Thailand is one of the most popular destinations for retirees in the world for many reasons, including the affordable cost of living. It’s possible to retire in Thailand and spend less than US$1,000 (THB35,000) a month.
There are also those who spend even less than US$700 a month.
If you want to retire in Thailand but have a limited budget, this article is for you. You can find our tips on how to have a cheap retirement in Thailand. It includes all necessary expenses, including a place to live, food, healthcare, and more.
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Contents
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Where to Live
To have a cheap retirement in Thailand, choosing where to stay is very important. The cost of living in Thailand can vary significantly depending on where you live.
To give you an idea, if you want to live comfortably in Phuket, which is among the most expensive cities in Thailand, you need to spend at least THB40,000 to live there.
On the other hand, you would need only THB28,000 per month in Chiang Mai with a similar lifestyle.
Neighborhoods also have an impact on your cost of living, especially in rent and food prices. For example, if you rent a condo in Thong Lor, Bangkok, it may cost you THB20,000 a month. On the other hand, you may pay only THB8,000 a month for the same size condo in Bangkok’s suburbs.
Therefore, to have a cheap retirement, there are two things you need to keep in mind when it comes to finding a place to live:
- Live in a secondary city. For example, live in Krabi instead of Phuket or Chiang Rai instead of Chiang Mai.
- Live in the suburbs instead of the city center or expat areas. This can significantly decrease your rental costs.
Accommodation
While condos are the most popular option among expats, they are also one of the most expensive options. Instead, rent an apartment, which is a much cheaper alternative, though it may come with fewer facilities and may not be as modern.
Because of affordability, apartments are also the most popular option among locals. You can rent a room within the city center for just THB4,000 to THB8,000 a month.
The downside is that they may charge twice as much for electricity and water. So, if you always need to turn on an air conditioner, it might be cheaper to rent a condo.
If you need more space, you can rent a townhouse instead of a house. While it’s less private, the location can be more convenient than a house in a gated community, and it comes at a far cheaper price.
Additional tips when choosing a place to live: Make sure it’s close to a good public hospital and a park with some free exercise equipment. This can significantly decrease your healthcare costs.
Food
To retire in Thailand on a limited budget, eating street food or at a local shop or food court will likely be your main choice. Including a drink, you should end up paying around THB60 per meal on average.
If you want to save even more money, cooking your own food is an option. While some may say that cooking your own food can cost the same or even more than buying food, it’s not always true. It depends on the type of food you cook.
If you use local ingredients, it’s going to be more affordable. Now it’s very easy to do because of online grocery shopping in Thailand. Additionally, the food quality and portions are likely to be better than buying it.
Drink
Installing a DIY water purifier is the cheapest way to have drinking water. It’s also much more eco-friendly than buying bottled water.
When it comes to coffee, avoid Starbucks. It’s considered premium coffee in Thailand, with a cup of Americano costing more than THB110. Instead, buy it from a convenience store like Seven Eleven for just THB30-40 per cup.
Alternatively, you can invest in a moka pot, and your coffee will cost less than THB10 per cup and sometimes taste better than coffee from regular shops.
Health
Visiting a public hospital is a cost-effective option, as it may only cost you a few hundred baht. The quality of treatment is generally good; however, it can be very crowded with long waiting times. This means they might not have enough beds if you need to be hospitalized.
While it can be expensive, in our opinion, a good way to handle healthcare is to get a health insurance plan with a high deductible. Opt out of outpatient treatment since you can pay for it out of pocket. While it can be hard to find health insurance for retirees, you can check out Cigna Closed Care.
It’s a plan created for retirees, offering a US$500,000 coverage limit, which is sufficient for Thailand.
For exercise, you can go to a nearby public park. These parks typically have running tracks, free exercise equipment, and exercise communities. They can be a great way to keep healthy while meeting new people as well.
Public parks can be found throughout Thailand. There are over 30 parks available in Bangkok alone.
Transportation
Public transportation will likely be your main mode of travel. In Bangkok, the MRT or BTS costs around THB40 per ride on average. If you’re on a tight budget, buses are available for only THB10 per ride.
If you live outside of Bangkok, you can buy a used scooter for less than THB20,000. After that, use it to get around. Depending on how much you drive, maintenance fees and fuel can cost less than THB1,000 a month.
Phone and Internet
The cost of a phone package and home internet is similar throughout Thailand. You pay around THB500 per month for each.
Utilities
For water and electricity, assuming you turn on an air conditioner only at night, it shouldn’t cost you more than THB2,000 per month. Factors such as the age of the air conditioning unit, temperature, and room orientation also affect costs.
If your room faces west or southwest, it will likely be hotter due to the sun, resulting in higher electricity costs.
Water is very cheap in Thailand and rarely costs more than THB200 per month.
Visa
The visa fee is minimal, costing only THB1,900 per year for a single-entry retirement visa.
Estimated Budget Breakdown
- Accommodation – THB7,000: Rent an apartment that’s comfortable to live in.
- Food – THB8,000: Eat mainly at local shops, street food stalls, food courts, and occasionally at a restaurant.
- Drink – THB2,000: Install a DIY water filter and drink coffee daily from a convenience store or local café.
- Health – THB8,000: Free exercise at a park and health insurance from the Cigna Closed Care Plan with a deductible.
- Transportation – THB2,000: Use public transportation or buy a used scooter.
- Phone and Internet – THB1,000: Basic phone and home internet package.
- Utilities – THB2,200: Electricity and water.
- Visa – THB200: Single-entry visa fee.
- Total – THB30,400
Notes:
- This is an estimated cost only. Individual expenses may vary depending on lifestyle.
- The estimate does not include personal expenses, entertainment, or travel.
- To qualify for a Thailand retiree visa, you need to have either a monthly income of THB65,000 or a balance of THB800,000 in your bank account.
More Saving Tips
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