Originally Posted by
bowie
This thread concerning “passive earnings” has morphed considerably – I’ll continue the morphing and yet attempt to bring it back to the OP’s original questioning.
Cost-of-Living, Cost-of-Relocating, and basically, anything concerning money varies considerably from person-to-person, location-to-location and situation-to-situation.
Depending upon you and your significant other(s) desires, druthers, have already(s), must haves, and, would like to haves, numbers change and change significantly.
I can, and will, only speak for myself and my wife. The numbers are rounded but pretty much on-the-mark and correct. USA male 62yo, Thai wife 57yo, Thailand @ 3 years mid-90’s, company went bust, relocated to the USA, 20 years living and working in the USA, company went bust. Sold all, consolidated nest egg, moved to Thailand for our retirement aka “Golden Years”.
As per earlier post – socked 15% into a tax-deferred 401k retirement plan. Worked my entire life paying into the USA Social Security plan, engineer by trade so I’ve contributed significant funds. Basically, when I start claiming in a few years I will receive a reasonable monthly benefit, as thing stand now, I’ll receive more than enough to live comfortably in Thailand and not have to worry about pinching pennies or cutting coupons. If I stayed in the USA (northeast coast) I could live “OK” but, I’d be watching pennies, clipping coupons, and well, scrimping and buying everything based on price and on the cheap.
We, wife and I did a three-month anniversary celebration and retirement planning sojourn to Thailand early '17, investigating legal requirements. Cost of Sojourn was USD @ $20k.
The move mid '17; temporary lodging(s), household goods packing, shipping and storage, miscellaneous costs including legal consultations, etc. was USD @ $30k.
Past couple of years ’17 & ’18 we’ve been spending USD @ $40k/annum
For the most part the selling and buying of our housing was close to a fair trade.
Generalization; we traded a 60 year old house in the USA for a new house in Nonthaburi.
So, for the OP, at 45 years old you are in/at your “peak” earning years. The key to everything is “savings” – start today, investing 15-20% of your earnings. Invest conservatively into a well-diversified portfolio. Set it up with a professional investment firm (due diligence required in selecting the firm). Then, pretty much “ignore it”. It will grow.
Of all options available – savings and investing is the proven method of achieving the goal of a secure retirement.
Running a business, be it a store, a service company, or real estate rentals, is costly, time consuming and financially perilous. Not to take away from the successful businessmen among us (I’m not one of them) but, far more failures and nest egg losses than success stories. I know of several failures and only one success story – and the success spoiled a friend and turned him into a rich, miserable bastard whose only concern was people stealing from his fortune and/or off-his-plate.
Anyway, our USA Social Security payments should be slightly above average. USA social security is based on your highest thirty-five years of contributions. Me as an engineer will exceed the average payment, my wife with only 20 years of contributing will receive considerably less than average, but, she can claim as my spouse. 2019 average USA Social Security will be about $1.4k/mo X 2, we should receive about $3k/mo ($36k/annum). It will work for us.
It will work for you, but, you have to start now. The longer you wait, the longer you will have to wait before you retire. And, unfortunately for most of us. Few get to choose their retirement date, medical problems or un-employability typically determine when you will be forced into the ranks of the retired.
Good luck.