Rosy view of retirement
Thais are the most optimistic in the region about facing a financially secure retirement, believing a nest egg of Bt2 million to be enough, says a survey.
Thais would like to stop working when they turn 60, and 61 per cent are confident that they will have the financial means to do so. That compares with 24 per cent in Hong Kong, 47 per cent in Malaysia and 27 per cent in Singapore, according to American International Assurance's Life Matters survey.The Finance Ministry's Bureau of Savings and Investment Policy says post-retirement income should be at least half of a worker's last salary. A worker earning Bt30,000 per month would need Bt15,000 a month after retiring. Based on this figure, if a retiree would like to live comfortably until the age of 80, that retiree would need to have put away Bt3.6 million. About 26 per cent of Thais have prepared for post-retirement medical coverage, compared to 34 per cent in Hong Kong, 22 per cent in Malaysia and 51 per cent in Singapore. The World Health Organisation website indicates that 9 per cent of the Thai population is over 60. Life Matters is an annual survey covering four markets in the region, Hong Kong, Malaysia, Singapore and Thailand.
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