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News Forum - Report reveals Thais need to save 15%-30% of salary for retirement


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Thai people are being urged to save more money for their retirement instead of relying on lotto prizes, inheritances, or descendants’ income. The Faculty of Commerce and Accountancy of Chulalongkorn University launched a National Retirement Readiness Index (NRRI) for Thailand yesterday. The report revealed that Thai people are not financially ready for retirement. Most people are ready for retirement in terms of health, but less than 40% of the population is ready in terms of finance. The research team surveyed money spent by the nation’s elderly to measure how much money future retirees would need to survive after retirement. From […]

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1 hour ago, Thaiger said:

In reality, people need about 10,000 per month,

Not a chance. People here are obsessed by prestige and are living far beyond their means, and thanks to loans they're able to keep up the facade. And above that, planing ahead is hell of a challange.

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The best retirement asset (for most people) may be their children. Even in the West, with often a "stellar" care system, we see relatives and friends play a huge role in the well-being and well-off of the elderly. 

     I still believe being able to stay healthy and own your own home for your entire life is the best overall situation one can be in. 

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36 minutes ago, NorskTiger said:

The best retirement asset (for most people) may be their children. Even in the West, with often a "stellar" care system, we see relatives and friends play a huge role in the well-being and well-off of the elderly. 

     I still believe being able to stay healthy and own your own home for your entire life is the best overall situation one can be in. 

For once I agree with you. You ok tonight?

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13 minutes ago, HolyCowCm said:

The best retirement asset (for most people) may be their children

This is already the situation considered "normal" in a lot of Thailand.  The girls and guys get married and dump the children with grandma and go off to Bangkok to make money. Grandma gets 600 baht a month age pension from the Govt and is subsidised by money sent home by the parents of the children she cares for.

How these university idiots think that anyone can save for retirement also under these circumstances is totally beyond me. Most are in debt to the 10% criminals most of their lives trying to survive.

Think the 40% not ready for retirement is a bit of .........thinking. Try 80% and you might just be getting close.

 

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15 to 30% is great in an ideal world but many of the Thais I know (particularly those with kids) are struggling just to make ends meet now with nothing left over for saving. Pretty sure the system of the kids being considered their pension will be carrying on for some time to come yet but of course that means those same kids paying to look after their parents also do not have the capability to save and so it goes on.

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How about to make the public pension scheme available to all and everyone? Thailand has a public pension system, regular employed workers HAVE to pay it. As has the employer, 50/50. I think 3% of the  pay, in the beginning, rising over the years to 5 or 6%. After minimum 15 years and in an age of minimum  55 , the payout can be started. (Don't know, how much that would be, but after a full work life, 40 year's perhaps, it should help, to "survive")

There is just one problem: Most Thai people are not "regularly employed". They may get 400-500 Baht/day, but aren't paying taxes (despite the boss is keeping "them"), they are not taken car of, if fired or in pandemic situations, because they don't pay socials. Even most Foreigners with wp aren't knowing about the right for a pension after 15 years/55 year old. They know that they have a tax number and a gov. health insurance number. But often, that is it!

 

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25 minutes ago, HolyCowCm said:

For once I agree with you. You ok tonight?

KaptainRob. We are talking about Thailand. Not the Western world or down under. From before and now there still is a different care system and that relates to taking care of your elders here and I with my Thai family still do it with our Thai mom. Also in the USA my well well off brother took care of my dad in california because his retirement benefits of SS of the bank account did not cover the full comfortable costs. Note, his house sold for over near 2 million, but that is why Califonia is going to fall inot the sea. 

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15 minutes ago, Guest1 said:

How about to make the public pension scheme available to all and everyone? Thailand has a public pension system, regular employed workers HAVE to pay it. As has the employer, 50/50. I think 3% of the  pay, in the beginning, rising over the years to 5 or 6%. After minimum 15 years and in an age of minimum  55 , the payout can be started. (Don't know, how much that would be, but after a full work life, 40 year's perhaps, it should help, to "survive")

There is just one problem: Most Thai people are not "regularly employed". They may get 400-500 Baht/day, but aren't paying taxes (despite the boss is keeping "them"), they are not taken car of, if fired or in pandemic situations, because they don't pay socials. Even most Foreigners with wp aren't knowing about the right for a pension after 15 years/55 year old. They know that they have a tax number and a gov. health insurance number. But often, that is it!

Everything of that now makes factory not competive. Out! I personaly know. 

 

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2 hours ago, palooka said:

This is already the situation considered "normal" in a lot of Thailand.  The girls and guys get married and dump the children with grandma and go off to Bangkok to make money. Grandma gets 600 baht a month age pension from the Govt and is subsidised by money sent home by the parents of the children she cares for.

How these university idiots think that anyone can save for retirement also under these circumstances is totally beyond me. Most are in debt to the 10% criminals most of their lives trying to survive.

Think the 40% not ready for retirement is a bit of .........thinking. Try 80% and you might just be getting close.

It is more complicated than that palooka. But every where is different. 

 

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15-30% is a ridiculous financial target. Thailand needs compulsory 401k/superannuation but that would likely be robbed legally or otherwise by those entrusted with protecting it. 

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Saving is not a good potion for retirement compared to accumulating hard assets, like a paid off home and revolving access to food.  The inflation robs old people the most and the less they have in money saving compared to better resources, the more secure they are. 

     We are still in the transition phase from retirement IRA/pension funds and such, So far there is no good new innovation. I think gold and other precious metals will sail up as more of a practical options in the West also.  A more sound monetary system is the best way to hedge against the worst thief of the world-governments. 

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On 9/8/2022 at 1:59 PM, HolyCowCm said:

For once I agree with you. You ok tonight?

I think you must be the one suffering here. When you cannot personalize an issue, is your life at an existential crisis?

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37 minutes ago, NorskTiger said:

I think you must be the one suffering here. When you cannot personalize an issue, is your life at an existential crisis?

Nope no suffering here. Just a headache today.

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It's not like a Buddhist to think about the future. And saving for the unknown. The later years are marked by renunciation, which is the ultimate retirement plan for most Buddhist. 

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4 hours ago, Cabra said:

It's not like a Buddhist to think about the future. And saving for the unknown. The later years are marked by renunciation, which is the ultimate retirement plan for most Buddhist. 

This actually makes sense. I think I will become Buddhist and spend all my money on hookers and blow. 

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8 hours ago, bushav8r said:

This actually makes sense. I think I will become Buddhist and spend all my money on hookers and blow. 

Enjoy life today as you may leave it tomorrow (memento mori)

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