According to bank statements reviewed by Business Insider, Mr. Walker now lives on an annual pension of about $18,000 (about 16,000 euros). Since its costs are so low in Chiang Mai, it can save about 40%. your income.
“The cost of living is cheap,” the man added.
It is not uncommon for retirees to move to another country. Business Insider reporters have also heard from Americans who have moved from Texas to Panama, California to Italy and Minnesota to Mexico in search of exciting travel and less financial stress.
Millions of older people live on a fixed Social Security income or, in Walker’s case, a state pension. For those with limited savings and a tight budget, living in a cheaper country can provide not only more financial freedom, but also travel experiences. According to the Social Security Administration, more than 700,000 US workers have retired abroad. Almost 3 million Australians receive a state pension, but it is unclear how many of these pensioners live overseas.
J. Walker confirmed that he is not alone: ”It’s a huge retirement community.”
The husband’s lifestyle in Chiang Mai is cheaper, allowing him to travel and has worked mainly in finance, venture capital and startups, as well as running the family farm. But in his 60s, he returned to school. He retired shortly before going abroad to study health and natural medicine.
When Walker settled in Chiang Mai, he was immediately struck by the low cost of living. Food in restaurants and street vendors is cheap, he said, and housing, utilities and transportation cost him only a few hundred dollars a month. He said that in Australia his pension would be far from enough to live on, but in Thailand the money comes in very handy.
With the ability to save nearly half of his retirement income each month, Walker feels better equipped to pay for unexpected expenses and health care bills. To stay healthy, he often turns to alternative medicine and nutritional supplements, which he says are more readily available in Thailand than in Australia, but he will soon have to pay for knee replacement surgery.
Although he lives alone, Walker said he tries to meet new people. He has joined local community organizations and occasionally participates in group wellness events. He said he doesn’t feel alone.
For others thinking about retiring abroad, Walker said it’s important to research the country’s culture and cost of living. He also advises others to visit the country of their choice at least once before deciding to move long-term.
J. Walker recently spent several weeks in Spain. He plans to move again and is considering going to Mallorca next time. He is also exploring the possibility of traveling to Costa Rica, or perhaps some tropical country.
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2024-09-09 22:46:32