NESDB says retiree needs 2.8 – 4 million baht savings to survive for the rest of life

[webfact 82,703]

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

 

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[daveAustin 11,633]

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!"  

[Albert Zweistein 353]

Perhaps a state pension could help ?

[onebir 1,083]

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?

[pookondee 1,622]

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

[ourdon 147]

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

[Don Chance 1,018]

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

[realfunster 1,374]

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.

[Mr Meeseeks 4,745]

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.

[mikebell 13,684]

Perhaps if they narrowed the disparity in wealth between the hi-sos and the rest this huge figure would shorten?

[petermik 17,801]

3 hours ago, Albert Zweistein said:

Perhaps a state pension could help ?

There is one already...600 BAHT a month to the lucky ones...

[BritManToo 45,489]

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

[CrunchWrapSupreme 1,210]

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.

[PatOngo 48,018]

It's sad that so many don't have two coins to rub together while the filthy snouts continuously pillage the trough!

[herfiehandbag 4,316]

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.