Avoid Immediate Gratification, Plan Your Retirement Now!

Many employees upon landing their first job is to save something that they can buy in the near future. Like a latest mobile unit, a new pair basketball shoes, a new designer bag, or a brand new car.  Among these are very common among white collared employees, they usually prioritized immediate gratification.

One of the saddest truth about this topic is 90% of employees doesn’t prioritized retirement.  For them, it sounds too serious to talk about and why not spending their money on the things can be seen, used, or touch.

These people prioritized immediate gratifications rather that spending time to think retirement investments.

A Story of an Old Man who Still Go to Work

I bumped an old neighbor while commuting in an aircon bus along Ortigas Avenue, the bus is fully filled already and we have no choice but to stand in the middle and wait others to go-off.  I started a conversion to entertain ourselves during traffic.  He is a 65 years old already, obliged to go to work for his family.  I asked humbly, “Why do you still working? You should be retired now and enjoy the fruits of your labor.”  He replied, “I wish I can end my career in the company and I’m looking to play with my granddaughter.”  He added “If I stop working, my family will be hungry.”  I noticed he stand anxiously, he said he’s suffering osteo-rheumatisms.  I assume he wanted to be seated.

How I wish he planned earlier his retirement while he still on his prime.  That is why planning for retirement is very important while on your prime.

Instruments for Retirement Planning

Retirement planning is offered to certain individuals who has vast number of assets that may conflicted in investments.  Most financial plans are offered for free,  when you agreed to meet in person with an life insurance agent.  Life insurance offers retirement packages, suited to your financial goals.

Here are some retirement instruments:

  1. Life Insurance – life insurance is now different to life insurance before.  Life insurance offers you services to cover your income from all uncertainties.  Monitored by IC (Insurance Commissions), ensures the public for safe and reliable insurances.  And furthermore, Life Insurane commonly attached with investments, called Variable Unit Linked or simply (VUL).
  2. Stock Market – investment in equities are very common now for white collared employees.  But for more serious retirement planning, it should be invested in long-term using peso-cost averaging.
  3. Active Businesses – The least path on preparing your retirement because other Pinoys are preferring easy-to-set-up businesses such network marketting.  Having a second stream of income while attending 8-5pm job is most effective way of preparing your retirement.

Parting Words

Prepare your retirement as early as today.  If you delay your retirement planning, chances are you will no longer prioritize this, just wait for others to fulfill your dreams.

You can have your dream car.  You can eat in fancy restaurants.   You can avail expensive vacations.  But do you have life insurance now?


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Eleison Cruz

Financial Consultant. Personal Finance and Investment advocate. Author of The Good Asset, a blog that educates people in investments, financial literacy, and life insurance. Visit www.thegoodasset.ph

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