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


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11 hours ago, digger70 said:

A State Pension Can only be given when there's a Government that Register every person in a Social Security System  and can Make Every Worker Pay Tax .

Than  there will have to be a  Non Corrupt Social Security System in place that can Pay that Pension.

I know how a state pension system works, I am enjoyng it for a long time. I am mentioning it because once it could be started even in Thailand. And don't worry, everybody in Thailand is registered so to link them to the SS system be a piece of cake.

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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!"  

Exactly my thought.  I've enough savings to live quite comfortably ... as long as I die according to schedule

Indeed and this is why many feel pressured to enter into the sex industry because money earned from menial jobs like 7/11 clerk or factory worker would not be enough to support the family.  

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17 hours ago, mikebell said:

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

It’s a nice thought for sure...but the math doesn’t work.

 

The top 50 richest people in Thailand are worth approximately 4 trillion baht (cumulatively in 2020) and of that, half of their “wealth” is illiquid.  The other half is in stocks, bonds etc where if you tried to liquidate it all to spread the wealth, the value would crash as after all...who’s gonna buy it?  The wealth for the richest 1-10% drops off fairly quickly after that.  Much much lower than the Uber rich.

 

Back of the hand calculation...just for fun...

 

4 trillion Baht divided amongst 60 million people would give each person about ฿66,666.  A new Honda wave and a TV.  That won’t even get them close to what the claimed necessary savings for retirement.

 

What’s the solution?

 

I don’t know.  But they don’t call economics “the dismal science” for nothing.

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9 hours ago, Oww said:

Made 2.5m baht just in the last year. I'm guessing you um... Haven't. 🤣

Great for you. Hopefully you will continue to make money.

Unfortunately I heard statement like your a lot. And then not so much anymore. And in a few cases the same people admitted that after their first "yeah, I made a lot of money" came a lot of: I should have sold earlier.

Good luck!

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7 hours ago, Airalee said:

It’s a nice thought for sure...but the math doesn’t work.

 

The top 50 richest people in Thailand are worth approximately 4 trillion baht (cumulatively in 2020) and of that, half of their “wealth” is illiquid.  The other half is in stocks, bonds etc where if you tried to liquidate it all to spread the wealth, the value would crash as after all...who’s gonna buy it?  The wealth for the richest 1-10% drops off fairly quickly after that.  Much much lower than the Uber rich.

 

Back of the hand calculation...just for fun...

 

4 trillion Baht divided amongst 60 million people would give each person about ฿66,666.  A new Honda wave and a TV.  That won’t even get them close to what the claimed necessary savings for retirement.

 

What’s the solution?

 

I don’t know.  But they don’t call economics “the dismal science” for nothing.

Thanks for that, you obviously know your stuff.  Would taxation help close the gap?

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1 hour ago, OneMoreFarang said:

Great for you. Hopefully you will continue to make money.

Unfortunately I heard statement like your a lot. And then not so much anymore. And in a few cases the same people admitted that after their first "yeah, I made a lot of money" came a lot of: I should have sold earlier.

Good luck!

There was a video going round of the top ten richest in the USA in the last 20 years.

Mostly the super-rich lost it all in about 10 years ........ if they'd converted to cash at the top, they would have still been super-rich.

Looks like they all (apart from Bill Gates) should have followed your advice!

 

 

Edited by BritManToo
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11 hours ago, Albert Zweistein said:

I know how a state pension system works, I am enjoyng it for a long time. I am mentioning it because once it could be started even in Thailand. And don't worry, everybody in Thailand is registered so to link them to the SS system be a piece of cake.

If you know how a state pension works, you should also know that it needs funding.

The majority of Thais do not pay any tax or SS contributions.

Most of them barely earn enough to live and so could not afford to pay any tax.

So where would the funding come from?

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2 hours ago, mikebell said:

Thanks for that, you obviously know your stuff.  Would taxation help close the gap?

I just gave you an example of 100% taxation (in a strange way).  Who’s left to tax?  Should they tax all expats?  The ฿65,000 income requirements for retirement probably puts us all pretty solidly in the top 10%.

 

Income and wealth gaps have been there since time (and use of money) began.  And I wouldn’t be surprised if “closing the gap” is an idea that has been bandied about for just about as long.  Usually by politicians looking for votes because it sure sounds good and virtuous.

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13 hours ago, loong said:

If you know how a state pension works, you should also know that it needs funding.

The majority of Thais do not pay any tax or SS contributions.

Most of them barely earn enough to live and so could not afford to pay any tax.

So where would the funding come from?

If you don't start it will never happen. Presently elder people get Bt 500 monthly from the government, this is something but of course not enough. On the other hand there are a lot of rich and middle class people in Thailand who can afford to contribute to this system but once again,, if you don't start.........................

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What a farce.  Most of the elderly villages don't have two satang to rub together.  Most depend on their kids for support.  Those who don't have kids struggle at a bare, subsistence level.  Thank God for free healthcare or most of these people would die very early deaths.  On the flip side, it's amazing at how little money is needed to eat and keep the lights on and water running.  5,000 THB a month or less. 

As most Hi-so elites, Mr Secretary-General Danucha Pichayanan is completely detached from the reality of the common Thai people.  He only talking about middle-class people in Bangkok. 

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13 hours ago, Albert Zweistein said:

If you don't start it will never happen. Presently elder people get Bt 500 monthly from the government, this is something but of course not enough. On the other hand there are a lot of rich and middle class people in Thailand who can afford to contribute to this system but once again,, if you don't start.........................

Yes, the rich could probably afford it, but good luck with getting them to contribute.

A lot of the rich make huge profits but still only want to pay the people that work for them minimum wage or less.

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