the government still say no. However there are approx 16 reciprocal countries where the uk state pension can increase annually as long as you are living there for a minimum of 6 months. Then you will receive the current state pension. The nearest is the Philippines. So maybe worth doing every few years to catch-up as long as it costs in.
Great post. Very informative. I'm curious if the pension or SSI rules are in the USA. Life and materials things are meaningless if your not happy where your at. As a younger senior 58, I ask myself how many good years to I have left? After working hard in the USA, the last season of my life should be filled with peace .. In the USA, the average senior lives in poverty, can't afford thier medical part B, and recently many seniors have been forced out of thier homes because they cant afford property taxes. I have many freinds in the USA that justifiably complain about barely surviving and being stressed out all the time. No senior should have to live like that in the last season of thier life. Fact Is most people are stuck and will stay put. But for those that have the courage to go somewhere else more affordable and peaceful , I say go for it. Thanks again for your post.
@@billybob7522 I was thinking benefits in terms of NHS, free prescriptions, free TV license, dental care, eye care, bus pass, heating allowance, disability allowance, rent allowance, council tax subsidy, these are the things OAPs can get on top of the state pension, but you have to live their. A friend's mother is over 80 has dodgy hips, is partially sighted, and gets all of the above. It's probably costing the UK taxpayers more than her state pension. For the relatively small number of UK citizens in Thailand, who get none of these benefits, the cost of increasing the pension would be minimal.
Not really pension related, but attitudes are different here. You aren't constantly monitored or discouraged to do things you want to do. There are lots of patches of land that are not maintained by anyone, technically they're owned by the local municipality, but aren't managed so are left to grow wild. I bought a new build house, and to make the front nicer placed a load of pots in front next to the road. However, on the other side of the road is an 8 metre piece of land next to a small lake. The land was full of building rubble, left over building materials and overgrown with thorny acacia shrubs. It's not my land, but it's too small to build upon so will just be left unmaintained. Since moving in I've spent 30-60 minutes two or three days a week clearing the rubble, cutting back the shrubs, and breaking up the soil. I've planted some small trees (0.5-2 metres) and last week some flowering ground cover plants. My plan is to build a small shelter with a seat and maybe a small table next to the lake edge, I will create a path through the trees to the shelter so we can have our morning coffee at the lakes edge. It's been about 50 years since I last went fishing, so I might try that sometime as well. My Thai neighbours couldn't understand why I was working on land that isn't mine, but 4 months of work has improved the views, and created a nice space, in the future it will only get better as the trees grow and the plants spread. Now they tell my wife it looks very beautiful. Total cost so far 0 Baht. I have been given all the plants by my wifes family, only cost really has been an extra hose and watering. I will buy second hand wood for the shelter and make building it a project rather than buy something ready made, it might cost me a couple of thousand Baht, but to me at least will be worth 10 times that for what I get out of it. The beauty of it is, nobody cares. Someone from the local municipality was here warning about a possible case of dengue fever, he looked at it and told my wife it looked lovely and he hopes we enjoy it. I am amused that my efforts appear to have inspired (perhaps shamed is more accurate) a couple of my neighbours to place pots by the road and cut back the weeds opposite their houses. 🙂 I suspect it's added weight to the idea that farangs are odd.
Just wonder, Laos,Vietnam and Cambodia would be more comfortable to live with lower cost of living for foreigners, especially, from the US,or European?
I have lived in Lao frot the last 17 years and I think it is fairly cheap if you are organised. If you come please remeber the "s' is silent, it was the French who put it there.
Once you leave the UK and move to Thailand your state pension will not rise every year, so over time it's value will diminish. I think you will need savings, investment or private pension as well to retire comfortably in Thailand.
Better to be in Thailand on a state pension than the UK. Life is more affordable in Thailand, especially away from the neon lights. Live the simple life, adjust to the Thai pace of life and live like a Thai would.
I don't have any pension, I bought bitcoin with a large chunk of my savings, Fingers crossed, Im 64 and coming to Thailand buy a flat and hopefully I will be fine, I can't do Irish weather at all and UK is just as bad.
You need 35 full years of uk national insurance contributions to get the full state pension. Reduced contributions will result in a much reduced pension.
In my honest opinion having lived here solidly since 2006/7. No chance at all. 9,000Bt per week/40,000Bt pm you'd be scrapping by. No luxuries, no money to cover emergencies.
@@michael-lt2lf Thank you Micheal. Many people here get "LIVING" confused with surviving. There's a huge huge difference. Life is for living. I live here!!
I'm not really familiar with all the Pension or tax stuff, but Australian Aged Pension is different from the UK State Pension, in that it's tax based meaning one's taxes paid each year contribute towards pensions paid out to Pensioners, where in the UK, if I understand correctly, citizens pay into a specific fund that 'saves' towards the Pension, rather than coming out of general tax revenue. When an Aussie reaches retirement age and claims the Aged Pension, they receive a 'fixed' (usually increased annually depending on inflation) payment all Pensioners get, plus allowances such as rent allowance, pharmaceutical allowance and Utilities allowance, a couple of those vary depending on other income and assets. If one leaves Australia to live, those "allowances" are removed, leaving just the base pension. I believe it's something like maybe a 20% reduction compared to what is paid while living in Australia. Being tax based, the pension also increases annually, roughly according to the Consumer Price Index. I believe it would be about 40k Baht per month. Many Australians these days also have some level of Superannuation (as long as they've spent a reasonable time of their life working and not mostly unemployed). This comes from compulsory contributions that employers have to make each 'pay day', into a Superannuation fund which generally earns a reasonably interest rate. For someone like myself, who's had a couple of ups and downs with employment situations and recessions since compulsory Superannuation was first introduced, I reckon by the time I retire in 2025, I think I'll be able to live a frugal, but reasonably comfortable life in Thailand, based in a rural area, don't drink, or rarely anyway and don't have any costly 'vices' (unless you call a good Thai wife a vice 555). Living in Australia as a Pensioner would be very similar to the UK or seems to be... Poverty or close to it for many (except it doesn't get as cold in most parts of the country)
Perhaps not so well know that a UK state pension attracts no annual inflation liked increase when living here in Thailand. For example when I started my UK pension 9 years ago the payment was 475 GBP per 4 weeks. Today 9 years later that's still what I get or about 21 - 22,000 baht paid in my Thai bank. Thailand is one of the few countries where UK State pension is frozen. Worth knowing about if living only on a UK pension here in Thailand.
Ryan , I’m on the basic Australian aged pension of 50,000 baht a month my wife has her own income through rice fields, we have no mortgage on our house, so it’s comfortable for me when in Thailand. But in Australia I struggle on the same pension , because of the rediculas cost on everything, Peter Sukhothai And I pay no rent in Australian as I live on my sons property Peter Sukhothai
Have myself, a low state pension from Norway.115 000 Baht monthly. And we are a family of 4. Wife also work. We manage quite well even if we live in Hua Hin. Not cheap here
It can be done im 75 retired at 65 we live in North Thailand wife has some family land i built small bungalow 15 yrs ago my idea of it is only buy what you need.i still like my couple of beers in the evening and my cigerettes.we dont have many big bills i know its worrying for some but im quite thankful to wake up at 6 am with a mug of tea .also im a ex offshore worker who had my time living in Pattaya and Bangkok ..hic hic
Ofcourse Pay cash for your house, car, and land. I lived in Krabi province for 15 1/2 years without any income from Denmark. Paid cash for everything and have 800.000 on my bank account for my retirement Visa of extension. My wife was able to pay 50% of everything and she is a government official Last month I started to have a pension from Denmark 37.000 Baht/month. 6500 Baht per month for health insurance, electricity,water, internet. I don't smoke and drink maybe 2-4 beers per month.
@@michael-lt2lf Make a plan long time before you move to Thailand. Work hard until you have a good bank account so you can pay cash for everything and afford to buy a good health insurance.
Great vlog again Ryan. Totally nailed the options. I would just add these points as raised by Les down in Rayong. You can use the visa amount to self insure in emergencies…then if you cannot afford to replace it, pay an agent for next years smoke and mirrors renewal…alternatively prepare for that eventuality by recycling the monthly option for a perpetual rolling 12 months…I don’t need to do it myself, touch wood but its an option and one best not discussed too openly as doors can be closed. Cash/private pension supplemented state pension is best…though state alone is doable in the sticks by living frugally as a Thai: and nothing wrong with that at all…keep up the good work👍
@ndavies Hi there , the smoke and mirrors option you speak about looks like it’s going to be clamped down on , immigration are supposedly going to be checking bank accounts more rigorously , due to this loophole being abused by hundreds of immigration officers (107 lost their jobs) and agents giving brown envelopes out , so this may not be an option soon , most immigrants want to live their retirement life’s like they did while on holiday for two weeks , lifestyle is the biggest reason for failure here , eg 400 baht burger or a 55 baht Thai meal , 60 or 80 baht beer or 6 baht water , my advice to anyone if you need to look for loopholes to live somewhere then you probably can’t afford to live there , Regards Davy
@@davidpattison5860 Hi Davey, last point first: frugality or moderation. I totally agree. My wife and I don’t drink/smoke and find a Thai meal out during the day, then a family supper from the market is perfect. I don’t want to sound puritanical but who needs more than two meals a day? I don’t crave Farang food, and eating like a Thai means I drop an easy 1kg a week until I hit my ideal weight…BP and blood glucose drop with the weight. If you think about it, this is how people lived in the UK until perhaps the 70’s and were fitter for it? The smoke and mirrors agent option…Don’t know for certain: who does, though I think after every purge things then gradually go back to normal…its the Thai way of doing business. The recycling method…I cannot see this method ending and its legal…don’t look don’t find…and will exist as long as the option remains for the monthly income alternative to a lump-sum: I don’t like it and would also encourage people to try and look at the 800,000B as essential…the reason…if someone keels over with a stroke, 800,000B is not going to save them and in the absence of being kept artificially alive in an ICU, they will die…800,000B is the same payout limit as most modest insurance policies…of which most are only going to payout after you have settled the bill…its an amount that should cover you up to 3 stents which may keep someone going long enough to be repatriated on a commercial straight-through flight. I honestly believe thats the reason why its still 800,000B and the Thai government knows that. Any other option including the 400,000B spouse visa option or the monthly income option wont give you that minimum practical survival option…thats why I agree that if someone cannot keep the 800,000B sitting there, then the consequences could well be terminal! Also, in that regard, ones choice of spouse becomes decisive. The right one will be saying to the consultant to try the procedure and the money is there waiting…the wrong one wont mention the option as it will go to the surviving spouse automatically…choices have consequences etc…Mark.
Pensions in the uk are frozen. You are not entitled to yearly increases. I get 25000 per month having been retired 8 years no increases. Thats sadly a fact. Those without a private pension will suffer. 35000 l wish 😢😢😢😢
This is true, it's a con by the UK governments. Their way of not giving you what you're entitled to. Another way to get the increase is to keep a UK address, as if you still live there. Many seem to do this.
Hello Ryan, If you like to discuss my adventure of moving and living in Thailand, you may find it interesting; Im from the USA, I work in Saudia Arabia. I have been living In Thailand since 2002. I commute home every two months. It makes life very interesting. I travel around the world and never found a place where I feel most comfortable and truly free except for Thailand, and it's because of the people. Amazing Thailand is True.
I am 60 and will not get a uk state pension until my 67th year. I worked in Thailand in oil and gas and now work in Malaysia. There has to be a good reason to retire whereever. If you just drink beer and love sexy lady your money will go. I have worked in oil and gas for 40 years. I plan to retire end of this year. My budget is going to be 100000 baht monthly include rent and health insurance
The big spenders are no more happier than us who live frugal and close to nature at least when we do treat ourselves it’s an experience if I had the way and means of living in Thailand I’d be living the village life growing fruit and veg and eggs just simple and doing the odd rd trip happy days thank you Ryan
I agree with what your saying,,,That if a pensioner has his home/condo already & his visa required 400k/800k yes he can survive on that pension. The big BUT is health insurance as it is a moving target & especially in Thailand you will find it hard to get coverage if applying at pensioner age & it only ever goes up & up every 5 years. Then you think ok Thailand medical is usually a good bargain I will self insure. That is the downfall/trap. Yes Thailand is cheaper for medical procedures but not cheap for major things like Heart attack/Stroke stent bypass etc etc Yes maybe they can pay it once from savings...maybe but then what? Now they are in Thailand with out that savings should it happen again. But the biggest untruth they tell themselves is they will go home to UK/NHS if they have a bad problem. As if that is always an option 🙄
Also remember that the UK State Pension does not go up with the cost of living if you are living in Thailand. It will also go up to 67 in 2028 and 68 in 2039
Do they need to know that you are living in Thailand?Can you not get your pension paid into your UK bank account.Then you would get the annual increase.Even if you have no house,register at a friend/relatives house.
That's correct, unless you keep a UK address, as if you're living there. The UK doesn't have an agreement with Thailand to pay at the yearly increase. Of course this is a con & a way of the UK government not giving what's yours/ours.
Hi Ryan, Once again very sage advise from a wise young man. Very interesting content, well broadcast and entertaining. Just one thing though, I would advise to think very hard about class 2 N.I. to UK. No one knows where the time goes and hopefully one day you will be 68 and still fit doing excatly the same kind of stuff that you do now and loving it just as much. Pension is index linked up until you draw it abroad so you will get that money back in 3 years. As you say its a personal view but dont think life ends at 66. Thank you for sharing your wonderful Thailand family life adventure.
I’ve got my move all planned. In 3 years time I’ll be living in Thailand. Having house/bungalow built as we go. My wife is here working in the UK. Works out well as my wife will have worked for over 10 years which will make her able to claim something state pension wise when she’s old enough ( have to have paid into the pot for a minimum of 10years). She will have to wait quite a bit lol. So only having living expenses mostly electricity bills I should think. £800 ish a month should do is just fine. Unless I win the lottery in the meantime. Can’t wait to get out of the UK now 😎🙏🙏🙏
I'm in a similar boat,although our place is already built (We are in it for the month before returning to UK).It's good to have something to plan towards when retirement approaches.
@@michael-lt2lf Oh these bird brains havent thought of that. Thats real planning. Like also the fact that UK state pension is frozen once you leave, and inflation here versus For Ex rates. In my 17 years Sterling has lost 40% and inflation is about 30-40% higher than 2006. So my £1000 in 2006 is now really only worth £600-700.
@@SpearofDestiny-c8y yeah. I’ve got the full amount which will be over the £800 a month. Meant my wife will at least get SOMETHING from the pension pot. UK money will go further in Isaan 😎🙏🙏
You CAN in rural Thailand - The Australian pension is 48000 a month - My expenses total 32000 a month ( we have a farm and home) Whilst I have additional funds the reality is you could - But I’d recommend if your a few years out of retirement to try and scrap up at least 1 million to offset costs - We save about 150,000 a year - The most important thing is peace of mind and moderation of things - Those Australians reading this in eastern states can be assured you can in Thailand see all rugby league games on an app called watch NRL for 5000 baht a year In rural Thailand it’s a big plus - Also it’s wise to have hobbies and like this chap do some farming
36,000 THB a month would be a struggle for most retirees. Yes, you'd need a backup savings for unexpected costs. Health insurance when you're older is very expensive. Yeah, you can self insure with 800,000 baht in the bank, but that will quickly evaporate with one hospital incident if you are admitted. If you go back into hospital again, you could be in deep trouble. I know of a retiree with a heart issue, needs surgery, cannot afford it and now is resigned to letting nature take its course. Sad. And at 36,000 baht a month, forget having a partner. Culture here is heavily skewed to foreigners being the provider. I am self funded retiree with bit more than 36,000 and I have little chance of ever having a Thai partner as I just cannot afford to provide. Loneliness therefore becomes a huge issue. It really sux being around so many beautiful women here but not able to meet their requirements (and most have a minimum amount in mind). And many guys burn their bridges with their home country with no way to go back unless they want to be destitute. And going 'rural' is most likely a scenario you've got money to spend on a partner's house (and be prepared to walk away from that money if things go sour - is common). Most of us on low incomes stay in populated places where you can get cheap rents and have option for street food to mostly live off, a local 'back lane' bar away from tourist hot spots and you can have a very simple life. Not exciting and you have to give up a lot.
I think you covered it well. It is absolutely doable, also with a partner, I will add, but I believe most men want more of the "action", and then it will cost more. So this all depends on your life style, and if you are ready for sacrifices.
I doubt you have met a normal Thai girl/woman. They don't have any set money in mind as long as you can take care of her and beside most Thai girls/women work to support themselves. They don't rely on men. 😊
Having been living in bkk for the last 6 yrs of my stay i can confirm that it would be very unlikely for a 70 yr old to be spending over 25k baht monthly unless they already starting to lose their marbles and find themselves in a 15k baht rental and somehow manage to have the energy to be out clubbing lol. Me and my mrs budget for the last 2 yrs was around 25k whilst saving up for a project. 25k was enough for 8k rental and 2 nights per week eating out at a restaurant. 36k would have been hard to spend in a normal life setting in central Bangkok.
You obviously dont enjoy the life of an epicurian. Eating nice imported foods, maybe a bottle of wine, going in holidays, playing sports, owning a car. Guess neither have you budgeted for emergencies or pay health insurance. Work hard all your life to live the life of a dirty poor rice farmer, isn't my idea of "living" sorry mate and no disrespect to what you are doing. Fair play to you fir the self control, but is it by choice or necessity?
Wow, That is a lot of money you have to have in the bank for a retirement visa. That is true about health insurance, it is really expensive once you over 60 years old. I think it is better to just have enough cash for emergencies. Also here in Indonesia a person gets a little discount with a retirement visa. A new tourist has to pay more. Hospitals are not cheap. The cost for a day with the room and nurses is high. There is a big variation in the quality of doctors. If they screw you up, there is nothing you can do. I don't think there is anything like suing one.
Marriage visa is only 400,000 in the bank and no insurance check. However being old with medical issues no one will insure me. Medical insurance is a must if you can get/afford it U.K. state pension is frozen in Thailand but not in other countries. Apparently your wife cannot claim a widowers pension off your U.K. state pension if in Thailand. The difficulty with Thailand is expats have absolutely no security of residence and considering the expat monetary input into the economy it’s a raw deal At least in the UK my Thai wife had residency and work visa with no need for reporting of having a bank ‘bond’ You can get ‘cheap’ medical insurance in Thailand but it is very limiting and somewhat naff.
Most farang I know who live full-time in Buriram can only dream off 36,000 baht a month to live on. Most obtain their visas through agents (say no more), and nearly all rely on the Thai NHS for any medical needs. The funny thing, whenever you hear them talk in the local bars they love to talk in millions and be the big I am, but honestly after 15 years here I try to refrain from most farang hangouts, as I prefer the company of Thais.
According to U.K. government website at your current age of 36 you will be eligible for your state pension at the age of 68. This age obviously may change in the future. Some even say that the state pension may not exist in years to come due to the work place pension that has been introduced back in October 2012.
I loved Thailand - lived in Chiang Mai for 8 years - Have a great house and life, but had to leave in 2019 because I didn't have 800,000 baht in the bank. I could live on my $1000/mo. US Social Security, but just didn't have $24,000US. That sucked.
Most people just pay 15,000 baht a year to an agent and they can process without the 800,000 - it’s not the official way but probably over 40% of people so that way here 👍
People "getting on a bit" , then you say 66 is quite old! Yes, remember when I was your age thinking the same....and now I am that old! 555 Like these walkabouts where you consider and explain lifestyle and money spending etc... Keep it up Ryan. Peace and Love
Can you do a video about Health insurance? Like giving your experience with Local Health insurance, giving some advice how to choose it, if there are some websites for comparison? Or even be aware of tricky stuff. I want to hire a broker, but I would like to have some knowledge before. Thx a lot for your content it's really good! !
For the UK pension, if your living abroad and want to pay your national insurance for your full pension its about £116 per year for the years hat you have missed. This is a special rate. Its normally about 4 times this. This rate has just been extented till 2025. Well worth it.
One factor to bear in mind is that the UK state pension does not increase in value with the cost of living once you have moved to Thailand - it remains frozen. Yes it is about £800 per month now, but in 20 years it will still be £800, about £400 in value. So this year you can live on it but in 10 years time perhaps not. I'm retiring from London to Buriram in just over year so I might see you at BigC sometime. Cheers from the City.
@bengunn exactly, well said. This is because Thailand & the UK don't have an agreement to pay with yearly increases, this is the case for those who only have a Thai address & don't use a UK address. The guys that get the yearly increases are the ones who keep a UK address, as if they're still living there.
What is important is to make sure that you have 35 years of UK state pension qualifying years that are necessary to obtain the full UK state pension. It increased from 30 years to 25 years about 6 years ago. It is possible to obtain UK state pension qualifying years by registering for Class 2 NIC and it costs about £860 per annum. There are other ways to obtain qualifying years that cost nothing that my firm of accountants offer expats.
Hi Ryan,an excellent topic to discuss.i plan to retire to thailand in 5 years time.i have a question for you and the other viewers.hopefully someone can answer it. If you have the 800k(baht)in the bank,is it true you still have to have a 60.000 baht per month income to satisfy the visa requirements???? Many thanks and best wishes to you,damo,tis and hugo
@sickbuffalo9902 no,I will not be on a marriage visa.well,no plans for that anyway.i will have maybe 4 million baht savings,and an monthly income of 50.000 baht.not sure if this will be enough
That will be plenty. Do save 800,000 baht in a separate account for the retirement visa if you are not married to a Thai. Keep the rest in two different accounts; one for expeniture and one for saving. You can live in Thailand very happily on the fund you have mentioned. above. Good luck.
You omitted to mention that the UK state pension is frozen in Thailand (not the Philippines) so if you get your pension today it will stay at the same amount for as long as you live in Thailand. I certainly agree that it isn't worth your while paying contributions. Enjoy your experiences as I can relate as I also live in Buriram province and my wife and her family have farms.
I forgot to mention that I seen something in one of your videos that I have not seen in any other blogs be they Thai or expat. That is....a child car seat! Well done. It's easy to form an opinion on someone you don't know by a blog or a video but just by seeing this it actually says a lot about 6asa father and a husband as well as a person. Nice to see the very brief clip.
At the moment you can top up your UK State Pension, I was told a one off payment of £800 would give me the full amount as I have only contributed for 23 years. I think they have extended the cut off date to apply for this until February 2024.
You can only go back a certain number of years of non N.I payments, to top up 35years of full N.I contributions currently gives a retiree the full basic pension. Anything less than 35yrs is pro rata per year lost. Plus a minimum of 10 years is required to get any pension payments at retirement age.
Julie, what you say is based on your own circumstances & N.I payments made/not made. It's based on each individual, who is always different to the next.
@@thenakedguru Ryan, it's all down to the individuals own circumstances in what they've paid, not paid in N.I contributions. Full or part years missed to top up or make up to 35years, if already at retirement age. There are past lost years that can't paid up, lost years that can...plus part paid years that can be topped up. But it's all down to the individual. The UK pensions forecast helpline will give all the info required.
Sorry, it was for my own situation that my quote was £800, I was in Thailand for 15 years, I’ve now paid in for 23 years and according to UKGOV £800 would top up my pension. Of course everyone’s situation is calculated differently. I was trying to let people know that it is possible to top up your pension and that the deadline has been extended.
The thai old age pension is 600bt a month rising a hundred baht every ten years AND i was reading that if anyone doesnt need it contact the local Amphur who will get in touch with the pension authority and get it stopped for you.Thats one of the many real faces of Thailand..
I was quite happy living in a Thai village but I had a girlfriend so obviously I was being asked for money all the time. How many farang live in rural Thailand alone I wonder?
@@michael-lt2lf I think any farang living in rural Thailand is running a risk of being targeted for being perceived as wealthy. I love the Thais but they do seem to think we're all billionaires.
If all a person has is their government pension to retire on isn’t it going to be very difficult to survive on that as well in the UK, Canada, US, etc? I’m thinking that it would be more difficult here than in SE Asia
Also consider that Thai Immigration require proof of 65,000 Baht/month being paid into a Thai bank to qualify for a retirement visa and annual extensions. If not have the 65k baht/month then need deposit 800,000 Baht into a Thai Bank . The 800k balance must be maintained for 5 month of the the year and the other 7 months must not go below 400k Baht. So UK pension alone would not get you retirement status with Thai Immigration.
True but that costs at least 20k Baht and it's not really legal. In the last year these sort of arrangement are more under scrutiny by Thai Immigration HQ @@pauljh6478
I remember when i thought 36 was old. The time will pass, touch wood, and it's good to be prepared. Whether the state pension is the solution to not having to work at that time (66) will depend on your circumstances. There are other ways to prepare but often a state encouraged tax efficient mechanism is the clearest.
I agree you should be paying into the stae pension - £80 per month now for £800 a month when you retire (could be aged 67 or 68 for someone your age). Even if you only pay for 10 years you will get something. If you pay £30,000 over 30 years , it will take only 3 or 4 years after retirement to recoup that.
I worked for 20 years In the UK before I migrated to Australia and that gives me half the UK pension when I reach 66. But the same as you I could pay a lump sum to catch up to reach the working limit timescale in the UK to get 100 percent pension, but like you, I haven't done that. But it is good that you have the option.
Whether paying into a pension is finally a question on how much interest you gain and how sure you can be to receive that interest - and if you trust the system to be still working in 30…40 years. In your case add the uncertainty of exchange ratio between Thai Baht and British pound. Another option I would consider if I where your age are world index ETF - but that is just a personal point of view.
My wife and I live in Chaiyaphum and I don't think that amount is a happy living, but also, that amount is small enough that normal fluctuating exchange rates would cause your financial well being to be on a constant see-saw. The Thai-Bhat has moved between 28 ThB = $1 US Dollar to 36 Thb = $1 USD while I've been here. The pound and Euro also have those same constantly fluctuating exchanges.
I enjoyed Thailand for 2 months last year. LOVED THE PEOPLE SO PEACEFUL, CALM, CARING. Enjoyed the food & the temples. I could afford to live in thailand BUT it is toooo hoooot for me to live. I will visit again soon. From Vancouver Island canada 🇨🇦
Love the video. I'm a 26 year old American coming to Thailand for a year on an education visa. I have some investments that I manage remotely and make a few thousand US a month but relate more to the quiet simple life of Asia over the materialistic focus of the west. My goal if I love Thailand (only been there for a month several years ago and loved it) is to start a small business or get a work permit with a company. When you came over did you already have a job or did you find one there? Is it fairly easy to find a job and get a work permit for a young westerner? Fortunate enough to be past the drinking and partying phase of my life so looking forward to Thailand and thanks for the videos.
unsure about UK but in Australia, you cannot receive the age pension if you spend a certain amount of the year overseas. we have superannuation (compulsory work pension, that your employer contributes to, recently increased to 11% of your pretax wage) which we can access and do whatever we want from 60 years old, it gets managed and invested into multiple assets to grow the fund towards retirement. my superannuation at 31 is around $50,000USD (on very average retail management wages) to give people an idea.
I know a few Aussies here in Thailand who went back to Australia for two full years leading up to the old age pension eligibility age, and then entitled to a pension. They live in Thailand. The pension I believe is reduced to a non-resident rate, but they don't lose it. Unless things have just recently changed post-COVID, but that is what they were doing before.
Wow had no idea the UK pension was so small! I get almost 3 times that just with my US social security payment and it’s just a minor portion of my retirement income. Don’t know how somebody could live even here in Thailand and have any kind of life on such a small amount! In my opinion I wouldn’t even consider moving here if you don’t have a $2000 US a month income. It’s more expensive than you think and not like it was 10 or 15 years ago. Bring a Thai woman and booze into the picture and your costs go way up! My average costs as a married guy are about $4000 US a month in Hua Hin and I don’t have any house payment or rent. If we travel that can double.
Personaly I think you missed Ryans point about being frugal. A thound dollars a week is an unecessery amout to spend in this part of the world. I live in Lao and suppost a family of 5 on less than a thousand US a month. I m realy happy with my life and I think it is prossible to do for others.
Hi Ryan This is an exalent topic as anyone watching your videos knows you have a great life. However there are somethings you did not cover that I think are important to consider. I am 76 and have been in Lao for the last 17 years. My only income is state pensions from the UK and NZ , and the total about the same amount. I live very well in a village as you do. So what I would also cover if I was coverig this topic. First is health, if you are healthy at retirement then yes you will do well, as after 72 you can't get private insurance at any price.Second you are not just being retired where you move to you are going to die there as well. next living in a SEA village without a local family conection would be very difficult.
I think you are spot on with this video. What a westerner with limited budget must ask themselves is if they really want to live the kind of life they can afford here. They are risking ending up just existing here. Me for instance has a big house in a farmer village in the Surin province, but from my experience I will never live in a farmer village in Thailand, not my kind of life. Now we live in a city in Surin where my wife work but we also have a house by a beach in Rayong. My wife say she want to move to village when she will get retired. I say no way, we will live in Rayong. Will be interesting to see how this will end 😊
I am from US 55 now , I can draw my social security at 62 , I think I can cover most of the expenses to live in rural Thailand but just don't know how I can cover the cost of insurance, I always welcome advice, love your channel always waiting for the next bit of info from you
you could buy a ETF and put 100/ 200 $ a month in it ...84 months times 100/ 200 $ + 7/8% a year would give you a good start for selfinsurance . and when you don,t need to touch it for the first years in thailand then it can grow a lot more...or if you dare dollar cost averidge in BTC or ETH. and let it ride .. i do a combination of that myself.
To the guy from the US that wants to live in Thailand, and ask about insurance. He's screwed unless he gets it now while he's only 55. At 65 the cost doubles. It's at least $400 a month or more, if your 65 and up. I for one can't afford that on a pension. That's almost half of what you get. The fact is they once you are beyond the working age and don't contribute to the King, you are worthless to them and they basically just want you to quietly die and go away. Sad but true.
A few things you were wrong on there Ryan, ref UK State pension. Most people listening to this the State Pension Age will be 67 year old. At your age you won't be able to draw a pension until you are 68 or maybe even 69 years old, probably. You can pay Class 2 Voluntary NIC as I do. if you qualify, which is around £3.50 per week/£160 pa. Or Class 3 at £15 pw. Both give you a full UK pension with 35 years conttibutions. I ve been here since I was 45 living very very well with 2 children.on 120,000Bt per month from my UK rentals. 5 more years to my State Pension another £11,000 pa currently (500k Bt) plus this is index linked "triple locked" getting annual inflation rises, last year it was 10.5% increase. I calculate by the time I retire it will be around £1,300 per month. So I ll be on 175,000Bt per month. Our house in Hua Hin is.paid for too.
To get pension for New Zealand you can only be out of the country 6 months of a year, and 65 and few other things i think by the time im eligible for it it wont exist or will be 70+ as its driving our country into debt i hope i can live off 1000usd(nz 1600) roughly living frugally and rurally as that will be my budget if im lucky lol
@@michael-lt2lf it would be better than living in abject poverty in NZ where we are being ruled by commy dictators i own a freehold house and will be living off the interest of the sale if having 500-600,000 NZD from my house sale is "no safety net' then id lov to see what yours is LOL
The issue is no matter how much you have in the way of capitol and income, where does that money buy the most food and accomadation. I think that living in the third world makes the most sence because every thing is cheaper and people are the friendliest I have found.@@michael-lt2lf
9.300 €/month your video is not correct. 812 £ is in euros about 946 € and in Thai currency 36.535 ฿ and USD 1.031 $. Thank you for the great content here on RU-vid 😊👌
Hi Ryan, I'm hoping to start building next year in my wife's village, I'll try and not spend more than the million baht to build, but we will see, once I'm able to open a bank account next year, then I'll start saving for the visa, so I'll have my money for my visa, so I won't have to use a visa agent to do the dodgy brown paper bags shuffle. My move won't happen for the next 7 or so years, but my plan will be working maybe 3 to 6 months for a bit in Oz and wait until I have had enough of doing it, then live on my wife's farm fishing. But I'm hoping to keep a place in Australia, well at least until I finish paying off my mortgage or use the rent and then it will be extra retirement money. I think I'll try and be a self-insurer.
Was thinking about this topic for quite a while. Currently 48 at age but plan to retire somehow at around 55 as I believe I will not survive in IT until 65 - which is the retirement age for Switzerland. I was favoring the Elite Visa for an option with some safety included. Not sure how that will change in the future as I heard of plans that that will get more expensive. Being married to a Thai - married in Switzerland, I could get that registered as well in Thailand. In the long run I would probably go for a Thai Citizenship. Not an easy task but I am quite confident that I can do this after living there for some years. My most important thing, especially as a Swiss guy is having some king of safety and security when migrating to another Country. I don't like the Idea of leaving everything behind and have to worry about not being allowed to stay in Thailand anymore or do Visa runs. Either I invest in a future or not but that's just me haha. I really have to escape the Hamsterwheel somehow as it makes me sick. Cheers Mate!
nice chilled wander young un', something i noticed that is very different from here in the uk is: wife wants new tree, wife locates new tree, wife acquires new tree and carries said tree home, and no doubt she then plants said tree, i can assure you its still a very different culture here , lol 😁 ... have a great day fella!
