I have a work colleague 51yo,so depressed and bored with his life in Australia he wants to sell his house and move to Thailand.
his only money will be around 10 million baht give or take.
no other income
Questions are how much is enough to last him until he can eventually get the old age pension,(currently 67) so how long can that last him.
i know,a lot of you will be saying...how long is a piece of string?
but lets put it into more complex , at 50yo in Pattaya ? in Isaan say Khon kaen? Udon? in Chiang mai? Bangkok? , all different lump sum cash to live.
how much a lump sum would say a 50yo need to last him say 20 years?
could perhaps 20 million baht say ?
obviously if someone lives in sakhon nowhere it will be different than say living in Bangkok or phuket/pattaya
i guess not only demographics taken into consideration ?
i guess this is where planning needs to happen especially to live for the next say 20 years on a lump sum
the question is..........if your in your 50's or even close to 60's when is the time financially to retire?
how do you know when?
im in my early 50's and working out i have roughly with assets selling my house an savings about 18- 20 million baht with no other income until 60, where i will receive my superanuation but even that wont be that much, ,but would i risk selling my house in Sydney and retiring yet,no , i would be too scared !!
i dread working the next 10 years , but my feeling is nothing will ever be enough, will myself have to pour money into my retirement funds over the next 10 years just to try to retire at 62 if im lucky.and then feeling guilty saying it might not be enough ...and that is my greatest fear , never enough, and leaving it too late to retire and getting a terminal illness god forbid...maybe i worry too much