What's the minimum money needed to retire in LOS

[Rex7777]

The problem with living in the states and making $$$$ is that you don't really get to keep all of what you make. By the time I pay state taxes, federal taxes, 401K, health insurance, etc. etc, I've only got half my pay left. And what's worse, everything costs a lot. So I work all week to make money, and have to turn around and give it to everyone else just to be here.

 

So, I've decided enough is enough. By this time next year I'll be in the LOS somewhere, sitting on the beach. Pay US federal taxes, only. I can figure on $3k after taxes, with a lot more in a few years when I can access the retirement fund. That's nothing in the USA, but in Thailand, OK.

 

Rex ::

[Zorro]

vegasdave49 said:

Just for the fun of it I looked up median incomes in the US. Seems that the median for a family of 4 is around $65,000 and for a single male aroound $40,000.

 

Median incomes are very deceptive because they don't include money made from investments and they don't include what self employed and small business operators make and those that dodge tax.

 

Basically you are only averaging the bottom of the bottom group.

 

I have no idea what percentage of people earn 100k or more but given the cost of living in western countries and housing in many areas i would think that it is quite high....upwards of 20 percent of bread winners i reckon at least.

[jasmine]

[color:"blue"]That's very true, but I am happy to brag about the 85 baht I have in my bank account, I am fursious the ATM doesn;'t give smaller than 100 baht notes,

 

[/color]

 

Now, that is very sweet of you and I will buy you a plate of fried rice ok?

 

I remember when I was little, 100 Baht was a lot. My father a capt. in the patrol force earned 800Baht/month and we had a servant and a cook.

 

I remember not many years ago that my mother complained about spending 50 Baht for food in the market in the morning as too much.

 

I am not going there about you have your "willy" as a smallest in the board. Never neard that we women do NOT care about the size? Well, we women lie too.

 

Jasmine

[torrenova]

Answering no-one in particular:

 

Whilst the majority of people will never be in a position to receive USD 10,000 per month in "retirement", it is far from impossible, especially if one considers the sale of a house as part of the financial package.

 

The stark reality is that the majority of those on "good" salaries find themselves coupled with a marriage, children, schoold bills, pension contributions and mortgage payments for decades followed by the loss a large proportion of what ever assets there are following a divorce.

 

With this in mind, not many can save sufficient to receive such a retirement income. Many more would be able to have this level of income if they did not have family committments even without reciving Wall Street salaries.

 

For those with an interest, my prior career was in investment banking and I know many who will have far in excess of USD10,000 per month.

[robaus]

I have lived in Pattaya for the last 5 years in similar circumstances to the one you plan for. Place paid for, do a lot of my own cooking (got one of best dining room views in Pattaya, and I'm too lazy to leave my comfort zone), root 3-4 times per week and visit the bars most nights of the week. I also do a bit of travelling to neighbouring countries India, China, Aus 4-5 times per year for a few weeks each trip, just for a break. I use an Aus travel insurance company www.1cover.com.au just for medical emergency.

 

I live comfortably on A$25,000 per year all included. That's 750,000 baht.

 

[monkey39]

Just wondering...how do you have place paid for, if farangs can't own property in LOS? Have the deed under the name of a Thai national, with a 30 year lease for yourself? That's the best way I've heard to do it.

 

monkey39

[Old Hippie]

It might be a condo, which farangs can own...

[Nervous_Dog]

Torronova. good point <<USD 10,000 per month in "retirement", it is far from impossible, especially if one considers the sale of a house as part of the financial package.>> which is exactly what my mum as I said is doing in Australia, old people never could get loans, now banks realize they aren;t going anywhere except up (or down in my case) and as long as the house value is greater than the debt, they are happy.

 

DOG

[pattaya127]

As Of said, condos can be owned, as long as 60% of them in the building is in thai-owned. I think the title is valid 99 years. stand to be corrected on that number.

 

But with the set-up of a fictitious company, sure someone laid the process somewhere in the archives, one can own a house thru that company. many have done like this.

[eee]

Robaus. I guess i wanted to hear from a person with a similar situation. Similar interests and life style. Like I have stated before i did have a ball park figure as to how much was enough. I live very modestly here in the states. eee