Retiring in THAILAND - How Much Money Do You REALLY Need? 🇹🇭
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- Опубліковано 24 лис 2024
- Don't fail in Thailand because you didn't consider these 3 long term factors that most UA-camrs ignore. This week I will cover the very minimum you need to live in Thailand but more importantly, I will tell you how to plan for inflation, poor exchange rates and rising healthcare costs so you can spend many comfortable and happy years in Thailand!
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Small calculation error. 72,000 - 66,000 is 6,000 baht less for 2,000 USD
Good catch! I have no idea where I got 7k from. My first graphic had said 8k and I caught that one during editing.
฿6000 would make it $167 usd at ฿36 per dollar and $182 at ฿33 per dollar.
Thanks for the correction, I’m going to pin your comment now. 🙏🏼👍🏼
I’m in rural Thailand and have a house - missus etc and a comfortable life is 45000 a month
Im retired military, moved to Chiang Mai, best life decision, you have a great channel
Thank you very much 🙏🏼
Always glad to hear from people who are loving it out here!
@peteonretreat2023 I hope you speak with some veterans on your channel, I'm the guy running with the dog early in the am
@ there’s an amazing clinic for vets here in Pattaya. I’m working on a video all about it. It’s very impressive.
If people wait until they have enough, they might not last long enough to enjoy the golden years.
It’s that thinking that helped get me out here when it did. I might reevaluate things in a few years and see if I want to go back to the states and work for another year or two before I hit 60.
Of course, I wouldn’t recommend coming here if you don’t have enough for at least a certain amount of set years, whether that be 20, 30 or whatever.
So true from a health point of view. I you wait until you have the exact amount of money to retire with a good life, but in the meantime your health deteriorates, which prevents you from fullfilling your bucket list of dream things that you wanted to do in retirement = would you have a good retirement ?
@@mfj2648 it's a double edged sword. My friend's father told my friend when he passed away, travel now while your body can still handle it.
Good one Pete. I too retired here in Jomtien last year at age 48 from the States. My budget is similiar to yours overall, with some categories more and some less, but overall similiar. Exchange rate does make a difference. A little over 13% fluctuation just over the last year. It needs to be factored in for sure
Congrats on your retirement! I think that $2k area is a pretty nice budget for most. Some will by more beer and travel less, or spend more on woman and less on rent but it gives you some flexibility on what to spend on. The exchange rate was so steady since I’ve been here until recently that I mostly took it for granted. Luckily, I bought about ฿300k when it neared 38 a few months ago and now I’m scan paying as much as I can, hoping the rates climb again in the spring. Thanks for the comment, I really appreciate it. 🙏🏼
It really doesn't. I have made my living in this industry for over 25 years. I ran an Options desk for a major Hedge fund, I retired and have lived on mytrading for 20 years. The idea that a couple of Cents move in the value or the USDTHB or a couple of pence on the GBPTHB makes a difference on $2000- $3000 per month is ridiculous. 13% are you mad?. It started 2024 at 34 baht and change, it rose to 37 THB it dropped to 32 an historic support level and is now back at 34 THB. Considering the world is mad and trying to start WW3 and you have the biggest most important election in history only a few weeks away this is not bad.
Just make some entertaining videos and knock the misery on the head.
@@index1001 Yup, a few baht difference on the exchange can impact your spending by 10% or more. The future exchange rate is unpredictable, especially with things like world war 3 on the horizon or the results of the US’s insane political zoo.
It is these 3 factors (rising premiums, inflation and exchange rates) combined that make the difference. Sure, it’s not a big deal on a global level but it’s a big deal on a personal life level. I know people that had to cut their spending the last 2 months because of the drop in exchange rates.
Anyone coming here on a tight budget is better off understanding that. Inflation might increase my cost of living by 50% alone within 20 years and that is not considering that my healthcare costs will likely double too. Nothing miserable about any of this. Just important information that I didn’t grasp before coming here and that I’d like other people to understand before making the move, especially as several people tell me every month that I’m one of the main reasons they have decided to move here. Congrats on your retirement though.
@@index1001He’s not mad. The numbers in your own response/rant show fluctuations in the range if 10 to 15+%.
I spent 6 weeks in Jomtien this year..Expats live well with 1700$ per month..Heading back in February for 8 weeks that may seal the deal to get out of Canada
Love the video, and really happy to see the exchange rate talked about. USD is recovering but man when it hit 32 It made me realize that my calculations may not be as conservative as I wanted. Luckily I am still in the planning phase but if your budget is really tight, I highly recommend saving more for these swings, as they WILL happen, especially given the US Gov political circus (stating that for all parties not just one).
I’ve been pretty fortunate with my timing on the exchange rates. I’ve almost never exchanged below 35 bhat and I purchased about ฿300k when the rate was above 37. The big drop was an eye opener for me too. I’m now watching the exchange a bit closer and will buy up if/when it gets above 35 again. If it gets above 36, I’ll buy even more and the same above 37.
Thumbs up 👍 Pete
Many thanks 🙏🏼 MSR
While most of Thais live on 10-15 thousand baht per month salary..though no need visa expenses and have social medical services for free or cheap.
Minimum for me is 25 thousand baht per month, for room rent, food, some transportation, mobile sim..and not long term..
It is amazing on how little they get by on. 😘
Hi again Pete! Thanks for the video. I'll be retiring for sure in 1.5 years and the plan is to move to Thailand (of course! ) That neighborhood nestled between Pattaya and Jomtien sounds ideal . I have set myself up quite well for retirement and I think I will actually find it quite challenging to spend my yearly budget there. What sort of condo could one acquire in that neighborhood for oh I dunno.. 1,000 to 2,000 us a month ? (A wise man once said - "If I die with a dime in my pocket, I grossly miscalculated !" )
$2000!? You can rent a palace for that
@@Thai.Farang Huh.... I've never lived in a palace before.... Sounds kinda fun. I've been freezing my butt off in the Arctic (literally 1 mile in from the arctic ocean) for 23 years. Sitting in the warmth of the tropics in a palace is sounding better and better each and every day.
@@AlaskaGuy71 You can get a really nice condo for about $600. There's absolutely no need to spend any more than that
@@Thai.Farang We'll see how it plays out. The wife and I have been watching tons of condo videos and yea we have seen lots in the 500 to 800 range that are really nice. Thing is I'm seriously not trying to leave no money on this mortal plane when I check out so my budget will probably be more than I 'need' . I was dirt poor first half of my life and I've been a 'super saver' for my working years to the point that we truly are set and the 600$ condos are quite nice , I just gotta find ways to spend the money so might as well splurge aye?
@@AlaskaGuy71 Fair enough. Life is there to be enjoyed. You only get so many trips around the sun.
Met a lot if backpackers living on like 200 USD a month, but they are mooching, and 7-11 food
555 I didn’t think about the super dooper cheap budget! Man, $200 a month?? Crazy
@@peteonretreat2023 keep posting
A fair appraisal of what it will take. I doubt that there's many 80 yr old guys in Thailand unless they've been there for decades. I'd like to hear more info about how you manage your money while in Thailand. I assume that you're keeping most of it stateside and bringing over what you need monthly or quarterly?
I know several people that moved here in their 70s but yeah, most of the 80 year olds are housed up with a Thai woman taking care of them, probably not getting out much and have been here for awhile. There’s some senior housing places here too for expats but I haven’t checked them out at all yet.
I’m not very smart with my money but I’m working on it. Yes, the majority of it is stateside. When the exchange rate is favorable, I tend to transfer over several months worth into my Thai bank through Wise. If/when the rate gets above 37 again, I think I’ll bring over a lot more. We’ve been lucky this year that it was above 36 almost the entire year. It dropping down to 33.5 is one of the things that prompted this video.
Great information Pete. I got to the point asking myself, what is enough? Am frugal in many ways, and at 66, simply do not yearn for most things others i meet seem to. Fancy meals, personal transportation, and traveling are the 3 costly activities most my friends spend a lot on that I do not. I live on 1500 USD a month, but have savings for emergencies, a 401k, plus don't pay rent.
It’s nice not having to pay rent I’m sure! That’s our number one cost and we splurge a bit at 19k a month but we really love our new place. We eat at home mostly and eat simply most of the time when we go out. We do a sushi buffet once a month and occasional other treats like Indian food but I wouldn’t call most it fancy.
A single person can live on 1700$US per month with minimum alcohol while a couple would be 2500$..Nothing extravagant..Which is great,because in the west,I’m paying 42K per year just for rent and car expenses..No need for a car in Thailand
Many single people live out here on considerably less but it’s no doubt much more affordable than the west.
@@peteonretreat2023hi pete Scott from New Zealand would 8million baht and pension 40.000baht month be enough to live in Thailand looking for advice like to live in bang saray thank you
I would love to see this video topic made about the pension arrangements and income. Those considering “is my pot big enough” and what sensible health insurance actually looks like, are poorly served by cost of living videos as they’re looking at the starting factors still.
I hadn’t realized the impact of rising costs until I moved here. I should be fine but I’m not quite as well off as thought I was for a 30-40 year stay.
@@peteonretreat2023and then we need to factor in the surprise change by the Thai government to start taxing our incoming remittances as assessable income.
When the Thai government broke our social contract to be able to live here as retirees without the fear of being taxed -- that really threw a monkey wrench into my long term retiree financial plan.
@@mfj2648 where there is a tax treaty, we have to wait and see how taxed earnings are treated.
Facts > FUD
I find it strange that the bigger question isn’t that in some tourist heavy areas the spend (digital, ATM, or currency conversion) likely greatly exceeds the expected tax receipts from local businesses for those transfers…
Goos info as usual…Did u dye your hair….You must really be feeling the gf budget boost by now? What are you doing for med. insurance? Pete from buriram!! Hi!
Hey Pete! I didn’t dye my hair so it’s got to be either I’m not getting as much sun now or just the lighting inside my new place. Maybe both?
Life is good but we have started to spend a little bit more. It’s mostly just because we’ve been buying things for our new place but we are starting to eat out a little bit more too. I think the last 3 months of the year will be on the cheaper side though.
All else being equals, Thailand inflation = US hyper-inflation. Still more affordable to live in Thailand
Very, very true.
I have more than enough to retire in Thailand now, but there is always a possibility that living there won't be possible in the future. Need a bit more in case I need to move or in case inflation goes out of control (again)
It’s hard trying to plan for the unpredictable future. I had to stop living for tomorrow and trust that I can make it happen today. If it doesn’t work out, I’ll start working again.
Thanks for the video, if I have to retire in Thailand in my early 50's now, I need to have at least $3K or B100K of monthly pension plus $100K of extra savings for emergency. That won't happen until late 2025 or early 2026 to be living in Thailand for good.
I think that’s a very solid, realistic, and secure goal to have.
Great points about inflation, insurance, and definitely Thailand is actively looking to discourage discount retiree's for wealthy retirees'. I notice another never talked about point is income tax, whether home country or now Thai tax and the expense of hiring an accountant. The brutal truth is a retiree needs to pick a timeline. Let's say 25 years. You have 1 million bucks. That's 40k a year, but wait, 40k x 20% tax is 32k after tax minimum. 32k divided by 12 months is $2,666. From that, money has to be set aside for emergency flight home, insurance, visa, etc. In no time that whittled down to 2k if not less per month to live on. Lots of wiggle room sure, but If I'm going to be poor, I'm not sure I'd want to isolate myself in a foreign country, can't speak the language, don't know anyone, can't work, very few options and increasingly vulnerable. Not trying to be a downer, but some very HARD truths need to be honestly examined before going YOLO at old age. Glad to see you're doing well. Cheers.
Thailand actual has a good thing going with retirees. I don't think they want any that will be a problem and want retirees that will be a net positive. That is why they have the finical requirements on the retirement visa. I just don't think it is good idea to move to any country on a bare minimal budget. The quality of life will not be very good. I am almost sure, Thailand, is looking at the fact that a retiree who have money and income start spending money the second they get off the plane. A single retired guy with good income and some money in the bank has got to be a marketing target to drawl to Thailand because where he is, is where his money is. LOL. The US and other countries have no consideration for these guys and western women do not want them. If a guy can move to Thailand and save 30% on his cost of living and provide a net positive to Thailand, sounds like a win to me.
@@richardperritti5916 Hi Richard, I agree with you. I've been going to Thailand off and on for over 25 years. I almost bought the elite visa last summer at the deadline before it went up in price. I'm still planning on retiring there, but I have seen a lot of people jump the gun who were not prepared for the reality. Anyway, all's good, I hope if you're in Thailand everything is fantastic for you. Cheers.
That’s pretty much how I looked at my overall budget and the concerns you expressed are 100% valid. The increasing vulnerability is a big one. That’s why I think it’s important to foster a good group of friends. Many of my friends have come together to help a man who had a stroke here about two months ago. I see video updates of him in our chat group. My friend and I are working on sharing all of our vital information together. Bank accounts, family contacts, insurance, etc so we can be there if ever needed. We’ve seen first hand the issues that happen when a person is sick or injured enough not to be able to speak and no one can access their money for them.
I’ve also been here long enough to see stories of people staying through their last days, being happy and having their Thai partners really be there for them. Those stores give me a bit more reassurance.
@@peteonretreat2023 Thanks Pete, I remember your first vlogs. You're an open down to earth guy who I really respect. I'm kinda pissed at myself for my own hesitation to give up my boring bubble and go out there. Such a huge first step. The biggest lesson I've learned from you is being open and networking. That's not something I would have done on my own. Anyway, there it is. Something to reflect on and improve, cheers and much appreciation for you showing the way.
@@davewave36 one of the thoughts that helped me do this was knowing that I could always go back home. I know I would’ve regretted it if I didn’t try. It’s a scary move and a bit of a gamble. Don’t hate yourself for your hesitation. That’s just being a rational person, it’s not a fault.
2K is average to live well there now. So you want to be bringing in at least 2500 or more so you are saving money and increasing the amount you are bringing in yearly to keep up with inflation.
My goal is 600K invested in S&P 500 ETF at 10% average-3% for taxes. So 7% of 600K or 42k a year or 3.5K a month with everything over 2K being reinvested initially. And that's at 50, so pre Social Security. I'm 48 so 50 might be a pipe dream at this point but 53 is still doable.
That’s the idea exactly
Is maylasia cheaper?😮
@@gif24gt60 from my understanding, it is a little cheaper there but may not have as much variety to offer.
Yes, but a 62% Muslim country so no way in hell.
From my research on healthcare so far, is premiums have to be paid in one lump sum once a year, no monthly payments
That’s true… except for travel insurance which covers I’m still on. I’m a horrible procrastinator.
My future budget to live in Bangkok is currently set at exactly $5,005 USD per month.
I've binge watched literally hundreds of budgeting videos from expats living in SE Asia over the years and zero of them include things I have in my hyper detailed budget such as 2-4x a year for dental teeth cleanings, 7-8× for a haircut/color, and buying friends/neighbors/businesses that you frequent a birthday or Christmas gift.
I've been helping people, businesses, and corporations for over 15 years move, marry, work, and live abroad on six continents and I in 2024 I tell every single guy looking at moving long term (not vacationing) to Pattaya, Hua Hin, or Chiang Mai to have a monthly MINIMUM budget of $2,000-$2,500 USD and $2,500-$3,000 USD to live in Bangkok, Phukett, or Koh Samui.
Man, that’s some impressive details in your budget! And 5k a month? That’s going to be a great retirement. Congrats!
@@peteonretreat2023 $5K is my MINIMUM monthly budget right now but I'm hoping it will be more like $6K-$7K per month.
It's the simple pleasures in life. :)
Worldwide income tax coming for resident expats in Thailand. There are better options.
We’ll see if the worldwide income tax happens or not. As for options, it depends on what you want in life. There is no option that is the best for everyone.
If you're counting PI that place it to corrupt, you'll save money the first year, they'll get you on year two
Chuck and I just returned yesterday from our 6 plus month trip to Europe. We went grocery shopping and to say I was shocked would be an understatement. Holy hell!
I know I’m going to freak out whenever I return to the states. I saw a lot of the inflation before I left but… it’s not going to be pretty.
100,000 Baht per month for me.
Not too far off from me. We spent more than that last month with our move and that’s what I think this month will come out to after buying a washing machine and other things for the new condo.
@@peteonretreat2023 What makes me laugh is people who say you can live like a king on 50,000 Baht a month.
@@nickjones8867 the king of what or where i what I want to know lol
I would rather have income than a pile of cash
I hear that. 👍🏼
I also agree. If I see or have a pile of cash then I will spend it on many of the amazing vices that exist here in Pattaya.
So, passive income streams from annuities, pensions, and investment income are the BEST because the way that they are structured I canbot easily spend them when those vices start twitching in my loins and my financial discipline goes out the window. In other words, a set incoming financial stream keeps me from being a vice fool in sin city Pattaya.
@@mfj2648 very good point. Since I'm sitting on all my assets now (until social security kicks in), I have to be mindful of my spending and my budget.
@@mfj2648I have a CALPERS pension and if I spend it all on a pretty Thai, I wait until the 1st of the month and start again!
Not eating “western” food will probably prolong your quality of life.
That’s pretty true but there’s two things I’d like to mention. A western diet can be healthy. There’s a few places like Peine Cafe, Sunflour, etc that offer lots of healthier dishes. Then you have the questionability of how healthy is Thai food. They tend to use a lot of sugar and fat in many of their dishes and then lots of it is fried. Basically, it depends on what you choose to eat but I think most Thai diets are healthier than many of the western ones out here.
100k baht a month is my plan
That’s a good budget. Easily doable with a lot of spending power here.
You say that you've been able to put away or save money every month. Put away from what? Are you working? Do you have a job paying you income? If so, then you're not really retired. If it's investment earnings that you are simply not spending that's not really "putting away" or "saving" as much as it is simply living below your means. I'm not trying to come at you over this I'm just trying to have a better understanding of what you are saying. Thanks.
@@scottmartin6139 It’s not income or earnings, just money I didn’t spend allowing me to have more money for future months. Isn’t that what savings are? Money you that you saved instead of spending?
It is savings but you can’t put it away because it’s already been put away. You can’t put a coat in the closet if it’s already in the closet! Semantics. Thanks for clarifying.
@@scottmartin6139 it’s put away on my spreadsheet lol
Happy to clarify 🙏🏼
@@scottmartin6139 not that complicated. lol