Study reveals how much money you need to retire in Thailand
Anyone thinking about retiring to Thailand should have the equivalent of around 11 million Baht in savings (approx USD$390,000), that’s according to a new study on the cost of retirement around the world.
The study, carried out by online lender NetCredit titled The Cost of a Comfortable Retirement Around the World, looked at how much someone might need to retire aboard and enjoy their same quality of life.
This was determined as going out once a week, takeout coffee once a week, no smoking, moderate drinking, no taxis or rideshares, eating mainly Western food at home, two vacations and renting a 1 bed apartment in a city centre, among other factors.
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). The same calculations were then applied to almost every country.
The study found that a person retiring to Thailand would need $389,835 in savings in order to maintain the same standard of living they were used to in the West.
The amount of savings required for Thailand were considerably lower than the amount needed to retire comfortably in both the United Kingdom ($515,742) and the United States ($601,489.63).
Regionally, Southeast Asia remained an affordable option for retirement, with Indonesia ($290,599), Malaysia ($321,614), Vietnam ($353,906) and the Philippines ($369,340) offering cheaper alternatives to Thailand, while Cambodia ($389,146) was on a par with the Land of Smiles in terms the amount of savings needed.
In order to retire in Singapore ($946,993) or Hong Kong($871,578), you’d need around three times the amount of savings needed to retire in Thailand.
Around the world, Bermuda was found to be the most expensive country, where you’d need savings of more than $1 million dollars for a luxury retirement in paradise.
Elsewhere in North America, Mexico was the cheapest place for retirement where savings of $257,078 is enough for a comfortable retirement.
Source: Thaivisa
