When talking about financial plans for retirement, those who plan to stay single for a lifetime and have no burden to take care of others, have more advantages than those who have a family. Singles normally don’t spend a lot. On the other hand, if they live independently and their financial management is not well-organized, their savings for retirement may not be enough. 
 

Singles have more freedom so they’re probably careless to make a living, at times they may overspend so their future may be insecure. The National Center for Health and Statistics, U.S.A. conducted a survey of over 17,500 people including families and singles. The result is singles tend to have more health problems than those with spouses. Therefore, singles should prepare for health expenses by planning for life and health insurance while they’re still healthy.
 

If anyone aims to be single and can’t depend on relatives, set a good plan before you retire. 

1.Financial plan 

Apart from preparing sufficient money to spend during retirement, it’d be better to study a basic financial tool that is Personal Financial Statement to help monitor your financial status and behavior. Starting to record income and expenses and summarize them by a period such as weekly or monthly according to your savings.

2.Clear your mind

Familiar yourself with staying alone during your retirement such as traveling and eating alone. Planning ahead of time to do some activities that will keep you away from loneliness.   

3.Stay healthy and buy insurance

Exercise regularly and consume healthy food to stay fit and strong as you will be on your own when retiring, and plan for buying insurance such as health insurance that covers severe diseases to reduce medical expenses during retirement.

4.Stay in touch with friends 

Even though you plan to be single for a lifetime, you still need few close friends who share similar lifestyles, attitudes,s, and ways of life, to enjoy chatting, meeting, and joining activities together.

5.Find a financial assistant

Financial management after retirement is essential. Singles should have a financial planning expert to consult about financial activities such as Fund manager, Personal Financial Planner, etc.

Financial management after retirement

After retirement, singles should place their interest in financial management which is different from the pre-retirement plan by focusing on port investment that can turn to cash quickly. We recommend that you divide your money into 3 phases.

1.Allocate money for spending after 3 years of retirement

Suppose you aim to spend 20,000 baht per month, which means that you need 720,000 baht for the first 3 years (36 months). That amount of money has to save in the form of liquidity assets like Savings account, Money Market Fund or short-term Fixed Income Fund.

2.Allocate money for spending during the 4^th – 10^th year of retirement

Invest in assets that are low to medium risks like Fixed Income Fund, Debenture, and Government Bond.

3.Allocate money for spending from the 11^th year of retirement onwards

Invest in assets that are medium to high risks like Infrastructure Fund (IFF), Real Estate Investment Trust (REITs), or Stock Mutual Funds. In the case of high-risk assets, don’t invest over 10-15% of the port investment.

Financial management after retirement is to build financial security to make sure you’ll live well and safely. Singles should be more considerate as you’ll have no support from family so you need to prepare sufficient money to survive for the rest of your life.