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We are all looking forward to retire someday.
However, the present reality of our senior citizens provides a grim warning. Numbers from National Economic Development Authority (NEDA) show that 3 out of 4 seniors are living poorly. 15% are just getting by, only 9% are living comfortably and 1% are living in luxury.
According to recent studies, the average annual pension of our senior citizens from the Social Security System (SSS) in 2010 was P23,143 pesos. That’s a measly monthly income of only P1,926 pesos or P64 pesos per day.
How can you live with P64 pesos a day?
The cost of living is rising. It has tripled in about 20 years.
When you are older, you are also faced with other issues. You are likely to be sickly. You also have higher chances to be hospitalized for medical problems.
According to NEDA, only 1 out of 10 Pinoys have a retirement plan. This is a sad reality.
It also creates other problems, such as what experts call The Domino effect. Older people depend on their children for their daily living expenses. And because their children are saddled with the responsibility of looking after their elderly parents’ needs, they will be having difficulties in crafting their own personal financial planning. They in turn will be unprepared for their retirement.
The cycle goes on and on, affecting each succeeding generation.
Retirement does not need to be this bad. It should be the time to enjoy your life to the fullest.
Start a retirement plan today. Prepare ahead so you can look forward to the day that you retire from work, and do the things that mean a lot to you.
Talk to us. We can help you prepare for your future.