In the past, if asked "What's the biggest concern? If entering retirement age, "the answer is often "Worried that money will not be enough" or "fear the children will not support" But after the crisis of COVID-19 people who are retired or who are entering retirement age. There are more concerns than before. Because investment has a higher risk or returns fluctuate all the time Which may affect financial goals.

Therefore, the thing that can reduce your risk and improve your financial security is to start planning your retirement as soon as possible. For example, from the first month when starting to work, earn a salary, gradually accumulate investment, generate returns
 

However, the COVID-19 crisis affects income. While expenses remain the same or increase. When this is the case, many people choose to solve the problem of financial liquidity. With the stop planning for retirement.

 
Therefore, in order to pass through this crisis, need to adjust financial management thinking.
Be prepared for future situations and investment conditions that fluctuate. More importantly, how to keep your retirement plan going without interruption?

1.Diversify investment

When the volatility cannot be controlled, Therefore, it is important to focus on what is controlled, namely diversification, which is diversification. At the same time, it is possible to balance returns in line with long-term goals.

For example, it is estimated that after the COVID-19 crisis it will take time for economic recovery so may cause the investment to be volatile. Therefore, the investment target is not the highest return. Rather, it controls the risk by diversifying into a variety of assets in proportion to the acceptable risk levels.

For example, if the risk is low the investment should be distributed to low volatility assets such as fixed deposits, mutual funds, money markets. Mutual funds, short-term bonds, etc. Although the rewards may not be huge. But I can know for sure how much and when the return will be. Which is worth the security for your investment

If the risk is moderate Volatility can be accepted to some extent, but not too much. The investment should be diversified into assets that provide both long-term value-added and consistent cash flows from the investment. Although there is some fluctuation in the short term, such as mutual funds, mutual funds, dividend payments, or stock dividends.

If able to accept a high level of risk Meaning, there is a chance of receiving a higher level of return as well. Investments should be diversified into long-term, highly value-added assets. Although there is some short-term fluctuation like stocks, mutual funds, stocks, Gold, Foreign Fund

2.Focus on long-term investment

Even in times of crisis the market is volatile and can cause losses. But such a situation would only happen for a short time. However, since retirement investing is a long-term investment, it is therefore important to focus on investment plans in order to achieve your financial goals. And when changes occur, they must be ready to modify investment plans or strategies. As well as the proportion of investment in various types of investment options appropriately. This means that portfolio management should be based on the following basic principles:

• Diversify the risk in a balanced manner, meaning not investing in one asset with all the money available.
  
  
• The proportion of the patient is suitable for his own goals. There is a balance between low-risk investments. Give a certain return with high-risk investments, high returns, but has a high risk of loss Which must set the proportion to suit themselves
  
  
• Flexibility is the ability to modify the investment plan when the situation changes.

3.Make more financial plan for health

Besides financial planning for retirement, we must move forward. It was found that the spread of the COVID-19 virus caused increased health care awareness. At the same time, health insurance is gaining in popularity. This is considered an insurance preparation and a benefit to protect yourself. To prepare for the new epidemic

The best way to buy health insurance is better to protect yourself against the risk of many diseases rather than just one. In which if you are going to take out health insurance with the first savings the insurance premium payment should be divided not to affect other finances. And able to pay insurance premiums in full throughout the contract period. The basic principle is to divide approximately 10% of the monthly income into insurance. And in order not to affect other lump sum money Should consider the benefits of insurance, tax benefits. Coverage for future savings Including benefits for medical expenses If you get sick or have an accident

4. Don't overlook inflation

Although during this period Inflation will below. But if the economy recovers and continues to expand Inflation will increase as well. Which results in a decrease in the value of money. Therefore, inflation is one of the major risks for financial planning for retirement age.

Inflation will increase the expenditure or burden of living expenses. Can purchase goods and services less and may cause the income or money earned is not enough to sustain life. Therefore, when saving money to prepare for use in retirement age Inflation must also be calculated. To reflect the real value in the future Because the higher the inflation rate the value of the money is declining even more.

For example, at the present age of 30, there is a goal that before retirement, there must be a savings of 5,000,000 baht, but forget that 5,000,000 baht is calculated compared to the present value. Not worth it at the age of 60 (or in the next 30 years).

Let's say that from today 30 years from now, the average inflation rate is 2% per year, resulting in 5,000,000 baht left today, 2,760,354 baht, so if you want to have 5,000,000 baht at age 60, today you have to save 9,056,808 baht.

When life changes the financial plan would change accordingly. For example, income decreases while expenses increase. However, if you can plan your retirement finances to meet your goals. Can happily retire It is not a burden for the children, the most important thing is that they have enough funds