webfact 82,703 Posted February 23 Share Posted February 23 NESDB says retiree needs 2.8 – 4 million baht savings to survive for the rest of life People in Thailand need retirement savings of between 2.8 and 4 million baht to survive for the rest of their lives, according to the National Economic and Social Development Board (NESDB) Secretary-General Danucha Pichayanan on Tuesday, referring to a special report, titled “Income Security for the Aged: For a Better Quality of Life”, authored by the government’s think-tank. The report says that Thailand will officially become an aged society in the next two years and super aged society in the next 12 years, but the savings of older people will not be sufficient to live a modest life, unless the state promotes more saving by the public and tries to help retirees to develop a source of income after their retirement. Citing a study on savings after retirement, Danucha said that a retiree in an urban area must have at least four million baht saved to survive after their retirement, or 2.8 million baht for those in rural areas. Full story: https://www.thaipbsworld.com/nesdb-says-retiree-needs-2-8-4-million-baht-savings-to-survive-for-the-rest-of-life/ -- © Copyright Thai PBS 2021-02-24 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 1 1 Link to post Share on other sites
Popular Post daveAustin 11,633 Posted February 23 Popular Post Share Posted February 23 Cue the high roller mongerers with their massive houses, wife/10 mia nois, 7 cars and and assorted bikes... 'I wouldn't last a month on that!" 4 7 Link to post Share on other sites
Popular Post Albert Zweistein 353 Posted February 23 Popular Post Share Posted February 23 Perhaps a state pension could help ? 6 1 Link to post Share on other sites
Popular Post onebir 1,083 Posted February 23 Popular Post Share Posted February 23 1 hour ago, webfact said: Citing a study on savings after retirement, Danucha said that a retiree in an urban area must have at least four million baht saved to survive after their retirement, or 2.8 million baht for those in rural areas. Seems beyond reach in many cases? 4 Link to post Share on other sites
pookondee 1,622 Posted February 23 Share Posted February 23 So just how many years of life expectancy are they basing that figure on? I know they are talking about Thai people here, but in my case id have to around 70y.o and dead before 80 to.make those figures work 2 Link to post Share on other sites
Popular Post ourdon 147 Posted February 23 Popular Post Share Posted February 23 22 minutes ago, pookondee said: So just how many years of life expectancy are they basing that figure on? I know they are talking about Thai people here, but in my case id have to around 70y.o and dead before 80 to.make those figures work Exactly my thought. I've enough savings to live quite comfortably ... as long as I die according to schedule 6 3 Link to post Share on other sites
Popular Post Don Chance 1,018 Posted February 23 Popular Post Share Posted February 23 (edited) It is the same problem for retirees all over the world: low interest rates. With 1.5% interest on fixed income you need about 1-2 million dollar in the bank to retire. Edited February 23 by Don Chance 3 1 Link to post Share on other sites
Popular Post realfunster 1,374 Posted February 24 Popular Post Share Posted February 24 I was going to talk about how they calculate this savings pot, lack of investment education and opportunities for investment planning etc. But you know what, that is just papering over the cracks. It’s a fundamentally corrupt and closed developing economy, which is aging reasonably ahead of other comparable economies. With this demographic shift, the old model of the children looking after parents may face some challenges. Until all that is addressed through economic & social reform benefitting the wider population (of which I have seen minimal progress over the last decade), most oldies will simply have to eat cake, or beg their children for cake. 5 1 Link to post Share on other sites
Popular Post Mr Meeseeks 4,745 Posted February 24 Popular Post Share Posted February 24 Maybe there's a typo in the OP and they meant 2.8 to 4 Bitcoin? You'd have to be mad to bet on worthless fiat currency with the current state of the global economy. 3 1 Link to post Share on other sites
Popular Post mikebell 13,684 Posted February 24 Popular Post Share Posted February 24 Perhaps if they narrowed the disparity in wealth between the hi-sos and the rest this huge figure would shorten? 6 1 Link to post Share on other sites
Popular Post petermik 17,801 Posted February 24 Popular Post Share Posted February 24 3 hours ago, Albert Zweistein said: Perhaps a state pension could help ? There is one already...600 BAHT a month to the lucky ones... 3 Link to post Share on other sites
Popular Post BritManToo 45,489 Posted February 24 Popular Post Share Posted February 24 (edited) 1 hour ago, Don Chance said: It is the same problem for retirees all over the world: low interest rates. With 1.5% interest on fixed income you need about 1-2 million dollar in the bank to retire. Quite a lot of foreign retirees have pensions ........ no need to worry about interest rates or investments. Can't imagine many Thais not spending their money in the bank quite quickly. Edited February 24 by BritManToo 5 Link to post Share on other sites
Popular Post CrunchWrapSupreme 1,210 Posted February 24 Popular Post Share Posted February 24 Retirement? A few months ago, up in Issan, I just saw my 72 year old father-in-law still tossing bales of sugar cane up onto the trailer. Despite the family’s continued hard work, the meager, fluctuating profits from farming mean he’s barely able to service their debts to the To Ko So (BAAC Bank), which will never be paid off. 2 1 Link to post Share on other sites
Popular Post PatOngo 48,018 Posted February 24 Popular Post Share Posted February 24 It's sad that so many don't have two coins to rub together while the filthy snouts continuously pillage the trough! 5 2 Link to post Share on other sites
Popular Post herfiehandbag 4,316 Posted February 24 Popular Post Share Posted February 24 1 minute ago, PatOngo said: It's sad that so many don't have two coins to rub together while the filthy snouts continuously pillage the trough! Lamp posts! That is the only thing that will change it. 2 2 Link to post Share on other sites
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