With Thailand becoming a popular retirement destination, particularly for seniors looking to live a decent life on less, making the pension go further is an important step in securing your financial security.
Below are 5 great ways to make your pension go further if you are living in Thailand.
Find a Retirement Location with Good Value for Money
Your pension may not allow you to live in the high-end locations in Thailand without having to worry about how long it will last. In such a case, it is okay to compromise by finding a place you can afford that also offers great value for money.
Luckily, with the influx of expats into Thailand, you can easily find places you can afford that are very popular among expats for their great properties, facilities, and access to major entertainment spots.
Supplement Your Income by Taking a Job
If you feel up to it, you can take a job once your move into Thailand for retirement.
Some people choose this option when they feel that the job helps them improve their social life and supplement their pension. Just don’t take a job that is so demanding that it ends up making your life miserable.
Please note though that getting a job in Thailand is not an easy thing to do as foreigners are usually only allowed to take jobs that local Thai’s cannot do.
Go Easy on the Entertainment Life
Living in Thailand may be cheaper when compared to living in a Western country, but thinking that you could spend as much as possible on the country’s vibrant entertainment life without making a dent on your pension fund would be a big mistake.
Many expats have made the mistake of burning through their retirement savings on Bangkok’s entertainment life and ended up destitute.
Consequently, you should be careful with the entertainment choices you make, otherwise you pension won’t last long.
Make Sure you Get Health Insurance
Hospital bills in Thailand are, in general, lower than hospital bills from their Western counterparts. Nevertheless, in some top hospitals, the bills are quite high, and can do quite some damage to your pension.
This is why living in Thailand without health insurance is a no-no, especially considering the increased importance for healthcare services at this stage of life.
Deciding to foot your own medical bills can make you bankrupt, as evidenced by many foreigners stuck in Thailand hospitals for their inability to pay their medical bills.
Diversify your Investments
Retirement nowadays lasts as long as the working life. Therefore, you cannot afford to think of your retirement as a time to slow down when it comes to making an income, even though preserving your capital should still be a priority.
Even when living in a country like Thailand, where the cost of living is much lower, you have to think about increasing your investment income.
Invest in safe channels that offer greater income, and your pension will take you much further.
Basically, moving into Thailand is not enough to eliminate the need to be concerned about your finances for many retirees.
You might still need to employ some creative means to make your pension go a lot further. One of the ways to make your pension last longer is to live in a location that offers good value for money.
Furthermore, you can consider getting a job you can manage to supplement your income if one is available. Other techniques include having a good health plan, being cautious with your entertainment expenses, and investing your money in investment channels that provide higher returns.