checklist

[wonder6281 0]

ok, you have retired in Pattaya, When you look back at when you planned to do this, what did you think, what did you do and what pitfalls do you remember.

If you could gather all your experience, what advice in a form of checklist would you offer up for anyone, like me (Aussie) looking at permanent reirement in Pattya.

 

All opinions respected.

 

wonder6281

Edited December 7, 2009 by wonder6281

[jacko 8,827]

ok, you have retired in Pattaya, When you look back at when you planned to do this, what did you think, what did you do and what pitfalls do you remember.

If you could gather all your experience, what advice in a form of checklist would you offer up for anyone, like me (Aussie) looking at permanent reirement in Pattya.

 

All opinions respected.

 

wonder6281

The list before you come here is one thing.

Make sure you have sufficient money/income and assets behind you, don't presume any income in LOS, presume outgoings only.

See if you can get medical cover at home that will cover you in LOS, whilst medical insurance here is available, lack of it could be the ruin of you.

Consider retaining an Oz 'address' and credit cards/ bank accounts, this can be useful.

If life in LOS does not work out, what have you got to return to..(as an Ozzy, at least you have a good country, give us UK guys some sympathy on that one.....)

Do you have relatives back in Oz? Make considerations for visits home, social or emergency.

Don't bring all your money to LOS, nor invest all of it here.

 

 

More important might be what you do when in LOS in the first year or two... plenty of 'don't dos' for that list!

[atlas2 4,329]

Jacko's right about everything.

 

...But a lot depends on your age!

 

For me I came here as soon as I could retire... 55! Though I got here a few months before that birthday.

 

I sold up when the house price was at it's zenith, luckily!

Burnt all bridges. Still, don't really need to touch my capital. Pension and even reduced interest do me OK.

 

I catered for Health,Gym,Cable TV,Car insurance & Car Tax and flights..........They are my only large bills.

 

I get flights from London to Brisbane where my son lives,with stop-overs here for as long as I want (on the way to Oz and stops on the way back)....... Works out cheapest.

 

My 'Kit'....included: 1. A 1 bed condo. Paid cash with the £ @69 to the bhat

2. A Car ditto

3. Golf clubs,Squash,tennis, and Racket-Ball rackets.

4. Good camera,and Sound system.

5. My Martin guitar

6. I also brought from UK all my CDs without cases as back-up to my ipods and

selected photos. About 20 books that I couldn't throw away.

I was very lucky with exchange rates and selling up before the crash.

 

I live on 4000 bt a day and that pays everything,including all bills except flights. I STAY single.

 

 

Only you know your financial situation,if that's ok your gonna be fine and have a great life....... A lot better than UK or OZ.

I don't miss my house of 25 yrs,or anything that was in it. Throwing all that stuff away and being glad to be free of it is liberating.

[torrenova 644]

Think about the big picture, rather than just the cost of each item. I'll chuck in a few examples.

 

I lived in a condo, great place but didn't have transport. It was on the bus routes into Pattaya so Bt10 at least twice a day supplemented by motor bike taxi fares and as a couple, the costs of my other half. Now this worked out around Bt100-200 a day so probably about Bt5000 a month. Previously I'd lived in a hotel in town for 10k a month all in and now I had a condo at 12k, electric bills of say 2k and transport costs of 5k. Very simply, it looked as though my costs had risen from 10k to 19k. However, I much preferred living in the condo and consequently, spent far less on going out, which raised the quality of my life and saved me some money.

 

I moved to a detached house, past Sukhumvit and bought a truck. Now the truck cost me 16k a month finance and maybe another 6k for servicing, insurance and fuel etc. However, I did not have the taxi costs and my electric dropped as a house costs less compared to a condo to keep cool. I then had a great kitchen and all mod cons and thus, I was able to enjoy my home life even more. If I went out, I sometimes went locally, which was far far cheaper than going into the centre of Pattaya. All of this offset the cost of the truck and my home life improved immeasurably as I was mobile. I could have saved another 3-5k on housing at that time had I so wished.

 

I would now never be without a vehicle. I would therefore advise someone coming over to rent a couple and then buy one cash. Looking at depreciation, insurance, fuel and repairs and taxes, I guess a vehicle replaced every 3 years (no need to do it so often) would cost about Bt120,000 a year if you were very careful. Certainly not more than Bt200,000 a year and more likely nearer the Bt120,000 figure. Thus, 10k or a little more a month gets you motoring.

 

After that, get a budget for the big ticket items. Don't be fazed with renting or buying a place with no furniture. Who really wants a 5 year old fridge from someone else anyway ? Bt10k an item for washer, fridge freezer, new and better shower unit, 30k for a TV, 30k for a computer set up, 30k for aircon, 10k for fans and 20k for other stuff. I haven't worked it out but lets say 200k. That sets you up. You can depreciate it over a few years if you want and it will only be a few thousand a month.

 

In the first 6 months and certainly up to the first year, you'll spend more money. Don't buy or rent long term too soon until you know where you want to be. Add in another few hundred thousand for the first year and that will settle you in.

 

So, after a year you are sorted, your expenditure has gone down and you are putting a little away each month to replace the big ticket items.

 

You will need insurance for your medical expenses but that can be anything and is too personal to guess. Don't overlook it though.

 

Essentially, you need some cash to get started and your life will be so much better if you can do that. Doing all I've said will cost about 1.5m but you will own all the stuff and the motor. First year expenses maybe 2m and thereafter, probably nearer 0.8m unless you like partying a lot. Add in a partner and chuck another 0.2m on the bill, leaving you about 80k for everything a month.

 

Can you do it on less ? sure and you can do it on much more but it is my guess that if you don't have the cash to pay for the one off things, then you don't have the regular income to pay for a decent lifestyle. Many people say they live happily with baht buses or motorbikes but they just can't afford a vehicle. Once you have one, you would never not have one and I reckon your life can actually cost less if you do have one.

[jacko 8,827]

Jacko's right about everything.

I wish.......

I live on 4000 bt a day and that pays everything,including all bills except flights. I STAY single.

That might not make a tourist, but it makes a happy Expat.

Really ....120,000 baht/month. Quite a lot....

[atlas2 4,329]

I wish....... That might not make a tourist, but it makes a happy Expat.

Really ....120,000 baht/month. Quite a lot....

 

 

Yep started out 2 and a bit years ago as bt 5000 a day.

 

£ sinks and rather than cut into my lump I cut my daily to bt 4000.

 

Every 25 days I take out bt100,000. I make a pile of 25 4000s and what i don't use in one day I start another pile with. By the end of 25 days I have a little left over pile I use for the bills .............And treats.

[jacko 8,827]

Yep started out 2 and a bit years ago as bt 5000 a day.

 

£ sinks and rather than cut into my lump I cut my daily to bt 4000.

 

Every 25 days I take out bt100,000. I make a pile of 25 4000s and what i don't use in one day I start another pile with. By the end of 25 days I have a little left over pile I use for the bills .............And treats.

Quite an eccentric routine, but planning is necessary.

When the £ plummeted I had to change my plans too, I brought forward the date I estimated my death......

Like your style....

[wonder6281 0]

Thanks for advice.

 

My plan is to pick up my firies pension of 90,000 baht per month.

 

My girl has a house so accommodation is sorted. And I will need to buy transport (car).

 

I intend to keep my banking as it is can I can access everything over the net and ATM's.

 

I'm only 47 and realise I cannot get a retirement Visa yet, but I have plans to marry my girl when I get there eventually.

 

My main concern is receiving all my importnant mail from Oz. Will companies, like my Super fund send correspondence to me in Thailand. I'm guessing not so I will need to keep an Aussie address, maybe a relative.

 

Taxation is query too. What happens there? And voting etc. All the things that are obligatory if you know what I mean.

 

Also when I'm retired I will be entitled to an Insurance top-up on top of my pension, but I need to have a quarterly medical to maintain the payments. Knowing Insurance compnaies I think they will not accept a Medical Certificate from a Doctor n Thailand, rather I will need to fly home every three months.

 

Anyway that explains my position a bit better, all I need to know is start the ball rolling on my early retirement.

 

Cheers

[jacko 8,827]

Thanks for advice.

 

My plan is to pick up my firies pension of 90,000 baht per month.

 

My girl has a house so accommodation is sorted. And I will need to buy transport (car).

 

I intend to keep my banking as it is can I can access everything over the net and ATM's.

 

I'm only 47 and realise I cannot get a retirement Visa yet, but I have plans to marry my girl when I get there eventually.

 

My main concern is receiving all my importnant mail from Oz. Will companies, like my Super fund send correspondence to me in Thailand. I'm guessing not so I will need to keep an Aussie address, maybe a relative.

 

Taxation is query too. What happens there? And voting etc. All the things that are obligatory if you know what I mean.

 

Also when I'm retired I will be entitled to an Insurance top-up on top of my pension, but I need to have a quarterly medical to maintain the payments. Knowing Insurance compnaies I think they will not accept a Medical Certificate from a Doctor n Thailand, rather I will need to fly home every three months.

 

Anyway that explains my position a bit better, all I need to know is start the ball rolling on my early retirement.

 

Cheers

'Firies pension'.... ?? You mean from being a fireman?

90,000 baht alone isn't enough, I hope you have other sources, also is it index linked or something to account for inflation etc?

I have my mail sent to a place in the UK, but nothing is urgent. You could have it DHL/FedExed every month or so. But if you go home every 3 months maybe not required, lots of flight costs there!

I think 47 is a touch young but why not?

How solid is the relationship with the TG, jumping straight into living together in her place makes the hair on my neck bristle.

Edited December 9, 2009 by jacko

[wonder6281 0]

'Firies pension'.... ?? You mean from being a fireman?

90,000 baht alone isn't enough, I hope you have other sources, also is it index linked or something to account for inflation etc?

I have my mail sent to a place in the UK, but nothing is urgent. You could have it DHL/FedExed every month or so. But if you go home every 3 months maybe not required, lots of flight costs there!

I think 47 is a touch young but why not?

How solid is the relationship with the TG, jumping straight into living together in her place makes the hair on my neck bristle.

 

Yes a Fireman, and the 3200AUD per month is for life indexed to CPI. The Insurance top up is until I reach 66 and is about an extra 1000 AUD per month, but this is dependant on me providing a Medical certificate every three months for the first year, then every six months.

 

The only mail I would receive would be bank/credit card statements which can be handled on-line I guess. Friends and relatives would have my Thai address anyway.

 

47 is young, but my medical condition (work related) is only going to get worse so why not indeed and retire. But it's up to the boss in the end.

 

The relationship with my girl is very solid. We have spent 4 months living together, 1 month in her house and three months in Oz and there is no problems. I am planning another month there early next year and staying at her house again.

 

Everythings is working out fine between us but I was shocked to see you write that 90,000 isn't enough. I thought it would see me live quite comfortable.

 

Anyway thank you for your feedback, much appreciated.

 

Mark

[ozijeff 9]

Mark, I have the same job as you in Oz.

Your retirement scheme sounds far superior to mine so well done to you!

I suggest a trip to a financial planner and or an accountant. The tax implications for an early retirement can be severe if you arent careful.

 

You need to be 50 to get a Thai retirement visa.

You can probably go earlier if you marry the Thai girl. Think VERY hard about this.

Open a thai bank account and organise transfers from your Oz bank.

Returning to Oz every 3 months is just an expensive follie. You need to find a way around that.

 

I wont retire for about 5 or 6 years when I turn 55. Yes Thailand is on the radar but I have time to see how things go.

I do think 90,000bt if the accommodation is taken care of is a fair amount to live on.

At current rates thats AU$100 or 3,000bt a day. You are probably living on less than that now.

 

However .... the exchange rate is out of your control.

I did a Thailand trip and the rate was 29bt - $1.

Six months later I got just over 22bt - $1. I lost almost 1/3 of my spending power in a flash.

Ask some of the Brit expats what it is like to lose even 1/4 of their budget?

Just something to keep in mind.

 

Good luck with your health and like things are at work ... dont rush into anything

[jacko 8,827]

Yes a Fireman, and the 3200AUD per month is for life indexed to CPI. The Insurance top up is until I reach 66 and is about an extra 1000 AUD per month, but this is dependant on me providing a Medical certificate every three months for the first year, then every six months.

 

The only mail I would receive would be bank/credit card statements which can be handled on-line I guess. Friends and relatives would have my Thai address anyway.

 

47 is young, but my medical condition (work related) is only going to get worse so why not indeed and retire. But it's up to the boss in the end.

 

The relationship with my girl is very solid. We have spent 4 months living together, 1 month in her house and three months in Oz and there is no problems. I am planning another month there early next year and staying at her house again.

 

Everythings is working out fine between us but I was shocked to see you write that 90,000 isn't enough. I thought it would see me live quite comfortable.

 

Anyway thank you for your feedback, much appreciated.

 

Mark

Thanks for futher details, interesting and I think you will be OK.

As you say, with a deteriorating medical condition, the sooner the better.

I manage without seeing my bank and CC statements just fine, all on the internet.

Glad to hear of a solid relationship, sorry to pry but it seemed you were going in hard and fast there!

 

The 90k is enough away from the bright lights, but with the frequent flights, a woman to support and the high expenses you are likely to see the first year it may be close. Obviously with money, more is better.

Some months I easily survive on 90k, but when car insurance, medical and a few other bills come in together I easily pass that. Where do you plan to live?

Edited December 9, 2009 by jacko

[wonder6281 0]

Thanks for futher details, interesting and I think you will be OK.

As you say, with a deteriorating medical condition, the sooner the better.

I manage without seeing my bank and CC statements just fine, all on the internet.

Glad to hear of a solid relationship, sorry to pry but it seemed you were going in hard and fast there!

 

The 90k is enough away from the bright lights, but with the frequent flights, a woman to support and the high expenses you are likely to see the first year it may be close. Obviously with money, more is better.

Some months I easily survive on 90k, but when car insurance, medical and a few other bills come in together I easily pass that. Where do you plan to live?

 

I plan to move into my ladies house and help pay the mortgage costs of 10500 p/m. She is working of course so any checkbins won't be coming from my pocket only.

[jacko 8,827]

I plan to move into my ladies house and help pay the mortgage costs of 10500 p/m. She is working of course so any checkbins won't be coming from my pocket only.

Yes, but where. I already read the ladie's house bit. Pattaya, Bangkok, Nakhon Nowhere?

Sounds like the lady won't be a financial burden which improves things.

Edited December 9, 2009 by jacko

[torrenova 644]

You guys saying 90,000 is 3,000 a day are just clouding the issue for the OP. Your expenditure living in Thailand is nothing like that or at least when you are not out on the piss it is not. Many days zero or just a few baht, some days a few thousand, sometimes much much more.

 

The OP has also only stayed together 1 month in her house. That is nothing unless it is a nice big western place with all the mod cons. They've also apparently only been together 4 months, which is nothing. Who pays for the new TV if required or to upgrade the shower and hot water ? What about a car ? She has an appreciating asset but wants to use his depreciating asset. Not quite equitable that. He needs his own place or has to prepare for one. Buy a condo and rent it out is one option.

 

He also has to prepare for a drop off in income in later life. Maybe a few condos to rent out ?

 

Lots to think about.

[wonder6281 0]

Yes, but where. I already read the ladie's house bit. Pattaya, Bangkok, Nakhon Nowhere?

Sounds like the lady won't be a financial burder which improves things.

 

Banglamung East Pattaya.

[wonder6281 0]

You guys saying 90,000 is 3,000 a day are just clouding the issue for the OP. Your expenditure living in Thailand is nothing like that or at least when you are not out on the piss it is not. Many days zero or just a few baht, some days a few thousand, sometimes much much more.

 

The OP has also only stayed together 1 month in her house. That is nothing unless it is a nice big western place with all the mod cons. They've also apparently only been together 4 months, which is nothing. Who pays for the new TV if required or to upgrade the shower and hot water ? What about a car ? She has an appreciating asset but wants to use his depreciating asset. Not quite equitable that. He needs his own place or has to prepare for one. Buy a condo and rent it out is one option.

 

He also has to prepare for a drop off in income in later life. Maybe a few condos to rent out ?

 

Lots to think about.

 

Yes a lot to think about that is why I sought the advice of the board. I might want to add that this is happening in the near future rather I plan to get sorted within a 2 year timeframe. Just getting prepared thats all.

 

Again appreciate all feedback.

[jacko 8,827]

Banglamung East Pattaya.

That is okay, I live in Banglamung and am quite happy with being 'close' to Pattaya but not in it. Transport required, truck or car for shopping, and a little bike to get about here and there.

Not sure about 'investing in condos'... well not Pattaya ones anyhow.

I feel it is a risky market and the cash could get safer returns another place.

[biggles 509]

with regard to your mail from oz, if you dont have friends who will forward it, there are companies that will undertake this for you. 6 years ago I travelled oz in a motorhome and there was a company that had peoples mail redirected to them, they collected it and then regularly forwarded it to the customer. I got onto them through The campervan and motorhome club of australia (they have a web site and 50ooo+ members now) might be worth a try if no other option.

[wonder6281 0]

with regard to your mail from oz, if you dont have friends who will forward it, there are companies that will undertake this for you. 6 years ago I travelled oz in a motorhome and there was a company that had peoples mail redirected to them, they collected it and then regularly forwarded it to the customer. I got onto them through The campervan and motorhome club of australia (they have a web site and 50ooo+ members now) might be worth a try if no other option.

 

Thank you. Sounds like a more reliable way of doing things. Relying on family has its flaws. At least by paying for a service you can expect some decent result.

[wonder6281 0]

That is okay, I live in Banglamung and am quite happy with being 'close' to Pattaya but not in it. Transport required, truck or car for shopping, and a little bike to get about here and there.

Not sure about 'investing in condos'... well not Pattaya ones anyhow.

I feel it is a risky market and the cash could get safer returns another place.

 

I'm in no rush to invest in Thailand. so I will wait I have plenty of time. I agree that I will need a car cause the girl only has a bike and I do find this restrictive as you say "shopping". While I am determined to seek retirement in LOS, I think the separation of everything I have known in Oz, will be the greatest hurdle.

[seeker 0]

number 1.... dont tell jelous board members you can retire early incase they wanna spit in ya beer

[torrenova 644]

That is okay, I live in Banglamung and am quite happy with being 'close' to Pattaya but not in it. Transport required, truck or car for shopping, and a little bike to get about here and there.

Not sure about 'investing in condos'... well not Pattaya ones anyhow.

I feel it is a risky market and the cash could get safer returns another place.

 

I like that location as well. Got a 3 bed 2 bath place and can't ever see me trading up to a Bt15m house even if I wanted to spend that type of money. Maybe a 2 story one in time with a larger garden for my kid, who knows.

 

As for the condos, I disagree if you are willing to put some work into it. managing them from overseas is largely impossible without giving over commissions to agents and good agents I mean, not chancers. However, if you live in Pattaya and can make yours stand out from the crowd, you can benefit from either higher 12 month rentals without agents fees or you play the tourist market for short term accommodation and offer great service which you can manage because you live in Pattaya.

 

You know, 99% of people with condos in Thailand are blind. It is true. They all buy crap mix and match chipboard or similar veneered furniture where nothing matches the other. They skimp on beds and think turning a pre owned condo into a business it just about letting it out and collecting the rent. As long as you are more intelligent than those and are not completely lazy, you can get ahead. It really is not rocket science.

[torrenova 644]

Yes a lot to think about that is why I sought the advice of the board. I might want to add that this is happening in the near future rather I plan to get sorted within a 2 year timeframe. Just getting prepared thats all.

 

Again appreciate all feedback.

 

Great idea to try and plan ahead. Spend at least 6 months on the ground, getting around, to see where you might like to live. Maybe a year. You don't really want to have to sell out anytime.

[torrenova 644]

.............. Transport required, truck or car for shopping, and a little bike to get about here and there.................

 

Don't like bikes so we'll disagree there, I go everywhere in the truck or walk mostly.

 

Waiting for the "you don't need a car or truck in Pattaya" brigade to chirp up. Nah, bring all your fucking shopping back on the bike, pissing down with rain. Great driving along Sukhumvit like that.

 

Trucks and cars do cost money but they virtually last forever and save you in so many other areas of life as well as improving your quality of life no end.