Steven K asked:
I have recently come across a considerable sum of just under $1,000,000 that I have put aside in a fixed deposit account, and looking to retire off the interest in Bangkok,Thailand.
Is $2,000 per month enough to live a comfortable lifestyle that doesn’t necessarily have to be lavish?
Any advice will be greatly appreciated.
Tks.
Tags: retiring in bangkok, retiring in thailand
July 5th, 2010 at 2:43 pm
yes, you can do it – I know others retired there on less – if it needs to be bkk, you might want to be somewhat careful, maybe get out of the central areas and you will get more for your money –
If you go to someplace like Chiang Mai, you will get more for your money & in many ways, depending upon what you are looking for, there might be more to cater to retirees. Rentals are well cheaper and there is an active expat group with smaller groups hiking, dining out, games, computers, photography, writing, video, that have spun off. Tons of international restaurants. Slower paced than bkk, but still a city with amenities – -
The point is that you have choices and bkk would be one of the more expensive. Others are far less expensive, but have less to cater to Westerners.
Also, from an investment point of view, depending where you are located, you should be able to do better than the 2.4% – I am fairly diversified but in the US, I hold some tax free municipal bonds that yield abt 4% – you might want to check some options and diversify.
good luck
July 5th, 2010 at 9:20 pm
With a starting principle of $1 million in an account making 2 per cent per annum you could take $28,000 per year for 60 years before you’d run out of money. But that’s if you can’t find an investment paying more than 2%.
You can build yourself a very nice little house in one of the areas catering to expats (not tourist) Udon Thani or Chaing Mai or buy a condo for $100,000. I would think most months you wouldn’t spend 30-40,000 baht for maintenance, groceries and upkeep unless you have a 20 year old girlfriend. Most of the trouble comes from trying to please the wife’s family but if you put your foot down stick to your guns you can keep that under control.
July 7th, 2010 at 4:21 pm
Here’s the website for living on 500 GBP per month
I have not retired, though I am planning on retiring or living part time in Thailand. And from the research I have done and continue to do. It is fairly reasonable to do what they say can be done.
You can also contact the following person if you want
, he’s a relocation specialist and the site has more info on relocating to Thailand.
And you can contact some of the local farangs or expats
go to the club section, there are a rew expats clubs you can contact.
And for general Thailand info I use
Good luck
July 8th, 2010 at 12:28 am
Simply and short answer is yes you can.
Now, consider this. Why keep your money in some fixed deposit account, inflation and the weak dollar will eat up the interest. You need to diversify into other areas and get a least 4 or 5%. Secondly, I would recommend you come here and stay about 3 months or longer and see how it feels living on $2,000 a month before you make your final decision.
July 8th, 2010 at 8:50 am
Wow, that’s a lot of hookers. You should have no problem in Bangkok or Pattaya Beach.
July 8th, 2010 at 9:57 am
yes that would be more than enough,the cost of living in Thailand is really low, i would recommend you to go to pattaya or phuket and so many islands if you like relaxing life style,cause so many retired people go there, Bangkok is such a crowded city and even the Thai people are more friendly in pattaya than Bangkok.
good luck
July 8th, 2010 at 4:52 pm
YES! go for it and that what im planning to do too when i retired
July 10th, 2010 at 7:31 am
Number one piece of advice is to rent everything in Thailand. Rent your home, girl and car. Stay liquid, it is a very dangerous place.
FYI AAA Corporate bonds pay around 4%