Financial Planning OFW Retirement

Planning Your Retirement

retirement

I know that each one of us has a point in our life when we look forward and imagine ourselves already free from our daily stressful work.   Especially when we’re at the peak of pressure, we just simply wish that we could retire at that very moment so we could already enjoy life.  

For our OFW friends, I know that it’s your greatest dream to come home soon and stay for good for you to celebrate every Christmas, New Year, and other important occasions with your family from thereon…

But the hanging question is, are you already prepared for your retirement?  Have you started saving for your retirement fund which you can use to sustain your current lifestyle?  Do you think you will have enough budget, when that time comes, for you to afford your daily expenses and even have extra money for your medical needs, or for travel and other leisure?  If your answer is NO, then there’s no best timing to start it but NOW!

Sad but true, most people have given enough attention with their monthly expenses and even for their short term goals such as car, house and lot, education fund for their children, not realizing that retirement fund is equally important.  It is common for Filipinos that they focus too much today and forget to plan for the future.  Reasons?

  1. They believe that they are still young to think about retirement. But if you think of it, isn’t it right to plan before retiring, rather than retire before planning?  Actually, the best age to start your retirement fund is at a young age, where you still have less expenses and responsibilities.  Your money can maximize growth potential since it will be invested over a longer period of time.  You need to save and invest less compared to a person who is older than you. So, take advantage of your youth!
  1. There’s more expenses and doesn’t have enough money to be allocated for retirement fund. But as the saying goes, “If there’s a will, there’s a way”.  If you think your income is not enough, then look for additional source of income.  Starting a small business or getting a part time job may do.  Right now, it’s much easier as we have social media which we can use for online shops.  You can sell shoes, clothes and accessories.  You can also do direct selling.  One example is my wife, she loves baking and she sells some of her baked goodies thru Facebook and Instagram.  The income may not be that big, but at least it can contribute to our cash flow.  You can also use your talent, you may do photo editing and enter a photography business.  If you’re good at programming then you can do website design and development.  There are a lot of opportunities available, you just need to explore.
  1. People rely to others (their children, nephews or nieces, grandchildren) once they retire. This is one of Filipinos’ attitude where parents become dependent to their children once they grow old.  Maybe not for all, but still many of us follow this pattern.  We believe that we work hard to give our children good education and for them to find a stable job, so in return they will be the ones responsible for us once we grow old.  But if you analyze, instead of giving them the burden of taking in charge of our expenses, why not be independent and allow them to focus on their own family, instead.  Ensure that you have enough fund to sustain your own needs when that time comes, so you’ll no longer be part of their spending which should already be appropriated for the future of your grandchildren.

Retirement age will surely come. You may be so busy earning a living and so busy spending all of them. Do not be caught unaware that the next 5 or 10 years, you are already at your retiring age.

Plan ahead.  Save and invest now.

How much retirement fund do you need to have a worry free, happy retirement? Let’s set an appointment and talk about free financial planning. Please leave a comment below or send private message thru my FB Page  www.facebook.com/mannypascualpagaduan

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1 Comment

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    Efkan
    03/03/2016 at 1:14 pm

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