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Post by Fletchsmile on Dec 8, 2019 19:50:18 GMT 7
Worth a read if not already retired in particular
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Post by rgs2001uk on Dec 9, 2019 20:55:21 GMT 7
^^^^ I have to wonder at times, who writes this rubbish and what market is it aimed at?
FFS if you havent got your shit together at 60 another 5 years aint going to help.
Been there done that twice, downsizing, restructuring, call it whatever, the smart guys took the redunancy pay off and headed off elsewhere, a brain drain, all that was left were young guys out of uni on the fast track career scheme, young guys in their early 30s, and old coffin dodgers who contributed nothing,just hanging on waiting for their pension.
Other guys like me could see it was nothing but dead mans shoes for promotion and went elsewhere.
Not mentioned, redundancy packages and early enhanced pensions.
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FIREinTh
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Post by FIREinTh on Dec 9, 2019 21:14:06 GMT 7
I can't imagine still doing my job at 67! No way in the world. In fact, there's a mandatory retirement age of 60 at my work (Thai gov't rule) even though there's a shortage of skilled workers, especially foreign skilled workers who can survive in the Thai system for any length of time.
A few of my coworkers who weren't ready financially to retire at 60 after decades in Thailand were re-hired at entry level salary taking a 70% pay cut to hold them over until home country pensions kick in at 65. That's just the tip of the iceberg. There's going to be large numbers of foreigners all over Thailand reaching retirement age (whether mandatory or forced to stop working due to health reasons) who are in no way ready.
Every foreigner in Thailand needs to think seriously about retirement from the day they start working here. Anyone who came here when they were young to live an easy life on 30-40K a month is in for a huge wake up call at 50 when they realize there's no future. Lot of foreigners on generous ex-pat packages barely save anything too.
Tons of down and out foreigners combined with tightening visa laws doesn't make for a pretty picture...
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FIREinTh
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Post by FIREinTh on Dec 9, 2019 21:17:10 GMT 7
That's what happens when the bean counters and MBA's take over. Take a look at what IBM did to older workers. Absolutely disgusting..
Short version: Long version: ^^^^ I have to wonder at times, who writes this rubbish and what market is it aimed at? FFS if you havent got your shit together at 60 another 5 years aint going to help. Been there done that twice, downsizing, restructuring, call it whatever, the smart guys took the redunancy pay off and headed off elsewhere, a brain drain, all that was left were young guys out of uni on the fast track career scheme, young guys in their early 30s, and old coffin dodgers who contributed nothing,just hanging on waiting for their pension. Other guys like me could see it was nothing but dead mans shoes for promotion and went elsewhere. Not mentioned, redundancy packages and early enhanced pensions. |
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Post by rgs2001uk on Dec 9, 2019 23:29:51 GMT 7
I can't imagine still doing my job at 67! No way in the world. In fact, there's a mandatory retirement age of 60 at my work (Thai gov't rule) even though there's a shortage of skilled workers, especially foreign skilled workers who can survive in the Thai system for any length of time. A few of my coworkers who weren't ready financially to retire at 60 after decades in Thailand were re-hired at entry level salary taking a 70% pay cut to hold them over until home country pensions kick in at 65. That's just the tip of the iceberg. There's going to be large numbers of foreigners all over Thailand reaching retirement age (whether mandatory or forced to stop working due to health reasons) who are in no way ready. Every foreigner in Thailand needs to think seriously about retirement from the day they start working here. Anyone who came here when they were young to live an easy life on 30-40K a month is in for a huge wake up call at 50 when they realize there's no future. Lot of foreigners on generous ex-pat packages barely save anything too. Tons of down and out foreigners combined with tightening visa laws doesn't make for a pretty picture... Thank you, you get the picture. |
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chiangmai
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Post by chiangmai on Dec 10, 2019 5:41:02 GMT 7
FFS if you havent got your shit together at 60 another 5 years aint going to help. You're never too old to get hit by a double whammy that came out of left field, your blind side, something you would never have even remotely guessed at, something so unlikely or improbable that you would never have even remotely guessed at it. When that happens, no ammount of having your sh*t together will help you. |
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Post by Fletchsmile on Dec 10, 2019 11:29:56 GMT 7
^^^^ I have to wonder at times, who writes this rubbish and what market is it aimed at? FFS if you havent got your shit together at 60 another 5 years aint going to help. Been there done that twice, downsizing, restructuring, call it whatever, the smart guys took the redunancy pay off and headed off elsewhere, a brain drain, all that was left were young guys out of uni on the fast track career scheme, young guys in their early 30s, and old coffin dodgers who contributed nothing,just hanging on waiting for their pension. Other guys like me could see it was nothing but dead mans shoes for promotion and went elsewhere. Not mentioned, redundancy packages and early enhanced pensions. It's more aimed at those in their 50's who have planned to work into your 60's. Losing the final 10-15 years of growth is a killer. The triple whammy is 1) you are no longer adding to your investment pot as planned even though you made reasonable plans that would have been fine 2) you actually have to start drawing on it early 3) your investments can't grow at the rate needed because of 1) and 2)
Of course as you say, if you haven't got things together by age 60 with 5 years to go you are likely stuffed.
But the article is aimed at people in their 50's who have got things together, with maybe 15 years to go but then lose their job or something unexpected happens so they need to change their plans. Those people in the 50's would have been OK if their planning had just continued as was. That more people are losing jobs and unable to find new ones in their 50's is the issue they're referring to, not the people in their 60's with 5 years to go, who haven't done anything.
The article does mention redundancy pay-offs. Think you dismissed it before reading it fully 
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FIREinTh
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Post by FIREinTh on Dec 10, 2019 11:34:01 GMT 7
I disagree. Having your life together makes it a lot easier to deal with the unexpected and recover from it. Everyone on Earth has bad things happen to them and if your life is already a mess it's a lot harder to deal with unexpected events. Being in a good financial position or even financially independent makes dealing with the unexpected easier no matter what happens to you.
I know a guy who broke his arm last week and the deposit the hospital wanted for surgery to put in a pin to help it set was 3 months of his salary. No health insurance and no savings. Doesn't make enough money to get a credit card as a foreigner in Thailand either. If that was my position in life I wouldn't be living in Thailand.
At a minimum foreigners need to have their act together when living in here because if you don't the consequences can be far worse than in the nanny state back home. A large part of that is taking care of your finances, including an emergency fund or at least access to quick cash.
FFS if you havent got your shit together at 60 another 5 years aint going to help. You're never too old to get hit by a double whammy that came out of left field, your blind side, something you would never have even remotely guessed at, something so unlikely or improbable that you would never have even remotely guessed at it. When that happens, no ammount of having your sh*t together will help you. |
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Post by Fletchsmile on Dec 10, 2019 11:45:06 GMT 7
FFS if you havent got your shit together at 60 another 5 years aint going to help. You're never too old to get hit by a double whammy that came out of left field, your blind side, something you would never have even remotely guessed at, something so unlikely or improbable that you would never have even remotely guessed at it. When that happens, no ammount of having your sh*t together will help you. That's where you build in financial buffers and contingenices. In addition while you may not know what those things are you can model scenarios. eg what happens if my income from XYZ dries up? what if I lose ABC assets? What happens if I become physically or mentally disabled. You may not know what causes these things, but just have ideas / back up plans in place for the impacts.
Some things of course can be so massive in impact to your life that you won't be able to do much about it. But you can still eliminate the impact of a lot of other unlikely or improbable events you could never have guessesd if they are just large or significant events. You may still be left with a couple of general annilhilation events, you can't do anything about. The number is small though and maybe out of your control. But you can still address the unexpected large events within your control, even if you don't know yet what they are.
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chiangmai
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Post by chiangmai on Dec 10, 2019 12:27:48 GMT 7
You're never too old to get hit by a double whammy that came out of left field, your blind side, something you would never have even remotely guessed at, something so unlikely or improbable that you would never have even remotely guessed at it. When that happens, no ammount of having your sh*t together will help you. That's where you build in financial buffers and contingenices. In addition while you may not know what those things are you can model scenarios. eg what happens if my income from XYZ dries up? what if I lose ABC assets? What happens if I become physically or mentally disabled. You may not know what causes these things, but just have ideas / back up plans in place for the impacts.
Some things of course can be so massive in impact to your life that you won't be able to do much about it. But you can still eliminate the impact of a lot of other unlikely or improbable events you could never have guessesd if they are just large or significant events. You may still be left with a couple of general annilhilation events, you can't do anything about. The number is small though and maybe out of your control. But you can still address the unexpected large events within your control, even if you don't know yet what they are.
Sure, good contingency planning and lots of money are all good and helpful, I continue to believe however that other factors can and do appear to upset the apple cart, health, legal, visa/regulatory, once trusted relationships...I'm sure the list is a long one. |
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Post by Fletchsmile on Dec 10, 2019 12:32:55 GMT 7
That's where you build in financial buffers and contingenices. In addition while you may not know what those things are you can model scenarios. eg what happens if my income from XYZ dries up? what if I lose ABC assets? What happens if I become physically or mentally disabled. You may not know what causes these things, but just have ideas / back up plans in place for the impacts.
Some things of course can be so massive in impact to your life that you won't be able to do much about it. But you can still eliminate the impact of a lot of other unlikely or improbable events you could never have guessesd if they are just large or significant events. You may still be left with a couple of general annilhilation events, you can't do anything about. The number is small though and maybe out of your control. But you can still address the unexpected large events within your control, even if you don't know yet what they are.
Sure, good contingency planning and lots of money are all good and helpful, I continue to believe however that other factors can and do appear to upset the apple cart, health, legal, visa/regulatory, once trusted relationships...I'm sure the list is a long one. I agree with you mate.
If you list them whether mentally or put down in a list, howevever, vaguely thats 1st sep. Next step is an action plan however vague against each. eg what do you do if your health takes a turn for the worst. What you gonna do if you can't get a visa, what happens if you divorce etc?
For me all those you have listed are things I've at least thought about, and I have "mitigating actions" of what I would do in such an event. So if the brown stuff does hit the fan, they've been thought about beforehand 
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Post by rgs2001uk on Dec 10, 2019 20:19:28 GMT 7
I disagree. Having your life together makes it a lot easier to deal with the unexpected and recover from it. Everyone on Earth has bad things happen to them and if your life is already a mess it's a lot harder to deal with unexpected events. Being in a good financial position or even financially independent makes dealing with the unexpected easier no matter what happens to you.
I know a guy who broke his arm last week and the deposit the hospital wanted for surgery to put in a pin to help it set was 3 months of his salary. No health insurance and no savings. Doesn't make enough money to get a credit card as a foreigner in Thailand either. If that was my position in life I wouldn't be living in Thailand.
At a minimum foreigners need to have their act together when living in here because if you don't the consequences can be far worse than in the nanny state back home. A large part of that is taking care of your finances, including an emergency fund or at least access to quick cash.
You're never too old to get hit by a double whammy that came out of left field, your blind side, something you would never have even remotely guessed at, something so unlikely or improbable that you would never have even remotely guessed at it. When that happens, no ammount of having your sh*t together will help you. Wow, its like looking in a mirror, well said. Couple of stories, guy paid 500 baht to have a tooth pulled because he couldnt afford the 15,000 baht root canal costs. Another guy in a hospital bed, out of it, his mrs was asked to rock up with 50k baht in cash to cover expected costs. |
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oldie
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Post by oldie on Dec 11, 2019 17:12:34 GMT 7
I'll keep working as long as I physically can. I get good long breaks every 3 weeks and paid annual leave.
When work becomes a distraction I'll think about it.
Can't have too much play money.
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chiangmai
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Post by chiangmai on Dec 11, 2019 17:42:31 GMT 7
I'll keep working as long as I physically can. I get good long breaks every 3 weeks and paid annual leave. When work becomes a distraction I'll think about it. Can't have too much play money. If you find that you do have too much, I'll always help in anyway I can Oldie, after all what are friends for....chum, mate, buddy, pal.  |
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Post by rgs2001uk on Dec 11, 2019 22:01:13 GMT 7
I'll keep working as long as I physically can. I get good long breaks every 3 weeks and paid annual leave. When work becomes a distraction I'll think about it. Can't have too much play money. Told you before, keep yourself on the backshift out of the way of the idiots with clipboards. One of the best shifts I ever had, 4 days, 4 nights, 8 days off. Some guys couldnt handle it, I loved it, other guys got themselves part time jobs in pubs on their days off, cash in hand, 55555. |
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