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Get addicted when you’re young.

by Dave Thrifty

When you retire it wont matter how much you’ve earned during your working life, all that will matter is how much you’ve saved”

This came to mind watching young and middle-aged farangs in Walking St. I wondered how many of them had a regular savings habit and how many just squandered their earnings as they came ? Let me ask you how many retired people you know who have no regular savings and just get by on state pensions from their country of origin? If they had been forced to make pension contributions while working, then their golden years would not be impoverished ones.

And do you really think the young people who have a chance to make a difference to their own future will suddenly get enthusiastic about providing for themselves? Some will but a large swathe will not catch the savings addiction.They will make many excuses. Can’t afford it right now, I’m leaving the country next year. I’ll sell my business when I retire. I’ve just bought a condo. Over the years I’ve heard them all. They really fail to see that the only person that can look after the old person that they will one day be is the young person that they are now.

Mind you ex-pats have not been helped or encouraged to start regular savings for their retirement by offshore pension providers. The charging structure in many cases has been so high that charges have outweighed the benefits of tax free growth. In the past when people asked for regular premium products (a rare occurrence) I pointed out the punitive charges but I have never actively solicited regular premium business. The reasons I have already stated. Not good value for clients and charges too high/

Now however that has all changed. The big offshore providers have moved the goalposts and their regular premium business is now the best low charge deal that has ever been offered to offshore clients.One key to future prosperity is to hide money from yourself. Another old saying goes- “If the payments don’t hurt, the pension will”. Be generous with your monthly contribution. After all it’s to yourself.

For those without a pension provision it’s time to take responsibility and forget the excuses. Take opportunity to change your future from penury to financial stability.

Get addicted to saving if you want to improve your life

Like all things in life the choice is yours. Don’t get to be a pensioner in Pattaya complaining about the hot weather, the falling value of sterling and the cost of Complan

david.thrifty@yahoo.com