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How much does it cost to retire in Thailand must be one of the most asked questions around. Everyone is different when it comes to lifestyle, finances and expectations so it is a difficult question to answer.
Based on the low cost of living in Thailand with Bangkok being the middle ground one would say that you need at least 50,000 Baht per month as a basic minimum. Pattaya might be more expensive, Phuket would be considerably higher than this breakdown and Issaan would be even cheaper. Here are a few basic costs:
- Accomodation : One could rent a house for about 7,000 Baht a month about 30 minutes out of Central Bangkok. This excludes extras such as having a telephone connection or any other levies such as security if it is a gated private development. Apartments range from the bare minimum of about 3,000 Baht per month to about 7,000 Baht a month. It all comes down to location and how close you are to mass transit.
- Food : Food in Thailand is very cheap. One could buy a plate of food for about 30 Baht at a corner store to about 60 Baht for a middle class restaurant. That’s not money when one considers what a plate of food costs in the UK or the US.
- Water : Drinking water has to be bought. Most apartment blocks have a water machine which sells water at the rate of 10 Baht for 5 litres of drinking water. Its cheap unless you prefer brand name mineral water from the corner store which runs at about 20 Baht for 2 litres of water.
- Electricity : This depends on what you have running. Running your aircon the whole day will cost but most expats use a normal fan as they have grow used to the heat and humidity. Make an allowance for a high electricity account when you first move to Thailand as you adjust to the weather. On average you electricity can go as low as 400 Baht a month to a more realistic 1,100 Baht a month.
- Television : This is normally included as an extra with your apartment. Usually for a house you would need to obtain a decoder for cable television. The monthly costs is about 2,000 Baht a month.
- Insurance : If you are not insured then this will present a problem in Thailand. Medical costs are very low however you may not leave the hospital until you have settled the account. Failing which they do call immigration police to solve the payment issue. Don’t leave home without insurance. Travel insurance is no good as you have to pay first then be re-imbursed by the insurance company. If you don’t have a credit card when admitted – it does spell trouble.
All things considered living in Thailand is very cheap. Dentists are cheap and the work is good. A Root Canal costs about 2,000 Baht which by any standard is cheap. There are many advantages to chosing Thailand as a reirement location.
