Lecturers of Chulalongkorn Business School (CBS) have developed the Chula Wealth Plus application to calculate savings and help with retirement planning accurately while encouraging people to plan for life after their retirement.
“Have you planned your retirement yet?”
Many, especially young people, who are enjoying their work and building their lives, may not think that they are at the age to ponder this question. They often think “I’ll start planning when I’m 50,” or “I’m still young. Let me enjoy spending my money first.”
However, according to Assistant Professor Dr. Roongkiat Ratanabanchuen, a CBS professor the younger you think about this question, the better.
“Savings for retirement is long term. Many people don’t think about it very much or feel that they may not live that long, or might die a few years after retirement. Therefore, they pay no attention to the importance of having savings, or by the time they give it a thought, it might be too late,” Dr. Roongkiat reflects on the current lack of awareness on retirement planning and its importance to Thai people. This has inspired CBS faculty members led by Associate Professor Dr. Pornanong Budsaratragoon, Head of the Retirement Readiness Index (RRI) Program, and Assistant Professor Dr. Roongkiat to develop “Chula Wealth Plus” to help with savings calculation to make retirement planning easier. thailand university
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.
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.
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