Early retirement does not happen. This requires planning,
commitment, and money.
Philippine fact
1.
The average lifespan of Filipinos as of February
2013 is 71 years.
2.
The average Filipinos spends 10 years in
retirement.
How should an average Filipino prepare for retirement?
1.
Know your needs for retirement. Pinoys think
that their lives would be easier when they retire. However, the cost of living
increases as the years pass by. This means that what you earned when you were
younger does not mean that it will be enough when you retire. The secret on how
to plan for an early retirement should be to plan ahead.
2.
Saving is good but it does not mean that what
you save will be enough. If you save
your money in the bank, this only amounts to a 0.25% annual interest rate. If
you are able to save P1,000 pesos per month for 20 years, that would only be
around P300,000. This means that if a Filipino retires for ten years, it would
be spending P2,500 per month from savings.
3.
Find out about your GSIS or SSS benefits. It
would be wise to know about how your retirement benefits from these institutions
would be like. However, there is bad news for people who trust their retirement
with either institution. You can read about why this is so if you read thisarticle.
4.
Invest. It is true that there are no plain
employees who became financially stable when they retire based only on their
employment. You should invest your income in various ways. You can ask any
financial planning institutions on how you can diversify your income. You can
start a traditional business or join a network marketing company.
If you desire to have an early retirement, you can get
practical advice. You can post your comments on the comment box or send me an
email.
To Your Financial Success!
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