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Retire, to Chiang Mai!

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Thinking of retiring to Chiang Mai early. Am I financially ready? Chiang Mai condo  bought basic spend 10,000 baht per month including basic food. Sure I can do 6000 if economizing. My place here has been rented out for 5 years and needs to be redecorated with new due to damage and powerful odor of cigarettes. Some Chinese liked the room so much they even took the shower head! Every one says no smoking most do and treated my furniture and appliances like <deleted>. Will never rent out again it is not worth it. My assets around USD 1.3 Mil most in 401k (USD400k liquid) and I cant do withdrawals without penalty for about 5 more years. US Social security at 62-70. No pension. Yard Sale. Hard to estimate but would sell everything. Have some "toys", and equipment I will flog off on eBay. Own condo in US small cash positive if rented out will probably refinance soon. Backup Plan 1: Cant get Thai visas, Vietnam. Backup plan 2: Health issues, return to live in US. Backup plan 3: Spend down in cheap room, perhaps Pattaya Flying Club. I really thought I should pay off the condo maybe work 5 more years but cant hardly bear it anymore, Hard to deal with the crazy people and politics, guns. I think it is turning into the real third world. In Thailand I would like to study Thai  maybe get my Masters degree. Also study about investing my assets so I don' have to draw down my nest egg.  I have been here 10 days this time on vacation and don't want to go back. Not fun anymore.

 

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Given your financial position (No 65k/month or 800k bank) your Backup Plan 1 seems to be the most likely scenario...

Edited by sfokevin

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2 hours ago, tabarin said:

Make it end of January until May instead. Would say CM is only nice for the high season (winter weather makes it heavenly), not all year around anymore.

Jan thru May?  Are you coming specifically for the burn season?  Summer is much better, especially to be a local. 

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Air quality ( as already stated) from March to early May (last year),  is absolutely awful.

 

If I could retire all over again it would certainly NOT be in Chiang Mai

 

It just did not seem as bad 15 years ago and probably wasn't?

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This guy is better situated than plenty of people retired in CM. More than 1M $US is assets with 400k liquid and 5 years to SS income and the rest of his assets. And he is talking about having to live in a place for 6000 Bt a month? That's ridiculous. He could live well here paying 15-20k for a very comfortable place (or a bit more for even better). Since he is apparently about 60 he could even afford to buy good health insurance which he could maintain. Financially he would not have a problem (if all that is true). In Chiang Mai though? I have been here for many years and if I was in his situation I would look around for a year or so before committing. Spend a couple of weeks (or months) in Hua Hin, maybe Ao Nang or else where in VN, or maybe even South America. CM is OK (and I am basically committed to staying here) but there are definitely increasing problems with Thailand in general. Good luck.

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