Initially, yes. There is an alternative option to make regular monthly payments of 65k baht but you should check as my understanding is that this is only for subsequent renewals.
said, get the list of requirements from your local Immigration Office. You'll need to provide all of the requested information.
One requirement is for a Thai bank account with 800k baht deposited. For the retirement extension, the 800k baht should have been in the bank for 2 months prior to application.