I just came across this great article and info graphic today and wanted to share it. This is especially appropriate for my many Filipino readers (I appreciate you guys deeply you know) and for my expat readers with relative and loved one’s here in the Philippines. This is an excerpt, the whole article is well worth a read, just clip on the link or click on the graphic for a full-sixe view. Thanks and a tip of the hat to ABS-CBN News.
There is an unwritten rule in the Philippines that a vast majority will still have to continue to work after retirement or put up business for added sources of income. Some might not have to work, but would need to depend on their kids, relatives and other loved ones because of financial needs. Only a few are able to retire on good faith with enough savings for their retirement years.
The retiring age in the Philippines is 60 years old, and the life expectancy in Asia is 75. A retiree will still need to survive day-by-day on a span of 15 years.
Sadly, eight million Filipinos have no pension plans or retirement savings at all. On starting to save for retirement, the earlier, the better. Every financial decision you make now affects your future.
How to plan for retirement? Here are steps:
Upon retiring, you will still roughly have the same expenses as you but with less or no income. Where will you get the money to survive? Pensions might be a good answer – but surely, it won’t be enough to cover everything.
Plan for hospitalization.
As you get old, your body will also get weaker. There’s a big chance you’ll get hospitalized when you’re sick as your body’s immune system will not be as strong as it was.
Allocate a portion of your income for your retirement. Filipinos have always been known to splurge on celebrations and family. If you know your financial capacity, live within your means. You can opt to save in banks or protect your assets with insurance plans.
OK, So What You May Be Saying
Now that I have devoted a large portion of the article to what seems to be only a Philippine-related problem, let me acquaint you with an unpleasant fact that a lot of people seem to ignore. This big info graphic illustration here could just as well be about the USA as about the Philippines.
The number of people who write me for advice who have no pension(s) and no savings is staggering. Matter of fact it depresses me at times. That’s one of the reasons I have been writing so little on this site is because I continually meet up with people who are ne step away from being hopeless.
It tugs at my heartstrings. I want to help but there is so little I can do about it. And the problem seems to grow year after year. Those who DO have jobs in the USA are often making less money than they did 5 or 10 years ago.
They certainly have bills higher than 5 or 10 years ago.
And so many people are doing absolutely nothing about it. Just sitting around getting deeper and deeper in debt and perhaps expecting “the government” to fix things. Sad. And it is so damn un-American. When “we” started this great country how many people realize virtually no one “had a job” and there certainly no government entitlement programs that hand out money just because you are alive>\.
Did “we” forget everything we learned over the years?
Here’s Philly’s Most Important Proven Advice:
Don’t be a Patsy or a Sucker! You don’t have to take this situation lying down.
Empower Yourself and Make Money NOW!
It doesn’t matter if you are 16 or 60. You need to be doing something NOW.
It most certainly doesn’t matter if you are American, Filipino or a citizen of any other country from Afghanistan to Zimbabwe.
Are You Interested in Learning More?
What if I could tell you about, for just one example, 5 investments you can make in the Philippines with P20,000 or less? Would you want to know more? (and no Mr. Landis, they do not involve the Internet and being tied to the computer).
If you do want to know more, leave a comment below, so I will know if there is any interest in this subject? I hate writing in a vacuum.
You can also reach me privately with the “Contact” option up on the top menu of this page or call and leave me a message at 1-719-966-4295, my US number for reader feedback and consultation.