How much would you need to retire at 50 to Pattaya?

[Garzan]

My pleasure buddy.

 

My spending is on the low end. Most guys would need about $2,000 USD/month minimum, which would be around 65,000THB.

 

What ever a guy's lifestyle requirements are, keep a reserve, so that if exchange rates go against you, or unforeseen expenses arise, you can maintain your living standard.

 

If I felt I needed a minimum of $2,000 a month, I would actually increase that by one third to $3,000.

 

3k x 12 = 36k/year

 

36k x 25 = $900,000 USD portfolio.

 

Just my 2 satang...

 

PS- Its fun to ride in LOS

 

2014-06-05 13.38.54.jpg

 

It sure is. 

[MayBeLater]

Does that include Condo rent ?

Actually it does. Very cheap place I have rented since my days as a student, since 12 years with a housemate that just finished his PhD. Two floors, one for me and one for him. About 30m2 personal space per floor, shared kitchen etc.. Very ok if you leave eachother alone as we do, weeks can pass without much talking.

I like to live like this, can only be in one room at the time so a big spacious house never was of importance for me, and it enables me to save a percentage of my income I never imagined would be possible. When I hear collegues and friends complaining about not having enough money I can only grin about their stupidity when they show their latest cellphone and trinkets like expensive cars, motorbikes and their new kitchen or bathroom costing 20.000 Euro. For most people life seems to revolve around face, status and instant gratification, be it East or West. If you manage to leave these cultural concepts and mindsets behind you...

 

Said that I think 28000 would be enough for me to live in Thailand I would never take the risk actually attempting. Too many variables. I will live in SE Asia when I can spend 60k baht a month till I am 70 which will most likely be after having a working life of 20 long years, which I started rather late.

[eanto]

There's a youngish Thai guy who sleeps outside the 7/11 next to Soi Lengkee. I wonder how much he spends per month.

[southsidebruce]

there is a group of farangs that sit on a set of steps along the Beach Road promenade, (I think) in between Central and Mike's Mall (forget where exactly it is/where I see them)... normally with beers in hand, when I pass on by... not sure if the same crowd is there every time or not... seems to be regulars... might be homeless... not sure... if they are regulars, and if they are homeless, it would be interesting to know how much their monthly spend rate is, and what their story is - if they came over with a lump sum and blew through it, etc... if some of my fellow BMs are members of this crowd and you aren't homeless, sorry for the stereotyping... just appears that way from a glance, never spoke with any of them... normally I am walking quickly on by... 

[Billy Baht]

__--_-

If it's not too personal, what made you leave after 10 years?

My CBR250 was stolen, had the thieves on a CCTV video- and the cops laughed when I reported it.

 

Thailand is great, until you have a problem.

 

In hind sight, it gave me the kick in the pants to see more of the world. Now I'm in Central America.

 

Thailand: I don't regret living there and I also don't regret leaving.

 

Always have a plan B

 

Good luck guys.

[CyberPro]

Thailand is great, until you have a problem.

 

In hind sight, it gave me the kick in the pants to see more of the world. Now I'm in Central America.

 

Thailand: I don't regret living there and I also don't regret leaving.

 

Always have a plan B

 

Agreed. Thanks for the insight. 

[gopherbroke]

Asking how much you need is tough to answer. As one expat put it to me, "Whatever you bring, you probably will spend." That's about the size of it. Learn to budget your money and don't go wild. A Brit friend inherited a bundle when his mother died and the heirs sold the house. He was spending it right and left ... until he suddenly realized that 2/3rds of it was gone. Then he came to his senses and went to work in the Middle East to make up what he'd thrown away. If he'd had better sense, he'd never have had to set foot in the Big Sandbox.

 

I can do all right on 30,000 baht or less a month, but I've lived here for decades and got over my fascination with the nightlife long ago. Now I seldom go to a bar unless it's to meet with friends. And realize that while at 50 you can get a retirement visa, you will have to keep 800,000 baht tied up in a Thai bank account, or be able to show a monthly income of 65,000 baht. 800,000 baht is a lot of money to bank at an interest rate of probably less than 1%. The interest doesn't even cover the inflation rate.

[mscott]

 

And realize that while at 50 you can get a retirement visa, you will have to keep 800,000 baht tied up in a Thai bank account, or be able to show a monthly income of 65,000 baht. 800,000 baht is a lot of money to bank at an interest rate of probably less than 1%. The interest doesn't even cover the inflation rate.

That's why expat retirees in the know don't keep the 800K in a Thai bank. It's transferred in an out by a third party within minutes of the visa renewal. Most don't even have to go to immigration themselves.

[Bob33065]

I'm 53 working on $4,000 - $5,000 USC per month retirement hopefully in the next year I will be there. Once I get to it I'm planning on leaving the USA.

 

I already have a home in the Issann area. Want to purchase a condo next in Pattaya for vacation time. I'm hoping I will have enough.

 

A good friend of mine that retired in Pattaya 12 year's ago said you have to come up with your own number that you need to retire with.

 

So it's up to you!!!

[gerry53]

Billy Baht I hope you find what you are after in Central America.  I did the opposite and vacationed many years in Central America but got fed up with the brutal violence, thefts, having to plan routes to minimize risk etc, etc.  Having one motorbike stolen in Thailand without violence is nothing compared to what you may run into in Central America.  The statistics don't lie.

In Thailand I can wander home in the wee hours with little to worry about, in many Central American countries it is just out right foolish.

[fundudewithatude]

  How blue is the sky? How deep is the ocean?

[Billy Baht]

That's why expat retirees in the know don't keep the 800K in a Thai bank. It's transferred in an out by a third party within minutes of the visa renewal. Most don't even have to go to immigration themselves.

I have been at immigration and seen expats denied a retirement visa because the funds in a Thai bank had not been on deposit for at least 90 days prior to the visa renewal. If you don't go to Immigration, then you are paying a fixer.

 

Just go to your embassy and get a verification of income letter- no bank account required

[Billy Baht]

Billy Baht I hope you find what you are after in Central America.  I did the opposite and vacationed many years in Central America but got fed up with the brutal violence, thefts, having to plan routes to minimize risk etc, etc.  Having one motorbike stolen in Thailand without violence is nothing compared to what you may run into in Central America.  The statistics don't lie.

I Thailand I can wander home in the wee hours with little to worry about, in many Central American countries it is just out right foolish.

Good to hear that you are content in Thailand.

 

Personally speaking, having my motorcycle stolen and the cops thinking it's funny is 'some thing' to me. (I had to go to the police station two times, the first time they refused to accept the report.)

 

After you have lived there for 10 years I will be interested to know if your opinion remains the same

[jocky king]

Good to hear that you are content in Thailand.Personally speaking, having my motorcycle stolen and the cops thinking it's funny is 'some thing' to me. (I had to go to the police station two times, the first time they refused to accept the report.)After you have lived there for 10 years I will be interested to know if your opinion remains the same

Agreed , the Thai police favours the Thais than the farangs , even the criminals Thais .Even my Thai lawyer said that too . A very corrupt country .

[Billy Baht]

^ As long as a guy never forgets the little caveat -The Thais don't really like us- Thailand can be a fun enjoyable place.

 

Just remember your plan B

 

I never intended to stay so long, time really does fly. I'll check out Central America, then head for South America.

 

Always a party some where...

[mscott]

I have been at immigration and seen expats denied a retirement visa because the funds in a Thai bank had not been on deposit for at least 90 days prior to the visa renewal. If you don't go to Immigration, then you are paying a fixer.

 

Just go to your embassy and get a verification of income letter- no bank account required

Of course they pay a "fixer" But for 9000 Baht, with no need for the actual funds or having to queue up in immigration it is money well spent surely?

[chris2004]

Asking how much you need is tough to answer. As one expat put it to me, "Whatever you bring, you probably will spend." That's about the size of it. Learn to budget your money and don't go wild. A Brit friend inherited a bundle when his mother died and the heirs sold the house. He was spending it right and left ... until he suddenly realized that 2/3rds of it was gone. Then he came to his senses and went to work in the Middle East to make up what he'd thrown away. If he'd had better sense, he'd never have had to set foot in the Big Sandbox.

 

I can do all right on 30,000 baht or less a month, but I've lived here for decades and got over my fascination with the nightlife long ago. Now I seldom go to a bar unless it's to meet with friends. And realize that while at 50 you can get a retirement visa, you will have to keep 800,000 baht tied up in a Thai bank account, or be able to show a monthly income of 65,000 baht. 800,000 baht is a lot of money to bank at an interest rate of probably less than 1%. The interest doesn't even cover the inflation rate.

 

I get 2.25% tax free from my 800k with Krungsri Bank. Maybe not a lot for Australians but it's 3 times what i get from a bank in the UK.

[gopherbroke]

That's a lot better than I do with Kasikorn Thai.

[Roadglide]

Just remember that here in the U.S. the IRS is starting to crack down on money in foreign banks.  It may only be 800k, but if your an American the IRS will want to know about it.

[Mywaay]

I'll be happy with 60,000 baht per month. 

[Garzan]

Just remember that here in the U.S. the IRS is starting to crack down on money in foreign banks. It may only be 800k, but if your an American the IRS will want to know about it.

Exactly why I always do the income letter from the US Embassy.

[JAI DEE MAK]

Agreed. Thanks for the insight. 

 

Nice to be nice however I don't think you need his advice ?.

 

JDM

[English]

I'd expect some sort of monthly income to be needed with any realistic lump sum stashed somewhere.

 

A property rented out back home etc.

[Bourne189]

 Everyone,

 

Thanks for all of the advice that has be posted and shared with others. Living here in the U.S. and plan on retiring at 62 - 63. Social Security will provide $1800.00 a month in addition have $40.000 in a company pension and $180,000 in a 401K Plan along with the bank account. Looked at staying at the Jasmine hotel for a couple of months, which will cost roughly 400.00 a month until I can get situated.

Having the company of a women I see this as only needing to know a few without paying a BF or needing to be with a 10 just to stroke the ego. Live a very simple life and do not need the latest and greatest.

 

If there is anyone that has any feedback sure would like to hear it. Will be getting a retirement visa and just enjoying life without any bills that are stressful or obligations costing a lot of money.

[vjcisco1]

Not many are considering Social Security. I am 55, I have 300,000 Usd. I can retire now, live off 1500 USD per month for 6 years and wait for my Social Security of about 1600 USD per month to kick in at 62. So after 62, with 1600USD per month and 200000 usd in my retirement account with safe mixed portfolio, I should be able to live a good frugal life in LOS.