- John Walker, 73, moved to Thailand from Australia for retirement.
- Living on an $18,000 annual pension, Walker saves 40% of his income due to low expenses.
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 roughly $18,000 annual pension (AU$28,000), according to bank statements reviewed by Business Insider. And, because his expenses in Chiang Mai are so low, Walker said he is 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. Business Insider 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 less expensive country can offer travel experiences alongside more financial freedom. Per the Social Security Administration, there are over 700,000 US workers retired abroad. Nearly 3 million Australians receive a government-age pension, but it's not clear how many of those retirees live abroad.
In Thailand, Walker said he has met people 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, along with a stint managing his family's farm. But, when Walker was in his early 60s, he went back to school. He retired to study health and natural medicine shortly 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 of his pension income each month, Walker feels more prepared to pay 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 he anticipates needing to pay for a knee replacement surgery sometime soon.
Although he lives alone, Walker said he makes an effort to meet new people. He has joined local social organizations and sometimes attends group wellness retreats. He doesn't feel lonely, he said.
For others thinking about retiring abroad, Walker said it's important to do research on a country's culture and cost of living. He also advises others to visit their destination at least once before making a long-term move.
Recently, Walker spent a few weeks in Spain. 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.