Retirement to Where

[pipoz4444]

Obviously for a number of reasons we choose to retire to Countries other than where we were born.

It would appear that the most prominent reasons that drive us to these distant places are;
1. Lifestyle in that choice of retirement destination
2. Financial cost of living overseas as opposed to in your home Country
3. Companions and or friend living in that choice of retirement destination
4. Wanting to live in the Sun by the Seaside, if you hail from a Glacier
5. Regulation and or Politics of your home Country
6. Medical costs in that choice of retirement destination
7. Divorce
8. Or just wanting a "Change of Life" in those older later years

For whatever reason you need to be financially sound before you pack up stumps and relocate for what is arguably going to be between 10 – 20 years overseas, assuming the majority of people are 60 plus, before they retire.

This might be of interest. Obviously it doesn't factor everything into the equation of living costs and may not account for whether you are married or single and probably doesn't factor in the increase in cost of living over your retirement life. It probably doesn't factor in exactly where you live, whether it is in the city (i.e. Bangkok) vs Up Country (say Nong Khai), but it does indicate a that one needs a broad figure in the range of USD 370,000 to 400,000, if one intends to retire to South East Asia and expect to live for around 14 years after retirement.

According to the link the figures are based on someone living for around 14 years after they retire - with the average age of retirement in America (64) and the average life expectancy (78.7) - Not too bad an Age to go out at.

The figures don't indicate a massive difference between Thailand, the Philippines, Cambodia, Vietnam and Myanmar, although, I am not convinced that the figures for Cambodia and Myanmar are accurate when compared to Thailand

https://www.netcredit.com/blog/cost-com ... und-world/

https://forum.thaivisa.com/topic/120805 ... paign=news


pipoz444

[glalt]

Using those figures, no way could I afford to retire anywhere. As it is, I live as I wish here in Thailand from just my pensions without touching my savings.

[Kenr6583]

Not including my savings, my pensions will be more than double those figures, places I want to go, in 14 years. I guess I should be okay then.

[Kenr6583]

I do question Mexico's $257,078 14-year retirement though. No way Mexico, living in the city center anywhere, can be 66% of cost of living compared to Thailand or Cambodia.

[tamada]

One has to consider who's making up... sorry, who's contributing to these websites? Maybe a whole bunch of younger blogging, internet influencers or otherwise digital pikeys who are miles from real retirement and are just trying to create another revenue stream? Sure they are either living in these countries or have spent enough time to get a very basic handle on costs based on what they think THEY need to get by but are they accurate or even relevant?

Rather like the global beer cost index I posted a few days back where hotel lobby bar prices (where few serious beer snorklers are found) were a 50% weighting factor, I think these retirement cost calculations may be skewed by the necessities of a younger punter who doesn't need adult pampers, eats at Sizzler and drinks Archa.

[FrazeeDK]

I find a lot of these retirement cost estimations of funds needed seem to completely ignore pensions.

[Kenr6583]

I find a lot of these retirement cost estimations of funds needed seem to completely ignore pensions.

I think when they came up those numbers it is total amount of money, whether it be monthly pension/savings account, spent during a roughly 14 year period.

[Kenr6583]

But there are quite a few articles out there that actually list what you need monthly to live comfortably in any specific country.

[tamada]

I find a lot of these retirement cost estimations of funds needed seem to completely ignore pensions.

Maybe these calculations are from the younger, digital nomad generation that may be bereft of traditional pensions.

[Niggly]

A few words on the article by NNT

[glalt]

Someone broke it down to about 70,000 baht per month. That would be fairly close to actual living expenses although it is a little high. If you have pensions at that amount, you would be comfortable. Insurance is not mentioned and health insurance for old people is difficult to get not to mention very expensive. That would require a decent nest egg for any serious medical condition you may but hope not to have. Also not everyone pays rent. There simply are way too many variables to come up with a decent number.