Pension Statement

[blu38 1]

I received my pension statement today and just wanted to know what you guys think and how I could live.

 

Total Lump Sum = £71,794.39 (Thai Baht @50 = £1) = 3,589,719 (3 ½ Million Baht)

(Thai Baht @60 = £1) = 4,307,663 (4.3 Million Baht)

(Thai Baht @70 = £1) = 5,025,607 (5 Million Baht)

 

 

Tota Annual = £13,132.16 (Thai Baht @50 = £1) = (656,608 Baht) (54,717 Baht per Month)

(Thai Baht @60 = £1) = (787,930 Baht) (65,661 Baht per Month)

(Thai Baht @70 = £1) = (919,251 Baht) (76,604 Baht per Month)

 

Due to retire in 4 years.

[buriramboy 0]

I received my pension statement today and just wanted to know what you guys think and how I could live.

 

Total Lump Sum = £71,794.39 (Thai Baht @50 = £1) = 3,589,719 (3 ½ Million Baht)

(Thai Baht @60 = £1) = 4,307,663 (4.3 Million Baht)

(Thai Baht @70 = £1) = 5,025,607 (5 Million Baht)

 

 

Tota Annual = £13,132.16 (Thai Baht @50 = £1) = (656,608 Baht) (54,717 Baht per Month)

(Thai Baht @60 = £1) = (787,930 Baht) (65,661 Baht per Month)

(Thai Baht @70 = £1) = (919,251 Baht) (76,604 Baht per Month)

 

Due to retire in 4 years.

You could live more than comfortably on 54,000 baht a month in Thailand, remember most of the country lives on about 10% of that and seems to survive.

[js007 795]

If you work for four more years, do all those numbers increase?

 

It is what it is, I guess, but perhaps you should plan on 40 baht per pound. Or at least consider the possibility.

[Tahoe_Bill 0]

If the exchange rate stays below 60, (currently about 48) than your pension is less than the 65,000 baht / month required by Thai Immigration for a one year visa extension based on retirement. That said with some money in a Thai Bank account to bring you up to the magic number for pension + bank account than your 53,000 Baht / month will probably suffice.

Edited March 25, 2010 by Tahoe_Bill

[knortyboy 155]

Doesn't seem like a lot to me.

Do you have any property or any assets you could sell?

[Bazle 1,485]

Don't forget that you will have UK tax taken from the annual pension. If you have no other income, it will be in the region of £1,300.

[sinbinjack 251]

Wont he also get his state Pension ? That, whilst not a lot on its own, would make up the difference.

I think you could live quite well in Pattaya ,but there is the medical insurance to take into consideration.

Edited March 26, 2010 by sinbinjack

[jacko 8,814]

Wont he also get his state Pension ? That, whilst not a lot on its own, would make up the difference.

I think you could live quite well in Pattaya ,but there is the medical insurance to take into consideration.

If he is old enough to get the state pension, he is too old for insurance!

 

To the OP.

You can't get 50 baht/£ now and 57k baht/month alone is not sufficient to live near Pattaya.

When you first come here you may need some big ticket items (car/ motorcycle or accommodation).

 

Do you have savings? A bit in the bank on top of this might see you through........ let us know and good luck.

Edited March 26, 2010 by jacko

[torrenova 644]

I received my pension statement today and just wanted to know what you guys think and how I could live.

 

Total Lump Sum = £71,794.39 (Thai Baht @50 = £1) = 3,589,719 (3 ½ Million Baht)

(Thai Baht @60 = £1) = 4,307,663 (4.3 Million Baht)

(Thai Baht @70 = £1) = 5,025,607 (5 Million Baht)

 

 

Tota Annual = £13,132.16 (Thai Baht @50 = £1) = (656,608 Baht) (54,717 Baht per Month)

(Thai Baht @60 = £1) = (787,930 Baht) (65,661 Baht per Month)

(Thai Baht @70 = £1) = (919,251 Baht) (76,604 Baht per Month)

 

Due to retire in 4 years.

 

As said, you've forgotten taxes.

 

So you must be at least 55 in 4 years time to get what I presume is 25% as a lump sum, meaning your fund is worth £287,897.56

Are the annual payments after the 25% or before ?

Or are these projections of what they think you will get in 4 years time ?

Are you in shares or gilts ? or in transition ?

I think you can forget 60 and 70 to the £1 and had better start thinking about 40/45/50 as your range.

 

At today's rate of 48, you have 3.45m and potentially 630k per annum.

 

Best to park 800k in a bank and forget about it. You don't qualify at 65k a month and though you can currently use the two, that might change. Best to get grandfathered on 800k.

 

Trouble is that that leaves you with only 2.65m. If you buy some wheels, a new auto truck is about 800k. that leaves 1.85m. Take a net 0.35 on top of your income to get through the first 6 months and you have 1.5m left. Now you can spend it all on a studio condo or rent.

 

Living on 50k a month at 48 baht to the £1 which would go down to 44k at 40 to the £1 hardly leaves you enough to live on and that is not even thinking about future inflation, trips back to the UK, insurances etc.

 

Now if you are 65 and getting some additional £120 a week or about 20k a month in pension it makes it better but it is only going to get harder as the years wear on.

 

Basically I'd say you don't have enough, either up front or annually. If that was really all there was and you had to go to LOS, I'd buy somewhere to live and not necessarily a condo. I know there are fees with a house in a company name but you'd have to see how cheap you could do that. I just prefer houses and I think living in a house is cheaper and a better quality of life. A cheap condo comes in around 500k and a cheap house around 1m but more likely 1.2m.

 

I would buy a new vehicle. Quite seriously, a new truck will last over 20 years if it needs to and it makes life so much more bearable, massively so in fact and opens up a whole realm of possibilities which are not there if you have no transport or only a bike. It also saves you money in some areas of life.

 

Overall, I think you would have to get a life which didn't revolve around the bars because you don't have enough income and to do that, I found the easiest was was to have a nice house and a decent motor. Past Sukhumvit there are local bars to pass some time of day at a reasonable price.

[sinbinjack 251]

Just to add another two penceworth,I have an annual income less than the OPs pension and I manage 2-3 months a year in Pattaya as well as funding my ,yes its frugal,life in the UK.I neither smoke or drink (so little it counts the same) though I spend many nights in bars I drink only Diet coke so the cost is minimal.I feel that too many are being put off by those of you who have greater expectations of life than many who live like I do.If I had more I would spend more but, I have what I have, just like the OP and his income in my estimation, would let him live much better in Pattaya than it would in the UK.

[jacko 8,814]

Just to add another two penceworth,I have an annual income less than the OPs pension and I manage 2-3 months a year in Pattaya as well as funding my ,yes its frugal,life in the UK.I neither smoke or drink (so little it counts the same) though I spend many nights in bars I drink only Diet coke so the cost is minimal.I feel that too many are being put off by those of you who have greater expectations of life than many who live like I do.If I had more I would spend more but, I have what I have, just like the OP and his income in my estimation, would let him live much better in Pattaya than it would in the UK.

Yes, but you are Scottish...

He is a Londoner.....

[bratpack 91]

Just to add another two penceworth,I have an annual income less than the OPs pension and I manage 2-3 months a year in Pattaya as well as funding my ,yes its frugal,life in the UK.I neither smoke or drink (so little it counts the same) though I spend many nights in bars I drink only Diet coke so the cost is minimal.I feel that too many are being put off by those of you who have greater expectations of life than many who live like I do.If I had more I would spend more but, I have what I have, just like the OP and his income in my estimation, would let him live much better in Pattaya than it would in the UK.

 

 

Totaly agree,but i do mthink some on here pretend they have money.

This guy has 70,000 gbp lump sum too,and at 4% interest will give nearly 3,000 gbp on top of what he has.I agree that he needs rent/property,maybe a car/motorbike but he can live in Thailand and have a better life than uk,with the money he has.You dont have to get pissed and shag twice a day to have a nice life.

[sinbinjack 251]

Yes, but you are Scottish...

He is a Londoner.....

Of course I am Scottish but, I have lived 41 of my 58 years in either London or Essex so I Think of myself as British.But I am still skint no matter where I am from.

[torrenova 644]

Totaly agree,but i do mthink some on here pretend they have money.

This guy has 70,000 gbp lump sum too,and at 4% interest will give nearly 3,000 gbp on top of what he has.I agree that he needs rent/property,maybe a car/motorbike but he can live in Thailand and have a better life than uk,with the money he has.You dont have to get pissed and shag twice a day to have a nice life.

 

But there is no accounting for Thai inflation and the fact that his old age pension would be frozen at the rate payable when he left the UK. All medical services have to be paid for and the income is not really enough for today, nevermind in 10, 20 or 30 years time.

 

IN the UK he will always have somewhere to live, around £130 a week pension every week, never have to pay for any medical treatment nor worry about visas etc.

 

He might live 30 years or more. Around 30 years ago I was earning £30 to £50 a week and I was loaded. A pint cost around 15% of what it costs today. How far will 4% on 70k go in 30 years time if the same happens inflation wise over the next 30 years ? Nowhere.

[bratpack 91]

But there is no accounting for Thai inflation and the fact that his old age pension would be frozen at the rate payable when he left the UK. All medical services have to be paid for and the income is not really enough for today, nevermind in 10, 20 or 30 years time.

 

IN the UK he will always have somewhere to live, around £130 a week pension every week, never have to pay for any medical treatment nor worry about visas etc.

 

He might live 30 years or more. Around 30 years ago I was earning £30 to £50 a week and I was loaded. A pint cost around 15% of what it costs today. How far will 4% on 70k go in 30 years time if the same happens inflation wise over the next 30 years ? Nowhere.

 

 

I fully understand what you say but i still think he has enough to live on.Inflation hasppens anywhere in the world and the uk is one of the worst.There are some crazy figures on here about what monthly income is needed to live in Thailand as i(3 of us) can live here for about 12-14,000 baht a week,but i do have more if needed,always live within your means

[atlas2 4,329]

The helpful suggestions on this thread are exactly why these boards are so useful.

 

I think you just need to work out why you want to come here. A lot of the pleasures and advantages here are relatively cheap (massage)......or even free..warm weather and the like...... you are not invisible but will get smiles and flattering comments wherever you go. The views.........Sunset on the beach..........or a girl on a motor bike!

If it's to shag................ Well.........

Shagging is also certainly cheaper and can be built into your budget as a little, every so often treat.

 

You have a choice......... not a perfect choice,but a possible one.............Wait for death in the UK..... or 'live' within your means here.

 

I know what I'd do. You might have to forget the car though. Maybe that's not so bad.

 

Really good luck whatever you do.

[blu38 1]

Sorry guy’s, I forgot to mention that I plan to retire at 50. I was just trying to get a feel for what you think, as my options are flexible. I guess I may have to wait until after I’m 50 if the figures don’t work out. I do have a property with about 70-80k equity, however I did actually plan on leaving the house alone so that my son can stay here and pay the remaining mortgage. I guess that I may have to hold back, although that’s not easy when it comes to the prospect of living in Thailand. Oh how I wish the Baht returned to the 80’s & 90’s, this would make my decision so much straight forward.

Thanks for all you advice.

[bratpack 91]

Sorry guy’s, I forgot to mention that I plan to retire at 50. I was just trying to get a feel for what you think, as my options are flexible. I guess I may have to wait until after I’m 50 if the figures don’t work out. I do have a property with about 70-80k equity, however I did actually plan on leaving the house alone so that my son can stay here and pay the remaining mortgage. I guess that I may have to hold back, although that’s not easy when it comes to the prospect of living in Thailand. Oh how I wish the Baht returned to the 80’s & 90’s, this would make my decision so much straight forward.

Thanks for all you advice.

 

 

I retired at 50 with a plan for a 5% inflation per annum,about the same as uk.Been here for 6 years and have about the same as you but another 15,000 per year is due when i am 65.I have no regrets and much prefer here than uk over the last 6 years,and i could have been killed in a car crash in England and missed this fantastic journey.

When you have done everything,mongering,gogo bars,pissed up every night,you soon settle down to a fairly normal lifestyle,with more bbq at friends houses and a more cha cha daily routine.

[jacko 8,814]

Sorry guy’s, I forgot to mention that I plan to retire at 50. I was just trying to get a feel for what you think, as my options are flexible. I guess I may have to wait until after I’m 50 if the figures don’t work out. I do have a property with about 70-80k equity, however I did actually plan on leaving the house alone so that my son can stay here and pay the remaining mortgage. I guess that I may have to hold back, although that’s not easy when it comes to the prospect of living in Thailand. Oh how I wish the Baht returned to the 80’s & 90’s, this would make my decision so much straight forward.

Thanks for all you advice.

Don't give up yet mate. Although forget the idea of 70/80 baht per £ for now.

A few more years, more pension, more home equity and all could be well. But I am of the opinion that Thailand will become less of a retirement place for Europeans in the next few years. Those of us here already may have established themselves with a home, and trimmings, but I agree with Torrenova that many will be forced out by the exchange rate. New arrivals will find it tougher....

Edited March 28, 2010 by jacko

[torrenova 644]

I fully understand what you say but i still think he has enough to live on.Inflation hasppens anywhere in the world and the uk is one of the worst.There are some crazy figures on here about what monthly income is needed to live in Thailand as i(3 of us) can live here for about 12-14,000 baht a week,but i do have more if needed,always live within your means

 

For the last 20 years, UK inflation has been around 2% per year (source http://www.rateinflation.com/inflation-rat...e.php?form=ukir ). Thai inflation has been far in excess of that and when looking at specific necessary requirements, such as housing, food, medical, transport etc. it is laughable to suggest that the UK "is one of the worst". The actual figures prove your assumptions to be completely wrong.

 

And we haven't even started to factor in the effect of the historic FX collapse from a say 10 year average of around 65 (01/01/10 to 27/03/10) to a current figure of around 47 and a great potential of 40 on the horizon. Without doing scientific maths it is obvious to see that for GBP guys, the FX alone is a the equivalent to nearly 40% inflation over say 10 years and if you wanted to take the margins, it would be over 60% (76 v 47).

 

Retirement means big ticket items, it should these days probably include a property purchase, then you have to allow for depreciation so you can renew your big ticket items in the years to come, you need a fair whack for some decent medical cover and you need a fair amount for living and entertainment, particularly in the first year. It is ludicrous to suggest that you can do that on 12k or 14k a week.

 

Now if you want to live in a shoe box, sod the medical until you need help and then ask the internet boards to pay your hospital bills, live on fruit juice and get a live in who doesn't mind your poverty, you knowing all the best places to balloon chase for free food, then yes, it is perhaps possible to live on next to nothing but that is existence, an endurance, it is not life and certainly not retirement.

[bratpack 91]

For the last 20 years, UK inflation has been around 2% per year (source http://www.rateinflation.com/inflation-rat...e.php?form=ukir ). Thai inflation has been far in excess of that and when looking at specific necessary requirements, such as housing, food, medical, transport etc. it is laughable to suggest that the UK "is one of the worst". The actual figures prove your assumptions to be completely wrong.

 

And we haven't even started to factor in the effect of the historic FX collapse from a say 10 year average of around 65 (01/01/10 to 27/03/10) to a current figure of around 47 and a great potential of 40 on the horizon. Without doing scientific maths it is obvious to see that for GBP guys, the FX alone is a the equivalent to nearly 40% inflation over say 10 years and if you wanted to take the margins, it would be over 60% (76 v 47).

 

Retirement means big ticket items, it should these days probably include a property purchase, then you have to allow for depreciation so you can renew your big ticket items in the years to come, you need a fair whack for some decent medical cover and you need a fair amount for living and entertainment, particularly in the first year. It is ludicrous to suggest that you can do that on 12k or 14k a week.

 

Now if you want to live in a shoe box, sod the medical until you need help and then ask the internet boards to pay your hospital bills, live on fruit juice and get a live in who doesn't mind your poverty, you knowing all the best places to balloon chase for free food, then yes, it is perhaps possible to live on next to nothing but that is existence, an endurance, it is not life and certainly not retirement.

 

sometimes your over indulgence is quite sickening.Read the posts again and stop being a dickhead

[sinbinjack 251]

[ It is ludicrous to suggest that you can do that on 12k or 14k a week.

How ludicrous is it when many expats I know do it quite happily.

You may need a car,a house and you may be able to afford it, others cant,that does not stop them enjoying the life they have rather than worrying about the life that is out of their reach. There is much to recommend life in Pattaya,to all people of all financial states.If you don't want guys with no money clogging up your wonderful holiday town say so, don't tell tales about how expensive it is for everyone when its really cheap, if you want ,and need it to be.

I understand you have some sort of financial backround and know the facts and figures of retirement but, your figures are pie in the sky to most of the guys I know and as I said in a previous post in answer to you ,the ammonts that you quote for lump sums to enable people to live in Pattaya are quite often higher than most guys total life time earnings, they are definately higher than my life time(35 years working) earnings.

[jacko 8,814]

[ It is ludicrous to suggest that you can do that on 12k or 14k a week.

How ludicrous is it when many expats I know do it quite happily.

You may need a car,a house and you may be able to afford it, others cant,that does not stop them enjoying the life they have rather than worrying about the life that is out of their reach. There is much to recommend life in Pattaya,to all people of all financial states.If you don't want guys with no money clogging up your wonderful holiday town say so, don't tell tales about how expensive it is for everyone when its really cheap, if you want ,and need it to be.

I understand you have some sort of financial backround and know the facts and figures of retirement but, your figures are pie in the sky to most of the guys I know and as I said in a previous post in answer to you ,the ammonts that you quote for lump sums to enable people to live in Pattaya are quite often higher than most guys total life time earnings, they are definately higher than my life time(35 years working) earnings.

I think monthly and 50-60k seems sufficient for, as you say, a frugal life.

Just the sunshine and warmth may suffice for some.

But I question whether in 5-10 years time, it still will be enough. Whatever income a retiree has, needs to keep up with inflation.

[buriramboy 0]

[ It is ludicrous to suggest that you can do that on 12k or 14k a week.

How ludicrous is it when many expats I know do it quite happily.

You may need a car,a house and you may be able to afford it, others cant,that does not stop them enjoying the life they have rather than worrying about the life that is out of their reach. There is much to recommend life in Pattaya,to all people of all financial states.If you don't want guys with no money clogging up your wonderful holiday town say so, don't tell tales about how expensive it is for everyone when its really cheap, if you want ,and need it to be.

I understand you have some sort of financial backround and know the facts and figures of retirement but, your figures are pie in the sky to most of the guys I know and as I said in a previous post in answer to you ,the ammonts that you quote for lump sums to enable people to live in Pattaya are quite often higher than most guys total life time earnings, they are definately higher than my life time(35 years working) earnings.

Well said, Thailand is still thrid world in the main and most things are still cheap especially outside of the tourist areas, if not a barfly and whoremonger or neither activity plays a major part in your life, you can live a good life for next to nothing. People just have to decide what they want from life as everyone is different, someone may need 150,000 baht a month for the life they choose to live and someone else may only need 30,000 baht a month, i mean fok me if i lived in Buriram doubt i could even spend 30,000 month if i wanted too.

[bratpack 91]

Well said, Thailand is still thrid world in the main and most things are still cheap especially outside of the tourist areas, if not a barfly and whoremonger or neither activity plays a major part in your life, you can live a good life for next to nothing. People just have to decide what they want from life as everyone is different, someone may need 150,000 baht a month for the life they choose to live and someone else may only need 30,000 baht a month, i mean fok me if i lived in Buriram doubt i could even spend 30,000 month if i wanted too.

 

well said BB and Sinbin,

 

the guy is talking bollox all the time,he doesnt read the threads very well,and his figures are outragious(and who gives a fuck if i spelt it wrong TV)

 

He is a thread fucker who accuses me of being a ballon chaser when i spend my money wisely and dont monger or drink much.

 

btw

i have property,car,motorbike,stocks/shares/medical/private schooling for stepson,etc etc etc fucking etc.I dont need some half wit coming on here and telling me i havent got a life and i am on the seat of my pants.I can raise 15-20 million baht tomorrow if i want to,but my life is perfect what do i need extra for at the moment.Yes i agree on one thing,when i get older i will need some more money,hence the fucking post i did.