After my first working vacation in Vietnam, I had a feeling that I would like to spend more time in Southeast Asia. I loved the food, the people, the landscape and the culture. I seriously started considering retiring somewhere in Asia, a few years before I actually could take early retirement. I decided to visit different countries in Southeast Asia to get an idea which would be the best country to retire to.
Each year I took a two week vacation and spent time in a different country. I visited Vietnam, Taiwan, China, Malaysia, Thailand and Singapore; the countries I felt would be most to my liking. After visiting each I then had to research the retirement options offered by each and the cost of living and lifestyles each offered. Taiwan and Singapore were eliminated as being way too expensive and they had no special retirement options for expats. China was too big and I didn’t quite feel comfortable there when I visited. It too had no retirement provisions for expats. Even though I had spent more time in Vietnam I realized I would have to learn the language and I was a bit worried about healthcare there. That left Thailand and Malaysia. I really love Thailand, but I realized that foreigners cannot purchase property there, other than condos. They also do not have any special provisions for retirees from foreign countries and foreigners have to report to the local police station one a month, which to me would be a real hassle. I was also worried about the political stability of the country when the king eventually passes away. They do however, have excellent medical facilities and healthcare and all of the modern conveniences. Another downside was that English is not widely spoken in Thailand.
Finally there was Malaysia. I really liked the people of Malaysia and their varied cultures. The one aspect about Malaysia that I loved was the variety of different cuisines that could be found in Malaysia. It reminded me of the various cuisines I could find in my hometown of Boston. Communication in Malaysia was not a problem, as many people speak English quite well. Malaysia offers a program called MM2H (Malaysia My Second Home) which gives eligible retirees a 10 year social visit pass, which is renewable. I have a very close friend who lives in Penang and this fact along with the above positive aspects of living in Malaysia, sold me on retiring in Penang, Malaysia.
Once I decided where to retire I had to prepare my actual retirement and make arrangements for banking, medical care, housing and everything else that goes with a major move. I first put my house in Boston up for sale, which was worrisome as it was the beginning of the housing mess in the US. Luckily I did not have to wait that long and I got a decent price for my house. The biggest problem I had was with banking. Even though there are large American banks in Malaysia, you have to have about $250,000 to $500,000 in the bank at all times to take advantage of the international banking services. At the recommendation of my local bank in Boston I use my ATM card to withdraw money for my everyday expenses and write checks for larger amounts when needed. My pension checks and Social Security checks are automatically deposited into my Boston bank account, so I don’t need a large bank account here.
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I am a single woman 55 years old trying to live off of my Social Security each month. I am considering a move to Malaysia would I be able to get by on $800. USD a month and be comfortable ??
Linda, if you don't live a lavish lifestyle you could live fairly comfortable.
you skipped many details,how old are you and what is your tax situation?
don't mean to pry,but comments on US citizen looking to live in Malaysia,what is the tax situation and medicare ?
also you mention medicare and then refer to medicaid,which one are you commenting on?
jsmith
I am 65 years old. I retired at 60. As I told you in the article I receive only social security, a monthly annuity payment and a pension. I do not pay much money in taxes. Naturally the more money you have the more you pay in taxes. In reference to medicare and medicaid, you receive no benefits because you live abroad. The only government benefit you can receive is social security. In Malaysia you do not pay taxes on money received from the US. However, you must pay US taxes on money you may earn in Malaysia, or any other country for that matter. The US is the only country that does tax you on income earned while living outside the US.
Hi Mr Sovie,
We have been an expat family for the last 6 years Visiting 11 Countries so far and living in 4 countries abroad. We love Malaysia and I am thinking of making the move there permanent I'm ready to settle down. I am retired from the US Army and make about 3K a month (but I will not qualify for a retirement program as I am only 31-I was hurt on deployment to Iraq and am now 100% disabled). Was wondering if you could give me some advice on where to start as far as looking for rentals etc. I have been looking online but it is not as easy as the other locations we were considering. I also have 2 school age children who are home-schooled right now and one last bun in the oven..Thank you and I look forward to hearing from you soon.
Hi Expat Mommie.
You should have no problem living on that amount, as long as you don't want to live in luxury. I know couples who live quite well on a lot less. Most expats now rent instead of buying since the real estate prices have risen to quite high levels. If you email me at ssovie@gmail.com I can put you in touch with a couple of good realtors. For a very nice apartment in a high end condo you can expect to pay $700 to 800USD, which would include a gym, swimming pool etc. It is nice that you are home schooling, as the local schools are not that good and recently they stopped teaching math and science, as well as other subject, in English. There are international schools, but most are based on the British system, which still confuses me. They teach to memorize, not understand. Here in Penang, there is an American international school,which is Christian based. I knew a few people who home schooled so that their children could return to the US for higher education. Outside of Penang, I am not familiar with the schools, but you can Google them. I hope this helps.
Mr Sovie,
Thank you so much for your reply I have already emailed you!!
I've lived all over SE Asia and love Malaysia. I am searching for a MM2H agent. Do you have any recommendations? Thank you.
Hi db,
Here is a link to a very good agent. Tell them I sent you.
http://www.penangmyhome.com/
Hi Mr. Sovie,
I am 63 years old and I have a small motel business in SC, USA.
I like fishing, planting and I need a good medical facility near by.
Where I should take to live for retirement?
I am a Korean American...
Thanks...