Thailand's surging baht shatters expat dreams of easy retirement

[Beggar]

To cut a long story short 

 

 

[Guest]

20 minutes ago, PEE TEE said:

I only get 800 a month and do ok 

 

800 What?  Euro, USD, Sterling?  Wow ... it really IS "all about you" isn't it?  555

[metisdead]

Some inflammatory posts and replies have been removed.

 

Posts commenting on moderation have been removed. 

[Matzzon]

1 hour ago, RedPill said:

You are 48 years old.

 

Imagine you came here 5 years ago, age 65, on a 1.5/2k Pension, to relax your last couple of years on the beach.

 

Would you talk the same? 

 

If it doesn't work out, you go back to work.

 

You think it's a little different for a 65/70 year old?

 

You only see the world from your point of view ... all the time.

 

 

 

 

Ok, you are right. If you are over 65, then you can make your own rules or excuses to not follow the ones that exists in a foreign country. No problem, up to you as they say here. ????

[brian2f2f]

6 hours ago, Matzzon said:

Yes, but of course the government in Thailand is to blame again. They have done a great job cleaning out one bad apple after another. After that they have created a super strong baht that is beating all the world currencies. They have started to enforce the rules that you only could read about before, so that everybody eventually must follow the law.

They are not treating you bad in any way and they leave you alone in peace, just as long as you follow the rules and regulations.

So, now to the point. Tell me now how they treat you bad as a foreigner in this country? 

How about for starters they are getting stricter and stricter about inforcing the laws against us yet at the same time getting more and more leiant about enforcing laws against thais. We are expected to abey the law. Ut the local thais get to chose if they wish to follow or not without fear or evem threat of anything happening to them. Enforcing precisting immigtation laws while adding more new and more difficult ones. How many foriengers have been arrested lately for prostition and how many thais have been. Despite areas that are knowm for high numbers if thais doing so. Going ti those places claiming no thais are selling pussy but as soon as a non thai is there doing it. Please show me a legally written document showing legal proof that enforcing laws against non citizens while not against the citizens. Thus being cslled a duble standard legally. How this legally cam be called treating us good and fair. 

[alzack]

6 hours ago, Chicken George said:

I can relate to this. Luckily I can deal with it but cutting back.. The biggest problem is the pollution and the affect on my children.. Big decisions ahead

Well 3 years back we saw this in real time and returned to the UK now so much better off, new pension increases annually, free schooling for our boys, tax credits for our boys we never got in Thailand, Free bus pass, free  health now, no loss in monthly currency transfers, doubled our income Thailand a real problem and for many its a BIG WORRY good luck guys

[Ketyo]

Perhaps the UK can become a retirement destination for people who earn money in hard currencies.... I heard that bedsits in places called Cleethorpes and Grimsby are very cheap from September to May....

[MarkyM3]

6 hours ago, RichardColeman said:

Sounds like another fool not planning his life properly with no escape route.

A surprisingly harsh post from you...have seen your posts describing how you had to come back to the UK sans family to sort out your property after it was trashed by a tenant and the fact you cannot get a UK visa for your family to live here (the requirements for which appear to be hardly onerous on the face of it).  

 

FWIW, I agree that anyone basing their retirement planning on an exchange of 60 was taking a risk and should have contingency planning down to 35% or so less than that but we are now talking not far off half that. I would hardly call them a "fool" on that basis. 

 

[Speedhump]

7 minutes ago, bangkokequity said:

800 What?  Euro, USD, Sterling?  Wow ... it really IS "all about you" isn't it?  555

Doesnt matter, he obvs eats somtam every day and enjoys it 

[Percy P]

6 minutes ago, Percy P said:

But i has. Investors who want to invest in the UK are waiting to see what the situation will be. Boris will sort it out. I'm a leaver I can't say I've benitited

 

Thank to Boris. 

Never mind I'm of to Penang the end of the month . Thai Baht will get me 140 myr/1000B have been their when it was 100myr.

[RobbyXNorway]

7 minutes ago, bangkokequity said:

800 What?  Euro, USD, Sterling?  Wow ... it really IS "all about you" isn't it?  555

 

Isnt it "all about me" for all of us? Really? Blow more smoke up our ass...

 

Every expat living in Thailand has seen their currency drop towards THB the last few years. The difference for all of us is where our "red line" in financials is. And keeping in mind the 65000 THB pr month requirement that means that more and more expats drop below that red line as the THB continues to rise.

 

[Speedhump]

1 minute ago, MarkyM3 said:

A surprisingly harsh post from you...have seen your posts describing how you had to come back to the UK sans family to sort out your property after it was trashed and the fact you cannot get a UK visa for your family to live here (the requirements for which appear to be hardly onerous on the face of it).  

 

FWIW, I agree that anyone basing their retirement planning on an exchange of 60 was taking a risk but we are now talking not far off half that. You are talking circa 40% reduction at this point. I would hardly call them a fool. 

 

I dont agree. Who would plan basis their home currency losing 50 pct of value? Anyway, so long as you have an escape plan its fine. 

[dddave]

3 hours ago, NCC1701A said:

they did not interview me. and no talk of boom boom. so they missed the whole point.

 

i am eating a nice can of cat food today. what could be better than that and boom boom? i heat it up of course.

 

 

Puss & Boots I assume.

[MarkyM3]

10 minutes ago, Speedhump said:

I dont agree. Who would plan basis their home currency losing 50 pct of value? Anyway, so long as you have an escape plan its fine. 

That is the point I am making....he is calling the guy a fool for not planning for this possibility. I am politely disagreeing with him????

 

I am not retired yet (late 40s) and work in the UK but I live in Bangkok for 4 or so months a year (Thai fiancee) and plan to expand that more in due course, so the cost of living changes do affect me since I had based mine on an exchange rate of 40. Interesting times ahead. 

[RedPill]

1 minute ago, Matzzon said:

Ok, you are right. If you are over 65, then you can make your own rules or excuses to not follow the ones that exists in a foreign country. No problem, up to you as they say here. ????

What you don't understand or don't want to understand, is this.

 

Requirement is 65k per month.

 

5 years ago, no problem, most people had 100k or more ...

 

5 years later, without doing anything ... it's slashed by 40% ... only 60k income per month.

 

Still plenty to live here, no issue ... what does the average Thai make per month? 

 

But visa requirement not met ... you're out.

 

And you, Mr. Perfect Mazzo, show zero compassion for this fact. People don't make their own rules and exceptions.

They would have enough to live on and support their families, just not enough to make i.e. a hurdle from 60 to 65k .... 

 

Life happens ... and one point in time, life will get to you, too.

 

You are 48 ... they are 65/70 years ... can't you see the difference, or are you just acting stupid?

 

 

 

[Bangkok Barry]

6 hours ago, quandow said:

Surged? A bit of an exaggeration, and if you planned your finances that close to the wire then som nom na.

 

When I bought my house here the Baht was around 75 to the Pound. The government's financial requirements were also half of what they are now. So please don't tell me about bad planning resulting in being close to the wire. Show me anyone who planned for their currency to halve in value and for government demands to double and I'll show you a liar. 

[robsamui]

41 minutes ago, HHTel said:

Look at the chart from 2004 till now. I arrived before that.

 

       Average   Min       Max

2019	39.843576	36.912582	42.135820	191
2018	43.143031	41.106658	44.788483	255
2017	43.687648	42.662436	45.038995	255
2016	47.811798	42.561910	53.389785	257
2015	52.412438	47.508283	56.314708	256
2014	53.510748	51.073109	55.590778	255
2013	48.097056	43.649422	54.280763	255
2012	49.246528	47.676398	50.391250	256
2011	48.884682	46.616201	50.033731	257
2010	48.960109	46.195049	53.764811	258
2009	53.698016	47.591350	57.831041	256
2008	61.012502	50.295627	67.294325	256
2007	64.633642	59.579150	70.624953	255
2006	69.821829	66.410146	72.380464	255
2005	73.214701	70.363214	75.813507	257
2004	73.698138	69.926319	76.498465	259

The chart of what?
And the point you are struggling to make is . . . ?

[Bangkok Barry]

9 minutes ago, brian2f2f said:

How about for starters they are getting stricter and stricter about inforcing the laws against us yet at the same time getting more and more leiant about enforcing laws against thais. We are expected to abey the law. Ut the local thais get to chose if they wish to follow or not without fear or evem threat of anything happening to them. Enforcing precisting immigtation laws while adding more new and more difficult ones. How many foriengers have been arrested lately for prostition and how many thais have been. Despite areas that are knowm for high numbers if thais doing so. Going ti those places claiming no thais are selling pussy but as soon as a non thai is there doing it. Please show me a legally written document showing legal proof that enforcing laws against non citizens while not against the citizens. Thus being cslled a duble standard legally. How this legally cam be called treating us good and fair. 

 

You forgot to list that only foreigners, never Thais, have to satisfy financial conditions.

[Vacuum]

2 hours ago, Number 6 said:

Seems like my monthly expenses over last 15 years run 20-25k. Doesn't include trips and holidays, dental, the odd checkup or insurance.

 

Learn how to cook or eat Thai food. Teach English if you have the education and ability. Just stop complaining and stop asking for special treatment.

 

Lots to criticize about quality of life but Thai staples being expensive is not one of them.

In short, adapt to the situation.

[robsamui]

11 minutes ago, Ketyo said:

Perhaps the UK can become a retirement destination for people who earn money in hard currencies.... I heard that bedsits in places called Cleethorpes and Grimsby are very cheap from September to May....

No way anyone can afford the cigs and Sang Som.

[MadMuhammad]

1 minute ago, Vacuum said:

In short, adapt to the situation.

It’s easier to play the victim 

[Matzzon]

9 minutes ago, RedPill said:

What you don't understand or don't want to understand, is this.

 

Requirement is 65k per month.

 

5 years ago, no problem, most people had 100k or more ...

 

5 years later, without doing anything ... it's slashed by 40% ... only 60k income per month.

 

Still plenty to live here, no issue ... what does the average Thai make per month? 

 

But visa requirement not met ... you're out.

 

And you, Mr. Perfect Mazzo, show zero compassion for this fact. People don't make their own rules and exceptions.

They would have enough to live on and support their families, just not enough to make i.e. a hurdle from 60 to 65k .... 

 

Life happens ... and one point in time, life will get to you, too.

 

You are 48 ... they are 65/70 years ... can't you see the difference, or are you just acting stupid?

 

 

 

And still 5 year ago the minimum per month was 65k, and five year later the minimum is still 65k. Think if that would have been going up like everything else?

If somebody wanted to retire here 5 years ago, like you take as an example before. Then they would have been reading the rules in the Immigration Act, and choosen 800k, to be safe. If they transferred that to a Thai bank account 5 years ago, then some nationalities would almost doubled their money too. No I am not stupid, and then they had been safe, disregarding any currency fluctations. There is one thing that people have choosen to forget, and that is how to plan for a secure retirement. Just lalala around and hope for the best just doesn´t cut it.

 

So, if I didn´t have a solid plan for my retirement, then I would just have to choose retirement in some other place where it´s cheaper so that I could afford it.

[MadMuhammad]

7 minutes ago, Bangkok Barry said:

 

When I bought my house here the Baht was around 75 to the Pound. The government's financial requirements were also half of what they are now. So please don't tell me about bad planning resulting in being close to the wire. Show me anyone who planned for their currency to halve in value and for government demands to double and I'll show you a liar. 

You thought that 75 to the Pound was normal and would last forever? C’mon, really?

[maprao]

I feel sorry for all those gloating on others misfortunes and inability to meet the visa requirements financially. Be careful your day may come!

 

I also remember the late 1990s when it fell to 35 prior to the crash and the pound buying well over 90 baht. One can never predict the future 

[Speedhump]

8 minutes ago, MarkyM3 said:

That is the point I am making....he is calling the guy a fool for not planning for this possibility. I am politely disagreeing with him????

Sorry, yes I also was trying to disagree with him. 

In 3 years my USD pension has reduced 10 pct. If I had a Sterling based pension I would be quite uncomfortable right now. Buying property here was probably a bad idea, purely from the point of view of portability of assets. 

[MarkyM3]

4 minutes ago, MadMuhammad said:

You thought that 75 to the Pound was normal and would last forever? C’mon, really?

Come off it, it's halved. I agree that it wasn't normal and people should have planned for 40-50 as a reasonable trend but it is now near the mid 30s....did you predict where it would be? Easy to be wise after the event innit. 

[tonbridgebrit]

4 hours ago, Lemonltr said:

The article said that Maxey was getting 60 baht for his pounds 2 decades ago! . Around 15 years ago it was 75 baht to the pound. Today 37.5 exactly halved. Now, people must, and do, adjust or move but it's very harsh criticism  for not doing prior planning for such an unusually drastic change by the "holier than thou" 

It's not just a case of the pound buying less baht. Yes, half as much, or a one third drop for some people.

It's also a case of how prices in Thailand, in baht, have increased considerably during the last two decades. Barfine at Nana Plaza gogo bars were 500 baht back in 2002, it must be a lot more nowadays. And it was 100 baht per person at them down-market barbeque buffet places in Bangkok, must be about 200 baht nowadays. So, the amount of baht you get for your pound has dropped considerably, and baht prices have moved up considerably. You don't feel so rich nowadays.

[Bangkok Barry]

4 minutes ago, MadMuhammad said:

You thought that 75 to the Pound was normal and would last forever? C’mon, really?

 

Show me anyone who anticipated it would fall to 37 and I'll call them a liar. Are you one of them? If so, maybe you should gamble in stocks if you're so good spotting trends.

[robsamui]

48 minutes ago, smudger1951 said:

Any Brit on a slim budget should face up to the future and avoid being the boiled frog that never jumped.

Yep - I've been gone from Thailand (after making it my home for 22 years) for 6 months now. It was tough doing this at the age of 70.

 

But suddenly my tiny pension is buying me 200% more things in Vietnam.

With all this focus on external economics, nearly everyone's forgotten that the cost of living in Thailand has increased hugely - it's doubled since 2008, all by itself.

And, no, I'm not talking about visa costs or the 100% increase in the price of a Work Permit, or the money expats now need to lodge in the bank: it's doubled for the ordinary Thai people, too.

[brian2f2f]

13 minutes ago, Bangkok Barry said:

 

You forgot to list that only foreigners, never Thais, have to satisfy financial conditions.

Sure could have added much more but then id have to write a novel to do so. But another very valid point as in many other countries that is not required.