Retirement. Can you take the risk?

A traditional Filipino worker can work hard for the rest of his life occupying the responsibility of being a bread winner, being the head of the family, working their asses of for the food and scholastic responsibility that we have known to owe to our children and family. Most of the Filipinos I know still works even at the age of 60 not for the reason of passion for work but for the reason that their family and children still demands them to. If you are reading this, then you might as well think of the career that you would like to have in the future. I know, life is hard, it’s hard to find a job with a decent salary, or maybe the excuse of setting your priority to your family hinders you to think of your retirement but what I am telling you, IT IS WRONG. I personally, don’t only want just an SSS pension to cover me during my older years, nor oblige my children to feed me because I feed them while I was still kicking. The fact is, there is no assurance in this world. So if you are thinking to play your retirement with other hands then why not make it to the right ones? Are you too young for this? No I don’t think so. First let me give you some questions that you should ask to yourself for your future retirement. Do I have source of income in the future? How much do I need in the future? Will it sustain me till the day that I die? How do I plan my retirement? How’s my lifestyle related to my future retirement? How will my plans benefit my loved ones? By answering these questions, then you can think of plans on how to prepare for your retirement. Let me give you some ways that can help you with your retirement. 1. Government Benefits. SSS and GSIS have been both helping retired Filipinos go on in their ways. Whether your company automatically deducts your contribution from your salary or not, It is very important that you have a contribution and you have an existing account. In your future retirement an amount of 3 thousand would matter for your daily survival or the amount of lump sum that you would leave to your loved ones could help. If you start now, just make sure to monitor your contributions through the online sites or the best thing is to make loans. The interest is small and it is payable within two years. It’s better rather than crying in the future because somebody else has already claimed your pension. 2. Life Insurance and Mutual Funds. Do not consider it as an expense, my friend once told me. She convinced me enough by seeing a living proof of this kind of investment. The mother was bright enough to include the insurance to her budget and when she died, it leaves her children a million worth of lump sum. Imagine, you won’t be leaving nothing to your children? Okay, this credit is for SUNLIFE. However, when choosing a life insurance it is important to know your lifestyle and the product you are going for. It is for the simple reason that you don’t want a waste. 3. Death Plans. No I am not kidding; this is so far the most trending insurance that I know aside from life insurance. For the last moments of your stay at the top of the earth, off course, you don’t want a cheap and disposable coffin for your grave. Thinking if your family would still think of a coffin of your choice, why not think of it now. The best example that I can give is the St. Peter Life plan. Also it has terms that you can choose from. Even at the age of 20’s you can have this plan. The great thing about this is. It will cover your coffin, the cemetery, the funeral service. You family just have to coordinate with them. When worse comes to worst, you won’t be thinking of how you will get buried because you are prepared. Another thing here is after five years and you have finished paying your plan and you are still alive and kicking, you can get an amount for your insurance. Great deal huh? Just make sure that you are doing it with the right company and person. 4. Investment. This is yet the most risky move that you can do. You can try to engage to a business of your choice, stock market, farm and animal husbandry it is your choice. You have to choose what you like most and what suits your budget most. If you can spare a super effort, then I suggest you to go for business. If you want a simple investments that uses only your analytical powers, go for the stocks. If you want to be at peace now and you can ask someone passionate about farming, you can do it with your land in the province. It is not enough for your money to stay in the bank and wait for the interest to grow, which I think will take a decade before you can have much for your retirement. Your money is made for circulation; let it go, let it grow. 5. Health Benefits. No, your company will not provide you a health card forever or even some companies won’t. Another government agency that will not let you down with this matter is the PhilHealth. The contribution is not pricey yet you can use it in the very peak of yoru need. The secret is to start now. It also extends to you and your family. 6. Savings. While stocking money on the bank won’t make it grow like the ones in investments, saving can never lead you in vain. Savings can never get out of your future thinking. It will be the water when you are in the midst of drought and the one thing that you can turn to when all your materials is gone. Be sure to make a discipline of saving. When you have enough amount, you can take it to the bank programs that can make its interest higher than an ordinary account. You can do a time deposit or yet the best is to ask you bank about it.   If you are working all your life for others, at least with these simple preparations you can allot things for yourself in the future. In the end, your will power and strategy will lead you to a happy retirement. Do not take the risk of not taking the risk for your future. It’s all yours. Image from

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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