Why You Should Plan Your Thailand Retirement | ArticleFulltime.com

I was authorized to retire from my trade on April 4, 2010. And that was the day that life without work began.

My retirement is different than most in that my monthly take home will build up over the years. This is due to a government pension, military retirement and social security.

When I hit 57 years and 4 months, I was able to call it quits. I had 5 years working with the US government and was eligible for a small pension. I also bought back 14 years of US Army active duty time giving me about 19 years of service for my pension. It is not enough to live on, but I also had a Thrift Savings Plan (TSP) which is very similar to a 401(k). Unlike the 401(k), I withdrew my TSP when I retired since I was at least 55 years old. I used this to supplement the small pension.

I also had a 401(k) that I invested in while I was a government contractor for 5 years. I transferred this money to my US Government TSP so that I would have access before reaching 59 and one-half years old.

Once I hit the ripe old age of 60, I will become eligible for my US Army Reserves retirement. This will triple my monthly income and make living a lot better. Then, at 62, I can add in my Social Security. I can also defer this until 66 or 70. I will have to crunch the numbers to see which one is most beneficial and find the break even points.

I sold my condo when I initially retired and used this money to purchase my retirement home in Thailand. Yes, I left Hawaii and moved to Khon Kaen, Thailand. The cost of living is way less than Hawaii and I will be able to live out my golden years easily.

Add into this mix, I live online and make some money marketing on the Internet. I make money from ads and banners, affiliate hotel rooms, credit cards and a few more. This will provide beer money for me and keep me occupied.

For most retirees, their money starts to dwindle as they get older. For me, at least for the first five years, it increases. Plus, I still have some ?gravy money? in my savings.

All of this didn?t happen overnight. And it didn?t happen because I saved for 40 years. Granted, the military retirement is based on 30 years service, but all the rest is over the past 7 years. Contributing to a 401(k) and now to my TSP made it easy to see that I will be taken care of, and that I won?t be a burden on my family.

I really looked forward to that day when I walkd away from my desk and never had to return. Starting work at age 12 with my paper route and being able to retire at age 57 is a long time but not as long as those who have to wait until 65 or even older.

Prior to calling it quits, I put in the absolute IRS maximum allowed into my retirement fund and add as much as I could to my mortgage payment in hopes of paying it off early or building up additional equity to have when I sold it.

It may be hard to save when you are young and plan for retirement, but, trust me, it is well worth it. You want to have everything all set up once your work days are over.

Larry Westfall is a retired expat living in Thailand and loves Isaan and boutique hotel pattaya

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