The Filipino Retirement Scenario, Find Out Where will you Belong in the Future
If you are thinking you are far from retiring and you still don’t need to read this. Before clicking the back button, please spare me a few more minutes of your time, and consider just glancing this survey first. This study was done by SSS last 2010 which depicts the destiny of our fellow Filipinos in their retirement age.
The Filipino Retirement Scenario Survey
Out of 100 Filipinos at retirement age….
45 Filipinos will be dependent on relatives
Part of the Filipino culture is to be dependent on our children upon retirement.
“We often hear, “mag-aral ka anak ng mabuti, para pag nakapagtrabaho ka, ikaw na bahala sa amin ng tatay mo.”
Well, if you hear that, it seems like there is nothing wrong with it, but if you look closely, and ask yourself.
Do you really want to depend on your kids in the future for your retirement? Can you imagine yourself asking your kids money for food or medicine?
I’m not telling our ancestors are wrong, but, due to changing times, and present westernized influence, if we still have that same outlook, we may end up in the next group of retirees.
30 Filipinos will be dependent on CHARITY
Reports say, there is a steady increase of the number of our old folks that are being placed in many home-for-the-aged charitable institutions by their own children and relatives. How sad this might be. In reality, we will not know what will take place at the time to come. Are we sure our youngsters will take care of us?
We may not want to end up here either.
So, we might decide to work, and delay our retirement. The next set of retirees in the survey.
22 Filipinos will still need to work and delay retirement
Some say, they don’t want to stop working for the rest of their lives. I think I understand what that means. For some, they don’t want to become bored and feel insignificant. So that’s okay.
But there is a GREAT difference between working just to keep yourself occupied, and working to keep food on the table and roof over your head.
Working in your retirement years must just be for fun.
Sadly, what we all wish to belong, in reality…
Only 2 out of 100 Filipinos will be financially independent
Only 2 out of 100 Filipinos have enough fund to last the rest of the retirement years.
Only 2 out of 100 Filipinos planned for their retirement when they were still young.
If you ask me, I want to be one of those two people in the picture above. So, as early as when I started working, I started saving, even just a little.
And now that I have a family of my own, I still do not neglect my retirement fund, unlike many Filipinos. Once they have a family of their own, due to many other obligations, they tend to forget to pay themselves first. They forget that they still need to retire sometime in the future. They forget to save for their future old, dependent and unemployed SELF.
Which of the 4 scenarios would you think will you end up when you retire?
NOW, I want you to do this, close your eyes, and imagine yourself when you are already RETIRED.
How do you see yourself?
Do you see yourself, sipping Pina Colada in the Bahamas or in a Cruise ship traveling the Caribbean sea?
Or do you see yourself still working late at night and thinking, how to make money to be able to pay the bills, buy the groceries and medicines you need to live?
“What am I doing TODAY, that will benefit my retirement in the future?
The above survey was done by SSS last 2010. Are we all ready to change that survey?
You need to watch out for the next topic of this series, which is “Saving for Retirement.” It will be a really exciting learning, since I will show you how to compute your dream retirement and how much you need to save to get that dream.
Always remember, “Anything Measurable is Attainable.” Dreams can be measured. Let me help you with that. You can contact me here and I will be your personal financial coach.
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