We don’t really think about our old age until it actually arrives, which is not the smartest way to approach your retirement years and rather than viewing this as a negative aspect of life, the years after you stop work are not called the golden years for no reason. The sad reality of western societies is you can’t live on the state pension, especially in a country such as Thailand and with that in mind, here are a few tips to help you prepare for your retirement.
- Create a wealth generation plan – The earlier you set some investment goals, the better; most people in their mid-thirties have a private pension plan and are just starting an investment portfolio, as this is around the age when your salary increases significantly, probably moving into lower management. Setting short and long-term financial goals means you have some direction with your money and planning investment levels over a period of 20 years is a wise thing to do.
- Take out the right insurance – Having elderly health insurance from a leading Thai insurance company means you won’t have to worry when your health begins to decline. Talk to an online insurer who has a wide range of policies to protect you and your partner, which will bring you both peace of mind.
- Real estate – Of course, the sooner you can get your foot on the property ladder, the better and when you are able to buy a second home, this is a smart move. If you buy a holiday home in the south of Thailand, you can rent it out for the majority of the year and receive a good income. Land is a finite commodity and that means prices never go down and as the world becomes more populated, the need for land increases. Land is perhaps the best long-term investment there is, so do bear that in mind when your home loan payments drop to a level where you could afford a small house purchase, taking out a loan, of course. Here is an interesting article about how to help your child lead a successful life.
- Be active – Once you reach your 50s, you can no longer take your fitness for granted; if your job involves sitting in front of a digital screen, you need a daily workout. Take up cycling if you feel you are becoming inactive, while golf is another healthy pastime, especially if you carry your own bag! Weekends should be filled with outdoor activities, while there are always fit groups early evenings in most housing zones. A few months of inactivity can develop into health issues, so don’t allow yourself to slip into a lazy lifestyle. When that final day at work finally arrives, you want to be in good health in order to enjoy your retirement.
The Thai government takes health & well-being very seriously and with the natural medicine available here in Thailand, you can enjoy a balanced diet with the right amount of exercise.