Tips to Prepare for a Golden Retirement
We all toil for more than 4 decades to reach that day when we can finally hang up our work clothes and enjoy life and even though you have a long way to go, the sooner you start planning for your retirement, the better. Many young professionals in their late twenties are creating wealth generation plans that are designed to provide them with a secure retirement, whenever that might be and planning for your future does make perfect sense.
Here are a few tips to help you get started to plan your retirement.
- Set Financial Goals – This is essential and the sooner you set your sights on asset goals and saving, the rosier the future will look. If you would like some professional help with planning your investments, talk to a financial advisor who is experienced in creating wealth-generation plans for their clients.
- Saving Should Be Second Nature – If you can get into the habit of putting a little aside each month, this will soon accumulate and you can look for good investment opportunities. This might begin with a big jar to put all your coins in when you come home from work, or set up a bank standing order to automatically transfer some money into your savings account every month.
- Take Precautions – We should all do what we can to minimise risk and even if you are no longer young, there is life insurance for elderly from a leading Thai insurance provider, you can make sure that your family will not be burdened financially should the worst happen. You can also pre-pay your funeral costs and don’t forget to make a Last Will & Testament to ensure that your estate is administered according to your wishes.
- Private Pension – As you probably are aware, there are no pension plans in place from the Thai government, which means you need to take out a private plan, which can be tailored to suit your lifestyle. Search online for an investment broker, who can show you a few examples of private pension plans and once you start this, you are working towards a secure future. Mother’s Day is not far away, here are a few great Mother’s Day gift ideas.
- Real Estate – We all know that buying your home is much preferred to renting and the sooner you get your foot on the property ladder, the more equity you will have when the loan is repaid in full. If, for example, you purchased a 3-bedroom two storey house when in your twenties and after raising a family, you one day reach that very last mortgage payment and you can sell up and downsize, which should leave you with a significant amount of money for you and your partner to enjoy your golden retirement years together.
- Start a Part-Time Business – You could build a shopping cart website and sell products to the online consumer, which takes some work to get up and running, but with the right digital marketing, you can end up with a very successful business that will one day provide you with a secure retirement. Click here for Thai government information about setting up a business.
We should all start thinking about our retirement years and do what we can do make sure that we are financially secure when the time comes to stop work.
