. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living . Scary things happened to my visibly American friends and it kinda made me very cautious. Bumrungrad International Hospital hosts a million medical tourists per year. Ill be retiring to Thailand next year (Jan 2016) as an expat couple, no kids. We have almost no mosquitoes year round. Chiang Mai is a little calmer and you dont have to deal with gridlocked traffic all the time. Yeah, the food bill is a bit out of whack. Thats what kept me coming back. It should be fun for a few years though especially if you have money to spend. Less than a minute. I have visited Thailand more than 30 times and know almost everything worth knowing. thaiembassy. I really want to visit Thailand and it sounds like its extremely affordable. If the exchange rate goes back to 37:1 our USD expenses will also drop to about $2200 a month. You will need to get a retirement visa, which is simple but still requires regular check-ins with immigration. Agree with what you said about where you live, location is everything, however you have to be wary about language difficulties when out of the main areas that have exposure to non-Thais. Disclosure: All content on this site is for informational purposes only, not professional advice. From what I understand, foreigners can buy condos, but not lands. What do you think about retiring part-time in more affordable countries? Most will take the view that the benefits outweigh the risks and, with a little extra caution, one can avoid something unfortunate happening. One other consideration is relative civil stability. Well, my dad eat mostly seafood. This leads us to todays question of what it is like to be a single man living in Thailand? Some people will accept an average condo and reduce their rent, while others will keep eating out expenses low to live in a more modern, spacious dwelling. Another example is that some Thai women see themselves as very old even if theyre only in their 30s or 40s, but in reality, they still look very youthful. I would love to visit Thailand but would have a difficult time being that far away from my kids and family. $3,000 per month seems to be top spending there for complete luxury. After all, my girlfriend and I lived in Phuket on only $1300 a month, about $700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool. Okay, thats my updated numbers for one person. Time to drop the disability coverage and review your other plans. If you haven't done these things by age 50, it could be too late to do them well. Local Thai markets are usually open-air establishments either in a static location or recurring at a set place and time weekly. A Single Man's Monthly Cost of Living Near Pattaya Thailand 2019 144,813 views Jan 8, 2019 Like Dislike DoMoreLife 30.2K subscribers #DoMoreLife #Pattaya #Thailand This video is a breakdown. Also, the other tax issue is US taxes. And then there's traveling back to home now again. Imported stuffs are expensive so I usually send cargo boxes of stuffs to the Philippines: like ten cargo boxes through a Philippine freighter like LBC which gives you a 24 by 20 by 20 box, unlimited weight for 55 bucks door to door. You should learn how to count at least to 10, direct a driver, order food and ask directions to the bathroom. on this page is accurate as of the posting date; however, some of our partner offers may have expired. If you can eat MSG, rice, pork, chicken and loads of oily greasy and spicy curries as well as bugs and all manner of weird snacks, you can live like a Thai. Test your dream retirement spot for a few months before committing to it. Bowen was last in the U.S. three years ago and says he uses Skype and Zoom to keep up with family. Itll be a lot worse later. There is no public health insurance for expatriates in Thailand. Sorry, you'll have to zoom in on the image to see the country names. If you live on a budget at home, adopt the same budget in your chosen home, Eat as you would, dance as you should, and sleep in like everyday is a Sunday. A new Yamaha Fino automatic scooter can be purchased for 44,000 baht ($1,400). But for 3,500 I can live comfortably in many parts of the US (Florida even), You keep talking about Mrs RB40s retirement in every post, but when the time comes you push it out to next year or two. Estimates for the cost of living in Thailand generally say it's between 35% and 75% cheaper than living in the U.S. Today we get our dental work done in Mexico, across from Yuma. Great information. Bowen spends $20 a month for high-speed internet plus $15 a month for an unlimited cellphone plan. Basically it comes down to a couple main factors: 1. FYI For $1000 you can get a nice pool villa out here! The process for getting a retirement visa is relatively simple, but it can also become quite long depending on how, exactly, you want to spend your retirement (more on that in the next section). You will need to get private insurance. Renting before you consider a property purchase is a good idea. It is a bit hot here, but Id take 90 degrees heat over snow any day. Local office worker - $650/month (low income) $150 Rent - He can rent an apartment about 10 minutes from the city center for about $150/month. You could top up your contributions now and you're allowed to backpay for 6 years. This application is similar to the initial application with some additional requirements. The native English speakers tend to be Australian or English, not American. Healthcare is much cheaper in Thailand than in the US. $1200 on food cost for a couple; not counting drinks/beverages) is quite high. 2016 update: I went to Chiangmai to check out a retirement resort and get an update on the cost of retiring there. Its a long way off though so there might be a lot of changes by then. If only we could go back in time! Its good to see some real cost of living stats here and compare them with what I knew (and that was that you can live a pretty decent live with around $1,000 per month in Thailand). Ken! Inflation is also quite high in Thailand. The following countries all work out cheaper than Thailand for retirees: Singapore is very expensive at $946,993, as is Hong Kong at $871,578. Chiang Mai sounds like a city to investigate. Isnt that why you moved? Canada is also a good option for health care. Did I miss anything? I think South America and SE Asia will still be great places to retire to. JavaScript is disabled. Retirement Options for Foreigners in Thailand, http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. You could potentially live a lot cheaper, as low as $1,000 a month, but you would probably have a difficult time. While Thailand is a very affordable place to eat, drinking can be expensive. I did not have any problems eating at local food stalls. Health insurance is still a big question here. Thanks for this article! Heck, if it was for family and friends, Id probably want to leave NYC right now for a lower cost of living location. Costa Rica is a safe and stable country with a low crime rate, especially in the rural areas. 8% P.A. Good luck with the resort. Please let me know why i m thinking is correct? The climate is tropical. What am I still doing in the US!? That has changed. In my mind the best option though is to just stick with a condo and be spared the legal hassles. Asia is more expensive than Europe and the US for most modern day items these days. When a US person becomes a resident of another country, what are the tax implications? Take your reading anywhere with offline reading functions, Never miss a story with breaking news alerts. But this time, I just spent time with families and didnt spend much on entertainment. This will allow you to live comfortably without breaking the bank. question with a Yes. Im sure we would have a tough time at first too. Renting a place (no property taxes other than whats included in rent) and not owning any cars (no payment, gas, insurance or maintenance costs) would save a lot. Learn how your comment data is processed. Well done Peter, keep up the good work! Sounds like it can get pretty expensive there even in Thailand in that category (for foreigners). I like Holly would have to visit places first to see how well we like it. There are some lower cost Japanese (Yipun) food in what amounts to a fast food version of a traditional restaurant usually found in some of the malls. For example, you will need to provide proof of address, copies of a bank statement and pictures of every page of your passport. thailand live . . All the lessons cost some money. Foreigners can own property in Thailand with restrictions. Golf $30-$60 depending on the golf course. Never get into a tuk-tuk or songthaew without agreeing on the price in advance. Ive not tried bugs and dont think I ever will. Fixed. You have to provide a letter from the bank showing proof of deposits. Thai people can go to the public hospital, but the wait is very long. Therefore, we will be exploring these two categories from a single mans point of view. Hepatitis is a concern. Itll be a while though. My dad, on the other hand He enjoys going to nicer places and doesnt like eating at food stalls. Lastly, you will need to meet certain financial requirements. Im envious that you can easily choose to live there. This will give you an idea. The research was based on the following lifestyle for 1 person: The cost was calculated over 14 years: retiring at 64 and with a life expectancy of 78.7 years. You can claim the tax paid on bank interest in Thailand by going to the tax office and filling in a tax return. I will admit that I am neither frugal, or spend thrifty, regardless of whose dime I am on, I always opt for what I like and make no reservations or excuses about certain indulgences. My dad is usually very cheap on most things, but he likes to splurge on good food and wine. A health savings account is a beneficial tool for retirement planning. Thanks for dropping by. For Thai families, the household motorbike is an indispensable necessity, and many foreign retirees and expats come to feel the same way. You can do it here but please don't feel obliged :). Its the same in Malaysia. Heres what you need to know about moving to Puerto Rico for retirement. I think the aforementioned downsides are more of a concern to those with children, perhaps a family considering relocating in their late 30s, 40s or 50s. This content was commissioned by Nikkei's Global Business Bureau. Thailand does seem very affordable and buying places and renting them out to others would be a nice income stream. Right okay. There are a few ways to satisfy these requirements: Note that if you go with the first option in the list above, you need to have the money in the Thai account for at least two months prior to your visa application. This is awesome! Since US citizens are taxed on global income you're going to have to answer that little "Do you have accounts or financial interests overseas that total more than $10,000?" I have been to Thailand many times, and I plan on retiring there very soon in the next few years (I will be in my 50s by then). $3,400 per month is approximately the pay out for 100% VA disability. Originally I am indian and now me and my husband getting bored at usa . and have not been previously reviewed, approved or endorsed by any other This amount covers most areas, but if you are situated in Phuket or Bangkok, a single man would need at least $1200 or more. A bit cooler than Portland, but quite similar climate overall. Copyright 2022 Filipino Wealth FilipinoWealth.com. They can always come visit us if they miss us. Healthcare is the big X factor. This is always nice to know as a single man living in Thailand. Ill have to try living in BKK first though. Bowen spends $1,800 a year for what he describes as a bare-bones policy that will cover about $15,000 in expenses, or what he says is enough to cover a major health problem at a public hospital. This is not an offer to buy or sell any security or interest. The only thing that *might* be taxable would be income from your investments in Thailand if you ever moved a large sum of money during a time when the exchange rate is more favorable. One unique kind of street food is fruit. You'd pay tax on all of that on your US tax return, not in Thailand. Dont worry about it. And consumer prices in the Big Apple are almost 91% higher when you exclude rent. Hed been to Thailand before and knew he wanted to live by the beach, not in a big city like Bangkok. Visa Options in Thailand You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. In the beginning stages of dating in Thailand, you will often encounter many red or green flags from the investigation. Ive also thought a lot about moving overseas for the lower cost of living as a way to afford early retirement and cover the gap prior to being able to tap into SS and medicare. Here are a few of the common costs: Retiring in Phuket: Bottom Line Once here, living at the beach, I got to know people fairly quickly, said Bowen, who wrote a book about retiring in Thailand early in his Phuket life and now posts videos. You spend $4000 a month in Thailand and you dont think thats extravagant? I would love to retire in Italy for a few years too. You didnt include the cost of utilities, internet, phone, etc for Japanese retirees; are the utilities usually included within house rent? I got food poisoning from eating at one of the stalls. Also having as a possibility to retire in Europe in 10+ years. Until recently, foreigners with longer non-immigrant visas werent required to have health insurance. Now that IBM is changing to exchange medical options for retirees. That is generally a sign of good food and it wont make you sick. The prices look great. Northern Thailand is pretty far from the beaches. But if you need to spend less, you can. She shoveled snow all day yesterday. Is it so? Bowen also notes that while Phuket is great for single men, it may be less appealing for others. My dad guesses they spent around $25,000 to deal with the stroke and the aftermath. Glad you are finding it useful. A visit to the dentist that includes a cleaning and cavity filling is less than $30. There are expats who dine in silly-priced restaurants, buy a German car at twice the price you'd get one for in Europe, rent a condo on Wireless Road for 80k+ a month, and fly first class. The government requires that you have income of 65,000 baht deposited in a Thai bank every month; thats less than $2,200 at early 2021 exchange rates). Hmm interesting stuff as I am considering my position in life too. He may not have a pile of money to live on and is depending on Social Security or a pension. Upon signing you'll typically hand over the first and last month's rent, plus a security deposit of one month. If youd like to see more of my travel and quarantine experience, follow me on these channels. And although my girlfriend cooked most nights (Thai food) its just as cheap to eat out in Thailand. In the past we have had excellent medical care in Australia, New Zealand, Jordan, Turkey, and Mexico for a fraction of the USA costs before Medicare kicked in. Most markets offer a wide variety of fruits, vegetables, herbs, spices and other cooking products. He owns a car a 10-year-old Mazda 2 with only 15,000 miles but says he uses a motor scooter around town. Now you can get a retirement visa thats valid for a year. Ill check with my dad. First, you have to obtain a non-immigrant visa by providing the Thai consulate with your passport and proof that you have enough funds. I wonder why Thai products are cheaper in the UK. Also, I dont have to deal with any visa problems. Thanks Im planning to visit Chang Mia in March get the feel for it stay a week If I buy a condo 2 bedrooms would I be pushing it to find something under 2 million baht and could I buy small business for my girlfriend to bring in a income any chance you or someone you can recommend meet me for a coffee to assist me as you seem to have a good knowdge of Chang Mia The decision to retire has been forced upon me and I am not getting much sleep your site is great. Either way, the amount required is still the same. Theyve been married for eight years. Is this because you are feeling guilty that you decided to stop working and she is still working. Yeah, its not that cheap to live a comfortable lifestyle. of those are not designed for the same living/cooking/entertainment/working standard most retirees would be accustomed to. My dad said Thai products are cheaper in Thailand, but they export the best quality products. There are lots of reasons why you may want to retire in Thailand. Thailand has very high road traffic accident levels and, depending on where you're living, pollution can also pose a hazard to your health. Retiring in Thailand is a great option for many foreigners. Please review our Before considering a move overseas, ask yourself if you will find the reality of life in Asia thrilling and invigorating or intimidating and stressful. According to March 2022 Numbeo, a site that collects cost of living data from around the world, the average cost of living in Thailand is roughly 40% lower than the average cost of living in the U.S. The retirement visa also does not allow you to leave and re-enter the country. Smog is a huge problem. No problem. I would be so fat if I retired in Thailand! Find out with a quick quote here from Cigna. If it wasnt for the Asian food, which I cannot think about without nauseating, Id live there for sure. You will also have to pay for visas and bent officials if you want anything done. Cheers. Subscribe to our daily newsletter to get investing advice, rankings and stock market news. His advice? It is not the most similar to U.S. culture. Skype would help a lot there too. I am bookmarking this and will surely use it many times in the future, Its interesting comparing the cost to living in Phuket http://lovinglifeinasia.com/my-cost-of-living-in-phuket/. Stray dogs are everywhere. My hubby is 58 and i m 54 and we want plan to get out from here. Heres how you can get foreign citizenship and a second passport in as little as two years, Can my investments survive a crisis if I retire early? Joe, youd like the west coast and Vancouver Island. Healthcare is important to factor into your budget. The data shows that inflation is around 3-4% each year, but my dad said it feels like more. Theyre incredibly helpful. You could create a retirement overseas plan that allows you to enjoy the best months of the year in Thailand. 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