Thailand Retirement Today

The fashion and garment industry is large and provides affordable clothing.

Many who have decided to retire abroad have been attracted to Thailand as one of the best places to retire in Southeast Asia. Large numbers of Europeans now make the country their full or part-time home. And many Asians from the most developed Asian economies are also choosing to live abroad in this country.

In this article, we explore the many factors that make a Thailand retirement the choice for living abroad for so many people from around the world.

Thailand Retirement – Economy:

Thailand’s per capita GNP when adjusted for purchasing power is $7,880 USD. Thailand currently scores at 0.319 on the international cost of living index (compared to 1.00 for the USA). A Thailand retirement implies a fairly low cost of living which is about a third that of the USA. Inflation runs at about 2% per year, while the economic growth rate of the country is about 5% a year. This low cost of living is one of the features so attractive for living abroad.

Thailand’s economy is growing rapidly and Thailand is now classified as a newly industrializing country. Japan has been a leader in foreign investment in the country and has contributed to the growth of the auto, textile and electronics industries. The popularity of Thailand’s location and environment has also made it a popular tourist destination and today, tourism has become an important part of the nation’s economy.

Night market in Bangkok.

In the past, Thailand’s traditional economy was primarily based on the export of natural resources. Today, Thailand remains a major exporter of agricultural products (rice, sugarcane, corn, and rubber), fish, hardwood lumber, and minerals (tin, tungsten, and lead). Rice used to be the country’s major export, but in the last few decades both industry and mining has become more and more important for the country. Major trading partners for Thailand are the USA, Japan and China.

In recent years, Thailand’s economy has begun to emphasize tourism. Thailand retirement offers eco-tourism packages such as visits to elephant conservation centers and historical-tourism packages to archaeological sites. Medical tourism has been a major emphasis of the government’s development strategy and retirees are able to obtain a wide range of medical treatments at about a tenth of the cost in the United States. The emphasis on tourism to some degree shifts the country’s services to better meet the needs of foreign tourists and ultimately those who decide to retire abroad there. And of course, the growth of medical tourism provides any retiree with access to modern medical care in the larger cities. 

However, the thriving economy makes a Thailand retirement a little more expensive than in some of its neighbors – particularly in the major urban centers. Nevertheless, the cost of living in the USA remains much higher than the cost of living for a Thailand retirement. The strong economy and openness to trade makes the purchase of international goods relatively easy.

The strong textile and garment industry will present retirees in Thailand with access to low cost clothing. Both mass produced and custom made clothing are quite affordable in the country.

Curry is a major condiment used in Thai cooking.

Thailand Retirement – Food

Retirees will find that food is relatively inexpensive and a Thailand retirement will provide you with a unique Thai cuisine that has grown in popularity worldwide. The huge foreign investments from the USA, Japan and China combined with a tourist inclined economy further insures that a Thailand retirement will provide access to an international cuisine catering to its foreign guests.

As in many Asian economies, there are two tiers of shopping in the country. On the high end, the retiree will find world class malls, supermarkets and restaurants. Prices tend to be high in these venues. For those who are more budget conscious, a Thailand retirement translates into visiting more local open/wet markets that are considerably lower in price. Vegetarian retirees will also find it relatively easy to maintain their special diets. There is no shortage of upscale and cosmopolitan restaurants, fast food restaurants, or affordable local street food vendors that offer good eats to match any culinary desire in a Thailand retirement.

Thailand Retirement – Healthcare

Because of the growth of medical tourism in the country, a Thailand retirement means access to first class medical care in the country. The better hospitals have received accreditation from world recognized accrediting bodies and physicians will usually have received their training at top US or European medical schools. Initially, emphasis in medical tourism was placed on cosmetic surgery, but today more complex medical procedures are obtainable.

Beach bungalows are one type of more affordable housing.

Large and modern private, public and university hospitals are available in Bangkok. In the provinces, regional hospitals and smaller community based hospitals are available. In more remote locations, some kind of health center is usually available for basic health care.  A Thailand retirement also means access to quality dental care at much lower prices than in the USA.

Thailand Retirement – Housing

Thailand’s entrance into the international economy provides the retiree with a wide range of housing choices. For the rich and famous, living abroad in Thailand allows one to opt for luxury upscale living in villas designed for wealthy expatriates and wealthy Thais. Prices for this lifestyle will be in the range of $2000 USD a month (including food, utilities, and other living costs). A more middle class lifestyle comparable to that in the USA is also available in suburban type subdivisions or condominium living on a smaller budget.

For those willing to adapt to a more local lifestyle, more affordable housing is available for your Thailand retirement. As one goes further out into the countryside, prices drop even further. On the low end of the scale, one can live on less than $1,000 USD a month without sacrificing too much of a western lifestyle. And if one goes more native, costs for a Thailand retirement will drop even further.

Peaceful protest in Thailand.

Thailand Retirement – Social and Political Issues

Thailand has a constitutional monarchy. Although the country has a king, the formal head of the government is the prime minister. In recent years, the country has been relatively stable. However, tensions will occasionally flare up around the role of the military vs. civilian rule within the country. Rather than being a problem, it is probably a good indication that a progressive middle class is emerging in the country.

Despite Thailand’s economic progress, there remains an economic divide between the rich and the poor, urban and rural regions, and majority groups and ethnic minorities. These tend to be the source of tensions which well up from time to time. For the most part however, the country has achieved a higher level of stability than in the past and the retiree will find a fairly stable country. If selecting a Thailand retirement, it remains a good idea always be conscious of the social issues that do exist within the country.

In comparison to the USA, the homicide rate in Thailand is higher than that in the USA. The country’s homicide rate was 8.47 homicides/100,000 people compared to 5.8 in the USA.

Thailand Retirement – Communications and Transportation

Thailand boasts a modern communications and transportation infrastructure in its major urban centers. Land line and cellular phone providers are available. Radio stations offer broadcasts over several hundred AM and FM stations. There are about a half dozen major television broadcast stations offering international programming. And there are over a dozen major internet service providers for access to the internet. The internet has become so popular, that the government had to consider regulations to minimize truancy among its youth who often skipped school to hang out at internet cafes. A Thailand retirement will make it relatively easy to remain connected with the world via phone, television and internet.

Bangkok is the nation’s transportation hub serviced by international and domestic air transportation, rail travel, bus transportation, and roadways. For more local transportation, retirees will have easy access to taxis and buses, ferries, and for the adventurous even by elephant.

Thailand Retirement – Summary

Overall, the retiree will find that Thailand is an ideal retirement destination. The cost of living is low and the retiree will find access to a wide range of lifestyles and amenities from which to choose. The cost of living is slightly higher than surrounding countries but still very affordable. The recent political protests and the crime rate prevent awarding the country a perfect score of 5.

Although these protests did not rise to a level that presented a significant threat to expatriates, the closure of airports and the scale of the protest suggests that it is something that any retiree should consider if selecting Thailand as a retirement destination.

Retiree’s rating of Thailand for retirement: 4.5/5.0

(Photos by: ES21, Sherine Chua, Nathalie Dulex, Vangelis Thomaidis, and International Rivers)

Popularity: 25% [?]