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!
no, but someone on RU-vid 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
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $287k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with Annette Marie Holt for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
@@williamDonaldson432 Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
I’m used to holding ETFs and bonds, but inflation is really eroding my portfolio. My concern is whether I would outlive my savings, its a little less than $400k at the moment. Every withdrawal seems to make it harder for my savings to recover through compounding. I feel like ETFs and bonds are limiting my returns more than managing risk
I’m nearing retirement myself, and I had similar concerns. I started investing later than most, and just relying on ETF compounding wasn’t cutting it for me either. After working with a financial advisor, I managed to restructure my investments and am now on track to retire with around $6 million. If I hadn’t sought advice, I doubt I’d be as confident in my plan right now
I usually steer clear of recommending specific people because financial needs are so personal. But I can say that working with Emily Ava Milligan has made a world of difference for me. I noticed her strategies are tailored to fit personal goals and make sense for different needs. It might be worth exploring to see if her approach resonates with you.
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.
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?
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 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.
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ChristopherAnthony-9 That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
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.
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.
@@ruzziasht349 ok professor, thank you for your input in my miss use of two words. FYI… it was a short and quick reply signifying my excitement on the fact that the person the message was in reference to has done an act I found amazing and simply wanted to capture a moment in time to express my happiness for what this person had done. So in reference to the emotions that exuded my inner being, I wanted to convey that in the simplest way possible with a touch of Modern familiarity in the United States inner city dialect. The words fun and comfort are perhaps not your strong suit.
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.
@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.
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.
@@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.
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.
My budget last month in the south of Thailand was $400. $70 for electricity to run the AC 20 hours a day, No rent, $12 for internet, 60 cents for my flip phone, $2 for water, $80 fuel for car. $10 for car insurance. That's $175 without food. I eat out a lot and buy some foods for relatives. If I didn't eat restaurant food, it would be easy for me to live on $300 a month. I live on a paved road in rural Mai Seab/ Koh Khan. 1 mile to 7-11 and the freeway. 5 miles to KFC or hospital. 20 miles to Phattalung. My house is paid for.
What I did was to travel to Thailand four times to see if I really liked it. Out of every where I went, I found that Chiang Mai was my favorite place to live. I've been there on the hottest months and the coolest months. Chiang Mai is where I decided to build a new house in a gated community. Actually, a walled community. I paid cash for everything, house, furniture, appliances, etc. When I retire next year, I'm only bringing one piece of luggage, and that's it. I'll buy a new truck and pay cash for it too. Then just save money every month because I don't have rent to pay, no taxi service to pay for, etc. I should be all SET. 😊
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
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!
The concept of mini-retirement changed my life. I'm no longer waiting for some retirement paradise when I'm 65. It helps to know how to fund the lifestyle. You know, making money while you sip that piña colada by the beach does help. I wouldn't have been able to do it otherwise.
Yeah, people miss that part. You don't jet out to Puerto Rico with your life savings. Proper investing and a good business acumen are big pluses. Invest in the stock market, real estate, build businesses. That's just it.
Safe to say not everybody has the skill to pursue investing. But it's always easy to follow the advice of someone who knows how to i.e a financial advisor. You could anywhere between 10--40k with the right ones. Online businesses are a good bet too if you are savvy.
@@mariaguerrero08Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
*Gertrude Margaret Quinto* is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
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.
@@AmericanPieInThailand 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.
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.
I don't know what 14 is in EU sizes but there's at least one seller on Lazada that sells size 50 footware. They were selling flip flops for 89 Baht + delivery, I was looking for some 46 for myself.
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
That's what I'm doing in the Philippines. After 10 months, I'm ready to move around. I'm going back to the US for a couple weeks then off to Thailand. I rented a condo here and renewed my visa every 60 days. I didn't want to invest right off the bat in case I didn't like it here.....I'm glad I didn't
Chris, What an amazing video. The most informative that I have seen in years. am in the UK now but will be visiting Bangkok again next month. I've been coming to Bangkok since 1979. I am recently very sadly widowed and am looking to a future as an old retiree. You gave me some good ideas. Thank you, Chris.
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.
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).
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!
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.
@@bambinaforever1402 I remember when I earlier in Stockholm traveled to work by bus every day and I saw some people riding bicycles. I felt pity for them struggling like that. Later I started to ride bicycle myself and I looked at those people in the bus and felt pity for them, being locked in like that instead of feeling the freedom on a bicycle. I think it's the same in this situation.
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.
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 👍🏻
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 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.
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?
I "retired" at 45, lived here since 2006. I had a rental portfolio in the UK generating £3k per month after all deductions. Plus at the time around £250k in Stock Markets. 18 years on. I am a father of 2 teenage kids and have a house here all paid off, as too my car and motor bikes too. My current income is 135k Bt per month with a few more years til my UK State pension about an extra 50k. More than enough to live s very good life here
@@allanwatts8361 OK, so no wife. I have spilt up a long while but I have our 2 teenage children who live with me permenant. As for leisure activities, I swim daily in our complex 25m pool workout 3 times a week in the communal gym. Walk daily 5-6kms with my American Bully dog. My son 13yo, plays football for an academy and does Muay Thai 2-3x a week. We have two holidays a year mostly in and around Thailand,, but every 2nd or 3rd year we go overseas. I drink wine at home 4 bottles a week. Wine is expensive here. I eat 50/50 split western food and cook a lot at home. We enjoy all our Western treats no expense spared there. I drive a 5 year old Mazda Cx5, we have 2 motorbikes all paid for no finance. I use private hospitals when needed very very good quality and excellent value. As I m 60, so every 2-3 years I have a full medical check over, its 8000Bt. After 18 years here never been sick or injuries. No medical insurance, I have money enough to "self Insure" saving 50-70,000Bt per year I am well over 1.5mil Bt in front. I find 135,000Bt is more than adequate.......just as a comparison thats nearly same annual salary as the Prime Minister, and about DOUBLE an Police Generals pay. I am in the top quartile of income earners.
@@carlyndolphin If I use one example, from 2017 to present the rent has increased from £550 to £925 approx 68% increase in 6-7 years. Yes more than kept up and beats inflation.
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.
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 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.
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 am semi-retired here. Moved here w 100K in cash, 1 suitcase, a laptop, iPhone pro max 14 and a few items for vlogging. (Stand, gimbal). I’ve never felt so happy and healthy.
@@pierrefitch arrive, you get 30 days. You can extend for 30 using any immigration service. Then they will find more ways to keep you there. There’s always a way!
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 👍🍀
I am an airline pilot for a major airline in usa. I do 6 months in Thailand 6 in usa. Don't bring anything but a few suitcases... i recommended leave your heart at the airport. Women in bkk and Pattaya already have a boyfriend or husband. They only want your money and have no interest in you. Living expense.... 40,000 thai baht I would say is the absolute minimum. In my opinion to live comfortable you need 65,000 thai baht, but everyone has a different opinion of comfort and of course depends on where in thailand you live. I live 2 stops away from center of Bkk
Thank you for your very informative stream. In my humble opinion, for anyone contemplating about retiring in Thailand, take this gentleman’s budget and double it and you will be fine.
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.
@@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
Just visited Thailand on a shoestring budget ate pad thai for every meal! Turns out, it's possible to live on less if you love street food as much as I do!
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!
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!
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.
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.
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.
I moved to Thailand in 2010 and never left. Ive turned 38 today. I must say the first 3 years are the best had so much fun... Then moved from Phuket to Bangkok to make a live dated hundreds of girls online and found my wife married for nearly a decade now and I must say live is still good but once u become a real expat and run ur businesses the feeling goes down a bit yet i wouldn't want to live in any other country
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 🫡
Chris, you are a Godsend as far as navigating your way through the extensive list of requirements for retirement in Thailand. One thing I can say, is you definitely do NOT want to find yourself without sufficient funds in this fantastic country - I found it to be way worse than being broke in Australia. You really are providing a valuable service for people like myself who are in the process of planning retirement in Thailand. Thank You, Chris.
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
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.
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 !!!
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!
Hi Chris. Just bought 6 boxes from Australia. Cost $2000 AUD to send. It got stuck in customs. Had lots of communications between ourselves and customs Final cost import fee 23000 THB.. At the end I can say that it was just worth it, but a real headache. We learn from our experiences. Good work with your channel
Thanks for the great video's.. I'm 47 and done with my work..... But in 6 months time I'm on my way to Thailand. 🇹🇭 Excited to be moving and enjoy the beauty Thailand has to offer. The great food and weather. Friendly people and always something to explore and see. 🇹🇭✌🏻🏝⛰️🌇
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!
Before you sell up and move permanently, try a long holiday in Thailand say 6 months, then go home and then decide, weather is great but the people are 2faced is that what I want
Exactly. We have been visiting Thailand in winter for a month - it is great place. I would not be able to live there permanently. It is too much difference in everything, one month is as long as i can tolerate
55 is my target age for retirement and I got 9 years left. It sucked all those weeks, feeling like you hardly get paid, contributing to the 401-k, stock purchase plan, cash savings, etc. After only 3 years of really putting effort into saving and investing, I can finally see myself retiring to Thailand (or not, we'll see 😊). Especially if we get too many more administrations like the present debacle. Be disciplined and SAVE!!!!
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.
Hey Chris- best video you’ve made thus far. I love your new down to business style. Unlike so many RU-vidrs you give realistic numbers and expectations. Great info- keep up the great work.
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.
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
Let me add, you will get approximately 30% less if you take your SSI early. Chrck the actual percentage but if you can take that hit and be ok thats the way to go.
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.
Here's the thing. When you get to age 55+, you realize the money you have is pretty much what you're going to have, unless you're expecting a big inheritance. I have less than $50K cash saved (no property or 401K) but I get $2500/mo. in Social Security and pension. It isn't ever going to be much more so it will have to be enough. Luckily, I've lived in Asia before and know I can have a nice life on $1500/mo. so that gives me some "wiggle room" to keep saving or investing. I'm 63 now, and it is what it is.
You might suggest to your audience that they consider visiting Thailand on a exploratory vacation. The biggest difference I have experienced is the changes in lifestyle. It's necessary to have an open mind with no preconceived ideas and just go along with the fact that this is a new country and a different culture. Enjoy..
I’m going to retire to Thailand as two week millionaire. I can’t even spend my salary now so I’m not worried about it and I have been saving for this my whole life lol.
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 !!!
I retired at 68. Looking back, I pushed myself too hard too long in a job loved but hated. Was suffering physical pain because of age and stress. I realised later I didn't need to work those extra years for the extra money I thought I needed. I have travelled a lot, lived in Bangkok for many years on and off. But bangkok is becoming more expensive, depending of omcourse where in Bangkok you are. I am considering moving somewhere else in Thailand, somewhere a little quieter and cheaper, cheaper because I think the cost of living is not so much worth it now for living here. And, having become more familiar with Thai culture and life here, smaller places will be more acceptable for me. And I have a good scooter to go where and when I want. Travel light
Awesome video. It's not that you nailed everyone's retirement budget perfectly. That's impossible. Everyone's lifestyle and spending habits are different. But what I took away from this is simple. It's time. Don't wait too long to pull the trigger. Like you said. We only have so many rotations around the sun. Ain't that the truth, brother?
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.
Ok to use capital, no one lives for ever and you can't take it with you. CDs are tempting but better to have a good amount in equities. Yes, even in retirement. They help to maintain purchasing power.
If you are from the UK I think the biggest daily cost that people underestimate is food. Western food is not cheap here. Its not as bad if you are from the US where its more expensive. But if you are from the UK like me its a massive shock to be paying 3-4 times the usual price for quite a lot of produce. And its not just stuff like wine, its things like fruit, cheese, yoghurt, pasta, etc. Where you save on some things in Thailand you spend more on others. The discount chains like Aldi really are incredibly cheap in the UK and gives access to high quality cheap fresh foods. The other element of western food thats not cheap is takeaway food. Burgers, pizzas etc. Slightly cheaper than the UK, but not by much. Its not something I eat a lot but if you fancy a pizza delivered to the condo then its not far off the same as UK prices about £10 per pizza. Grab makes it soooo easy to get stuff delivered too you can quickly spend £££! You got to pay to play I guess, but what I am trying to say is yes you can live off sub 300bhat (about £7) a day if you eat only thai food but trust me it gets boring fast so if you want to mix it up with a nice steak and bottle of wine a couple of nights a week you need a serious budget for that.
Good points imo. It is not just food but anything that needs to be imported. I have noticed though that since Covid food in the supermarkets in the UK has got way more expensive. It is not the absolute bargain it was a few years ago.
@@anniesshenanigans3815 If you are American its not so bad, because your prices are already pretty high domestically. My weekly shopping in the UK is about $120-140 for 2 people. Lots of fresh fruit, veg, meat, chicken, steak. The exact same shop in CA would cost me around $250-300. In BKK it would probably cost me $200-250. So most Americans think Thailand is cheap, but thats because they are coming from a country where as a generalisation, its quite expensive. I travel a lot (Pretty much full time at this point) and inflation really has effected the vast majority of the world especially in the more developed countries that used to be cheap. 15 years ago prices here in Thailand were about 1/2 of what they are now. AND we were getting 80thb/£. Now its closer to 40. Nothing ever gets any cheaper I guess.
Very interesting insight. Aldi and Lidl haven't really taken off her on the west coast of the US at least yet. I'm not sure about the east coast. Having really only visited big cities in the UK like London and Edinburgh I would say groceries cost the same if not more depending on what you are shopping for. And, dining out costs about the same or more as California or Washington for instance. Food costs have risen so much here in the past 24 months. I'll bet a £10 delivered pizza in the UK is more now!
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.
@@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 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!
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've just had a conversation with my sister (she's 70) about my slow travel plan. Most of this was reiterating to her the things you mentioned. It's kinda scary but I'm giving it up here in the UK and I'm booked already (flight and condo) starting my move end of March. I've been planning this for a few years. I've done the boots on the ground over the last decade. Getting rid of the boxes full of crap I've got is gonna be a pain in the ass but looking at the big picture is a must otherwise I'll regret it when I'm not able enough and I know when I'm sitting by the pool sipping my Chang that I did the right thing.
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
Trust me, Chris. The scenario you painted about going to my boss and calling it quits is coming soon. And you, sir, I give some credit to for helping me realize I want the Thai life over what I have now. THANK YOU!
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
Good content 🙏🏽 I live in Bangkok / Pattaya and go back to America 3 months out the year to check on my air b n b properties and see family … helps me avoid having to border hop … I did however do the education visa but be careful with which school you pick because even if it’s online classes some or most require you to not leave Thailand without permission …also personally I would NEVER put any large amount of money in Thai bank ! It makes NO financial sense unless you come from a third world country or don’t like your money earning money
Your best shit show period. I've been purging in small amounts on a monthly basis. Its going to take me at least another 6 months to purge before I can retire. That's the hardest part I think. Thailand is really far away from Texas and taking my things is going to be unrealistic. Love your show Chris. Thanks for what you do, which you are the best at it.
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?
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?
Agree, inflation not considered, but more importantly movements in foreign exchange rates could cause the whole budget to increase or decrease dramatically. Big risk for those living on a tight budget.
Interesting and eye opening. I an 74; live in the US on about $1800 a month. I own my home but taxes, insurance, maintenance, utilities, etc run 900 or so a month. I get enough social security to have money left over every month. I have Medicare and VA and my health costs including insurance, dental etc run about $3300 a year. I could rent my place out for maybe $2000 so my monthly income would be plenty but it seems to me I really am doing about as well in the US as I could in Thailand...
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
Chris. I’d just like to thank you for your really informative vlogs. They have really focused my mind on the financial realities of retirement in Thailand. Thanks again and continue to live your best life. 🍻
Honestly, I think this guy is right on the mark don’t ever under budget. This is a serious decision I myself I’m 64 years old and I have plenty of money coming in from rentals and Social Security so I know I have no problem living here I listen to this whole video, and I think he’s spot on.
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.
