BLA advises Thais to plan finances for 100-year lifespan

MGR Online•Economy•2d ago

Reader Briefing

Bangkok Life Assurance advises Thais to shift their retirement planning mindset to account for a 100-year lifespan due to rising living costs and medical inflation.

•Bangkok Life Assurance (BLA) warns that savings may be depleted before death as life expectancy increases while healthspan does not.
•Sakaow Samrankong presented retirement and investment planning strategies at the High-Level Economic Journalists Development Project 2026.
•Medical inflation is noted to increase by an average of 10% per year, significantly higher than general inflation.
•Recommended savings for retirement range from 10 million to 25 million baht depending on desired monthly expenditure.

Overview

•Thailand is entering a full-scale aging society where people live longer but face higher costs of living and healthcare.
•Sakaow Samrankong warns that if retirement planning is delayed, inflation and interest will inevitably erode future wealth.
•Sakaow Samrankong suggests planning for a lifespan of 100 years or more, potentially using the age of the oldest family member plus 8 years as a guideline.
•Medical inflation averages 10% per year, making healthcare one of the most severe financial risks for the elderly.
•Sakaow Samrankong recommends using life and health insurance to transfer risks to prevent life savings from being depleted by medical costs.
•For a monthly expense of 20,000 baht over 25 years with 4% inflation, approximately 10 million baht in savings is required.
•Sakaow Samrankong advises financial health checks annually, maintaining emergency funds of 3-6 months for salaried employees and 12 months for freelancers.
•Sakaow Samrankong emphasizes that investment goals should balance return and risk rather than solely chasing the highest returns.

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Key Quotes

Sakaow Samrankong

"Wealth creation is not just about making money grow, but about creating a balance between asset creation and asset protection."

การสร้างความมั่งคั่งไม่ใช่เพียงการทำให้เงินงอกเงย แต่ต้องสร้างสมดุลระหว่างการสร้างทรัพย์สินและการปกป้องทรัพย์สินควบคู่กัน

Key Entities

Organization

Bangkok Life Assurance(กรุงเทพประกันชีวิต)

An insurance company that warned Thais to change their retirement planning mindset.

BLA

The abbreviation for Bangkok Life Assurance Public Company Limited.

Person

Sakaow Samrankong(สกาว สำราญคง)

A CFP and executive of the training department at Bangkok Life Assurance Public Company Limited.