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No matter what you do, or how old you are, retirement plans should be prioritized early, especially for single people who don’t plan on having a family so they can take care of themselves when they are old. Therefore, single people’s “financial planning” needs to be carefully planned. This time ACU PAY introduces tricks on singles retirement plans for you guys.
The first step in planning retirement is asking yourself what kind of lifestyle you want to have after retirement so that you can calculate the amount of money you need per month. For example, if you retire and want to travel abroad, your monthly expenses may have to be saved more than usual, but if you are a homebody who is not going out often, your monthly expenses will be less.Once you can predict your retirement life, you can accurately plan your retirement finances.
To make it easier to plan expenses in retired age, we have divided the expenses that need to be prepared for retirement into five main groups:
Then we calculate the amount of money, starting with age and current income, retirement age, and life expectancy, to estimate the number of years after retirement. We know how much we want to spend after retirement, how many years we have to save money, and let’s not forget to calculate inflation.
By the principle of saving money for emergency use, there should be at least 3 times monthly expenses. For example, if you spend 18,000 Baht per month, you should have 54,000 Baht in emergency savings.
But if you’re going to live a single life, of course, there will be no one who can help you with your expenses, so you should have at least 6 times the monthly expenses for emergency reserves. If we spend 18,000 Baht per month, we should have 108,000 Baht in emergency savings.
The method of saving money for emergencies is to set aside at least 10% of their monthly salary to invest in highly liquid assets, such as deposits, money market funds, and short-term fixed income funds, for unexpected situations.
Health is a matter for single people to plan their finances carefully because there will be nobody to take care of us when we are sick. Buying life insurance, health insurance, and disease insurance that cover medical expenses…
…is another way for us to live comfortably in retirement. We recommend that health and disease insurance should be done at an early age because the premium will be cheaper than when we get older.
Apart from financial planning, finding a way to invest in the capital is another way for single people to study such as mutual funds, savings lots, stock market investments, Dollar Cost Averaging (DCA), or Value Investment (VI), which will help us keep our money grow and we can comfortably use them after retirement.
Even if we are single, we should also plan for our parents’ finances to pay for medical expenses. If they are healthy, you may choose life insurance, but if they have a high risk of developing a life-threatening disease, you may choose to buy Term Life Insurance depending on the consideration of the risk of injury or death.
Of course, the end of life for single people must have housing that suits their lifestyle. Many people may choose to have a house upcountry or look for a nursing home. There are many different prices, such as Bang Kae House, which is relatively cheap, and suitable for economical people or anyone else with a little more money, you might be looking for a condominium for the elderly.
Nursing Home service is also an attractive option because there are many medical and recreational services available. There is a wide range of expenses, ranging from free service that you have to pay for entrance to a single purchase for 20-30 years and additional monthly fees.
All of this is a short retirement plan that allows single people who want to retire alone to make financial plans in a stable and comfortable retirement age.
