Start before it's too late! What should people aged 50+ plan for?

Time flies by so fast; suddenly, you're turning 50+ and nearing retirement age. There might be things you wanted to start but haven't succeeded in yet. But don't get discouraged, because being in your 50s is a time when you become aware of what you want to do for yourself and your family to live comfortably in retirement.

Planning for health, finances, or finding a side job might seem far off, but believe me, if we don't start planning early, we might not have enough savings for the later stages of life. Retirement means stopping work, with no income and possibly increasing expenses, including deteriorating health and rising medical costs. So, we should prepare now before it's too late. Let's see what needs to be done!

Clear all debts and gradually pay them off without creating new burdens

This is important because even if you're saving money, if you're still a big spender, swiping your card for everything without restraint, it won't work. Not only will you have no savings, but this enormous burden might also follow you and trouble your family. Most people in their 50s play multiple roles and have a family to care for. Even if you're single, you need to save for yourself.

Start eliminating debt now. If you don't have a lump sum, start by gradually paying off debts before reaching retirement age. Stop using credit cards or avoid minimum payments; instead, spend what you can pay off fully. Believe me, if you gradually reduce your debt burden, by the time you retire, not only will your debt be gone, but you may also have a large nest egg that allows you to spend comfortably in retirement.

Find a side job to increase incomeFor example, selling online or becoming a YouTuber.

Finding a side job while you're still able to earn is a good idea because it not only increases your income but also prevents boredom in retirement and helps you not feel like a burden to your family. Start with something you love and don't need heavy investment, such as cooking. Try mastering several recipes or taking bakery courses that could provide an additional income stream, and sell online.

Or, if you have a lot of collectibles from your youth, try selling them online. These items can be converted into cash. Selling online is an easy way and doesn't require much investment. It not only helps turn items into money but also helps you save more.

Buy health insurance to live life to the fullest without worrying about medical costs in case of illness

Another important aspect is health because no matter how much money you have, you can't buy good health. With many new diseases emerging and old ones re-emerging, if you suddenly get sick, not only will your income disappear, but all your savings might be spent on medical expenses. This could also burden your children who may have to help cover these costs.

Having health insurance is a recommended choice because it can help alleviate emergency expenses significantly. Whether you have to stay in the hospital for a long time, you won't have to worry about the costs.

Plan for your health today with comprehensive health insurance from Muang Thai Life Assurance. No worries, whether it's a severe or mild illness, you can be confident. Coverage includes new diseases, re-emerging diseases, pandemics, critical illnesses, and general illnesses. Interested? Click here.

Financial planning: Check income, expenses, and savings

The last thing to plan for is all your expenses. After retirement, your income will definitely disappear, but your expenses will remain the same, which can be overwhelming. To get a clear picture of your total income, list out your total savings, monthly income, savings accounts, or investments in stocks. This will help you calculate how much more you need to save.
Also, list out all your expenses because these will continue after retirement. Imagine that in the next 20 years without work, you'll have monthly expenses of 20,000 Baht, which means you'll need 4,800,000 Baht saved before retirement. Also, check your entitlements after retirement, such as pensions, funds, and other benefits, to calculate your total financial needs.

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From the points mentioned, even though it's about the future, planning at 50+ helps prepare for various aspects better. People at this age often have multiple roles in life, so planning for living is important to ensure you can rely on yourself and not burden those around you. Health, in particular, requires careful attention because illnesses often come unexpectedly. Planning for health with health insurance is a good choice to relieve worries about medical costs. Therefore, start taking care of your health and regularly check your health every year. You can also prepare in advance by purchasing health insurance while you are still healthy. Having it can increase your peace of mind.

Enhance your health coverage with the superior Elite Health Plus from Muang Thai Life Assurance. It covers actual expenses from 20 to 100 million Baht per year, and you can be hospitalized at any hospital throughout Thailand or all over the world (1). Coverage includes emerging diseases, pandemics, critical illnesses, general illnesses, and accidents. The entry age is up to 90 years, with the coverage period until the age of 99 years. The product also covers both IPD and OPD(2). The premium is less than 139 Baht per day (3).

✔ Lump sum benefit for standard single room based on actual expense or premium
single room of up to 10,000 Baht – 25,000 Baht per day
✔ Benefit for ICU room based on actual expense of up to 365 days
✔ Cover cancer treatments including chemotherapy and targeted therapy as well as,
MRI and kidney dialysis without hospitalization
✔ Hospitalization in any hospital
✔ Able to purchase additional coverage including maternity coverage or annual health checkup, dental care, vaccination and eye care as you wish.

Buy now and get promotion of 0% for premium installment up to 6 months or cash back of up to 13% from participating credit cards.

For more information,
☑ Tel. 1766, available 24/7
☑ Contact life insurance agents or Kasikornbank and Land and Houses Bank branches.

(1) In case of choosing worldwide coverage

(2) In case of choosing coverage plans of 40, 75 or 100 million Baht

(3) For 50-year-old insured with coverage plan of 20 million Baht, coverage area of Thailand and annual premium payment mode

Elite Health Plus Rider must be purchased to be attached to the policy which is still effective.

Coverage period of the rider must not exceed the coverage period of the life insurance policy that this rider is attached to.
Premium is eligible for tax deduction. Conditions are as specified by the Revenue Department.

Coverage conditions are as specified in the insurance policy.
Underwriting is subject to the Company’s rules. Standard single room fee means fee of standard single room of hospitals in Thailand.

The conditions are in accordance with medical practice guidelines for diagnosis, treatment, and prevention of infections in hospitals in case of Coronavirus Disease 2019 (COVID-19) infection as announced on 2 November 2021 and guidelines for health care workers in providing advice to and home isolation service for COVID-19 patients, amended on 4 January 2022, or as referred to the latest notification.

• Conditions are in accordance with medical necessity and medical standard.
• Conditions are as specified by Muang Thai Life Assurance PCL and the banks.
• Please study the details of coverage, conditions and exclusions before deciding to purchase insurance.
  

ที่มา : สืบค้นเมื่อวันที่ 09/06/65

🔖 setinvestnow (ข้อมูล ณ วันที่ 03/02/64)

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