Transcript of the above video: 

As the title of this video suggests, we are discussing what are the costs associated with retirement in Thailand? I thought of making this video after reading a recent article from VegOut Mag, that is vegoutmag.com, the article is titled: 7 countries where $150K (that is $150,000) in savings means you can retire immediately. 

Under subsection 1) Thailand: retire-friendly visas and Chiang Mai math that works. Quoting directly: "Thailand's retirement visas are among the most straightforward. For the Non-immigrant O (long stay) you'll typically show 800,000 Thai Baht (roughly $22,000) in a Thai bank or a monthly income of 65,000 baht plus health insurance." Now on an O, you may not necessarily need health insurance; in fact you don't. O-A Retirement Visas require health insurance; standard O Retirement Visas do not require that health insurance. 

Quoting further: "That financial requirement sits comfortably inside 150K nest egg and covers the Visa's big hurdle. On the cost side, Chiang Mai remains a favourite for its slow-pace and Cafe culture." Quoting further: "A single person's average monthly expenses, excluding rent," which that's a big one but quoting further: "recently clocked in around $550 dollars, with one-bedroom apartments outside the centre averaging well under $300 making a lean couple's life plausible around $1,200 - $1,800 depending on lifestyle. You can stretch further by renting long-term, cooking at home and choosing Thai medical providers for routine care. If you're 50+ and not planning to work locally, Thailand's "retire now, exhale" pathway is one of the clearest." 

Well look, at the end of the day, everybody’s sort of cost of living is going to depend on them, on what they feel is a priority. I think these numbers are probably pretty solid in terms of minimum thresholds, but the thing to always remember, people don't tend to keep themselves within their budget all the time, and these sort of minimum thresholds when they are thought out on paper versus in practice can be very different, let's put it that way. One thing I see a lot of foreigners not taking into account when they come to Thailand, especially single oftentimes men, is what happens if you do fall for somebody here and you end up with a local or someone else in Thailand; that is something to keep in mind. The other thing is look, as much as Westerners don't think they're going to do it, we all end up eating more Western food than we think we can do. That is sort of a big unforeseen expense that I see among a lot of Westerners. Finally the other thing to think about is depending on your situation if you are a retiree and you have children, especially Western children that need Western education, that's another big cost that you might not see coming as well. 

So again, costs associated with retirement in Thailand, it can be very reasonable to retire here but again, analysis regarding the specific costs are going to be driven by the specific facts in the underlying case. For those who feel like all of this is a bit overwhelming and they just want some laser-focused insight into the strategies for retiring in Thailand, as well as the legal obstacles to overcome, including visas, including Banking and things in order to retire here in Thailand, if you feel a bit overwhelmed by all of this stuff, it may not be a terrible idea to contact a legal professional, gain some insight and guidance into how best to proceed.