Why we need to prepare for retirement

By Randell Tiongson on June 7th, 2023

Retirement is an inevitable phase of life that every Filipino should be prepared for. As a nation known for its strong sense of family and resilience, it is crucial for Filipinos to recognize the importance of planning for retirement. In this article, we will explore the reasons why retirement preparation is essential for Filipinos and the steps they can take to secure a comfortable and worry-free future.

Increasing Life Expectancy

The average life expectancy in the Philippines has been steadily increasing, thanks to advancements in healthcare and improved living conditions. While this is undoubtedly positive news, it also means that retirement may last for several decades. Filipinos need to consider the financial implications of a longer retirement and ensure they have enough savings to sustain their lifestyle throughout this period.

Limited Government Support

While the Philippine government provides certain social security programs, they may not be sufficient to meet the needs and aspirations of retirees. Relying solely on government support may leave individuals financially vulnerable during retirement. It is crucial for Filipinos to take personal responsibility and start building their retirement savings to supplement any government benefits they may receive.

Rising Cost of Living

The cost of living continues to rise in the Philippines, and this trend is expected to continue. Inflation, healthcare expenses, and the general increase in the cost of goods and services can erode the purchasing power of retirees’ savings. By preparing for retirement early and regularly contributing to retirement funds, Filipinos can stay ahead of inflation and maintain their standard of living.

Maintaining Financial Independence

Retirement should be a time of relaxation and enjoying the fruits of one’s labor, not a period of financial stress and dependency. By diligently saving and investing for retirement, Filipinos can achieve financial independence and have the freedom to pursue their passions and hobbies without being burdened by financial constraints. Taking control of their financial future allows individuals to retire with dignity and maintain their desired lifestyle.

Supporting Loved Ones

We are known for our strong sense of family and the desire to support their loved ones. Planning for retirement ensures that individuals have the means to take care of their family’s needs, including education expenses, healthcare costs, and other unforeseen circumstances. By adequately preparing for retirement, we can protect our loved ones from financial burdens and provide a safety net for their future generations.

Preparing for retirement is a crucial step in securing a comfortable and worry-free future. Filipinos need to recognize the changing landscape of retirement, the limited government support available, and the rising cost of living. By taking personal responsibility, saving diligently, and making wise investments, individuals can achieve financial independence, maintain their desired lifestyle, and support their loved ones. Starting early and consistently contributing to retirement funds are key factors in ensuring a secure future. Let us prioritize retirement planning today to enjoy the rewards of a well-prepared retirement tomorrow.

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One thought on “Why we need to prepare for retirement”

  • The points raised by Randell are all valid.

    However, aside from creating enough pool of funds to self-support or minimize the society’s perceived dependence on relatives for support, it is vital for retiring people to have the opportunity to keep themselves involved in the normal affairs society. I do not mean seniors taking the role as guardians or caretakers of young children or looking after the household chores. But keeping the senior generation productive and actively involved either in paid jobs or volunteer work even at old age. They earned the honor of building the society during their younger years.

    It is not merely about assurance financial fallback and peace of mind as usually emphasized in social media and investors in future wealth. Living a truly meaningful senior life can be realized when they are not discriminated in the labor force due to physical limitations.

    The society of today must not forget but instead appreciate that they are the products of the contributions made by older generations.

    Retiring must not be interpreted as not being engaged in the labor force by virtue of physical limitations brought by ageing. The goverment must protect the older generations by enforcing laws and incentives to protect their quality of life even at old age. Make them mentally and physically engaged as long as possible. Otherwise, they become unwilling victims of the same society which they built themselves. In my view, this is how the system is defaulted this modern times. No wonder, retiring people die quick silently suffering from estrangement from the world they used to be part. This is what makes them a real burden to the society. This is a deceit created by the corporate world that we allowed our minds to be poisoned.

    The society must not look on seniors as purely beneficiaries of little help which underestimates their proven capacity to contribute to the betterment of society.

    They are not human beings that depreciated in value over the years. They must not be seen as burdens of society that need decent source of financial savings to get by in obscurity until they pass on.

    Rather old people must be honored, recognize, and given the priority for making the society we live and enjoy now. Our world needs more old people who grew gray hair for spending their lives in the labor force, public or private, community. We benefit more if they are continually engaged in the world’s affairs. In fact, the modern economies recorgnize this.

    Lets discern between concern for “retiring” people against the capitalist schemes of society.

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Why we need to prepare for retirement