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  1. #1
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    Is it reasonable to expect the young to save for old age

    With pressure mounting on health and social care provision for the elderly, should the average 30 year old say "I won't go on holiday and live it up, I'll pay the money into a private pension so I can afford to go on holiday when I'm 70"

  2. #2
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    Quote Originally Posted by Immigrunt View Post
    With pressure mounting on health and social care provision for the elderly, should the average 30 year old say "I won't go on holiday and live it up, I'll pay the money into a private pension so I can afford to go on holiday when I'm 70"
    Depends what percentage is saved.

    In my country, with their student debt, cost of living, and little time off, many don't have a choice to save b/c they can't save that much if anything at all.

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    The US is at a breaking point for health care. If congress is able to work something out where they can make it affordable for everyone, then maybe people coming up now will be able to put some money back for retirement. If not, then the future geezers are going to have a
    pretty sad prospects for retirement options.

  4. #4
    Thailand Expat VocalNeal's Avatar
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    Expectations ? Retirement used to be 5 years tending one's garden/allotment.
    Now with better health nutrition retirees are living up to 20 years retired.

    Economically.
    -Do one's international travel when single. Then do the beach digging in the sand stuff with children and then explore one's own country when retired.

    I belive if disciplined and diligent retirment can be looked after buy parents and grandparents using the one thing that youth has that they don't. TIME.

    $100 a month into some retirement fund for a child. Will do more for them long term than $100 spend on education? Finish at 21 or. Then let time do the rest,

    Lah, lah lah.
    Better to think inside the pub, than outside the box?
    I apologize if any offence was caused. unless it was intended.
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    Its possible for most people to save if they "pay themselves first." (treat savings as a bill)

    Most people live for the moment. That's cool but they can't have it both ways

  6. #6
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    ^ I've always been a saver... even in Thailand. Some of my mates made twice my salary, but were always broke at (or before) pay day.

    Remember, it's not how much you make, it's how much you save.

    I am not happy if my bank balance is not following an upward trend... I feel it's wasted time. It's all good being young and broke, but the older we get

    the more I feel compelled to take steps to become financially secure. I don't want to 'have to' work in my dotage.

  7. #7
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    Its certainly possible.

  8. #8
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    Everyone needs to save as much as they're able for their future it's only common sense.
    I have a very modest pension but all of my cash savings got smashed after a disease left me unable to work for years, now back to full(ish) health I have to work like a cart horse in a job where most 30 yr olds can't hack it to get the savings I need to top up my pension. I should have been retiring in a few years, I should have saved more.
    Don't start saving at thirty for a retirement start saving as early as you are able.
    It wasn't me!

  9. #9
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    If they bought a few ounce of gold each year it would help them survive most calamities. Somebody else's managed "Pension Fund", not so much.

    Gold Prices - 100 Year Historical Chart | MacroTrends

  10. #10
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    Quote Originally Posted by Cold Pizza View Post
    Quote Originally Posted by Immigrunt View Post
    With pressure mounting on health and social care provision for the elderly, should the average 30 year old say "I won't go on holiday and live it up, I'll pay the money into a private pension so I can afford to go on holiday when I'm 70"
    Depends what percentage is saved.

    In my country, with their student debt, cost of living, and little time off, many don't have a choice to save b/c they can't save that much if anything at all.
    That is because the government wants everyone to work until they die. If you drink the kool aid, that is exactly what most will do. Make sure you do not listen to any financial advisers and just live within your means. Anyone can do anything if they set their mind to it.

  11. #11
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    Quote Originally Posted by rickschoppers
    That is because the government wants everyone to work until they die. If you drink the kool aid, that is exactly what most will do.
    I'm not sure its just the government. I think most people just honestly don't consider the idea that you might not have to.

    Take me for example. At 22 years old, my wife and I both set out on a career path to become tenured track professors here in the U.S. Three years into grad school, we both were working 70 hours a week on research that just really wasn't all that meaningful or fulfilling. And this would be the rest of our lives.

    Feeling a little burned out, we decided to take a year off and travel. That was our first trip to Thailand.

    That trip was life changing, not because of anything that really happened or in some "discover yourself" kind of B.S. way, but just because it raised this question: "What if"?

    What if we didn't have to work for the rest of our lives? What if, instead, we could do what we actually wanted to do? We had just never just never even considered the idea before.

    That's how ingrained the "work, live, retire, die (shortly thereafter)" mentality is. We never even considered it.

    We never went back to our old jobs after that. They weren't fulfilling, and they never offered a path or future to early financial independence.

    Its been just over ten years since we left. We are currently on track to retire before we hit forty years of age.

  12. #12
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    Unfortunately times have changed, the days of work related guaranteed pensions have pretty much gone.
    2009 GFC showed how safe your investments and pensions were, wiped retirees I know, in Thailand out.

    People in OZ, who thought they were covered, for a good retirement, found out that the money received just didn't cover the living costs.

    You can't trust the banks, investment advisers or the government to guarantee a retirement for your future.

    In 30 years, this world will not be recognizable in how it works, automation/computerization, financial markets, employment etc.

    So I would say, enjoy today, tomorrow will take care of itself, good or bad the little people will all be in the same boat.

  13. #13
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    I quit my teaching job in BKK coz I got tired of living from paycheck to paycheck.

    I invested on land and planted it with rubber trees. I expect to retire in my early 40s.

  14. #14
    Head Skivvie Stacker Storekeeper's Avatar
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    Quote Originally Posted by redhaze View Post
    Quote Originally Posted by rickschoppers
    That is because the government wants everyone to work until they die. If you drink the kool aid, that is exactly what most will do.
    I'm not sure its just the government. I think most people just honestly don't consider the idea that you might not have to.

    Take me for example. At 22 years old, my wife and I both set out on a career path to become tenured track professors here in the U.S. Three years into grad school, we both were working 70 hours a week on research that just really wasn't all that meaningful or fulfilling. And this would be the rest of our lives.

    Feeling a little burned out, we decided to take a year off and travel. That was our first trip to Thailand.

    That trip was life changing, not because of anything that really happened or in some "discover yourself" kind of B.S. way, but just because it raised this question: "What if"?

    What if we didn't have to work for the rest of our lives? What if, instead, we could do what we actually wanted to do? We had just never just never even considered the idea before.

    That's how ingrained the "work, live, retire, die (shortly thereafter)" mentality is. We never even considered it.

    We never went back to our old jobs after that. They weren't fulfilling, and they never offered a path or future to early financial independence.

    Its been just over ten years since we left. We are currently on track to retire before we hit forty years of age.
    Retired to Thailand at the age of 45 and at the time really thought I was going to put down roots and live out my life chilling. Then after a year got into the TEFLing game. Better than getting a sunburn on the golf course and it was kinda sorta like subsidized volunteer work. Then right around two years into the TEFLing gig it just kinda seemed like if I was going to work then might as well actually get paid decent money. So made the decision to bail on Thailand. Guess the point is I kind of decided retirement was overrated. So many of my Navy buds are fully retired now hiking, fishing and camping ... I go to work log into Facebook and Teakdoor all day. Talk shite and post political memes. Every once in a while drag my fat azz on to the carrier or a visiting submarine and make Sailors do their fookin jobs. So really not sure I want to give this up any time soon for ... retirement. Invest? What for? Got out of stocks and mutual funds long ago when I realized my pension was more than most professionals recommended I need to save for retirement. All I do is just live within my means like somebody recommended above. Not sure what I will do ... maybe work another 3-7 years. Not planning to save much between now and then. Just be debt free.

  15. #15
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    Quote Originally Posted by GracelessFawn View Post
    I quit my teaching job in BKK coz I got tired of living from paycheck to paycheck.

    I invested on land and planted it with rubber trees. I expect to retire in my early 40s.
    I did, not 40s, but 53, not done a days work [paid] since, 7 years now.
    Was a prison officer, not a good job and wanted out, took a chance.

    In hindsight missed lots of opportunities in life, played safe, most chances would have failed, only takes one to win

    Never going to be rich , but am a 24/7 dad, not a guy who falls asleep after a 12 hour shift.

    As this is about pensions, if I'd stayed on in the prison service, would have retired on a dog food and baked beans pension at 65.

    Rubber trees, a gamble at best, that paid, pays for the 3 month holiday in Australia and my kids going to school to catch up on their English.

    As said not rich by a long shot, probably poor by western standards, but live well in Thailand and have an income better than any pension I would have got.

  16. #16
    Thailand Expat CaptainNemo's Avatar
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    I came to the conclusion that the best plan was to never retire but build up enough knowhow and quals in enough things to gradually move into consultancy and teaching, and hopefully something a bit like R&D.

    An interesting oppo has just popped up to run away from the sea and retrain as a computer teacher at a public school. It's tempting... a spell doing that would pay alright and have good QoL, and I guess would open doors for a similar gig abroad, with that nice income to cost-of-living differential that doesn't exist in the west, where you get hammered for tax and no help for living costs if you're in the middle of the bell curve for income.
    For a lot of people under 40, things like pensions and 100% home ownership in the west seem hard to reach now. Necessity being the mother of invention, it seems a better option to go and work in Asia where the money is, and try a bit of tech entrepreneurship. The tax-free ship life doesn't quite deliver.

  17. #17
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    Quote Originally Posted by Storekeeper
    Guess the point is I kind of decided retirement was overrated.
    I think retire is the wrong word for what I want as well. I want to do what I want, and work when I want. Work will always be there in some capacity more or less, that's just who I am. What I actually want is financial independence/freedom from money.

    Sounds like you got it pretty sweet man. You could retire if you wanted, but choose not to. That's the same thing I want. The option to do whatever.

  18. #18
    Hangin' Around cyrille's Avatar
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    Quote Originally Posted by redhaze
    Work will always be there in some capacity more or less, that's just who I am.
    Quote Originally Posted by redhaze
    You could retire if you wanted, but choose not to. That's the same thing I want. The option to do whatever.
    You definitely won't be retiring because of who you are but you want to be able to and 'choose' not to?

    That seems...complicated.

  19. #19
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    Quote Originally Posted by cyrille View Post
    Quote Originally Posted by redhaze
    Work will always be there in some capacity more or less, that's just who I am.
    Quote Originally Posted by redhaze
    You could retire if you wanted, but choose not to. That's the same thing I want. The option to do whatever.
    You definitely won't be retiring because of who you are but you want to be able to and 'choose' not to?

    That seems...complicated.
    It only seems complicated to you as you are poor and thus have no choices hence you can't understand.

  20. #20
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    You definitely won't be retiring because of who you are but you want to be able to and 'choose' not to?

    That seems...complicated.
    How many people would do the same job they are doing now if they had the choice to do anything? Some people say they would, but I think the amount who really, truly would is small.

    The problem is that most people's true ambitions aren't really things that pay. Like for me I want to do things like play in a band, write a novel, become a mechanic, build a house. So many things, I'll never get to do all of them even if I had three lifetimes. I want the freedom to be able to pursue those things. Seems simple enough...

  21. #21
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    In post 1, reference is made to a 30 year old. Reality is, a lot of 30 years olds are still in the zone of rejecting being an adult, not accepting that there are no guarantees, not understanding that there are 100 little choices you make every year that accumulate over time, resulting in you being somewhere good, or screwed. Eff it, I'll never make it, live for the now 24/7 ... is rather childish.

  22. #22
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    I think all of us can look back at the Y junctions in our lives and think if I had taken the other turn things could have been different, more money, better. I know I can but I did the things I wanted to do at the time and now in retirement I have enough to again do what I want with back up for emergencies.

    As for saving for retirement there was never any thought of that, no thought of retirement even. It wasnt till I took my first real holiday, to Thailand, that the thought of getting out surfaced and I made the decision to sell up and come live here. A decision I dont regret but think back to when I could have done it 10 years earlier and been better off but I would still be doing much the same thing.

  23. #23
    Head Skivvie Stacker Storekeeper's Avatar
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    Quote Originally Posted by redhaze View Post
    Quote Originally Posted by Storekeeper
    Guess the point is I kind of decided retirement was overrated.
    I think retire is the wrong word for what I want as well. I want to do what I want, and work when I want. Work will always be there in some capacity more or less, that's just who I am. What I actually want is financial independence/freedom from money.

    Sounds like you got it pretty sweet man. You could retire if you wanted, but choose not to. That's the same thing I want. The option to do whatever.
    We have a poster here goes by Terry57 ... I refer to him as T57 ... has something called a superannuation in Australia ... don't know the ins and outs of it but he posts about it frequently ... sure seems to have paid off quite handsomely and given him the freedom to just live life on the fly.

  24. #24
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    I've just turned 34, and I've spent 14 of the last 17 years paying into pensions, retirement funds, stock plans and even a bit of a superannuation. All corporate schemes as employment benefits. I'm consulting now, will I be setting up some kind of private fund? Fuck no, I'm gonna beast on with my mortgage and buy more property as soon as I can.
    Lang may yer lum reek...

  25. #25
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    Quote Originally Posted by GracelessFawn View Post
    I quit my teaching job in BKK coz I got tired of living from paycheck to paycheck.

    I invested on land and planted it with rubber trees. I expect to retire in my early 40s.
    How much land if you don't mind me asking?

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