An advisor of TISCO Bank Public Company has indicated that Thailand will become a full-fledged aging society next year, while warning that most senior citizens are not financially prepared for it.
Nattakrit Laotaweesap, Head Of Wealth Advisory of TISCO Bank, reiterated that many people reaching retirement age in 2023 will likely face financial difficulties even with government support. He cautioned that these individuals could lead less fulfilling lives than they had hoped, especially with inflation pushing up commodity prices.
By the end of March, Thai inflation hit 5.73% – the highest in 13 years – which Nattakrit said has forced retirees to dip into their savings. People are also likely to face higher medical expenses at an increasing average rate of 8% annually.
The advisor is recommending that retirees consider “Megatrends Retirement Planning” to ensure their post-working age financial stability. The plan includes investment in megatrends, especially in future trends of technology such as cloud computing and cyber security businesses. He noted that Metaverse-related businesses also have immense growth potential.
Additionally, the plan calls for reducing financial risks by investing in specialized insurance coverage that pays a lump sum to help with high deductibles due to treatment for serious illnesses. (NNT)
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