FIRE by moving to thailand?

[firenow]

I have posted a thread earlier with my networth details but many felt it would not be enough to RE in US. My wife is from thailand and one of the options is to move there and RE. I would like to raise my kids here but am not totally against moving to thailand either. My current networth is 650k. I am 38 yr old with a wife and 2 young kids

Has anyone moved to thailand or overseas and retired. What are your thoughts about it?

 

[firenow]

Expenses if FIRE US: 3700 (I initially budgeted for 2.2k per month, but that's for frugal living; this is comfortable living)

Rent: 1000
Grocery & Household Stuff: 500
Eat out & Fun: 300
Utilities (basic + cell + internet): 250
Car: 150
Healthcare: 750
Vacation: 300
Misc.: 250
Kids classes: 200


Expenses if FIRE in Thailand: 1500

Rent: 400
Grocery & Household Stuff: 100
Eat out & Fun: 100
Utilities (basic + cell + internet): 50
Car: 100
Healthcare: 100
Vacation: 100
Misc.: 50
Kids classes: 500 (good private school)

 

[street]

I can say you will be able to live a lot cheaper there then in the USA. I believe all medical and dentist etc. are very reasonable but I'm not sure on the quality.

Not much to add but with the better half from there that would make it an easier move I would think.

Sorry we were posting at the same time but yes the numbers show that clearly. Quality is key on many fronts but it could have better quality then in the USA as far as I know.

 

[Oz investor]

last i heard Thailand has a military regime in charge .

i don't know if that is good or bad for the citizens ,

i haven't been there , and my knowledge of the US laws regarding ex=pats is minimal allow the news i read does have articles of US born folks renouncing their citizenship to reduce their tax obligations ( one might think that negates any SS or health-care benefits , but that is a guess on my part

 

[Ronnieboy]

There is a website about a young dude that moved there to retire early, even though he blogs and writes articles on other websites. He is pretty frugal and with his 'hobbies' of writing, it probably more than covers his expenses so his retirement fund still grows, and he continues to buy stocks. It is: Mr. Free At 33 Your Financial Independence Coach

He used to write as Dividend Mantra but sold his website. Then started this one. He is kinda flaky, but is pretty good about covering how life is like in Thailand, specifically Chiang Mai. I kinda look in every once in awhile even though I know I could never live there. He even had a post about a hospital ER visit he experienced.

You should take a look.

 

[NYEXPAT]

I retired 30+ years ago and moved to Peru 15 years ago. If your wife has family there it can be great place and experience to raise your kids! I have two boys 3 and 13 and they are both in private schools. We will be moving back to the states for University to give them more opportunities but I imagine they will go back to Peru at some point with international experience.

My spend rate is 6k/mth net, which includes private schools,college savings, 15k travel budget. I do not need a car and medical for my two kids is about $180/mth for o deductible policies. We live in a "HCOL district" in the capital city and spend freely. Unless you live in a suburban or rural area I think your budget is light, but then again I think your USA budget is light as well.

 

[97guns]

I’m not living here but have a house built for the in laws and would like to live here some day, problem is my wife is spoiled now with the California weather and American lifestyle, she doesn’t like the Thailand heat now, gives her headaches.

I’ve seen some expats living on as little as $500 a month, $250 or $300 rents you a house and food is super cheap, $1 for a meal.

My last trip here my buddy had a cold, went to the doctor for $4 and medication was $2,

 

[MarieIG]

I don't know Thailand, so these are some things in general to think about. Some places are great for foreigners, others are not so accepting. You will need to make that determination.

How much time have you spent in Thailand?

How do you like it?

How do your children like it?

Why did your wife leave?

What would life be like for 1/2 American children growing up there? Would they be accepted/ assimilated into the culture?

What is the plan for your children after high school?

I do not think your plan is equivalent to retirees with no young children. In your case, I think you plan needs to center around the needs of, and what is best for, the children.

 

[ivinsfan]

Expenses if FIRE US: 3700 (I initially budgeted for 2.2k per month, but that's for frugal living; this is comfortable living)

Rent: 1000
Grocery & Household Stuff: 500
Eat out & Fun: 300
Utilities (basic + cell + internet): 250
Car: 150
Healthcare: 750
Vacation: 300
Misc.: 250
Kids classes: 200


Expenses if FIRE in Thailand: 1500

Rent: 400
Grocery & Household Stuff: 100
Eat out & Fun: 100
Utilities (basic + cell + internet): 50
Car: 100
Healthcare: 100
Vacation: 100
Misc.: 50
Kids classes: 500 (good private school)

Under existing ACA laws if you can control your taxable income the cost of healthcare for your family should be considerably lower ..the key is to get enough after tax money put away beforehand so that you don't have too much taxable income.. you'd want to use a mix of after tax funds and taxable dividends to stay under the ACA cliff. Many threads here on ACA so read through a few of them.

 

[zinger1457]

Even with a Thai wife I believe there are special VISA and monthly income (and/or savings requirements) that you would have to meet to live there. Have you researched those requirements? Some of your estimated living expenses for Thailand look way off to me. Never looked at buying health insurance in Thailand but occasionally read the thaivisa forum and your estimate ($100/mo) for healthcare insurance for Thailand seems low based on what forum members discuss for individual coverage. Are your wife and kids included in that or do they qualify for special Thai citizen medical coverage? Your estimate for groceries and household stuff ($100) seems very low. Yes food there is cheap if you eat all your meals at street food stalls but even then 30baht($1)/meal x 3 meals/day x 4 people = $12/day = $360/mo. The few grocery stores I've been into in Thailand didn't seem all that cheap to me.

 

[MRG]

It's an inexpensive place to live. I remember an ex-pat who reported to me was on site there for a half a year. When I first saw his expense reports I didn't know the exchange rate. Once I did I was done reviewing.

Interesting, another co-w*rker who absolutely loved Thailand instead retired to SA.

 

[walkinwood]

What is the rate of inflation in Thailand? Historic, current? How has the baht fared against the USD?


You'll have to factor that in to see if you can afford it or not. I assume you'll leave your money in the USD. Don't just go with the 4% rule which relies on historical US inflation.

 

[97guns]

You can get a retirement visa that was just introduced, good for 10 years and renewable, the requisites are that you have to show a bank account with around 80k or have $1000/mo income. I think you wouldn’t have much difficulty retiring on $650k there, you could live like a king. You could draw 2% on $650k for living expense and never touch your principal!

 

[Red Badger]

Prior to retiring in NC, DW and I agreed that, if we had some unforeseen financial sh!t storm, Plan A was the Lake Chapala area in Mexico; Plan B was Chiang Mai, Thailand. We didn't pull these out of our @ssses. I have spent extensive time in Mexico, while DW has spent time in Thailand, and has friends who love it there.

One year in retirement, and NC is working out fine. But it's good to have a plan. Some folks have w*rk as a fallback. We chose geographic arbitrage instead. For us, being aligned was/is essential. Without stakeholder buy in, it ain't a plan, it'a fantasy.

FWIW, Thailand is a platinum member of the coup of the month club. Happens all the time but seldom has any impact on day to day life. Scares a lot of folks reading the news, but it's pretty much the Thai political process.

 

[zinger1457]

I think you wouldn’t have much difficulty retiring on $650k there, you could live like a king. You could draw 2% on $650k for living expense and never touch your principal!

That 2% withdrawal rate works out to just over $1K/month. Maybe survive but I don't see how a family of four could live like a king in Thailand on that amount?

 

[97guns]

That 2% withdrawal rate works out to just over $1K/month. Maybe survive but I don't see how a family of four could live like a king in Thailand on that amount?

No withdrawal, live off todays modest interest rates, average salary here is $300usd/mo., that’s 3x average salary, I think you could live pretty well with $1000 even with 4.


I’ve been here a little over 1 week, went to Bangkok twice and did a few other excursions, eating out every day and I catch the tab for the family of 5, I’ve only chewed through $320 so far. We’re going back to Bangkok on Wednesday, got 2 rooms booked for a night for a grand total of $32. Gas costs the same as the states

 

[Teacher Terry]

Water and air very polluted. Add in the extreme heat and I would spend most of my time inside. I have been there once and you would have to pay me to live there.

 

[flyingaway]

There is a website about a young dude that moved there to retire early, even though he blogs and writes articles on other websites. He is pretty frugal and with his 'hobbies' of writing, it probably more than covers his expenses so his retirement fund still grows, and he continues to buy stocks. It is: Mr. Free At 33 Your Financial Independence Coach

He used to write as Dividend Mantra but sold his website. Then started this one. He is kinda flaky, but is pretty good about covering how life is like in Thailand, specifically Chiang Mai. I kinda look in every once in awhile even though I know I could never live there. He even had a post about a hospital ER visit he experienced.

You should take a look.

I think this guy (Mr. Free at 33) has a portfolio of less than $400K. I don't think he is "retired" as he is coaching.

The OP and/or his wife can certainly make some money in Thailand. What is the plan to be retired in Thailand and never make any money again? On the other hand, if you want to make that choice of not making any money in the future, you can adjust your life to live in Thailand accordingly.

 

[97guns]

Water and air very polluted. Add in the extreme heat and I would spend most of my time inside. I have been there once and you would have to pay me to live there.

North is a lot cooler and cleaner than the south, I would not want to live in Bangkok that’s for sure

 

[zinger1457]

No withdrawal, live off todays modest interest rates, average salary here is $300usd/mo., that’s 3x average salary, I think you could live pretty well with $1000 even with 4.

Not sure where you got your numbers but the minimum wage in Thailand is now 325baht/day (~$300/mo). According to the link below Thailand's annual household per capita income is $3322, that works out to $13288/year for a family of four.

https://www.ceicdata.com/en/indicator/thailand/annual-household-income-per-capita

Many sections of northern Thailand like Chiang Mai get very polluted during the crop 'burning season' which can last a couple months.

 

[YVRRocketSurgery]

Not retired yet but looking to spend extended time abroad when retired. We'd love to spend a few months in Thailand, particularly in the Chiang Mai region, which we've been to a few times.

One of the resources we've come across for Thailand is JC and his Retire Cheap Asia website and Youtube channel. He's been retired in Thailand for a while now and provides info to people wanting to make the move.

A lot of expenses of living in Thailand is inexpensive but there are obviously things that will make it more expensive like eating a lot of western food like McDonalds, Sizzler, etc.

Personally, I'm not sure if I'd want to live in Thailand continuously in retirement. I love visiting but there are a lot of things you need to accept if you live there long term (junta government, corruption, a justice system for the rich/elite vs everyone else, cultural differences, the heat and humidity, property ownership, etc)

 

[martyp]

I have posted a thread earlier with my networth details but many felt it would not be enough to RE in US. My wife is from thailand and one of the options is to move there and RE. I would like to raise my kids here but am not totally against moving to thailand either. My current networth is 650k. I am 38 yr old with a wife and 2 young kids

Has anyone moved to thailand or overseas and retired. What are your thoughts about it?

I am currently a US citizen and living retired in Thailand. I moved here in February 2017. I had been here 3x on holiday before before deciding to live here. I am over 50 and on a visa for people over 50 and not working. Because you are 38 you will have to research the circumstances of the visa you can live here on. I recommend a FaceBook group called Thai visa advice. The resident expert there is Tod Daniels. He has all the accurate information about expat visas for Thailand. If you are not on Facebook then I strongly recommend you join if only to talk to Tod about your Thailand options.

You have an advantage of having a Thai wife but it will also depend on how long it has been since she has been here. Also, did she live in the city or the country? Thailand has changed a lot in the last 10 years. As for the military government. I've not found that to be an issue for day to day living.

I live in Bangkok which is definitely more expensive than other parts of the country. The living budget here will depend of course on your standard of living. If you have school age kids then I recommend living in a city. The education in the countryside is not particularly good by observation. Bangkok has many private schools and that may have to be considered as part of your budget. They will probably be much less expensive than private schools in the US.

If you live in the city you can get away without having to speak Thai but in the country that won't generally be possible.

Of course many things are cheaper in Thailand but that is also relative to where you are currently living. I moved from the San Francisco Bay Area, one of the most expensive areas in the US so everything here is cheaper here for me but it may be less so for you. A single person can live pretty well in Bangkok on $3000-4000 per month. You can definitely live on less but then you start to have to live further from the center of town. You will live in a older condo or house. You may not be near public transportation. You will travel less and spend less on entertainment. Since you have a wife and family than you have to look at modifying that accordingly.

 

[97guns]

I’ve been here for a little over 3 weeks now and it’s my 3rd trip here, I’ve spent around 5 months total here and have been to and stayed in Chiangmai, chiang rai, Bangkok, pattaya, Chong Buri, suphon Buri, kalasin, kohn Kaen and small villages, if I were to live here it would have to be northern, the south is way too hot for my liking, I fell in love with chiang rai and that’s about as north as you can go.

I like: the people and culture, the food and prices and the overall cost of living

I don’t like: the heat and humidity, the mosquitos and all other bugs/flys/lizards, Bangkok and traffic


It’s so hot for me that I’ll only go out in the morning up until noon then I’m rabbit holed up in the AC house the rest of the day

 

[brett]

We have spent four winters in Thailand. Everywhere from Chiang Mai down Ko Lipe.

We much prefer the south, Lanta, or Kao Lak areas. Not particularly interested in Bangkok of Phuket.

If you are planning to live outside Bangkok you really have to consider any health issues that may crop up. One of our hosts in Lanta was a 20 year Swiss expat who married a Thai. He loves the area where he lives but recognizes the medical risk should he need immediate treatment for a heart ailment.

We intend to continue wintering in Thailand. We do move around though vs staying put in one location for the entire time.. For our preferences it is far better than Florida or Arizona. But we would not consider buying or moving there for a full year. We did see many expats in Chiang Mai...much better climate according to many.