John Walker’s studio apartment in Chiang Mai, Thailand, isn’t much bigger than a hotel room, but it has everything he needs: air conditioning, basic kitchen appliances, and proximity to his favorite Mexican restaurant — all for less than $200 a month in rent.
The 73-year-old moved to Thailand from Western Australia in 2019. A lifelong traveler, Walker liked the idea of living somewhere new, and was drawn to Chiang Mai’s beautiful temples and mild climate when he first traveled there in the early 2010s.
Walker now lives off his annual pension of roughly $18,000, or about 28,000 Australian dollars, according to bank statements reviewed by Business Insider. Because his expenses in Chiang Mai are so low, Walker said he’s able to save about 40% of his income.
“The cost of living is cheap,” he said. “It’s a major incentive.”
It isn’t uncommon for retirees to move internationally. BI has heard from Americans who moved from Texas to Panama, California to Italy, and Minnesota to Mexico, all in search of exciting travels and reduced financial stress.
Millions of older adults are living on fixed Social Security incomes — or, in Walker’s case, a government pension. For those with limited savings and tight budgets, living in a country with a lower cost of living can provide opportunities to travel and more financial freedom. Per the Social Security Administration, there were over 700,000 US workers retired abroad in 2022. The Australian Institute of Health and Welfare found that nearly 3 million Australians received a government retirement pension as of March 31, 2023, but it’s not clear how many of those retirees lived abroad.
Walker said he’s met people in Thailand from all over the world.
“People from all different countries come here,” Walker said. “It’s got a huge retirement community.”
Walker’s lifestyle is cheaper in Chiang Mai, which allows him to travel
Walker largely spent his career working in finance, venture capital, and startups, with a stint managing his family’s farm. When he was in his early 60s, he retired and decided to go back to school, where he studied health and natural medicine before moving abroad.
When Walker settled in Chiang Mai, he was immediately struck by the low cost of living. Food is cheap at restaurants and street vendors, he said, and his housing, utilities, and transportation only cost him a few hundred dollars a month. He said his pension would be nowhere near enough to live on in Australia, but the money goes far in Thailand.
Because he’s able to save almost half his pension income each month, Walker feels more prepared to pay for unexpected costs and healthcare fees. He often turns toward alternative medicine and supplements to stay healthy — which he said are more widely available in Thailand than Australia — but anticipates needing to pay for a knee-replacement surgery sometime soon.
Though he lives alone, Walker said he makes an effort to meet new people. He’s joined local social organizations and sometimes attends group wellness retreats. He said he doesn’t feel lonely.
For others thinking about retiring abroad, Walker said it’s important to research a country’s culture and cost of living. He also advised that others visit their destination at least once before making a long-term move.
Walker recently spent a few weeks in Spain. He said he plans to move again and is considering Majorca as his next destination. He’s also been researching a trip to Costa Rica — or maybe somewhere tropical.
“I wouldn’t mind living on an island for a while,” he said.
Have you chosen to retire abroad? Are you open to sharing your experience? If so, reach out to this reporter at allisonkelly@businessinsider.com.
