Retire? How much do you need per month?

[Bowzer]

Coming to the end of my teaching contract and thinking of retiring. It's a bit scary as I have never been without a job for the past 38 years...

I am married to a Thai, we have our own house in the Eastern Seaboard and a condo that brings in 9k a month when it is rented, as it has been for the last year. I have a smallish pension that will bring in about 45k Bath per month and a modest amount of savings that could be used for travel etc for a few years.

Is that enough in people's experience to live well?

[cyrille]

What do you regard as living well?

Trips overseas? Probably not often.

Christmas lunch with a couple of bottles of classy red at 'The Oriental'? Hmm...perhaps 'Ibis' would suit better?

In my view you have enough to live in reasonable comfort, as long as you have coverage for your medical costs. It will help if you like Thai food and don't need to spend too much on imported food and drink.

[Bowzer]

Thanks for the comment. The IBIS - was too expensive, but yes the occasional trip abroad, etc. We live in Ban Chang, it's pretty cheap there.

[david44]

It's a good question.Like all of us it largely dpends on things beyond our control, how long we live,health and the pension/income source, your unit's value should appreciate with inflation but then so will living costs.
You need to factor in health costs, currency exposure unless pension in baht and what you and wife consider living well.

Enjoy your well earned retirement.

Of course none of can predict visa policy or costs but I bet they will not reduce.
If we all need the Elite or millions to stay permanently would be an issue, but despite gossip seniors know if they increase too fast it will deter retirees who bring lots of foreign exchange inwards

[Pragmatic]

Is that enough in people's experience to live well?

Piss easy.

[AntRobertson]

These questions are always a bit of 'how long is that piece of string' to me.

[Norton]

Is that enough in people's experience to live well?

Yes. Less if you go more local than most expats.

[NamPikToot]

I'd say easy but as Cy and other have said; depends on your lifestyle and the medical could get costly over time.

In the meantime queue the "i can live on 9K / mnth vs I can't imagine what living in the gutter on less than 120K mnth must be like" shitfest

[Mandaloopy]

I think it is possible, the only issue as others have mentioned is healthcare, which is rather hard to predict. Enjoy your retirement and thanks for the reminder that I need to set up a direct debit to continue paying NI contributions

[bowie]

American 62yo Thai wife 57yo - Nonthaburi, own house in gated Moo Baan.

Retirement Budget: THB 90k/mo THB 1M/annum. Quite easy to live within our "Retirement Budget". Yours will differ.
THB ?,??? month/THB ??,??? year
Moo Baan Fee THB 1,350 THB 16,200
Electricity THB 3,000 THB 36,000
Water THB 300 THB 3,600
TV & Internet THB 3,000 THB 36,000
House Insurance THB 1,000 THB 12,000
Car insurance THB 2,000 THB 24,000
Medical Insurance THB 11,000 THB 132,000
Life Insurance THB 3,750 THB 45,000
Food THB 60,000 THB 720,000
Auto Maintenance THB 2,000 THB 24,000
TOTAL THB 87,400 THB 1,024,800
BUDGETARY USE THB 90,000 THB 1,000,000

Actual spending is less than budgeted.

But, the unknowns emergency can kill your budget. The big unknown is "Medical" one major sickness can destroy your finances and pretty much ruin your "lifestyle - Standard of Living".


But, concerning your question "Is it enough?" Well, of course it is. You know how much money you will have - it is your task to live within your means. Up to you to decide if living within your means will provide you with a "Standard-of-Living" you will be satisfied with.

My statement to my wife, "don't worry about money, we do not waste it, we watch what we spend our money on and pay attention to where it goes. If we start to "overspend" we will know it and cut back as we need to".

The whole trick to us is "we know how much we have and we must make it last until we die". Very easy to do if you know when you will die.

In your shoes; 1) draw up a "retirement" budget. 2) Test It: live within it for a year, 3) adjust as necessary. And, 4) plan for and save up the "emergency stash" for an unexpected medical emergency.

Good luck.

[Bowzer]

Thanks, sound advice - maybe I need another contract somewhere to make doubly sure, just don't fancy it.

[Storekeeper]

American 62yo Thai wife 57yo - Nonthaburi, own house in gated Moo Baan.

Retirement Budget: THB 90k/mo THB 1M/annum.

Retired to Thailand in 2007 and was spending roughly 75,000 baht a month up until the time we left in 2010. That figure included 14K a month truck payment and 14K a month mortgage. School for my step-daughter was around 60K a year just for tuition. Also had a step-son attending school at a much cheaper Thai school. We didn’t get out and about too much. But we ate real good, could afford new clothes and ate out at least twice a week. Nothing fancy mind you. The local KISS restaurant was a treat ... 555!

Targeting a return in June 2022 shortly after I turn 60. No responsibilities other than the wife and I. Planning to rent the first year while the house is renovated. Plenty of acceptable options in the 20K a month range. Kinda like the Chaiyapruek area of Jomtien.

After we get back into the house we’ll be going with the Bowie Budget. But, IMHO as long as we have no rent or car payments ... 65K a month should be close to the figure we need to live the lifestyle we desire. Hoping to get into a bowling league once a week and an 8 ball league once a week. Might have to add another 5-10K for those activities.

Will not have private health insurance. Will keep about a million baht in reserve plus the same on a credit card for any major medical expenses and get reimbursed at 80% from retired military health insurance.

[Maanaam]

"Is it enough?" Well, of course it is. You know how much money you will have - it is your task to live within your means. Up to you to decide if living within your means will provide you with a "Standard-of-Living" you will be satisfied with.

End of discussion. Says it all.

Food THB 60,000 THB

You do eat well! ...or drink a lot.

[bowie]

You do eat well! ...or drink a lot.

Yea, but, in reality, the budget "food" category actually was combining the "food" and Misc" category's. Budgeting is a fairly difficult process in that, to correctly draw up a "future" budget you need to get a firm grip on your existing expenditures. To do that you need to journal your spending. Really is amazing to find out just "where" you actually are spending your cash.

Surprise, surprise, surprise...

and, in my case, that "miscellaneous" category did catch a slew of small necessities that added up to a good chunk of change.

And, of course, for Teakdoorees, don't overlook the "sin tax" category(s) - usually more than one, eh?

[headhunter]

Yea, but, in reality, the budget "food" category actually was combining the "food" and Misc" category's. Budgeting is a fairly difficult process in that, to correctly draw up a "future" budget you need to get a firm grip on your existing expenditures. To do that you need to journal your spending. Really is amazing to find out just "where" you actually are spending your cash.

Surprise, surprise, surprise...

and, in my case, that "miscellaneous" category did catch a slew of small necessities that added up to a good chunk of change.

And, of course, for Teakdoorees, don't overlook the "sin tax" category(s) - usually more than one, eh?

take on board all as bowie said,BUT my advice [35yrs] KEEP YOUR MOUTH SHUT,NOSE CLEAN AND ALWAYS PREPARE FOR THE UNEXPECTED,because there will be some.

[headhunter]

Yea, but, in reality, the budget "food" category actually was combining the "food" and Misc" category's. Budgeting is a fairly difficult process in that, to correctly draw up a "future" budget you need to get a firm grip on your existing expenditures. To do that you need to journal your spending. Really is amazing to find out just "where" you actually are spending your cash.

Surprise, surprise, surprise...

and, in my case, that "miscellaneous" category did catch a slew of small necessities that added up to a good chunk of change.

And, of course, for Teakdoorees, don't overlook the "sin tax" category(s) - usually more than one, eh?

take on board all that bowie has said.
after over 35yrs.my advice is,you can have a good living,BUT KEEP YOUR MOUTH SHUT,YOUR NOSE CLEAN AND ALWAYS BE PREPARED FOR THE UNEXPECTED AS THERE WILL BE SOME.

[Switch]

If you have worked for that many years, you could find it a bit of a shock to the system to stop and retire. You are used to being busy, your partner is used to you being out all day 5 days a week.
Not as easy as it seems in reality..

Try part time first and develop your hobbies into something that can fill the time, preferably involving your partner.

[Luigi]

you could find it a bit of a shock to the system to stop and retire. You are used to being busy, your partner is used to you being out all day 5 days a week.
Not as easy as it seems in reality..

One aspect of it. May I recommend taking up studying something or other, Thai is always good, more to keep yerself busy and be social etc, than just to learn it.

If you're young enough, can the house be used as collateral on another rental property for added security in 10/15/20 yrs time.

Future exchange rates could be a worry. Was meeting Brits retiring here at 60-ish around 2005 when it was 70+ baht to the pound. Life was okay for them on a basic 1000 quid pension. 70k+ per month and everything was as cheap as chips. Now they're in their 70's, getting 42,000b a month instead of 70+, and everything's twice as expensive.

If you're happy living simply, then you should be okay, presuming the wife also has a pension/income.


Join eatigo. Start eating dinner at 11pm.

[Neverna]

Coming to the end of my teaching contract and thinking of retiring. It's a bit scary as I have never been without a job for the past 38 years...

I am married to a Thai, we have our own house in the Eastern Seaboard and a condo that brings in 9k a month when it is rented, as it has been for the last year. I have a smallish pension that will bring in about 45k Bath per month and a modest amount of savings that could be used for travel etc for a few years.

Is that enough in people's experience to live well?

How much have you been spending in the last year in Thailand? Take away the costs of getting to and from work, and your retirement costs will likely be similar.

[Dillinger]

Is that enough in people's experience to live well?

Certainly....for the first weekend in every month

For the other 3 weeks, take up balloon chasing, dining and drinking outside the 7/11, spend your days using the aircon in Central Mall, switch to Krung Thips, Siam Sato and the cheaper girls prowling the beach and you will be living alright

[Luigi]

cheaper girls prowling the beach

Interest piqued.

[Maanaam]

^ "I'm a stud" wannabe can't help himself. Sad SOB.

[Luigi]

We all have hobbies bud.

[Dillinger]

Good point. Get a couple of paying hobbies like Leery Lu.

[Luigi]