Bangkok (NNT/VNA) - The Bank of Thailand has organised a seminar on financial planning for retirement, to promote financial stability for the country's aging society

Associate Professor at Chulalongkorn University Pornanong Budsaratragoon recommends that people aim for a monthly post-retirement budget as a percentage of their monthly income.

Current figures indicate that the average civil servant retiree has enough to spend 70 pecent of their monthly income, with those entitled to social security at 40 percent. However, the average retiree outside the social security system, such as farmers and laborers, only have 20 percent of their monthly income available post retirement. Therefore, non-civil servants should begin investing as soon as possible. Those nearing retirement should begin to acclimate themselves to their post-retirement budget. 

Chairman of the Thai Bankers' Association, Kobsak Duangdee, suggested that if people save enough to account for 40 percent of their monthly income, their retirement savings will last them until they are 80 years old. Furthermore, people should consider investing in long-term equity funds (LTFs), retirement mutual funds (RMFs) or life insurance, due to the current low interest rates for savings accounts. 

Chief Investment Officer at CIMB-Principal Asset Management Co. Ltd., Win Phromphaet, suggested that people save at least four million baht for retirement and start setting aside around 10 percent of their monthly income for their retirement savings as soon as possible.-VNA