currency-risk

Chiang Mai sells the lowest burn in the brochures, near $1,500 a month. The honest figure is the crossover age — a frozen pension and a flat baht pull it in.

There is no single 'FX decline' but a currency-by-country matrix, and one cell has no defence. The 18-year carry of a sterling and a dollar pension.

Two identical UK pensioners, two Southeast Asian countries, one pension frozen for life. The sourced decade of what the freeze has already cost.

The retire-abroad budget is a snapshot sold as a trajectory. A transparent 25-year drawdown model, every assumption shown, the year the margin hits zero.