What's the minimum money needed to retire in LOS

[Guest]

Interesting Thread!

 

I fully understand the good life and JJ! I also understand the minimal life and the craving to give it all up and live here full-time! I for one will NEVER live in LOS year round! But to answer eee question:

 

Pension and SS give you money until you die right! You want to hang out in Pattaya! What's the number...got it all?

 

Questions: Have you ever spent 3 or more months in Thailand? Do you plan to go out and go crazy each night? Do you want a car? Where else do you plan to spend time each year? How often will you go to your home country or will you keep assets in your home country?

 

response: I've been interested in both sides of the equation of money in Thailand! How much on the high end and how low on the low end! For me 2000 baht per day is the lowest I could ever go! 2000 a day! Around 1500 US! That number doesn't include anything else, but money I spend in LOS! 2000 a day doesn't include airfare, expenses back home, savings, girlfriend stuff, kids, medical.

 

2000 per day or 60,000 per month covers: Food, fun, booze, transportation-taxi, baht bus, mottos etc..., one short time every other day, internet, clothes minimal, supplies like toothbrushes-toothpaste- soap-snacks- misc..., you can date normal girls on this amount per day with simple places like movies and thai joints- ie, coffee shops, thai food, walk in the park or stroll in the malls..any purchases for ladies apart from rarely miss the 2000 baht line! Second class aircon trains when wanting to travel apart from daily travel and a 8,000 baht a month studio with UBC and aircon- inclussive in the 8,000 or 233 bht per night for a place to live! So a very basic life with mainly a normal TG not a bar girl life! Your quality of life moves higher out of Bangkok, Pattaya and Phuket! Chiang Mai is the usual choice for most! My two cents...

 

SkiBum

[eee]

Yes I have actually lived in thailand for at least 2 years in the last 6 years off and on. On one trip in 2002 I was there for 8 months. And unlike many punters I think I'm pretty capable of adjusting to the Thai ways. Some people busted my balls for wanting shag a couple of girls a day. Well!!!!! I won't have that problem anymore. I'll be there in it,if you know what I mean. People don't understand if you are there for a limited time,you have the urge to do as often as possible. This is in reply to Munchmaster who told me I needed help. I should start a new thread asking how often punters do it a day with a multiple partners.(visitors only) no expats. Not my style. SO my answer to you SKIBUM is that I won't be paying all that much everyday for a P4P situation. eee . No car. As I stated before what my overhead will be. The ocean front place is paid for. thank you. eee

[the_numbers]

SkiBum. 2,000 baht a day is alot unless you are out all the time not including anything else - 60K a month ???

 

I know people who have girlfriends and go to "farang" places on that salary. I mean a nice chinese/thai place on yaowarat for two if you go "apeshit" is like 1500B unless its sharkfin or a tourist trap.

 

I just raise the point because I easily spend what you are describing in a month 60K, but not on motos and shite like that because I stay in somedays, make food, watch telly, muck around... etcetera. christ every-other-day-barfines you're a busy boy.

 

For the guy asking about retiring there is no way to know. It depends on what will satisfy you, but if you have a place to live, savings as you describe, and those pensions you can live it out here.

 

I mean often I don't spend 1,000 baht in a given day, but when I go out I spend alot and don't watch the chek-bin... its all about how you want to do it

 

these questions are sort of impossible to answer.

 

cheers,

 

the_numbers

 

P.S. - I spend ALOT on travel. So, factor that in if you love it. Because a few overseas holidays with dependents if you acquire a wife or companion can burn you up if your taste is less Sri Lanka, Kathmandu and more Tokyo, Rome, Beijiing.

[Guest]

I need a bullet and the the right gun to retire. Otherwise working is too thrilling.

[JJsushi]

Thanks for the nap KS, next time maybe you will be more even handed with the smack down with all parties instead of singling out one.

 

 

What I find interesting is the level of envy and hypocrisy on this board at times. Some feel it is low class and I am bragging when I say "I" need a minimum of US$10,000 per month to retire in Thailand yet those same blokes take pride in being able to survive on less, even to the point of bragging about it. Sorry old chaps but we all have different needs and wants. I don't want to be a pauper in a 3rd world country nor have to return to my own penniless or not have the financial means to return. $10k a month should hopefully cover that.

 

Now time to get back to business.

 

It is apparent by reading this thread how so many members are the equivalent of financial simpletons and have no concept of money and retirement planning. Now I could go into an entire economic gobbledygook type of argument citing a bunch of sources but I believe in the KISS method(Keep It Simple, Stupid!)

 

What I hear is how many people list the same sources of retirement income, namely a company or government pension and some savings or the sale of a residence as sufficient. The appalling part is not the sources of funds but the wholesale belief that these sources are guaranteed to be solvent, deliver a predetermined amount of fixed income and will outlast the life of the retiree.

 

Let us bust a couple of myths.

 

1. Pensions and medical benefits are guaranteed.

This is completely false. Pensions are promised but never guaranteed. Most people do not even realize that their pensions are not fully funded, actually almost all are underfunded. Basically what you are hoping for is that the company will continue to stay in business and that it can continue to pay out benfits. A bankrupt company cannot pay a pension or benefits and insurance if you are lucky will cover 45%. The same with social security type programs, what you are hoping for is that the next generation will support the current generation and maintain the promised benefits.

 

Even if a company or government stays solvent they still have the ability and right to change all benefits and income payments in the future, regardless of what they promised you. You don't believe me then take a look at what is going on with the American auto industry as well as the airline industry. Take a look at the huge social welfare burden which is a ticking time bomb for some Western European countries as they cannot replenish their workforce because citizens are not having babies and baby boomers start to retire(Italy comes to mind).

 

 

2. Your fixed income today will take care of you tomorrow.

 

Have you people never heard of INFLATION or STAGFLATION? For all of you who think that US$5000 dollars will set you up comfortably until the day you die in Thailand, you have no concept of history nor do you understand the volatility of global financial markets. You know it was not too long ago that in the good old USA (circa 1980) Fed funds was 22% and inflation was 12%. We have $60 a barrel oild and some are predicting $110 in a couple of years. You don't think that history can repeat itself and your precious $5k a month won't be able to cover your living expenses? Inflation is the enemy of people on fixed incomes.

 

 

3. When you retire you will need less money.

 

Complete and utter bullshit. Some people find that they need more money because they have more time on their hands to pursue other interests. Some don't know how to ratchet down their expenses. Who is to say a retiree won't knock up his TG and now he has a family to support? Start a business and get wiped out? Live another 40yrs?

 

 

4. Prices/expenses in Thailand today will be there tomorrow.

 

More bullshit and poor forecasting. Every reccomendation I hear from some of you financial whiz kids are all based on what expenses are in Thailand today. Have a little foresight and at least attempt to think 10-20yrs down the road. Don't be surprised if your priced out of your Pattaya pussy haven in a few years.

 

 

5. Your next egg is in safe investment vehicles.

 

The biggest myth around. I am willing to bet 90% don't even know how to diversify your savings and more importantly what they would be invested in. Some will say "mutual funds". I bet 99% of you never read your mutual fund prospectus or have a clue as to how the fund is run or what it owns. Add to that, you have no clue as to how those funds will perform in certain economic environments. I bet like most people u simply looked at the historical return of the fund and that was good enough for you.

 

 

6.. Your money will outlive you.

 

Guess again, with the improvements in biotechnology and healthcare you will probably live longer. Your more valuable alive than dead, Don't be suprised that at the age of 105 your not hooked up to some machine and suckking down pharmaceuticals so your healthcare provider can milk every last shilling out of you until you expire.

 

 

7. The western based currency will always be strong against the Asian currencies.

 

Yeah right. Keep on buying those cheap goods from China and outsourcing your services to India and selling your debt to Asia. Do u honestly think these countries will always be low cost providers and suppliers with a Western currency hungry economy ? Some of that hard currency will eventually purchase real assets and debts will have to be paid.

Don't sleep, they want the good life and a strong economy too. Won't be too long before some of you and your kids will be working for an Asian based corporation.

 

8. You can predict the future.

 

Not one person knows what his financial needs will be going forward. The problem with some of you blokes is that your basing your future needs on what you do today and at todays prices. No one knows what tomorrow holds yet you all seem to financially plan as if you do. Never think you have to leave Thai;and and return to youur own country for medical care or better yet Thailand tosses you out on your ass?

 

 

My advice is that you better continue to invest as if you are going to live to be over 100yrs old(think of more growth vs solely income). Make sure your able to retire from the workforce and always think of ways to add to your retirement income. You keep thinking that once you get your $5k a month in retirement income your set for life; well you already lost your retirement before you spent it.

[dean]

JJ. I really have no great interest in contributing any thoughts to this subject. I'll just continue reading it. I will point out that, contrary to your first sentence, you were warned and your response was to tell KS to do it, which he obliged for a week. I don't think that he singled you out. Welcome back!

[khunsanuk]

Hi,

 

"Thanks for the nap KS, next time maybe you will be more even handed with the smack down with all parties instead of singling out one. "

 

Do you want me to make the ban permanent?

 

Sanuk!

[JJsushi]

khunsanuk said:

Hi,

 

"Thanks for the nap KS, next time maybe you will be more even handed with the smack down with all parties instead of singling out one. "

 

Do you want me to make the ban permanent?

 

Sanuk!

 

Dude your going to do what u want to do, so if that entails a "permanent" ban then so be it. My point is that you specifically responded to ME and gave a pass to others that attacked me because my view was different. Would be nice if you warn all involved.

Check the history every time I crossed the line and you said "knock it off" I did. You single me out and I don't feel it was fair to do so I am going to point it out.

[JJsushi]

dean said:

JJ. I really have no great interest in contributing any thoughts to this subject. I'll just continue reading it. I will point out that, contrary to your first sentence, you were warned and your response was to tell KS to do it, which he obliged for a week. I don't think that he singled you out. Welcome back!

 

Not debating the ban. I did tell him to do it becuase it was inevitable. My issue was that I was the only one "threatened" with a ban. Is that what it comes down to now, "threatening" members with bans? Whatever happend to "hey guys knock it off"? Those were the good old days.

[thalenoi]

JJ,

 

Maybe one day you might realise that the important thing is to retire, regardless the money you will have available at that time.

 

In the meantime please enjoy working (or let me call this loosing your time and life to grab as many dollars as you can en vue of these hypothetical far away days).

 

Now with 10k usd to spend I would not choose LOS but rather Marco Island or Hilton Head to wait to die amongst those of my kind.

 

And, no I will not reply or comment any of your futur posts.

I have better things to do with my precious time before I die of boredom here at my little beach down Chumpon.