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How many millions of baht does my friend need to retire in Thailand.


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1 hour ago, advancebooking said:

He has visited a few times as short term tourist

Then he should have a pretty good idea... swap out an apartment for a hotel and some savings here and there... I think the person will have a better chance of figuring it out on their own, than strangers from TVF... 

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Well there are so many personal factors. 

 

If he has lots of money, a lot of it should still be invested for growth. 

 

Then will he have any pensions, or be eligible for any future pensions such as social security?

 

I would ignore the visa requirement of 65K per month. That's arbitrary. Many people especially if they buy a condo live on much, much less and the visa thing is often satisfied with a bank account in Thailand as opposed to income. 

 

Obviously as you already know, the younger you quit work the bigger the chance a person will eventually run out of money. 

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2 hours ago, advancebooking said:

Essentially I said to him he could easily spend a 100,000 a month in Bangkok living quite well. 

Quite well is a relative concept.  

Just tell your friend how you precisely calculated the 100000.

He will then decide by himself if it is too much, not enough or fair. 

People have different priorities too. 

I have a house, a car, and a pied-à-terre to pay. 

An acquaintance has ca. the same monthly income, he lives in a small room, no car, no motorcycle, he loves to go out and ring the bell. 

He spares a lot of money lately. 

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Ask him how much he pays in rent (or would if he was renting not owning the house he lives in.

Half that amount. Add what he spends a month where he is to that total.

Add a few 1000 bht a month for health insurance costs.

That total will give him a good idea of what Bangkok will cost to live his idea of a comfortable life.

 

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5 hours ago, advancebooking said:

My friend is intending to move to Thailand and not work. He is well off but asked me how much money to live here long term. ie how many millions of baht to retire here permanently. He has visited a few times as short term tourist but never long term

 

I told him he should have budget of 100k a month minimum. If he is aged around 50 and lives to 80 then he might need 36 million

 

Essentially I said to him he could easily spend a 100,000 a month in Bangkok living quite well. 

 

Any thoughts on this. I expect this is the first time this kind of thread has ever been raised

 

 

 

4 Bitcoin should do it!

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20 minutes ago, sidjameson said:

That total will give him a good idea of what Bangkok will cost to live his idea of a comfortable life

 

Bangkok has many areas, cost of live is different in Thonglor than in Bang Na. 

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Does he have an active diversified investment portfolio?

100,000 would be good and very comfortable now.

But, you need to calculate inflation into those 30 years.

The people I know who have come here with a load of cash thinking it will last, it never does.

I know a guy in Pattaya who blew thru $500,000 US in about 7 years. 

 

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8 minutes ago, advancebooking said:

I think he likes the ladies

That only lasts so long,  trust me.

ladies all round the world, especially if loaded.

 

Ps But Thailand is a great place to visit for a few months a year.  :jap:

 

 

 

 

Edited by quake
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II have a group of friends who have retired here. Their net worth  ranges from hundreds of millions of Baht, to 50K a month income and no cash reserves,  bar the 800K needed for a extension.  As Charlie H said, how long is a piece of string.  It depends entirely on what kind of life you want to lead here and what kind of infrastructure you need around you, house car, medical cover etc, and also where you want to live and with whom.   Each individual needs to do their own calculations, there is no template for that, that I know of. 

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On 1/7/2021 at 11:32 PM, advancebooking said:

He has visited a few times as short term tourist but never long term

How much did he spent as a short term tourist?

That should give him an idea how much he needs.

 

And please tell him to try to be realistic. I remember a guy who visited Thailand two or three times a year. He regularly rung the bell, most of the time not just in one bar per night. I guess it happened very seldom that he spent less than 1,000USD per night. And then he planned to retire and he had a budget of 60k THB per month in mind...

 

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2 minutes ago, OneMoreFarang said:

How much did he spent as a short term tourist?

That should give him an idea how much he needs.

 

And please tell him to try to be realistic. I remember a guy who visited Thailand two or three times a year. He regularly rung the bell, most of the time not just in one bar per night. I guess it happened very seldom that he spent less than 1,000USD per night. And then he planned to retire and he had a budget of 60k THB per month in mind...

 

dumb as a brick eh? 

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On 1/7/2021 at 11:32 PM, advancebooking said:

I told him he should have budget of 100k a month minimum. If he is aged around 50 and lives to 80 then he might need 36 million

I live happily enough on 40kbht/month.

That's supporting a Thai women, daughter at university, son at junior school, and paying the mortgage on my 3 bedroom house.

No need to budget, the pension arrives every month.

 

Although when I arrived at 52, my drinking and womanising pushed my spend up to 60kbht/month

Edited by BritManToo
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2 hours ago, Pilotman said:
2 hours ago, OneMoreFarang said:

How much did he spent as a short term tourist?

That should give him an idea how much he needs.

 

And please tell him to try to be realistic. I remember a guy who visited Thailand two or three times a year. He regularly rung the bell, most of the time not just in one bar per night. I guess it happened very seldom that he spent less than 1,000USD per night. And then he planned to retire and he had a budget of 60k THB per month in mind...

 

dumb as a brick eh? 

Actually no. The guy was well educated and had a good job.

But as we all know that is no guarantee that the brain also works well in Thailand.

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