To Retire From Working

 What is the bare minimum you can retire on?

I am retired on $1,000 a month from social security. I live in Chiang Mai, Thailand. One will need $25,000 USD to put in a Thai bank for a retirement visa. You can use this money during the year but it must be replaced 3 months before the annual visa renewal. I also paid cash for a new 2 bedroom house, fully furnished ($62,500), and I also paid cash for a new car ($19,000). It would be good to have $50,000 extra for emergencies. You can’t use your Medicare here.

When one can retire varies from one person to the NEXT.

Most IMPORTANT to determine that is to ask yourself “Do I have enough PASSIVE INCOME to cover for my Essential Expenses (food, shelter, clothing etc) PLUS HAVE an EMERGENCY fund equivalent 6 months of passive income !

Additionally more important than money to have enough hobbies to keep yourself busy in retirement

Excellent point! That's true 👍

Ukraine? This didn’t age well.

He referred to pre war conditions. Nothing wrong in the statement.

😂🤣 you can’t live “ Royalty “ anywhere for $1,000.. maybe living ok or somewhat comfortable, but def not royalty like in a luxurious penthouse with women all around you with any food you want… 😂 that’s BS… I live in Colombia now, for 3.5 years.. where minimum wage is $275 US a month.. I make $14,000 US Net take home monthly.. I live almost royalty here, and spend about $3,000 US a month..

14k/month? 

Who would enjoy living in Ukraine with all the civil unrest war is continuously going on and upheaval.

Ukraine is not good for leaving. Even Kiev. Its horrible war there. My 17 member of family been killed. Europe its better choice.

You are happy to living there and life is more meaningful l am sure!

I’m glad you could make it work for 1,000 dollars a month. My wife & I have been here 6 years now. We bought a new car in 2014 & we bought our condo for cash. We live on 2000–3000 dollars a month depends if we are spending money on travel. Life is Great. No Stress, No Worries. Life is so much better than living in the US.

Happy to hear that you and your wife are doing well.

So can I retire with USD 400,000 over there at age of 50?

I live comfortable in the Philippines on 3500 USD a month. You can live your retirement life in the Philippines on extensions without having to open a bank account. Personally I would never open up a bank account in another county for retirement status. If you do I hope your money does not disappear. I’m keeping it real.

Check out the crime before you move to a foreign city.

American cities are much worse, in this regard, than Asian cities

American Don't live in the American shit hole cities, Most Are in the suburbs!

As a foreigner you cannot own land in Thailand. So you paid cash for an asset that is in some other person’s name- Probably your Thai girlfriend. Foreigners are duped out of their homes often by this arrangement. Your answer is now out of date regarding the retirement visa. And the new changes where already in place when you posted on April 2. A foreigner must have 800,000 Baht deposited in a Thai bank. And importantly pursuant to the new changes you cannot use this money. Your account must have a minimum balance of 400,000 Baht ALL YEAR. Cars are outrageously expensive in Thailand compared to America. $19,000 will buy you any absolute bottom of the range small four cylinder sedan. Decent western level medical insurance for expats in Thailand is also ridiculously expensive, more so when you get over 65. A policy with reasonable cover from a major insurer such as BUPA will cost you more than $1,000 per month. If you cannot afford this and chose to self insure you will need a very significant sum much larger than $50,000. That amount could easily be wiped out by a car accident or a minor heart condition. And so Joseph, although you might be happy now, you current income is not sufficient to purchase a decent medical insurance policy, and so you are just one road accident or serious medical problem away from you house of cards collapsing entirely. And I won’t even bother elaborating on the risk of paying cash for a house when the title deed does not have your name on it.

I don’t have medical insurance. I am 81-years-old and medical insurance would be too high a price to pay. I’ve had cancer twice, a stroke, large toe root removal, 5 times full med checkup, and I have to use a catheter to pee. All my medical cost were less than $20,000!

Joseph. With respect, you need to keep up to date on the many recent changes to visa regulations. On 31 October medical insurance became compulsory for all holders of a Non OA visa. In the coming months insurance may also become a requirement for all Non immigrant visa classes, including the retirement Non O. So if you are unable to qualify for insurance due to your age and/or existing medical conditions then you may not qualify for a visa and will have to leave Thailand.

Foreigners are generally prohibited from owning land in Thailand1. However, there are some exceptions and alternative options:

Condominiums: Foreigners can own up to 49% of the total area of a condominium building2. This is the most straightforward way for foreigners to own property in Thailand2.

Leasehold: Foreigners can lease land for up to 30 years, with the possibility of renewal for another 30 years2.

Thai Company: Foreigners can own land through a Thai company, but there are specific regulations and requirements to follow1.

Interesting. I am in Bangkok where costs are probable higher. How much higher I do not know. I am looking for a 3 Bedroom house not in Bangkok ( to high, plus traffic is very heavy and getting worse as more and more vehicles are added to the city).

I am thinking Nonthabury maybe a good place to get a house.. The MRT has the purple line in place there (about 12 stations) on the line. So get a house within 5 km of one of the stations. Houses in   Bangkok can run 8 million Baht plus— which is way to much. Your buying access to a lot a shopping centers on the city, plus lots of traffic congestion. There are good shopping centers everwhere.

When buying a vehicle buy used about 2 or 3 years old not new. The depreciation on a new vehicle is to high. I recommend a truck which is best on the highways ( it has a longer wheel base- and therefore a much more comfortable to drive and just ride in)than a passenger car).

For a retirement visa a total of 800k baht has to be standing in the bank.

Having 50 K baht in reserve standing in the bank is a good idea.

Live small, save money even retirement.

Always, always buy very comfortable shoes/ and ,or sandals. As a retiree you are going to do a lot of walking (every where). Your feet will greatly appreciate good foot wear.

An American cannot buy a house in Thailand!

So the social security payments you get deposited goes to your Thai bank account?

You could have lived like a king in Ethiopia for that money. And you dnt need money for Visa

In NYC… I’ll need about 5 million

if you get sick, a definite likelihood for retirees, you will get the farang mark up. there will be no set price. the doctors and hospitals ask for whatever they think they can get. it can be quite expensive, and you and your Thai family, if you have one, will be held accountable for payment.

Medical care is cheap in Thai public hospitals and very expensive in a private one.For many expats language can be a problem in a public hospitals.

You get social security even though you live in Thailand?

Don't you get a Thai visa if you marry a Thai person? Is your wife a Thai ( sorry if I've offended you).

Hi Joe….How do you handle health care if Medicare is no good? Does your $1000 a month cover regular health care as well? How long is wait for those 90 day visas? Where in Thailand are you located? Can you speak Thai now? Thanks! I’m very interested in possibly retiring in Thailand. I hear Chang Mai is most agreeable with expats. Thanks again for any additional information!

Not with this expat!

I lived there for 6 months after I retired. Charming place, but the air quality is horrendous. Worst I've experienced - particularly in March and April.

Research it before you go.

I agree with you on the air quality in March and April.

Not with this expat!

I lived there for 6 months after I retired. Charming place, but the air quality is horrendous. Worst I've experienced - particularly in March and April.

Treatment at Public hospitals are good, cheap and Quality of healthcare in Thailand cities like Bangkok and Chiangmai are comparable to Singapore or India. I have dozens of relatives treated for major health issues there at public hospitals in Bangkok with very comparable success rates. All you need (if you can’t speak Thai) is the translators who are easy to hire everywhere in Bangkok. Taxi cabs are available everywhere cheap in cities if you don’t want to drive. We do it all the time.

You can’t own the land but you can own apartments. If you don’t like bangkok air quality, pick Chiangmai.

You can get maids permanently or as needed basis.

Considering you can put money down for Thai retirement visa, paid for apartment and still have around $ 1 or 2 lakhs, you can easily stay comfortably around $1200 or less unless you are a big spender.

I graduated from Cal State LA in 1969.

How much do you have to pay for health care?

Oh my gosh, thank you. You said the 25,000 must be replaced 3 months before the annual visa renewal. What does that mean? Do I need to have 25,000 on hand once a year? What health care do you use? I have Kaiser here and have Medicare and Medical. Do you pay for your own health care.

I pay cash for my medical care. In 13 years of living here and having cancer twice, a stroke where I lost my left eye, CAT scans, MRI scans, and at least 5 complete health check-ups, The roots of my two big toes removed, and all my dentistry done. The total cost was less than $20,000 You must have $25,000 once a year in a Thai bank. You can use this money during the year but it must be fully invested 3 months before your annual visa renewal.

Recently traveled with a retired social worker in Peru. Living large at the beach with decent waves, all meals at restaurants and a housekeeper on $900 a month. I was a little jealous… Cal State LA 1967 and my brother lives in Chiang Mai quite well. You probably know him Joe.

Just move to a cheaper area in the states where Medicare coverage works. Rural Arkansas or West Virginia. Housing is dirt cheap and you have medical care

Rent out the property of your homeland and then rent don’t buy in your country of choice. Life is much simpler that way and you can move on whenever you wish

afterwards your ladyfriend changes the locks of the house you bought in her name and…

Aside from costs, what are some of the advantages of Chiang Mai, or Thailand in general, for an American to retire to?

Great inspiration JOSEPH.

I wish to do the same and bought a condo. The 800k deposit visa ; can that be done before one turns 50?

It’s inspiring that one can live with 1k/month.

I will move up there soon. That’s my dream.

As far as I know, only the citizens of Thailand are allowed to purchase the properties in Thailand.

It’s cheaper to retire in the USA

Is there other form of medical insurance?

Follow the 20 rule of thumb. Which means if your annual income is $50k, 50k x 20 = $1M.

20 because the average years during retirement is 20 years.

Pension, 401k pmts to you, & social security pmts all reduce that requirement. I will make more than that in just pension & soc sec

Do you get tired of eating Thai food everyday?

With a wee bit more than that one could also move to Spain and other European countries. The choice of living in EU has its own + points in comparison to Far east!

$150,000/year,of anticipated life expectancy(guess that you are going to live another 10 years - $1,500,000).

The other advantage you have Joseph is every woman you want to date doesnt have a lawyer on Speed Dial

If you can pay cash for housing you dont necessarily need to goto Thailand..Quito Ecuador is almost as cheap and their currency is US Dollar

Just Sayin’

I don't know, for what I pay for Medicare, that just might get me by in another country?

Since you can't use your Medicare out side of the USA you have to paid everything yourself. Hopefully you can afford its if you don't have major health issues. Thailand , Malaysia, Vietnam International Hospitals are wonderful. Specialist doctors is less than $50 per visit. MRI , CT SCAN is less than $400 depending on what you needed. Drugs also cost lower than back home. You can buy at the Hospitals pharmacy or out side pharmacy with reasonable cost. Well known Drugs that made in those countries or from USA, FRANCE, HUNGARY, SINGAPORE etc…What we like the most is that each Hospital provides all services therefore you can get everything done in one place. Two hours waiting time for blood test, ultrasounds, MRI, CT SCAN etc..

They have all American goods and stores, as well as International restaurants, clothing stores , included tops designed clothes store more than you see in ours Malls in the USA. Finally, public transportation like MRT, SKY TRAIN, AND GRAB are also affordable. In Danang the International Airport only 15 minutes away, equally to 4km. The nice SUV Grab cost $3 usd but I aways happy to give $4 or $ 5 usd because the driver always help us with the luggage. So yes it is less worried about the money when you visit some Asian countries.

Do you have insurance at all there?

A key ingredient to retirement for us was to retire debt free. We sold our beautiful 4 bed/3 ba home and downsized considerably. We paid cash for our small 2 bed/2 ba modular. We retired debt free. We decided we wanted to enjoy retirement and not sit in a house and spend our time and $$ on upkeep. We travel. We have fun. We live in a gated 55+ community with plenty of amenities and some pretty awesome neighbors. We worked hard all our lives and were able to retire early. Best decision we made retiring!

As for what is the minimum, it depends on what tupe of lifestyle you expect to have and what, if any, any debts you may have.

My 86 year old mom has been living on 1000 dollars a month. She has been very resourceful and it has amazed me. She lives in Florida and was able get a section 8 apartment with low rent. She has also found programs for seniors that helps her with the light and Wi-Fi. It’s not the top of the line Wi-Fi. But it’s enough for her needs. She used to volunteered for years at her local churches food bank and they would help her with food. They still do. She also gets Medicare. Which covers her health insurance. There are many programs for low incomes seniors. You just have to look or find someone to help you find these resources. I just hope that this new administration doesn’t take away all these senior programs. Because we will probably have a higher amount of homeless seniors.

e^x=-2-x ??

That's not cheap at all

I’m 65 and have a 2m fund but another 8 would be nice. Darn gov keeps taking it.

Maybe it’s just me, or maybe you don’t have children or family, but I can’t imagine living half a world away from my children or grandchildren at some point. It’s different than being even on opposite sides of the country. There’s also the aspect of what they’ll have to deal with if your health fails or you become disabled. I would want to burden them with trying to oversee my healthcare or get me home, much less deal with my final arrangements if I died there. You may be able to live quite frugally in a lot of places but like royalty? That’s a stretch. If you didn’t make the life choices to be able to retire here I guess that’s the option you’re left with.

If you can't maintain more than $50,000 in your Thai account, you will eventually run out of money. Southeast Asia is becoming less affordable as a retirement destination for expatriate seniors due to new requirements that demand tens of thousands of dollars more than just five years ago. Many have returned to the U.S. and Canada. The motivation behind this push to extract money from expatriates is a mystery to me. I suspect it could be due to a grassroots revolt among locals or simply the greed of the wealthy.

where do you live?

I never heard of the new law of USD $13,000 being permanently locked in. I have been doing this for 13 years.