Retiring in Singapore is three times more expensive.
Tricia Ang | 24 March 2021
Are you thinking about retiring to Thailand in the future? According to a new study on the cost of retirement around the world, one needs to save up about 11 million Baht in Savings (Approximately USD$390,000).
The study, The Cost of a Comfortable Retirement Around the World, was carried out by online lender NetCredit. It looked at how much one needs to save up to retire overseas and enjoy the same quality of life.
This quality of life was determined to be: renting a 1 bed apartment in a city centre, eating mainly Western food at home, going out once a week, takeout coffee once a week, no smoking, moderate drinking, no taxis or rideshares and two vacations yearly, amongst other factors.
The retirement figures are based on the assumption that one is living for about 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 concluded that a retired person in Thailand needs $389,835 in saving to uphold the same living standard in the America. In Thailand, the amount of savings needed to retire comfort was significantly lower than in the United Kingdom ($515,742) and the USA ($601,489.63).
South-East Asia is the top most affordable destination for retirement in the region, more cost friendly options for Thailand are Indonesia ($290,599), Malaysia ($321,614), Vietnam ($353,906) and the Philippines ($369,340), whereas Cambodia’s retirement savings ($389,146) are similar.
For those who are looking to retire in a more urban city such as Singapore ($946,993) or Hong Kong ($871,578), almost three times of the amount of savings is required, in comparison with Thailand.
After looking at the retirement amount comparisons, which country would you like to retire to?