How to Prepare for Retirement
Through Investment and Tax Deductions
Planning for retirement is extremely important in today's world, where life expectancy is increasing. Having sufficient savings for expenses during retirement will help ensure a good quality of life and alleviate worries about financial issues in the future. One popular method for preparing for retirement is through investment and utilizing tax benefits.
Why Should You Prepare for Retirement Early?
Inflation
The continuously rising inflation rate leads to increased living costs. Therefore, the money we save today may not be sufficient for future expenses.
Increased Life Expectancy
With advancements in medical technology, the average lifespan has increased. This means we need to prepare funds for expenses over a longer period.
Decreased Income
Upon retirement, the primary source of income will disappear. Therefore, savings become crucially important.
Worrawan Rakkeo, CEO of Addwealth301 and owner of the Facebook page Worrawanfinance, had the opportunity to interview Assistant Professor Chanachai Dechwithayaporn, a lecturer in the Finance Department at Dhurakij Pundit University, to share insights and strategies on how to prepare for retirement through investment and tax deductions.