But I appreciate the concerns. A very interesting article about early retirement. I have always thought about early retirement to a cheaper country like Thailand.
The 5 Best Places for Expats to live in Thailand
I think for my lifestyle I would need probably around k AUD for a real nice comfortable life. Maybe one day I will get there. A very long way to go. One might need or want more or less than this number. Thats great Jason, thank you for a very interesting perspective. You may have written about this in another post, but I would imagine that that there are different types of visas that would carry different costs. Visas are one of the many expat things that I am not educated about just yet, but look forward to learning.
Many types of visas. Anyone who might actually plan on making a move abroad be it in Thailand or elsewhere would naturally want to make sure they have the visa costs figured out. I was blown away by how beautiful it is. Jason, I like reading about these possibilities. Yeah, this is definitely not for everyone. Otherwise, this place would be ruined. Geographical arbitrage can take decades off of the journey to financial independence. Nicely written Jason, gives a good and honest overview of the possibilities in becoming FI abroad. It always has been appealing to me, but having a partner that prefers to stay close to family, this is unfortunately not an option available to us.
Retire in Thailand | Siam Legal International
I think this is a pretty fair and reasonable look at it. I arrived in CM about a week ago and love it so far. Tracking the costs and will summerize after a month. Hi Jason, thanks for your insightful posts. The articles are generally a better format for long-form thoughts on living as a financially independent expat. I enjoyed reading it. As I am working towards my retirement to a cheaper country as well Nepal , I know that this is absolutely possible.
In my case I want to build a little more cushion but you can definitely retire comfortably with less than half a million and even ! Wish you the best of luck with your journey toward retirement in Nepal. Thailand is but one of many options, but one can definitely live a great life on a lot less through the power of geographic arbitrage. I definitely would love to spend an extended period of time in Thailand…retire there? Everyone has a different idea of an acceptable lifestyle. You have to find what works for you.
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If you do retire in a foreign country like Thailand, does that have any impact on your Social Security claims etc from the US? Or do you have to reside a certain amount of time in the US each year to qualify? Also does one maintain financial institutions in the US and then have money transferred to the new country, or can you set it up so financials automatically fund your foreign bank. In response to xrayvsn, i found it quite easy to use my social security income when traveling and working overseas.
I just had the monthly SS check deposited into my checking account of my local credit union in the states, as if I never left. Then, I moved my SS savings to my local brokerage and bought dividend payng stocks so that when I stopped working I would have a monthly income.
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The fees of big banks can be outrageous! Yeah, this would not be an issue at all. In the linked article above, I noted that Schwab has an amazing checking account that refunds all foreign ATM withdrawal fees. I withdraw cash from ATMs here regularly.
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Never paid a fee. It is great to know that expats can retire in CM with 10K. Someone mentioned about the inflation in Thailand.
So I just reviewed the inflation rate history in Thailand. I am not sure whether the country has stopped growing as other developing nations. Anyway, we exactly did what you mentioned in your post. We actually saved approximately half of the income in and decided to re-invest all the dividend payments in This will allow us to increase our future dividend income.
Yeah, it all depends on what you deem an acceptable lifestyle to be. And the numbers above already build in a cushion that should grow annually. One could even live on less than this, especially if they were interested in or preferred living in a province. Westerners oftentimes lose sight of what billions of people worldwide are making and spending. In fact, it would probably never catch up in terms of aggregate spending. And the dividend growth would come at least pretty close to keeping up with that number trailing it by probably or basis points. But I should write an article about this using old-fashioned math.
Hey Jason, I know I always ask questions about the little details that came along with your moving abroad, and today, I would love to ask about your cell service. In your research, are there plans that work worldwide? I am now on tmobile, which grants international access to their huge network. I am going to start calling this move either the Fieber Driver, Fieber Lever or Fieber Arbitrage… will work on coming up with a more catchy name for it… Got to have some fun with this process!
I definitely wish you the best of luck with the upcoming move s. Freedom is the ultimate luxury. As for the mobile phone plans, you can freely search any of the giants there in the US for the global options.
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It took all of two minutes to accomplish. Why did you decide on Thailand? Did you consider other places and if so it would be nice if you could share with us your thought process? You are a young vibrant man. What will happen if you get severely ill in Thailand or get in an accident? Are you entitled to medical care with a visa and if not what is the cost of medical insurance there? What is the quality of the health care system in this country? Have you visited a hospital or an out-patient clinic?
I think these are crucial questions to be asked. I spent months looking all over the world. I personally like the culture, food, weather, quality of life, dating dynamics, value, etc. A course of antibiotics which are prescribed like candy in the States runs a few dollars. The hospitals here in CM are clean and modern. I actually had to visit a doctor not too long ago for something very minor. I find it silly.
Others may not, in which case they should stay in the States. It behooves me to convince you to move somewhere else. Phuket offers an easygoing lifestyle, or a club-hopping, center-of-the-action one, depending on your preference. For instance, you can go for a swim and a relaxing lunch on quiet Naithon Beach or you can join the buzz in the bar-lined Patong area, where music throbs and cabaret shows continue into the night. But the biggest draw for many expats is the comfortable, convenient lifestyle. In Phuket you can enjoy some of the best seafood in the south of the country and dine at a range of gourmet restaurants, from sushi to Italian, to Indian.
Expat clubs welcome newcomers and offer everything from cycling to sailing, and access to top-notch medical care is a reality here, at a fraction of the cost of back home. It is this quality of life that drew Paul and Mary Farrell to the region. Originally from Canada, the couple vacationed frequently in Thailand over the years, and retired in to live full-time in Phuket. Resorts are now back to full capacity, many of which took the opportunity to renovate and upgrade their facilities following the destruction.
Since the tragedy, a tsunami warning system has been established in the area to increase safety. A Tropical Island Haven When it comes to the ideal beach lifestyle abroad, many expats look to Koh Samui, where the palm-lined beaches, azure ocean, year-round tropical weather, and affordable costs make for ultra-easy living. A Beach Lifestyle with All the Amenities Nothing quite prepares you for the beauty of Phuket , especially when approaching the region by air…the sparkling, turquoise waters and jungle-topped mountains, the rocky outcrops and white-sand beaches.
We value your privacy. Alternative URL Language 1. English US Australia English. This can be a favorable option for people with an experience in running a bar or hotel management. If you have never run a bar before, please do not open one as you will lose money instead of making money. Ensure the bar follows the legal requirements to avoid problems.
Thailand is booming and therefore there are many opportunities for entrepreneurs.
You can be a marketing consultant or export goods. The greatest part about being an entrepreneur in Thailand is that you pay less while setting up. The low cost of living gives you time to establish and relieve financial strains. If you believe in your writing skills, you can make money by writing for businesses through websites like Elance. The market is quite competitive, but you will earn more than a teacher. Most expats who have retired in Thailand work online when they are free. They may sell goods on eBay and Amazon as well as write eBooks at home. Other ways of making money online include playing online games, SEO agency, day trading, and blogging.
This can be a great way of making money fast. For a guest house to be successful in Thailand, it has to be clean and fresh throughout. A good personality is also required when running a guesthouse. Smiling to the visitors keep them coming back again and again. Thailand is the best retirement haven. Chang Mai is the most popular location for many retirees. There is a warm weather throughout, welcoming people, a growing economy, many options to make money, low cost of living, and fabulous food.
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