Anyone saving any money?

[maccaroni man]

I learned a long time ago that many people who say they have no money have it all in savings. I have no money and am saving

[cpofc]

cpofc, only time will tell if any of us 'need' a Plan B. To me, its no different to keeping a thousand-baht note in your sock, regardless of how many years you've survived without being robbed.

Hehehe, always did that. In my day our cardboard, hand written, ID Cards were in a clear plastic cover, open at one end. Not like most other ID Cards, and where very few people would know to look, when, and if they robbed you.. I always kept a $US20.00 note in there. Emergency money. Got to use it a few times too.

Do you mean a Plan B for having to exit the LOS? For whatever reason. I guess that's the thrust of what you're getting at.

No biggy. Not that I would want to leave here, but I'm OK. I learnt as a kid never to have too much money invested in anything, anywhere in SEA that you can't drop at a moments notice and walk away from. None of my income comes from Thailand. None of my money save for 150,000 +- at any one time in a Thai Bank.

Pack a grip and catch a plane. Thats my plan B.

Where to?

That's plan C, which I will get on to if I ever have to implement Plan B. I believe I will have options.

[IsaanUSA]

I may be reading more into it than I should but it seems to me, when you ask questions like that. It seems that many are living paycheck to paycheck or to rephrase it, retirement check to retirement check. That to me sounds like a dangerous way to go.

Saving money? Living dangerously?

If you're retired, then you should have already saved for retirement and be enjoying life. So if somebody is living check to check, that sounds like the person has budgeted exactly perfect. They are not going over their limit and they are living right up to their income limit. The giant nest egg should be sitting there collecting interest and passing it onto your bank account.

I hope when I am retired that I do not need to still save money.

[ABCer]

I do save money by living here.

But not for a 'rainy day'. Just to spend on many luxuries I couldn't afford elsewhere.

'Dangerous way' is all about life. Don't get born - it's dangerous! You may even die someday!

Plan B is for the unsure, indecisive. Those are usually renters. I live in my own place and will do so till the end. No turning back.

To me how long is not important. How I live - is! And I am living a better quality life here. Not a universal formula for all. For example you need to save (and keep it).

Some save just to leave money to bereaved relatives. I say, bugger them. When I go - I go alone, none of the loved ones will come with me.

[landslide]

I really feel you have to save money in retirement, just as you did when working. When I was single, I only had to worry about me. If income dropped, or I had unexpected expenses, I just would cut back. You do what you have to do. Now that I am married, and my wife is younger, I have to think about what would happen to her when I pass away. She could live 20 to 30 years beyond me. I had always planned to live off 75% of the income I derive from investments plus social security. I don't live an extravagant life, but am comfortable and have been able to help family (mostly mine) from time to time. I've never owned a home, due to the nature of my work. The recent recession cost me dearly, but I am close to being back on track. Frankly, my bigger concern is how to occupy my free time in retirement. I am not much for drink, just an occasional scotch. I would love to volunteer to teach English, and am willing to get TEFL certified on my own, but Thailand's restrictive work laws make that difficult. If I have something along those lines to occupy my time, I would probably spend less money. So many people over spend out of boredom. My money will remain in the States, with the exception of a year's expenses plus 10% transferred into my Thai account once a year. That will be 3.5% of my investments, plus social security. I just can't see changing my fiscal pattern much, even in retirement.

[cpofc]

I may be reading more into it than I should but it seems to me, when you ask questions like that. It seems that many are living paycheck to paycheck or to rephrase it, retirement check to retirement check. That to me sounds like a dangerous way to go.

Saving money? Living dangerously?

If you're retired, then you should have already saved for retirement and be enjoying life. So if somebody is living check to check, that sounds like the person has budgeted exactly perfect. They are not going over their limit and they are living right up to their income limit. The giant nest egg should be sitting there collecting interest and passing it onto your bank account.

I hope when I am retired that I do not need to still save money.

Living dangerously, I agree, Living irresponsbily. Good way to get yourself in the poo. What happens when your fridge packs it in. Your house burns down. Your expensive big screen Telly sh_ts itself. You need to return to your home country in a hurry? Go on a cruise. Lend money to a friend or family member in trouble. Buy your GF a 2 Baht gold necklace. Get sick, get run over by a bus. A myriad of unforeseen and costly circumstances. Having to wait until your next pay cheque? Which probably won't cover it anyway. Bugger that for a game of soldiers. In retirement one needs security. Once you start digging into your savings and start going backwards, sometimes it is difficult to halt and next thing you know they slap a 'use by date' on you.

I retired at 50. But only from work. Not from life, and all that it can dish up..

The western world, and now the Thais, got themselves in the sh_t by living beyond their means. Spending more than they earn. Not saving.

I don't want to live like that. Far too stressful.

[NeverSure]

I may be reading more into it than I should but it seems to me, when you ask questions like that. It seems that many are living paycheck to paycheck or to rephrase it, retirement check to retirement check. That to me sounds like a dangerous way to go.

Saving money? Living dangerously?

If you're retired, then you should have already saved for retirement and be enjoying life. So if somebody is living check to check, that sounds like the person has budgeted exactly perfect. They are not going over their limit and they are living right up to their income limit. The giant nest egg should be sitting there collecting interest and passing it onto your bank account.

I hope when I am retired that I do not need to still save money.

Here's how it works for me. Saving becomes a habit; maybe the same kind of habit that some guys have in going to the gym. You learn to hate wasting money and love seeing your assets grow. Strategy becomes a way of life and almost an entertainment.

I don't mean that one would be so tight he wouldn't enjoy himself. I just mean that he wants to see his assets grow. Part of it is that we never know the future. So we are concerned about health care costs and other things skyrocketing if there is massive inflation. There are some things you can't plan for so a bigger and bigger retirement fund is still soothing to the nerves, and a feeling of accomplishment. That retirement fund isn't just cash money but investments which earn income and/or would increase in value with inflation. Or so you hope.

So just like eating healthy food and getting some exercise makes you feel better, so does increasing your net worth. This approach to life doesn't die when you retire.

[mogandave]

cpofc, only time will tell if any of us 'need' a Plan B. To me, its no different to keeping a thousand-baht note in your sock, regardless of how many years you've survived without being robbed.

Sock?

[Rob8891]

Short answer to the OP...... Yes.

How much isn't up for discussion, since I'll get first place in the 2013 "Cheap Charlie" stakes. We live comfortably on 70% my occupational pension. The rest of the pension, (and investment from my house (bought for cash) which is rented out at home) is banked. The state pension will roll in soon, (3 years) so that will go away too, assuming that all things remain equal. When we have saved enough for our luxuries, then we enjoy them, but still leave a cushion in the bank, which will protect us against fluctuations in the exchange rate, should the need arise.

Bridges remain unburned and escape routes ready should that be necessary....an essential for everyone, IMO.