I was shocked to hear there are 2 nurses and 26 helpers for 15 clients. Would You Start A Post-Retirement Business? Thailand is famous for its affordable cost of living, but do you know how inexpensive it is? I always look at other places to live, and think, is the grass really greener on the other side?? We will keep you updated on latest developments over the coming months, including market insights we gather as more information becomes available. Will just have to do it. She could get this in Thailand but then you would need to deal with the family issues etc. When you extend your visa, you will require various supporting documents. Thanks for sharing your stories and photos sounds like an awesome family adventure. Son Nguyen is an international writer and news commentator specialising in Thai news and current affairs. The meal options are quite good with a mix of western and Asian choices. Everyone is truly different, thats for sure. Your email address will not be published. Many people can afford to retire in their 40s in those countries. A thorough cleaning service would cost about $15 per visit. Multiple retirees appreciate devouring their golden years in a beautiful destination thats manageable in their pocket. She said assisted-care facilities in Switzerland are ~$10k/mo (US), therefore not really affordable. Retirees could set a time to meet up with friends and socialize during meal time. If you plan to stay in Thailand long-term, I recommend you consider buying a property, to avoid paying monthly rental fees. In the center, theres an old walled city dotted with historic temples, while the rest of modern Chiang Mai is known for its impressive markets, bars, and restaurants. You have many options to choose from in Thailand and can be sure to find both local and foreign friends. To help you get an idea, a three-course meal at a restaurant is around $18.19 per person, the cost for a one-bedroom apartment is around $350, a bottle of beer is almost $1.48, and you can get a ticket on public transport for the equal of only $0.65. Ill be 80 in a few weeks and we have decided to keep the USA as our home base, despite the election results. The price increases to $1,800 for double occupancy. Thaiger Video Sunday, March 6, 2022. The spa is at the club house near the pool, but spa services cost extra. The expense for a Thailand Retirement Visa differs from relying on which kind of visa you are about. The introduction of any new pension schemes or changes to allow lump sum withdrawals by members are also strongly discouraged in view of the additional challenges they would create. It should be on. Yes, the bureaucracy is bad in Thailand. Mrs. RB40 speaks a little Spanish so itd be fun. You need to renew it every year and check it with the office every 90 days. They can build up their savings and salaries for a while before having to fund their own family. So, one of the clear benefits of moving to Thailand is the weather. Welcome back, Joe! And do we need to cancel the existing PF?. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. This is also an excellent chance to establish renting a property. An announcement by the Thai cabinet on Tuesday that a new pension fund is to be set up for the elderly is the latest step by Thai authorities to deal with what will be the biggest problem facing the country over the next 20 or 30 years, that is the ageing population and rapidly declining birth rate. Once we need more medical assistance, well need to look at option 2. If we live the same lifestyle as here in the US where we do everything ourselves, it would probably be under $1,000. I love everything you just said. Click to return to the beginning of the menu or press escape to close. This would be eating in nicer restaurants in malls where a meal costs 200-400 baht. The visa needs to be renew once per year and can be done by an agent. Each unit is in a garden setting with a furnished outdoor terrace. I primarily focused on Chiangmai because I have some families there. As a foreign national, your salary will no doubt exceed the maximum, but the threshold means you won't pay more than 750 Baht per month. You can apply for a 60- or 90-day visa from your home country through the Thai Embassy or Consulate or apply for a retirement visa. Thais are used to that lifestyle, but I dont think foreigners would like it. Bangkok is okay because a lot of people speaks English. There are legitimate reasons I stay put here. I cant believe what a great lifestyle you could have for a relatively small monthly outlay. Internet is also pretty affordable. The medical expense is the big variable here, but we are pretty healthy now. A little slope is fine when youre stable on your feet, but it might be harder if youre in a wheelchair or need a walker. Im considering 3-6 months a year during retirement in SE Asia, Thailand definitely is high in the short list. Hopefully, he could adjust better when hes a bit older. If you cook your own food with the local ingredients, then it would be much cheaper. The Wat and the Thai government will take care of the monks. You must be from one of the following countries. Retiring in Thailand sounds like a pretty cool option for you. If there are employees not participating in the Companys PF, those employees need to be included in the NPF. The newcomer should pay the current occupier something to help them move to a new facility. Discussion and debate around the proposal will also provide employers with an opportunity to review their existing arrangements and adequacy to support employees long-term financial needs. The guests can communicate with each other very well and the staff are not too bad with English. In addition, theres Thailands mouthwatering food, its peaceful people, vibrant nightlife, and welcoming, laid-back climate. Bigger and lakeside units cost more. See my credit card page for instruction on how to travel hack and which card to signup for today. In January, the Minister of Labour, Suchart Chomklin, in the course of announcing a provision by the cabinet to pay supports to employees under the social security fund to cushion the effects of the pandemic, also revealed that the government had paid in 96.4 billion out of the proposed stimulus measure to plug a gap caused by delayed government payments into the fund identified by the Fiscal Policy Office in 2019 in the course of a risk assessment. Also, itd probably be difficult if you dont speak the language. It can be a decent idea to visit in person using your initial 90-day visa so that you can understand each region and its expat community. Thailand is repeatedly a prominent alternative for retirees. The cost of living in Chiangmai is much cheaper than Bangkok, but higher than the countryside. The public hospital is very crowded, though. The flight is relatively short and not too expensive. n additional explanation to assess a move to Thailand is its well-developed and vast expat communities. Thailand's excellent cost of living has enabled many people to start their retirement much earlier than they could have if they remained in their home country. This article encloses all significant factors for retirees hoping to retire in Thailand, from the Thai retirement visa to the countrys accessible residence expenditure. The most popular retirement visa is the O-A visa, which allows you to stay in Thailand for one year at a time, but you can renew it as long as you meet the financial requirements. Although, it would be more difficult to travel when youre older. BANGKOK, Thailand (ILO news) - Thailand's retirement pension system requires reform if it is to meet the needs of an ageing population in years to come, according to a new United Nations report. Thai laws restrict foreign citizens from purchasing land and property in their name, so you may have to rent property when you move there. Thanks for sharing this little snippet! Pictured aboveis the basic room. Thai nationals working in a foreign country 3. However, wed love to spend some extended time there once retired and perhaps explore the region more. I would want to know even more, like- looks too good to be true, what is the real catch, the real downsides? Our plans will fall into your option 1 at this time but who knows, maybe option 2 will become more attractive as we reach our senior years. The One-Year Thailand Retirement Visa ("O-A"): This visa is available to individuals aged 50 and above from any country. Life flies by, though. Theres an intention that Thailand is a popular destination for medical tourism. Sign up to receive new articles via email. I cant see retiring to Thailand permanently for the reasons mentioned above (friends and family) but I can certainly see living there for 6 months. I see many people here in the states have a summer and a winter residence, then worry and deal with all that. retired couple settling in Thailand should be able to reside comfortably for $1,818 a month, although it depends on your lifestyle. I missed the opportunity of buying a lovely small home there a few years back for $30,000. Learn Chinese, Travel, Study or Work in China and Asia, Updated on March 11, 2022 by Sapore di Cina Leave a Comment. The purpose of the voluntary provident fund (PVD) is to encourage savings with voluntary contributions by employees and employers to ensure employees have savings for their post-retirement expenses. Wow, that seems very low. He commenced working with the Thai Examiner News Desk in May 2018. The US is a very comfortable place to live. More than ever, making the most of your capital means solving a complex risk-and-return equation. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. No mailman in Puerto Vallarta? Good food is so affordable and there are many eating options there at anytime of the day. Nowadays, people move around more so every arrangement is a little different. ne of the essential aspects to cross off your list before proceeding to Thailand is getting a Thai retirement visa. To retire in Thailand, you have to apply for a retirement visa, for example, that allows you to stay there long-term. The medical staff seems competent and they are very nice. But, it can be worth achieving, as it can cut out a lot of the paperwork associated with continuing your visa each year. All monies are required to be transferred into a Thai bank account. David, this is awesome! This section explains the special rules used to determine whether a foreign pension is considered a pension based on non-covered . In general, if company already has a provident fund, NPF will not be needed anymore. So for 2 of us, this is what early retirement in Thailand would cost. It wont necessarily be the appropriate selection when managing any worldwide payments. I came to Thailand the 1st time to Teach English. The resort provides optional shopping trips and retirees can go into town at least once per week. One response that we have seen already in Thailand and other countries such as Japan, is to encourage the elderly to work later in life where possible. From determining how work gets done and how its valued to improving the health and financial wellbeing of your workforce, we add perspective. Life is better here than in most countries. You must get a Thailand Re-Entry Permit to leave Thailand during your visas validity and return without trouble. Im happy to show you more of Thailand. Seen as a safe bet amid the U.S.-China trade war, the baht has caused visitor numbers to drop and hotel occupancy rates to halve. Were thinking about traveling to a closer location this year and may visit Mexico. There are cheaper options if you know how to catch the buses and songtaews. We have collected the most frequently asked questions from our attendees on this NPF and have our local team of experts provided answers to each of the selected questions below. Lets start and review why Thailand is one of the most popular options among foreign retirees in Asia. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. This could save you little money from banks. They cost $350 to $850 more depending on the unit. My salary is about USD $2,137. we actually got a really good deal with the apartment, from a Mexican family. He is an extreme type A personality and that doesnt fit with my image of a monk. Thanks! This cookie is placed by CleanTalk Spam Protect to prevent spam and to store the referrer page address which led the user to the website. I thought Switzerland has good social services. Hey! These costs, which are critical given the economic time bomb of Thailands ageing population, will clearly affect the kingdoms competitiveness in relation to other countries in Asia and also lead to an even larger black economy and abuse of migrant workers as the cost of official employment in Thailand will now go up substantially. To get your retirement visa, follow these steps: Apply for a 90-day visa from the Thai Embassy in London or online - this will enable you to travel to Thailand and apply for your retirement visa in person. But such low expenses are quite enticing. Thailand is the best choice. Hmm.. I think the Thai government prefers short-term visitors. There are cheaper options, but foreigners probably wouldnt like it. Great post on the specifics, thanks a lot. Apply for the Non-Immigrant O-A retirement visa at the Immigration office in Thailand. Set by the GDPR Cookie Consent plugin, this cookie is used to record the user consent for the cookies in the "Analytics" category . There are many retirement homes in the US, but they are quite expensive. A The guidance on this is still vague as the proposed mandatory provident fund only mention that all employees should be either part of the Companys PF or the NPF. Was it too rustic? On the other hand, I dont know if Id want to have to expatriate just to be able to afford the care I need. This winning assortment makes Thailand a foreign retiree's paradise. Set by the GDPR Cookie Consent plugin, this cookie is used to store the user consent for cookies in the category "Others". 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We can get all this in many states here in the US, ha, ha! A retired couple settling in Thailand should be able to reside comfortably for $1,818 a month, although it depends on your lifestyle. Its essential to have a comprehensive cover from the moment you land. I doubt the kid would visit much anyway. No previous refusal to enter the Kingdom under the Immigration Act B.E 2522. All in all, I think this is a great idea for certain situations. The warmth of the people, pleasure to be alive under any circumstances, the food, the beautiful women (oh my wife knows what I think). I know what you mean about Thai food withdrawl. Proof of health insurance with annual coverage. This is not the case in the Philippines where applicants as young as 35 years of age can apply for the SRRV retirement visa. Lovely Climate If the thought of cold winters shoves you with panic, retreat to Thailand as it has a seasoned, pleasant, tropical atmosphere. This is something I will explain more about later in this article. THAILAND - Reshaping Provident Fund. I heard the Peso is dropping in value. You also have the option to opt-out of these cookies. f you have a one-year Retirement Visa, you must apply for a visa extension yearly. Below Ive listed some of the main reasons why foreigners decide to move to Thailand permanently or for a shorter term. CleanTalk sets this cookie to prevent spam on comments and forms and act as a complete anti-spam solution and firewall for the site. In 30 years, we might not be able to retire to a luxurious lifestyle in Thailand anymore. The cost of living is much lower than in the US. 1900 USD per month, sounds kind of expensive! An average social security check would cover the cost of a basic unit and it seems like a nice retirement. The inflation rate is higher than in the US. One on hand, its good that shes preparing herself and that she has time. Thailand is very developed now. If contribution rates of existing PF is not yet aligned in the required contribution under NPF, plan rules of the PF needs to be amended to be at least in line with the NPFs contribution rates. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. This can give you a safety net as you make your big move and assist as you settle in. This is a one-year multiple-entry visa; youll need to replace it with an Extension of Stay visa every year. All monies are required to be transferred into a Thai bank account. Maybe personal finance blogs will start a new movement called retirement tourism? 2nd Pillar - Government Pension Fund (GPF) and the National Saving Fund. Save lots and lots of money for your journey. It all adds up to a large bill and a tremendous challenge to an economy already facing a multitude of other problems. Theyll scan all your documents and you can access them online. This is a government run facility so the option is only Thai citizens. If you have a one-year Retirement Visa, you must apply for a visa extension yearly. A larger place like a one bedroom condo with a separate living area would cost at least $400 per month. I think that might be the optimal combination of staying close to friends and family, having fun new experiences and also reducing my overall cost of living. Before you go, youll have a long list of things to do, but its still a breathtaking period. There have been many military coup in the past and they didnt really affect the tourists. It feels like Thailand 30 years ago. . It must have been an incredible experience in Burma when it first opened up. Thailands birth rate is plummeting and has already reached 1.51 which is lower than China and even lower than wealthy western countries such as Norway where the figure is now at 2.1, the rate needed for population replacement according to the World Health Organisation and the World Bank. Once they need more medical assistance, they can transition to option 2. If you decline to get the permit before you leave, your visa will be worthless, and you wont be able to return unless you get a new visa. Most of the retirees in that resort are from the US and UK. Like I mentioned, most young people live at home. These cookies ensure basic functionalities and security features of the website, anonymously. If youre healthy, you can self insure and go to the hospital as needed. o obtain your retirement visa, attend these steps, Pertain to a 90-day visa from the Thai Embassy in London or online ( This will allow you to travel to Thailand and apply for your retirement visa in person). Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Maybe you could live in Thailand for a few year while your elders are in the retirement homes there? A fast-growing Thailand Travel Blog written by Expats and Thais since 2017. The reality for my wife and myself, however, is that we like the USA with all of its crazy ups and downs, and have enjoyed retirement for 22 years with family spread over the American West. $1900USD/month x 12 months = $22.8k USD ~ $30.5k CDN. The labor cost is so high here in comparison. A load of laundry that we sent out to be washed and folded cost $2. Im not sure how the salary ramps up. You can skype with families. One of my cousins just graduated from college and she is looking for a job now. A Police Certificate issued by the police authorities in your country must also be certified by a Notary Public. And once you ultimately arrive in Thailand, Wise retains to help you. In Thailand you are required to contribute 5% of your salary to the social security system, up to a maximum salary of 15,000 Baht per month. I think the biggest challenge wouldnt be the cost thoughit would be the distance from family and friends. I think the Care Resort is a great option for older retirees. 5. Living costs. You also have the option to opt-out of these cookies. Where do you live in Thailand? Love the peacefulness of New Zealand and the fact its a lot like the Pacific Northwest 50 years ago. To learn more and manage your preferences, see our. Its great that you have an EU citizenship. It is also being proposed that this will apply to salaries from 10,000 per month to 60,000 per month with no employee deductions for those earning less than 10,000. In possession of money amounting to at least 800,000 Baht or a monthly income of 65,000 Baht, or saving and annual income combined to be a minimum of 800,000 Baht. At the care resort, that level of care would cost much less, maybe $2,000. It looks like a pretty nice lifestyle and the right price, plus you already have family and speak the language. Sure, some people stay on tourist visas, but its not optimal in the long-run as the government has started to restrict foreigners from traveling in and out for too long. And also, well look at how to manage your money as a retiree in Thailand favorably. Thailand was so full of life and energy. For the latest news and events about The Bear Travel, follow us on Facebook, Instagram, Twitter, Pinterest, or YouTube. The public transportation in Bangkok is a lot better than in Chiangmai and its very easy to live without a vehicle in Bangkok. Thailand plans to ease foreign exchange rules for domestic companies and individuals to help them shore up their risk management as the central bank said the baht will continue to . PATTAYA, Thailand -- From the mountains of Chiang Mai to the beaches of Phuket, Thailand has long been a draw for foreign retirees wishing to spend their golden years in tropical bliss. The pools and saunas look good, too. We could eat out every day and cook just once in a while. 2023 Retire by 40 RB40Jr will be grownup and out of the house before we know it. Labor is so expensive here that we need to do most things ourselves. It wasnt a well planned trip, and a bit of a bust. Our plan is to split time too. Living abroad part time is a great option. To help you schedule your retirement in Thailand, heres a step-by-step look at the essential items to cross off your list. I would definitely consider retiring to a foreign country, especially with a lower cost of living. Thailand Elite Visa Program (Privilege Entry Visa) The Elite Thai Visa isn't technically a retirement visa. Good luck! There are a lot of options for you. I had been traveling for business around the world for over 20 years. Remember to take your camera; you wont be brief about things to do and see in Thailand. At the moment, the following insurance providers can help you to obtain such insurance: Besides, the insurance you choose should cover at least THB 40,000 for outpatient treatments and THB 400,000 for inpatient treatments. But foremost, heres some other critical advice to benefit you with your preparations. In possession of money amounting to at least 800,000 Baht or a monthly income of 65,000 Baht, or saving and annual income combined to be a minimum of 800,000 Baht. After reading this complete guide, you should be all clued up on Thai retirement visas, popular Thai cities for expats, and the fundamental things youll need to do before your big move. We were beat after flying back. How to Obtain a Retirement Visa in Thailand: STEP 1: OBTAIN A NON-IMMIGRANT "O" VISA Requirements: Passport (at least one year remaining before expiration) You must be holding nationality or permanent residence of the country of application Proof of Funds STEP 2: OBTAIN A ONE-YEAR RETIREMENT VISA EXTENSION Requirements: Hello, I am Professor Bear and I travel by choice. Magnificent old palaces, temples, the beautiful Chao Phraya River, gleaming skyscrapers, and agitating markets exist. After several trips to Puerto Rico and other places in Central and South America living abroad is not an option us. It effectively means that workers and employers in the Thai economy going forward must now pay the price for the ageing community which has come about as a result of the population control measures introduced in the 1960s and 1970s and a growing desire among younger Thai women not to have children but instead to pursue careers in the workplace. When you apply for a Thailand Retirement visa, you will need to provide some documents as follows: Once you get the Thailand Retirement Visa, you can arrive in Thailand within the period for which the visa is allocated. The information on Thai salaries is very interesting. This will be necessary for hiring your rent and handling other daily living costs. It is nice to know that you can get a residence visa if you are over the age of 50. Older homes should be much cheaper to rent. Welcome back! 14 January 2014 Last updated 29 June 2023 See all updates Get emails about this page Contents Before you go Coronavirus Visas and residency Passports and travel Healthcare in Thailand Working. On top of that, you can also apply for tourist visas. Would you consider relocating to a different country to upgrade your lifestyle after retirement? In fact, he doesn't really sound like a . We also use third-party cookies that help us analyze and understand how you use this website.
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