Retiring in the tropical paradise of Phuket Island Thailand is a dream that many are making a reality. While many people planning their retirement worry about outliving their retirement budget in a country where the cost of living is sky-high.
Retiring in a beach resort such as Phuket can cut costs significantly if a few simple guidelines are observed.
Housing Costs
Renting is a good idea for the first year that you arrive. You can access the local area and choose which location is the best fit for you. You may enjoy the hustle and bustle of Patong Beach, or the quaint architecture and laid-back atmosphere of Phuket Old Town. Once decided on a location you may decide to purchase a condo or a Phuket luxury villas and decrease your monthly outcome by having a real estate investment. A benefit of retiring in Phuket, or anywhere in Thailand, is that foreigners can purchase and own condominiums outright, and although foreigners cannot own land, properties can be purchased with 30-year extendable leases on the ground the house sits on.
Cost of Food
A large proportion of out daily budget goes towards food. All across Thailand, one can eat cheaply by choosing local restaurants, noodle shops, and street food stalls. These meals typically cost between one- and two dollars US, each time. If one has an appetite for Western food then this per meal budget will increase to ten to twenty dollars. Fine dining and top-end restaurants will increase that price even further. Grocery shopping in Thailand is much more expensive in Thailand than it was a decade or so ago and the price of fruit and vegetables is similar to Western countries. Th cost of seafood, however, is significantly less with Phuket having a fresh locally sourced supply of fish. The best way to save is to try the delicious street food and discover the dishes that are best for you. There really is something for everyone. From Singaporean lean chicken with rice (khao man gai), to slow-cooked pork leg (khoa car moo) to minced pork with basil (krapao moo) to simple fried vegetables (pad pak) or fried rice (khao pad.)
Transport
When it comes to navigating Phuket, transportation is not cheap in comparison with Bangkok. Taxis and tuk-tuks are readily available with the fares being usually negotiated upfront (unlike the capital city where meter use is standard) and the prices may start from around ten dollars US for short journeys. By far the best option in Phuket is to buy or rent a scooter to get around the island at a fraction of the cost of the inflated public transport intended for tourists
Language
Many Thai people in Phuket can speak English, but there is no easier way to enjoy your time and reduce the cost of everything by picking up and speaking the Thai language. By following a few cultural rules and speaking the language your retirement will improve immeasurably.
