To see how far your benefit could take you try this social security benefit calculator. Xendpay is among the cheapest ways to send money to thailand.
Thailand is an affordable travel destination and a budget of 1 500 each month is enough for many people to live comfortably.
How much money to retire in thailand. Retirement visas and the thailand elite visa. The fees are some of the lowest saving you about 1 500 baht on a 30 000 baht transfer. To qualify you must be 50 years of age and be able to show an adequate income from outside thailand or deposit 800 000 baht 25 400 in a thai bank.
By law to retire in thailand you are required to have an income of 65 000thb per month us 2 000 or saving to the equivalent of 800 000thb us 25 000 in a thai bank account. A retirement visa may be obtained in your home country or in thailand. The general consensus is that this amount would provide a single person with a very comfortable lifestyle whilst living in thailand.
Even though many people move to thailand because it s cheap it s still smart to have some savings to account for surprise expenses. However this is a great reference point to understanding how much does it cost to retire in thailand. With a cushion of 25 000 in savings or on a modest salary of 2 000 per month a retired couple could live a simple but comfortable life.
You can reach your thailand retirement investment goal of 250 000 by choosing a good investment vehicle. A couple of things to note. Beyond the actual amount required by thai immigration so they ll give you a retirement visa either 800 000 baht in a thai bank account 26 650 or 65 000 baht proveable income every month 2 180 many people thinking of retiring to thailand worry about how much money they ll need.
Considering you can get a very nice apartment in central bangkok or the popular islands for around us 800 1 000 month and even less outside of the bts line or in the country you ll really have a hard time spending that much money unless you re out on the town every night. To retire comfortably in thailand there are a few baseline numbers to think about. As it happens this isn t much more than the average social security benefit.
A 401 k retirement plan is a good way to grow your retirement contributions. You will need to ensure you meet the financial requirements of obtaining a retirement visa which are having 65 000 thb per month 1 800 euro 1 580 gbp 2 079 usd going into your thai bank account or an annual total of 800 000 thb 25 800 usd. After all my girlfriend and i lived in phuket on only 1300 a month about 700 of which went to rent a beautiful and very modern new house which was built around its own swimming pool.
Tips to make your retirement savings last. Honestly it s hard for me to imagine how a retired couple could spend that much money living in chiang mai. That much money is not going to be an issue.
You have two visa options for retiring in thailand. While adequate income isn t formally.