Retirement planning is long existed as far as we know today. Companies who took care their employees from the date of their hiring, and up to the date of their own demise after they got retired (even the casket and funeral services), are now considered a dream company to be employed. Because of emerged globalization and liberalized market, companies as well as policies in employment changed. And one of these changes is retirement packages.
Today, only top 100 companies in the Philippines are only offering decent retirement packages that offers one to two months of monthly salary.
But is it enough?
Here are some known mistakes in retirement planning:
- Dependent in social security pension funds. If you plan to retire thru your SSS pension, no other investments and business established, you are in doom! SSS funds will never be enough for your medications.
- Retired Too Young and Retired Too Old. The optimist retires too young and outlived his retirement savings and the pessimists retired too old and unable to enjoy his retirement days because of health condition. There is nothing wrong to retire early, unless you can sustain your living until you reached 65. The major mistakes of people who retired too early is outliving their savings thru various vacations, travels, and business ventures that never been profitable. Until they realized they were already too old to return in employment.
- No Concrete Financial Plans. Pursuing successful retirement days requires early seeding of funds thru long term equities, establishing small businesses while in employment, discipline in budgeting, and getting life insurance that have links in investments such Universal Variable Linked.
Retirement is not necessarily you are stop working. Retirement means, you retire from work you may be don’t like, and decided to pursue other things that may inspire you and keeps you in passion.
And retirement can also be an opportunity for your lost moments with your family. How many graduation of your children did you attended while you are busy in your work? How many breakfast you had skipped in order to be in work on-time?
My friend, plan your retirement today. Discussed it thru your wife/husband. If you are still single, consult with your parents. Retirement is not also about money, but also include person who will affect if you retired.
“I’ve never seen anyone plan to fail in retirement , but I’ve seen a lot who failed to plan for their retirement.”
Dean Pax Lapid
Happy To Become A Happy Retiree