When I start talking with my early-40s friends about a retirement preparation plan, most of them would say “It is in a long future, almost the next 20 years. Why do we need to hurry?”. You have to admit that because this kind of thought makes most of Thai people have to live a suffering life in their older life. In many cases, starting to save money for retirement is too late. For those who are government officers, it may be better because there is a retirement pension for them. However, for us as an employee, or doing any small private business, there is definitely no retirement pension. Some are lucky because of the provident fund which they saved since working but most of us do not have the fund. Some people who regularly resign and not yet getting money from the company side or own only a small-saving-proportion deduction because they are afraid of not having money to spend their life will end up with no money in their retirement period. Also, there are many persons that have not saved any provident fund from both theirs and company sides and no children to take care of when they are getting older. How do they survive with no income, only small saving money, and increasing spending when they reach the retirement period?

All the above mention is an example to show that planning for retirement is never too soon but only the sooner the better. Not only provident fund, which is good welfare from some company, but also other financial tools that help you reach your retirement goal whether RMF, LTF, a long-term saving, corporate bond, or saving insurance. Moreover, there is a tool for retirement security which is “annuity insurance”.

Moreover, as we are still working, this insurance premium will help you deduct 15% of incoming tax but not exceed 200,000 Baht and less than 500,000 for the total of RMF, provident fund, The Government Pension Fund of Thailand and National Savings Fund. This means not only tax deduction but also a pension after retirement. What a great deal!

Retirement is coming so planning, saving and a variety of investments to reduce risks and increase an opportunity for a high return is needed. Do not forget about adding the annuity insurance in your investment portfolio to ensure that you will have money in your retirement and make you worry-free about what the future holds.