Retirement fund, whats the magic number for retiring in thailand?

[spoon]

Its never too early to have a retirement saving target as the early you start the better. While i might still have a way to go before reaching the retirement age, if i can reach the magic number earlier, possibility of early retirement seems very attractive. Of course, if im not of retirement age, visa will be a different issue altogether. So im looking at two simplified options. 

First option, keep going to thailand as a visitor, but slowly increasing the duration of my trips once im no longer working full time. This can range from 1 month visit at a time up to just shy of 6 month per year. Long term condo stay might allow for much cheaper accommodation compared to hotel's nightly rate, and Ill always have a home back in my own country. Seems to be less hassle, except for the visa part which might cost a lot if looking at thai elite visa.

Second option, fully relocate to thailand. For this option, its pretty straightforward as many of the members here has done. 

There is also an option to go with the first option first and then switch to second option when the time is right.

Anyway, the real question will be, what would be the realistic nest eggs to have to be able to retire in thailand. Bangkok will be my first choice. Or maybe a minimum monthly expenses to shoot for? 

[Olddaddy]

Depends on your age 

Usually you plan to 82yo 

If you are from the UK or Australia you can get the aged pension at 67

In Australia you can access your superannuation/retirement fund at age 60yo, you have to spend it before 67 so you can be eligible for the aged pension, currently $2200 a month around 42,000 baht 

Depends on your lifestyle of course in relation to expenses ,but I aim for 50,000 baht per month or less ,but of course in Bangkok it will be more 

You won't be able to party in bars every night though with that ,but do you want to ?

[PeterRS]

11 hours ago, spoon said:

Seems to be less hassle, except for the visa part which might cost a lot if looking at thai elite visa.

You should note that the original Thailand Elite programme was changed two years ago and is now Thailand Privilege. In typical Thai fashion, it has also become a great deal more expensive. Whereas before the basic 5-year visa cost 500,000 Bt but gave you the option at the end to convert for another 15 years for the same amount of 500,000, the option of extension has now disappeared. Apart from a 650,000 version which expires on June 30 this year, the new basic is 900,000 for five years - no option to extend other than purchasing a new basic visa. 1,500,000 baht buys you a 10 years Privilege Visa. 2,500,000 gets you 15 years. So whereas before you could get 20 years for 1 million, now 20 years would cost 3,400,000!  

Although these expensive options provide some additional perks, you'd be far better on a plain retirement visa avaiable after you are 50 and plonking 800,000 in a savings account. At present this permits annual renewals ad infinitum. Incidentally I recently asked a Thailand Privilege assistant at BKK if the new visa charges had proved popular. She said they can not satisfy demand - so far mostly from Chinese and Russians.

[Olddaddy]

Of course Bangkok would possibly and I don't know ,but I presume a higher budget than say retirement in Pattaya 💲💲

I may even decide to retire ( and who has ?) in Chiang Mai or Udon Thani 

Does retirement mean going to boy bars every night or once per week?🍷

I wonder if that "novelty" wears off💥

One thing I did notice in Pattaya was the large crowd of old expats at Sansuk sauna obviously trying to save money on money boys 💲

 

[TMax]

Retiring to Thailand to work out the cost and how much you need could be broken down a fair bit, can't help you with a Baht / Dollar figure but when I thought about it I looked at the different options, still think about it at times but some of the changes they have made have me looking at other places and options just in case I decide to do it.

1. Visa - PeterRS has covered what I looked at but that was before they changed the Elite visa, I don't trust agents and would rather sort out the visa personally. 
2. Where to live - Big city, small city or country. (A) Big city would have been my choice on that because of proximity to the better health care (I'm not an ancient one but not a spring chicken either) and on that note taking out private health insurance would be a must, also there's more to do to pass the time. (B) Accommodation - simple, comfortable or a bit more lavish, cheaper outside the big cities but as good in quality? 
3. Lifestyle - (A) Want to live like a tourist and visit the bars every night or massage several times a week, the expensive option. (B) A little more frugal and only visit those places once or twice a week. (C) Live a bit more like a local and watch the budget very closely.
4. Want to travel around and see the country or just put down roots and stay in one place e.g. live in Bangkok and visit Pattaya on occasion or vice versa.

No doubt there are many more considerations but if I were to seriously look at it again I would try to work it out as much as possible, there are expat sites that give approximate cost of living examples like rents, utilities, groceries, local transport, phone / internet / cable tv etc and add the fun factor costs to that. I have (and had) friends that moved to the Philippines and Thailand, some that decided to live like tourists, those that survived (a few didn't) their money very quickly disappeared and by then it was too late to penny pinch with the budget. There are a couple of sensible ones that did the right thing and are now happily married with families.