Jump to content

Retire In Thailand With $200,000 Of Savings?


Recommended Posts

Another look at things...

 

Retire In Thailand With $200,000 Of Savings?

 

http://www.investope...partner=YahooSA

 

As the cost of retirement and healthcare continue to rise, many people start thinking about joining the growing number of seniors who have chosen to retire abroad. One destination that has long been on the radar of expat retirees is Thailand, a country in southern Asia known for its natural beauty, pristine beaches and friendly people. Adding to its appeal as a top retirement destination is its affordable cost of living, which, according to International Living, a publishing group that covers living and retiring overseas, is one of the lowest in the world.

 

No matter what your retirement budget looks like, you may be able to live better – and make your dollars stretch longer – if you retire overseas (see Retirement: U.S. Vs. Abroad).

 

...For the 2015 Index, Thailand scored a 92 (out of a possible 100) in the Cost of Living category, matching Belize, Cambodia, Ecuador, Guatemala and the Philippines, and surpassed only by Nicaragua and Vietnam, which each earned a perfect score of 100.

 

Here, we take a quick look to see if it’s possible to retire in Thailand with $200,000 in savings and suggest some tips for making your money last longer.

Living on $1,500 to $2,000 a Month

 

To get a retirement visa in Thailand, you need either a monthly income of at least 65,000 baht (about $2,000) or a bank account balance of at least 800,000 baht (about $25,000) – or some combination of income and money in the bank that equals 800,000 baht. It turns out that the $2,000-a-month income requirement is actually a good starting point for what a retired couple can live off comfortably in Thailand. “This would provide for a basic but comfortable lifestyle,†says Steven LePoidevin, InternationalLiving.com Thailand Correspondent...

 

 

[Removed a chunk of duplicated text - KS]

Link to post
Share on other sites

Hi,

 

“This would provide for a basic but comfortable lifestyle,”

 

I would say that this greatly depends on where and how you live. In BKK you'd have to live in a small apartment and not do too many extravagent things. In most of the upcountry (non-tourist) cities, I would agree that you could live pretty decently on that amount.

 

I wonder where the $200,000 savings figure comes in though as that gets you only a monthly income (from interest) of ~$140-215 (depending on interest rates, which suck at the moment)

 

Sanuk!

Link to post
Share on other sites

That's about 6,400,000 baht right now. You could live on it quite comfortably ... if you didn't buy a house or condo! Rent a house in Nonthaburi or somewhere like Nongkhai or Loei, and you'd do all right. Say you spend US$2,000 a month (64,000 baht). Hopefully, you'd have some Social Security to cover much of that. Otherwise, you'd be eating away at your savings rather drastically. Some amount of income is a must.

Link to post
Share on other sites

For US citizens the single premium immediate annuities pay out for life and are as good as the insurance company you buy the contract from.

 

For a sixty year old male with $200,000 a lifetime income of around $1,000 a month.

 

http://annuityquickquote.com/

 

https://www.immediateannuities.com/

 

Non-US citizens could buy these contracts as well but the tax requirements would probably be a hassle. These aren't deposits but are contracts with life insurance companies so when you buy it the money is gone. If you ever had an emergency you're screwed.

Link to post
Share on other sites

This is the age old chestnut of a question, the drop dead minimum to retire comfortably in Thailand. An ex BM and myself were often accused of being pretentious in our claims that it would take USD 1 Million minimum to retire comfortably in Bangkok but now I am considering that figure to be on the low side if I was to retire at 60 in 9 years time.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...