When should I start saving for retirement?
“The sooner you save, the better,” Asst. Prof. Dr. Roongkiat replied.
“We tend to start thinking about retirement savings at age of 45 – 50, leaving us with only 10 years to save, which is too late. If we start saving and plan for retirement at an early age, there will be more payoffs.”
Even as a first jobber with little salary left to save, you should still do, even for a small amount. thailand university
Asst. Prof. Dr. Roongkiat invites us to imagine our retirement when we have no income. If we are not ready to take care of ourselves on everyday financial needs, the burden will fall on our children and grandchildren. And if we do not have them?
“If our children and grandchildren have to support us on food, lodging, healthcare, there will be a lot of problems to follow, because they will perpetually have no savings. There will be family quarrels and stress in the society.”
There are many ways of saving for retirement planning, set aside part of the earnings for bank savings, real estate, or other valuable assets such as paintings, amulets, etc.
“Buying a house forces a type of savings because when you buy a house, you have a debt to pay, but when you do, you have a place to live that is your own, and the house continues to increase in value,” Dr. Roongkiat said.
Calculate your retirement savings with Chula Wealth Plus
Once we realize that we should start planning for retirement when we start working and earning money, the next question is how much to save to live a comfortable life after retirement.
“Chula Wealth Plus is based on the idea that people don’t usually know how much money they should have when they retire, so they don’t know how much they should save each month,” Asst. Prof. Dr. Roongkiat said while detailing how the Chula Wealth Plus app came about.
“This app will help you ‘set goals’ for retirement savings, help to assess readiness, and give you a clearer picture of savings. When we know how to spend and make an assessment, we will know if we save enough, which will lead to a change in our behavior.” Dr. Roongkiat hopes that the Chula Wealth Plus application will be a tool to make people more aware of retirement planning.
Comments