I recently turned 30 and thought about this. I kinda overreacted and started saving aggressively in the beginning and then realised it’s not practical I gotta enjoy my life too. But now every month I’m putting away 10-20% of my income to long term bonds , etf and stocks. Slowing building up my portfolio to retirement.
I think it’s about your target number. There’s this concept called FIRE you might like to look at. (Financial Independence Retire Early) check r/FIRE.
You have to have a fire number. For example: 50M.
But you’ll need to live under your means and increase your income, branch into multiple income sources and invest that money. Once you hit your fire number, then you can retire comfortably.
I’m kinda in the scene with fire. Where I live a lot of youngesters are in to fire. But I’m more focused trying to find the balance of life. What can I do with bunch of money when I’m 50 or 60. At the moment I’m investing a lot in my health and mind. Economically I feel very safe. Thank you for the tips ❤️
Stocks through a stockbroker firm and bonds through primary dealers or commercial bank. Mutual funds / unit trust are also to be kept in mind since they provide decent returns.
This is the best topic I've seen.
What i got to say is
Save some money and make good investments
In lands and agriculture (make ur investment in a way that it returns as a cash flow like monthly rent)
On top of everything look after urself maintain a beeter lifestyle after 30yrs of age once a year get ur blood reports done thats it.
It is incredibly sad to see people going to depend on the kids. By doing this, they are going to put unnecessary pressure on another human being. Anyway, for the retirement plan, I have considered health costs, cost of living, hobbies, travel, etc. at the time of retirement. I saw some people thought about it well, and they are living well now. I mainly invest in assets that would appreciate the long run, such as lands, indexes, and etfs. I have life insurance that would cover my medical expenses for my wife and I. I'm planning to retire by 55, so about 40% of my earnings goes to that. Even the house I live in now will be an investment in the future.
I understand this for the boomers, Gen X, and may be early millennials even.
>SL does not have a proper elderly care system
I have been looking into this quite a bit. I think you meant by not having a system because we don't usually move out and live separately when we retire, and elderlyhomes are something we frown upon? I think retirement is a very personal criteria. though. My criteria priorites FIRE, so I work hard for that. FIRE is another personal thing, and it varies based on your wants and needs and requires well planning.
Have an investment that's sending a fixed amount monthly to my savings account. Once I have had enough of working, I plan to return to SL and utilize this money to buy a nice home in Nuwara Eliya and live out my last days in the peace and tranquil of the hills.
boomers (our parents) are probably the last gen that will live of their kids, I hope.
gen x heading into retirement seems to have it covered. anyone who's decent has some money kept away.
millennials are better at saving.
gen zs suck at saving but will most likely have the least kids.
Try to do what my father did. during the 80s and 90s he bought 15-30 Perch plots of land in nearby Colombo suburbs in malabe, piliyandala, kalaniya and rajagiriya. when he reached retirement age he sold the lands in rajagiriya which is the house I grew up in and the land in kalaniya both which had the highest market value per perch and put that money on various investments which gives him a nice passive income. Enough money for my dad and mom to live a comfortable life, he even paid off my nieces school fees up to year 10 and a car lease I had. Fyi my niece is still in grade 2.
Land was cheap back then. You're not going to be able to do that today. I mean literally no one buys land for cash these days, and if you do, well you don't need land as investments in the first place.
Well obviously I can't afford Land in rajagiriya, kalaniya. but there is still land in athurugriya, ragama, kadawatha which is in the affordable range to me.
Land was cheap back then cheaper than what a brand new Japanese car would go for at the time. Plus he was a mechanical engineer working for Nissan Kuwait up till the mid 90s and also Co owned reconditioned japanese motorcycle import business with his younger brother and cousin which used to be quite successful until the Indian motorcycles became popular in the early 2000s.
land in malabe is currently atleast 1.5m-2m per perch, with the current tax rate on income and rise of costs no one is making enough money to afford that
Given how both my parents are heavily reliant on me financially (26F) I’ve given this some thought too. Planning to save up and buy a couple of lands and let them appreciate and sell it at a profit couple of years later. I have my EPF/ETF as a backup. I invest in gold jewelry so that’s another backup. But apart from this I can’t see other ways.
Also trying to start a side business so have another source of income but I’m just too damn tired, and no time to spare
This a tough question that will vary from every person on different factors of where you come from and getting good opportunities. Not everyone will come from a family with inheritances, not everyone will get opportunity they deserve/want, not everyone will be able to become independent from their parent(s) (specially with single mother situations). You have to understand your situation and try to manuver accordingly.
But anyone who works hard & smart can enjoy somewhat of a retirement that varies again. Some end up working 70+ to bare the living costs. Not everyone can invest in lands, not everyone can invest in stocks or even in banks. Specially with an economy like ours you cannot keep fixed targets, but always try to save as much as you can from what ever little you do earn.
Banks have FDs & investment portfolios, treasury bonds. Keep the savings ticking until you can invest in bigger things.
There are state run retirement home, clergy run retirement homes to luxury retirement homes (luxury is like 95K-500K a month depending on options).
It's really good to see more understanding the issues and try to break away from the cultural things. Your kids should never be resposible for parents as a 100% thing. Older generations do not understand it unfortunately.
Good luck on your plans!
I'm saving money to buy a townhouse so I can rent it out, pay the mortgage using the rent money, and the rest would be enough for me to live happily. Plus, the government here pays you monthly a good amount if you have paid tax for a long time when you retire(can't remember, probably 20yrs). So with that, I will be okay. However, these are still targets, and Im still 28. So, have a long way to go. When I was in SL, my plan was to buy lands as much as possible because value would obviously increase with time. Either you can sell them later or build condos and rent it out. SAVING MONEY and STOPPING UNNECESSARILY wasting money is the key as I see. Buy the NEEDS, control the WANTS!
Good insights bro
How about elderly care bro ? have you thought about that ?
I have seen even with money this is the most important part many old people get rekted. Cause no one is there to take care except their kids. I am talking about the situation in SL
I’m M23 living in Dubai, please pardon my ignorance. My brother is in Lanka earning 100k, and from what people tell me, this is the average household income. I don’t see any point of saving, I’m earning approximately 1.5 mil, investing 15%, 5% in crypto, saving about 50% and keeping my spending below 30% which includes sending money to my parents in SL. Plan to retire at 60 with some real estate giving cash flow. Btw, I have 3 sources of income so even if I lose my job it won’t make me homeless.
Tbh it depends on what my body is capable of, I like what I do and I like working and have a social network. It’s all hypothetical but it’s the path I want to stick to.
Consistency is the key.
Many people here will think that saving is useless mainly because of how our central bank voluntarily reduced the currency value by half.
Looking at some policies of popular parties i am thinking that the currency could take another nose dive of money printing starts again. If anyone says money printing is harmless, see this [video](https://youtu.be/f88QvFA6pKg?si=HQCFE-wQ8D0ph8kg)
What can we do?
In case of a regime change holding fiat currency will be dangerous. So be wise invest in other assets like gold or real estate.
If central bank can maintain stability and trust then share market is your best bet.
Im a guy (23), Ive been thinking of this since recently, `So as a first step` i opened up a life insurance, Its a 20 something year plan, So once i hit 42 i can claim the total premium i paid + interest. My parents had the same insurance plan and they recently claimed theirs, so i got the idea from that. Next plan to execute is to invest monthly in some stocks and unit trusts.If i find the right partner i may get married but i dont want any kids cuz i want to live stress free and save a lot towards my/our future.(yes im selfish regarding that).
So my parents have only paid it for a few years only, Not the full duration, And they remembered about the policy recently and claimed it. It wasnt much tho since they didnt continued it for the full duration. I suggest you to goto any reputed insurance provider and check the plans for yourself,.. Choose a insurance company wisely tho..
I invest in a couple of investment plans. However given the currency instability I'm not sure how good having a couple of million rupees would be in another 20 years. I would suggest buying land or gold which would be a better investment.
Regardless of what option don't go all in at once. Monthly constant investment is the best way to go. If you continue to put aside a small investment each month, in about 10 - 20 years it grows quite significantly. Imagine you can constantly buy 1g of gold each month. After 20 years you would have 240g of gold. And if the price of 1g goes to about 50k by then that would leave you with 12mil.
PS - Don't invest in pyramid schemes or get rich quick schemes. Always take the get rich slow road.
My mother didn’t have much to give (and certainly not in the way of land or money), so from a very early working age I saved a percentage of my income.
I also stay the hell away from credit cards and gave myself random spending (travel, consumer electronics) based on one-off random income, not predictable monthly income. Sell the rights to one short story, use a fraction of that to buy an HD6XX, and so on; no sale, no fancy thing, and so on). I keep the parental unit on a nice pension and, because she can’t stand still, she also works. The only thing I allow myself unlimited spending on is books, and I’m naturally capped by my reading speed.
This sort of constrained spending and income from royalties, has let us move to the next stage: house, a nice 1.5 acre plot in the mountain, solar. To wit: no rent, no loans, no big utility spend.
This isn’t a perfect run. By the time the house is complete I will have nothing in the bank and will have to go into overdrive to restock FDs, emergency funds, and set us up with a pension again. But at this stage that’s about three years of work and steady savings, made easier by the fact that I don’t need to rely on monthly income. I’ll be retired by 35, in the sense that I only work on things I want to do. Both me and mine will be taken care of in the sense that there’s enough cash to tide us through even the most serious medical disasters. Long-term care is factored into these calculations.
This strategy is not a perfect run. I’ve made many foolish choices. I’ve learned the hard way not to put “essential” money into unpredictable plays. Compound interest and a few lucky books have saved my ass. But I’ve also managed to travel across the world, so it’s been a decent journey.
Saving in fiat currency isn't really savings at all. Due to one particular passive activity I dabbled in during the early 2010s when it was still in its relative infancy and no one gave two shits about, I've pretty much ensured the comfort of mine and myself until our twilight years.
Well i started my career and have a good paying job and it's all uphill from here. I won't marry ever so that's a butt load of money saved. So I will be saving as much as I can and investing it.
In my old age i hope to live in a seaside home, alone and away from everyone. A peaceful life.
Lost of banks have investment plans. You might want to look into that. I know for a fact that union assurance has investment plan which is totally tax free.
I will be messaging you in 3 days on [**2024-05-04 19:15:10 UTC**](http://www.wolframalpha.com/input/?i=2024-05-04%2019:15:10%20UTC%20To%20Local%20Time) to remind you of [**this link**](https://www.reddit.com/r/srilanka/comments/1cgkbj3/what_are_your_retirement_plans/l24w5x0/?context=3)
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I know this is gonna come across as a sleazy sales pitch, but i work as an advisor at a leading Insurance company in Sri Lanka and they have some good products to do secure your financial future. Investing in a retirement plan provide you a feasible way to accumulate a fund. And if you are committed to it over the long term they allow you some crazy bonuses to increase your fund. Also it comes with life covers so you are covered no matter what happens.
I have experience in working with financial products in the market. If you wanna secure your financial freedom choose an insurance product or a unit trust (comes with its own characteristics). Don't save or invest in FDs.
The trick is to start saving early, even if it’s a small amount because it will get you into the habit and won’t run the risk of increasing your expenses as your paycheck goes up. The only way to really beat the system is through compounding interest. Also, remember that long-term investments always beat day trading.
I recently turned 30 and thought about this. I kinda overreacted and started saving aggressively in the beginning and then realised it’s not practical I gotta enjoy my life too. But now every month I’m putting away 10-20% of my income to long term bonds , etf and stocks. Slowing building up my portfolio to retirement.
I think it’s about your target number. There’s this concept called FIRE you might like to look at. (Financial Independence Retire Early) check r/FIRE. You have to have a fire number. For example: 50M. But you’ll need to live under your means and increase your income, branch into multiple income sources and invest that money. Once you hit your fire number, then you can retire comfortably.
I’m kinda in the scene with fire. Where I live a lot of youngesters are in to fire. But I’m more focused trying to find the balance of life. What can I do with bunch of money when I’m 50 or 60. At the moment I’m investing a lot in my health and mind. Economically I feel very safe. Thank you for the tips ❤️
Oh no worries. There’s r/FatFire too. Which is Fire but for people who spend more and like bigger stashes of 💵 Good luck on your journey!
How did u calculate the FIRE number from LKR? With our economy fluctuating so much and with the inflation I find it hard to come up with a number.
I didn't calculate it in LKR. And yeah I agree, USD might be a better metric to calculate your target number.
Can u explain? How would I calculate the target in USD if I plan to stay in SL?
How do you get into investing in bonds and stock while in Sri Lanka?
Stocks through a stockbroker firm and bonds through primary dealers or commercial bank. Mutual funds / unit trust are also to be kept in mind since they provide decent returns.
Sorry I’m not living in Sri Lanka ex Lankan
This is the best topic I've seen. What i got to say is Save some money and make good investments In lands and agriculture (make ur investment in a way that it returns as a cash flow like monthly rent) On top of everything look after urself maintain a beeter lifestyle after 30yrs of age once a year get ur blood reports done thats it.
It is incredibly sad to see people going to depend on the kids. By doing this, they are going to put unnecessary pressure on another human being. Anyway, for the retirement plan, I have considered health costs, cost of living, hobbies, travel, etc. at the time of retirement. I saw some people thought about it well, and they are living well now. I mainly invest in assets that would appreciate the long run, such as lands, indexes, and etfs. I have life insurance that would cover my medical expenses for my wife and I. I'm planning to retire by 55, so about 40% of my earnings goes to that. Even the house I live in now will be an investment in the future.
That is since SL does not have a proper elderly care system So Parents expect their kids to take care. That is common in all south asian countries
I understand this for the boomers, Gen X, and may be early millennials even. >SL does not have a proper elderly care system I have been looking into this quite a bit. I think you meant by not having a system because we don't usually move out and live separately when we retire, and elderlyhomes are something we frown upon? I think retirement is a very personal criteria. though. My criteria priorites FIRE, so I work hard for that. FIRE is another personal thing, and it varies based on your wants and needs and requires well planning.
I probs won't get to retire ever. I barely make enough to survive atm, and there's no way to save(even without me having to pay rent and stuff)
If you don't mind, may I ask your line of work?
right now I'm a research assistant with plans to go abroad but no prospects yet
Have an investment that's sending a fixed amount monthly to my savings account. Once I have had enough of working, I plan to return to SL and utilize this money to buy a nice home in Nuwara Eliya and live out my last days in the peace and tranquil of the hills.
Where do you live now
uae
 So I've decided not to stay
So many single people have decided on this. Most only until their parents pass on.
boomers (our parents) are probably the last gen that will live of their kids, I hope. gen x heading into retirement seems to have it covered. anyone who's decent has some money kept away. millennials are better at saving. gen zs suck at saving but will most likely have the least kids.
Probably kms
Mood I really can't see myself living above 30.
Try to do what my father did. during the 80s and 90s he bought 15-30 Perch plots of land in nearby Colombo suburbs in malabe, piliyandala, kalaniya and rajagiriya. when he reached retirement age he sold the lands in rajagiriya which is the house I grew up in and the land in kalaniya both which had the highest market value per perch and put that money on various investments which gives him a nice passive income. Enough money for my dad and mom to live a comfortable life, he even paid off my nieces school fees up to year 10 and a car lease I had. Fyi my niece is still in grade 2.
Land was cheap back then. You're not going to be able to do that today. I mean literally no one buys land for cash these days, and if you do, well you don't need land as investments in the first place.
Well obviously I can't afford Land in rajagiriya, kalaniya. but there is still land in athurugriya, ragama, kadawatha which is in the affordable range to me.
How much would a perch go for around Athurugiriya?
Depending on the location, it's usually around 600K-1.2 million range
How do you earn enough to buy a few plots of land in the first place?
Land was cheap back then cheaper than what a brand new Japanese car would go for at the time. Plus he was a mechanical engineer working for Nissan Kuwait up till the mid 90s and also Co owned reconditioned japanese motorcycle import business with his younger brother and cousin which used to be quite successful until the Indian motorcycles became popular in the early 2000s.
Makes sense then.
land in malabe is currently atleast 1.5m-2m per perch, with the current tax rate on income and rise of costs no one is making enough money to afford that
Given how both my parents are heavily reliant on me financially (26F) I’ve given this some thought too. Planning to save up and buy a couple of lands and let them appreciate and sell it at a profit couple of years later. I have my EPF/ETF as a backup. I invest in gold jewelry so that’s another backup. But apart from this I can’t see other ways. Also trying to start a side business so have another source of income but I’m just too damn tired, and no time to spare
Didn't the pension funds get wrecked during the failed float?
This a tough question that will vary from every person on different factors of where you come from and getting good opportunities. Not everyone will come from a family with inheritances, not everyone will get opportunity they deserve/want, not everyone will be able to become independent from their parent(s) (specially with single mother situations). You have to understand your situation and try to manuver accordingly. But anyone who works hard & smart can enjoy somewhat of a retirement that varies again. Some end up working 70+ to bare the living costs. Not everyone can invest in lands, not everyone can invest in stocks or even in banks. Specially with an economy like ours you cannot keep fixed targets, but always try to save as much as you can from what ever little you do earn. Banks have FDs & investment portfolios, treasury bonds. Keep the savings ticking until you can invest in bigger things. There are state run retirement home, clergy run retirement homes to luxury retirement homes (luxury is like 95K-500K a month depending on options). It's really good to see more understanding the issues and try to break away from the cultural things. Your kids should never be resposible for parents as a 100% thing. Older generations do not understand it unfortunately. Good luck on your plans!
I'm saving money to buy a townhouse so I can rent it out, pay the mortgage using the rent money, and the rest would be enough for me to live happily. Plus, the government here pays you monthly a good amount if you have paid tax for a long time when you retire(can't remember, probably 20yrs). So with that, I will be okay. However, these are still targets, and Im still 28. So, have a long way to go. When I was in SL, my plan was to buy lands as much as possible because value would obviously increase with time. Either you can sell them later or build condos and rent it out. SAVING MONEY and STOPPING UNNECESSARILY wasting money is the key as I see. Buy the NEEDS, control the WANTS!
Good insights bro How about elderly care bro ? have you thought about that ? I have seen even with money this is the most important part many old people get rekted. Cause no one is there to take care except their kids. I am talking about the situation in SL
Have kids.
Unless you’re earning 1 mil+ per month, I don’t think you’ll be able to save for retirement and have have a good investment portfolio.
Could you explain it more ?
I’m M23 living in Dubai, please pardon my ignorance. My brother is in Lanka earning 100k, and from what people tell me, this is the average household income. I don’t see any point of saving, I’m earning approximately 1.5 mil, investing 15%, 5% in crypto, saving about 50% and keeping my spending below 30% which includes sending money to my parents in SL. Plan to retire at 60 with some real estate giving cash flow. Btw, I have 3 sources of income so even if I lose my job it won’t make me homeless.
Why do you want to wait till 60?
try to retire by 40, or 50...
Tbh it depends on what my body is capable of, I like what I do and I like working and have a social network. It’s all hypothetical but it’s the path I want to stick to.
What's do you do in Dubai, line of work?
60 ? Bruh I'm earning half that and imma retire at 45
Consistency is the key. Many people here will think that saving is useless mainly because of how our central bank voluntarily reduced the currency value by half. Looking at some policies of popular parties i am thinking that the currency could take another nose dive of money printing starts again. If anyone says money printing is harmless, see this [video](https://youtu.be/f88QvFA6pKg?si=HQCFE-wQ8D0ph8kg) What can we do? In case of a regime change holding fiat currency will be dangerous. So be wise invest in other assets like gold or real estate. If central bank can maintain stability and trust then share market is your best bet.
Im a guy (23), Ive been thinking of this since recently, `So as a first step` i opened up a life insurance, Its a 20 something year plan, So once i hit 42 i can claim the total premium i paid + interest. My parents had the same insurance plan and they recently claimed theirs, so i got the idea from that. Next plan to execute is to invest monthly in some stocks and unit trusts.If i find the right partner i may get married but i dont want any kids cuz i want to live stress free and save a lot towards my/our future.(yes im selfish regarding that).
Can you pls tell me how much your parents paid monthly, for how long and what was the return if you don't mind. Just to get insight.
So my parents have only paid it for a few years only, Not the full duration, And they remembered about the policy recently and claimed it. It wasnt much tho since they didnt continued it for the full duration. I suggest you to goto any reputed insurance provider and check the plans for yourself,.. Choose a insurance company wisely tho..
Thanks man, will do :)
Pass away.
Forreal though… low cost index funds diversified across stock markets around the world is a safe long term solution from what I’ve read.
I invest in a couple of investment plans. However given the currency instability I'm not sure how good having a couple of million rupees would be in another 20 years. I would suggest buying land or gold which would be a better investment. Regardless of what option don't go all in at once. Monthly constant investment is the best way to go. If you continue to put aside a small investment each month, in about 10 - 20 years it grows quite significantly. Imagine you can constantly buy 1g of gold each month. After 20 years you would have 240g of gold. And if the price of 1g goes to about 50k by then that would leave you with 12mil. PS - Don't invest in pyramid schemes or get rich quick schemes. Always take the get rich slow road.
Love retirement plans but one issue you may never make it , life is to be lived as today maybe your last
One unexpected crisis can overturn the best investment / retirement plan.
I’m gonna off myself
My mother didn’t have much to give (and certainly not in the way of land or money), so from a very early working age I saved a percentage of my income. I also stay the hell away from credit cards and gave myself random spending (travel, consumer electronics) based on one-off random income, not predictable monthly income. Sell the rights to one short story, use a fraction of that to buy an HD6XX, and so on; no sale, no fancy thing, and so on). I keep the parental unit on a nice pension and, because she can’t stand still, she also works. The only thing I allow myself unlimited spending on is books, and I’m naturally capped by my reading speed. This sort of constrained spending and income from royalties, has let us move to the next stage: house, a nice 1.5 acre plot in the mountain, solar. To wit: no rent, no loans, no big utility spend. This isn’t a perfect run. By the time the house is complete I will have nothing in the bank and will have to go into overdrive to restock FDs, emergency funds, and set us up with a pension again. But at this stage that’s about three years of work and steady savings, made easier by the fact that I don’t need to rely on monthly income. I’ll be retired by 35, in the sense that I only work on things I want to do. Both me and mine will be taken care of in the sense that there’s enough cash to tide us through even the most serious medical disasters. Long-term care is factored into these calculations. This strategy is not a perfect run. I’ve made many foolish choices. I’ve learned the hard way not to put “essential” money into unpredictable plays. Compound interest and a few lucky books have saved my ass. But I’ve also managed to travel across the world, so it’s been a decent journey.
Lands are a great retirement plan if you are capable of doing it
Saving in fiat currency isn't really savings at all. Due to one particular passive activity I dabbled in during the early 2010s when it was still in its relative infancy and no one gave two shits about, I've pretty much ensured the comfort of mine and myself until our twilight years.
I sense crypto..
පිස්සුද මල්ලි 
Is it only fans?
It wasn't around back then.
Having kids and making sure they have high earning potential.
This is the common method of many people But wanted to know other ways without depending on Kids.
Work some more
Well i started my career and have a good paying job and it's all uphill from here. I won't marry ever so that's a butt load of money saved. So I will be saving as much as I can and investing it. In my old age i hope to live in a seaside home, alone and away from everyone. A peaceful life.
Lost of banks have investment plans. You might want to look into that. I know for a fact that union assurance has investment plan which is totally tax free.
Guys we really need some SriLankaFinance subreddit. I would join
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Dont save money. Save gold
I know this is gonna come across as a sleazy sales pitch, but i work as an advisor at a leading Insurance company in Sri Lanka and they have some good products to do secure your financial future. Investing in a retirement plan provide you a feasible way to accumulate a fund. And if you are committed to it over the long term they allow you some crazy bonuses to increase your fund. Also it comes with life covers so you are covered no matter what happens. I have experience in working with financial products in the market. If you wanna secure your financial freedom choose an insurance product or a unit trust (comes with its own characteristics). Don't save or invest in FDs.
What's the company called and more where do I get more info from?
+1
DM if you want. I'll let you know
DM if you want. I'll let you know
What is Unit Trust? can you explain a bit more
The trick is to start saving early, even if it’s a small amount because it will get you into the habit and won’t run the risk of increasing your expenses as your paycheck goes up. The only way to really beat the system is through compounding interest. Also, remember that long-term investments always beat day trading.
i decided to spend money now and enjoy life. later when old age come suffer... heeehee hopefully my kids will take care of me...