Jump to content

Retirement in Krabi.


Recommended Posts

I'm somewhat perplexed that a poster who has been a member of this forum since 2009 and has more than 1200 posts under his belt would ask such a naïve, newbie type question!

He frequently posts vehemently about Thai politics, but knows nothing about COL and visa issues?

I note he hasn't been back to his thread to respond to any answers.

While an interesting discussion for many, I have to wonder about the OP's motives in starting it.

Im sorry I've somewhat perplexed you, simple answer is, I'm a live for the moment type, never been organised or a planner, never thought about retirement but now I've reached 65 I'm thinking about it. Had a longtime association with Thailand, first visited in '66, then not again till '88 but since many times including 2 times for 12 months, 3. times for 6 months, numerous 3 months and even a fair splattering of month or shorter trips. Got a future wife in Ao Nang and a really good deal on a small bungalow we've had since 2009. My choice is basically, keep working and only visit once a year for 3 weeks but live quite well in the UK, or go for it and see how the cookie crumbles.

Sent from my LG-P880 using Thaivisa Connect Thailand mobile app

Just like you, I was a member of Thaivisa for 5 years, and visited many times for longer and longer periods, before I moved here, so I shouldn't really be perplexed. tongue.png

A few differences, I was studying for, and planning, my move from day one, so I knew everything possible about COL, visas, etc, I could without actually being there. And, I stay out of local politics!

It greatly depends on what you are leaving behind, but I would say go for it if the money works for you. Owning a residence makes a huge difference.

However, I don't think I would have been brave enough to do it on your level of income.

Good luck.

What is COL?

I do stay out of local politics, especially as all my local friends are yellow and I'm not. I have one friend of 20yrs I have spoken a bit to, but even he's the same, they all just look down on northern people and refuse to see them as equals.

Cost Of Living???

Link to post
Share on other sites
  • Replies 182
  • Created
  • Last Reply

Top Posters In This Topic

Hi first time poster ,

Wife and I have been travelling to thailand for holidays for years , and thought we might give thailand a try for an early retirement in about 5 - 7 years , we are both 51 , and were also looking at Krabi , inland from the beach by 5 or 10 mins by vehicle ,

We have little super , less than $100,000 . but have two houses worth approx $700,000 combined and a $200,000 mortgage on those ,

We should be able to reduce some of that debt in 5 years , and hopefully the houses will go up some ,

Would you think we may be in a suitable position to live comfortably , with perhaps one house rented and money invested ,

in the area of $2000 or 60,000 baht per month if it was now ?

Cheers

Link to post
Share on other sites

Where did you get the 163 from? The basic state pension - which excludes GMP and SERPS - is currently 113.10. It is intended it should increase substantially in 2016, but not to 163. And you will need to have enough years' contributions to qualify - 35 years for those retiring after 2016. You can defer the pension and benefit from the equivalent of an extra 10.4% per year, or a [taxable] lump sum, enhanced by 2.0% over base rate.

And someone mentioned that you will not benefit from annual increases if you live outside of the UK. Not exactly right. You certainly will lose out in Thailand, but not, for example, if you live in the Philippines, which has a reciprocal agreement with the UK - though reciprocal in what way is not entirely clear.

When the Pension service quote, they quote Basic plus any additional entitlement.

How your UK State Pension is made up
Basic State Pension
This is based on all National Insurance contributions paid or credited to your
account.
Additional State Pension or State Earnings Related pension (SERPS)
This is the part of your pension that was dependant on your earnings. The
SERPS scheme ran from 6 April 1978 to 5 April 2002 with a revision from 6 April
1997. From 6 April 2002 the State Earnings Related Pension Scheme was
reformed by the State Second Pension to give a more generous additional State
Pension for low and moderate earners, some carers and the long-term ill or
disabled who have had, but lost, their links with the labour market.
Additional State Pension
Based on any earnings you may have made during the dates the scheme ran (6
April 1978 to 5 April 1997). This is £866.24 but Contracted Out Deductions (COD)
of £0.00 have to be taken away as you have been in an employer's or a personal
pension scheme from 6 April 1978 to 5 April 1997.
Additional State Pension
Based on any earnings from 6 April 1997 to the date the scheme ended. which
are not subject to COD
Additional State Pension or State Second pension
Based on any earnings, caring or incapacity from 6 April 2002
Graduated Retirement Benefit
Based on contributions paid to the Graduated Retirement Benefit scheme, which
ran from 6 April 1961 to 5 April 1975, and any increases for putting off getting
your Graduated Retirement Benefit or delay in making a claim
Link to post
Share on other sites

Hi first time poster ,

Wife and I have been travelling to thailand for holidays for years , and thought we might give thailand a try for an early retirement in about 5 - 7 years , we are both 51 , and were also looking at Krabi , inland from the beach by 5 or 10 mins by vehicle ,

We have little super , less than $100,000 . but have two houses worth approx $700,000 combined and a $200,000 mortgage on those ,

We should be able to reduce some of that debt in 5 years , and hopefully the houses will go up some ,

Would you think we may be in a suitable position to live comfortably , with perhaps one house rented and money invested ,

in the area of $2000 or 60,000 baht per month if it was now ?

Cheers

Yes 60,000 Baht sounds like a good amount to live on. I'd sell one house and buy a nice condo in Thailand.

Link to post
Share on other sites

Cool , I work in the building trade , paving, concreting and landscaping , been doing it for 30 years ,its a hard slog, its a young mans game,

and basically I dont fancy doing it in my 60s and will be in no position financially to retire here before 60 due to the cost of living , but perhaps over there I can , that is my plan , just hope it comes off .

Link to post
Share on other sites

Hi first time poster ,

Wife and I have been travelling to thailand for holidays for years , and thought we might give thailand a try for an early retirement in about 5 - 7 years , we are both 51 , and were also looking at Krabi , inland from the beach by 5 or 10 mins by vehicle ,

We have little super , less than $100,000 . but have two houses worth approx $700,000 combined and a $200,000 mortgage on those ,

We should be able to reduce some of that debt in 5 years , and hopefully the houses will go up some ,

Would you think we may be in a suitable position to live comfortably , with perhaps one house rented and money invested ,

in the area of $2000 or 60,000 baht per month if it was now ?

Cheers

Yes, indeed.

Link to post
Share on other sites
  • 1 month later...

I'm going to live in Chiang Mai for 6-12 Months when I first arrive to see what my true cost of living expenses will be.

I don't drink or smoke, but I will need some type of health insurance. And to "rent" some occasional female companionship.

Once I get a handle on my actual monthly living expenses, I'm going to look into relocating to a more desirable location of Thailand if I can afford it.

If not, I'll be more than happy to stay in CM and live like a Prince in CM instead of a Pauper in the US based on my Social Security checks.

I will have about 52,500 BHT per month to live on and will have to bank about $5,700 USD to make up for the shortfall for my retirement Visa.

I think 50k BHT per month is easily doable for a single guy that doesn't drink or smoke. I won't have a car expense either, but will buy a used Scooter for short daytime trips around town. No nite driving. Too many drunks.

Link to post
Share on other sites

I'm going to live in Chiang Mai for 6-12 Months when I first arrive to see what my true cost of living expenses will be.

I don't drink or smoke, but I will need some type of health insurance. And to "rent" some occasional female companionship.

Once I get a handle on my actual monthly living expenses, I'm going to look into relocating to a more desirable location of Thailand if I can afford it.

If not, I'll be more than happy to stay in CM and live like a Prince in CM instead of a Pauper in the US based on my Social Security checks.

I will have about 52,500 BHT per month to live on and will have to bank about $5,700 USD to make up for the shortfall for my retirement Visa.

I think 50k BHT per month is easily doable for a single guy that doesn't drink or smoke. I won't have a car expense either, but will buy a used Scooter for short daytime trips around town. No nite driving. Too many drunks.

This is Krabi forum. Maybe better to post this in Chiang Mai.

Link to post
Share on other sites

I'm going to live in Chiang Mai for 6-12 Months when I first arrive to see what my true cost of living expenses will be.

I don't drink or smoke, but I will need some type of health insurance. And to "rent" some occasional female companionship.

Once I get a handle on my actual monthly living expenses, I'm going to look into relocating to a more desirable location of Thailand if I can afford it.

If not, I'll be more than happy to stay in CM and live like a Prince in CM instead of a Pauper in the US based on my Social Security checks.

I will have about 52,500 BHT per month to live on and will have to bank about $5,700 USD to make up for the shortfall for my retirement Visa.

I think 50k BHT per month is easily doable for a single guy that doesn't drink or smoke. I won't have a car expense either, but will buy a used Scooter for short daytime trips around town. No nite driving. Too many drunks.

This is Krabi forum. Maybe better to post this in Chiang Mai.

Just throwing out some advice to the OP -- live where it's inexpensive until he gets a handle on his actual spending before moving to Krabi where he might find himself over his head on his limited income.

38k BHT per month is cutting it close, even in CM, let alone Krabi. He should see if he can afford to live somewhere inexpensive like CM on 38K BHT per month before considering living in a more expensive place like Krabi.

I think he will struggle on 38k BHT per month in Krabi.

That was the point.

He should see if he can live on that in CM before thinking of living in Krabi on that amount.

Edited by PHP87
Link to post
Share on other sites

Just throwing out some advice to the OP -- live where it's inexpensive until he gets a handle on his actual spending before moving to Krabi where he might find himself over his head on his limited income.

38k BHT per month is cutting it close, even in CM, let alone Krabi. He should see if he can afford to live somewhere inexpensive like CM on 38K BHT per month before considering living in a more expensive place like Krabi.

I think he will struggle on 38k BHT per month in Krabi.

That was the point.

He should see if he can live on that in CM before thinking of living in Krabi on that amount.

Fair enough.

Link to post
Share on other sites
  • 2 weeks later...
  • 2 weeks later...

Actually it comes out at £167.32 a week which at today's rates pans out at just under the 40,000baht per month. Can additional savings be added to tot it up?

"YES" and it must be provable savings, not sure if the savings have to be parked in a Thai bank or not.

Sent from my iPad using Thaivisa Connect Thailand

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    No registered users viewing this page.


×
×
  • Create New...