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

[southsidebruce]

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.

For Americans living overseas... FBAR reporting requirements for amounts in overseas accounts/investments that exceeded $10,000 at any time during the year... big penalties for failure to report, and/or incorrect reporting... 

 

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Report-of-Foreign-Bank-and-Financial-Accounts-FBAR

[Kandinski]

As scubascuba3 said, why preserve your principal?

I'd factor running that down into the calculations.

Just spending a million alone over 30 yrs with NO interest can be about 2800/mth

No one I want to leave a fortune to.

 

Some factors to preserve at least some capital are you can't predict the future e.g. how long you gone live (unless members of the balcone divers) medical cost, care etc

[vjcisco1]

What does it matter if u put 25000 USD in a Thai bank? Especially if u already paid taxes on it. I don't know if we get taxed on interest earned from an oversees account, but if so, fuck it, who cares? It is the price u pay.

[CyberPro]

Billy Baht, on 15 Feb 2015 - 12:53 PM, said:

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 

 

CyberPro, on 15 Feb 2015 - 9:59 PM, said:

Agreed. Thanks for the insight. 

 

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

 

JDM

• Like This

Looking for a quality, serviced, fully equipped apartment direct from the owner.

 

Take a look at my website:

 

http://www.condopattaya-rent.com

===================================================================================

If moving to Central America leads one to an unsafe environment (as was reported by a subsequent post), I'll agree. At least one "Retire Abroad" newsletter I receive paints retirement in Central America as extremely attractive on most considerations. Of course presenting a destination in the best light sells more subscriptions. 

 

Plan B in LOS: An internet marketer I used to follow moved to LOS, gained some success online, upscaled her life by renting a nice house. After repeated burglaries, unfounded claims by the home owner that belongings stored there had been damaged, action by the homeowner's lawyer that would be illegal in any 1st world country, the single mother decided it was safest to leave LOS. Moral: Always have a Plan B. 

 

Nice website but any free email address is rookie (hotmail in this case). Consider something like [email protected]. Send me a PM if you'd like me to set this up for you. ;) 

[angelic]

I wouldn't recommend an automatic transfer to Thailand. keep an emergency fund there and do a manual transfer of funds every month or quarter.

[Garzan]

I wouldn't recommend an automatic transfer to Thailand. keep an emergency fund there and do a manual transfer of funds every month or quarter.

 

Why?  I'm curious what your reasoning is for not doing an automatic transfer.

 

That said, I switched over from doing multiple manual transfers (20,000 baht bank limitation) to a single automatic monthly transfer and am both saving money and time. What am I missing?

[Garzan]

What does it matter if u put 25000 USD in a Thai bank? Especially if u already paid taxes on it. I don't know if we get taxed on interest earned from an oversees account, but if so, fuck it, who cares? It is the price u pay.

 

The US IRS cares. I do my best to avoid any additional reporting requirements. YMMV.

[Harvey707]

What you reckon guys?

 

Personally £200,000

[taylor1975]

Personally £200,000

Thats prolly the lower end of the scale for age 50. What are you thinking? .....10k pa for 20 yrs?

[Harry Brown]

Personally £200,000

 

 

Thats prolly the lower end of the scale for age 50. What are you thinking? .....10k pa for 20 yrs?

 

 

520 pounds  or 25,000 bht per month till 82

[Harvey707]

520 pounds  or 25,000 bht per month till 82

 

Nobody sits on 200k and does nothing with it !!     

[Slushpuppie36]

If it costs so much how come English Teachers only make 30000baht a month and live just fine?

[taylor1975]

Nobody sits on 200k and does nothing with it !!     

 

by nothing with it ....you mean just pop it in the bank? if so, there are plenty of folk who do that.

[Harry Brown]

Nobody sits on 200k and does nothing with it !!     

 

 

You would be surprised at what some people do then.

 

by nothing with it ....you mean just pop it in the bank? if so, there are plenty of folk who do that.

 

 

Exactly this.

[Daveo]

Depends

[Just Browsing]

Why? I'm curious what your reasoning is for not doing an automatic transfer.

 

That said, I switched over from doing multiple manual transfers (20,000 baht bank limitation) to a single automatic monthly transfer and am both saving money and time. What am I missing?

2 reasons... 1) cut down on transfer fees & 2) you can wait for/act on more favorable exchange rates.

 

Assumes you can transfer a large enough amount when the rates are in your favor to tide you over whilst they're not (might even get more interest on this lump sump in Thailand than your home county).

[Long Hair]

If it costs so much how come English Teachers only make 30000baht a month and live just fine?

 

Simple: They have a job. Less spare time means less money spent on entertainment.

[Lwn320]

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.

 

Sent from my iPhone using Tapatalk

[Lwn320]

I agree about the 800,000 baht in a bank account for a visa. 1% interest rate at best. Would love some advice on how to overcome this.

 

 

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[Losforme]

I wouldn't recommend an automatic transfer to Thailand. keep an emergency fund there and do a manual transfer of funds every month or quarter.

I would never do an automatic,  why would you not bring lumps over  when you think the rate is good rather than paying fees each month and buy at a known poor rate ?

[Losforme]

I agree about the 800,000 baht in a bank account for a visa. 1% interest rate at best. Would love some advice on how to overcome this.

 

 

Sent from my iPhone using Tapatalk

Up to 2.8% in Thai banks ties it up fr 10 months.. but and its a big but bring the lump over when rate is good.

[southsidebruce]

What does it matter if u put 25000 USD in a Thai bank? Especially if u already paid taxes on it. I don't know if we get taxed on interest earned from an oversees account, but if so, fuck it, who cares? It is the price u pay.

the IRS cares... you definitely are supposed to pay interest on overseas accounts and report when your total exceeds $10,000 USD at any time during the year... it is up to you if you decide not to do it... if the IRS catches up with you and you didn't file an FBAR and should have, there are steep penalties... they aren't really going after the small potatoes (probably like most American BMs) but for people trying to hide LARGE AMOUNTS of money in overseas accounts... but the problem is that it is the law and if you knowingly violate the law, and get caught - you will pay steep penalties... but again - it is UP TO YOU... 

[Harvey707]

the IRS cares... you definitely are supposed to pay interest on overseas accounts and report when your total exceeds $10,000 USD at any time during the year... it is up to you if you decide not to do it... if the IRS catches up with you and you didn't file an FBAR and should have, there are steep penalties... they aren't really going after the small potatoes (probably like most American BMs) but for people trying to hide LARGE AMOUNTS of money in overseas accounts... but the problem is that it is the law and if you knowingly violate the law, and get caught - you will pay steep penalties... but again - it is UP TO YOU... 

 

Very very true........!!

Getting back to what I said about 200k net Sterling perhaps I should have added that for me retirement will never happen until a stroke or heart attack gets me

 

I'm just not a sit around person for more than an hour at best.....

 

I would be working online as I do now but perhaps only couple hours a day which would still cover day to day costs

 

The 200k would be invested in high interest Securities Gilts Income Unit Trusts etc

[Harvey707]

What does it matter if u put 25000 USD in a Thai bank? Especially if u already paid taxes on it. I don't know if we get taxed on interest earned from an oversees account, but if so, fuck it, who cares? It is the price u pay.

 

Woah woah woah !!

Heading for a spectacular fall buddy..........!!  I liked you post to draw your atteniton to it

[DaytonaMonger]

I sometimes wonder what I'm saving for. I'm 36 almost 37 overweight and highly stressed. I'll probably drop dead before I'm 50. Sitting on about 60,000 between 401ks,profit sharing, my own personal savings, and my life insurance cash value. Time to start dropping those pounds I guess so I can enjoy hot young tang in thailand in retirement.