How much money is needed to retire in Thailand?

A new study reveals the amount of money you will need to have a "comfortable" retirement in Thailand.

Anyone considering retiring in Thailand should have the equivalent of around 11 million baht in savings (around €322,660), according to a new study on the cost of retirement around the world.

Updated on July 22, 2024

Thailand will tax foreign income starting from March 2025, which will affect some retirees, see:

Taxes on foreign income in Thailand: advice from a tax expert

Tax on foreign income in Thailand: navigating the new rules

The study, conducted by online lender NetCredit and titled 'The Cost of a Comfortable Retirement Around the World' (The cost of a comfortable retirement around the world), examined how much a person might need to retire abroad and enjoy the same quality of life.

It was determined, among other things, that one should go out once a week, take a take-out coffee once a week, not smoke, drink moderately, not take a taxi, mainly eat Western food at home, take two vacations and rent a one-bedroom apartment in a city center.

The figures are based on a person living approximately 14 years after retirement – with the average retirement age in America (64 years) and average life expectancy (78.7 years).

The same calculations were then applied to almost all countries.

The study revealed that a person retiring in Thailand would need €322,660 in savings to maintain the same standard of living as in the West.

The amount of savings required for Thailand was significantly lower than the amount needed to retire comfortably in both the UK (426,608 euros) and the US (497,489 euros).

Regionally, Southeast Asia remains an affordable retirement option, with Indonesia (240,353 euros), Malaysia (266,000 euros), Vietnam (292,714 euros), and the Philippines (305,519 euros) offering cheaper alternatives to Thailand, while Cambodia (321,903 euros) is on the same level as the Land of Smiles in terms of the required savings amount.

To retire in Singapore (783,357 euros) or Hong Kong (720,973 euros), you would need about three times more savings than to retire in Thailand.

Around the world, Bermuda has been revealed to be the most expensive country, where you need to save more than 827,225 euros for a luxurious retirement in paradise.

Elsewhere in North America, Mexico was the cheapest place to retire, where savings of 212,661 euros are enough for a comfortable retirement.

Cost of retirement in Asia and Oceania

See also:

Thai retirees need 2.8 to 4 million baht in savings to survive the rest of their lives

Foreign retirees in Thailand see their good life fly away

Source: netcredit.com