Something hit me a few weeks ago. It was like a breath of fresh air, much like the first sprinkle of rain after a long summer. I feel the heat escape in such a beautiful rush of emotions. Serenity replaced an otherwise chaotic mix of fear and apprehension for the future.
No, it’s not the flu, dummy. And I’m not talking about romance. It’s a different kind of love – calculated, insightful, and even practical – all in preparation for your golden years.
Rude Awakening: Only 2% of Filipinos will be free of financial concerns by retirement time
It is a sad off shoot of our very generous culture, where family members shelter one another, thus encouraging dependency and ignorance of proper retirement planning. Statistics reveal that 45% of us are guilty.
Then again, there is always charity, which extends beyond blood relations. Truth is, as much as 30% do rely on the goodness of strangers. And those who need it but are too proud to succumb to handouts, they opt to continue working, which accounts for up to 22%. Either way, these are not ideal scenarios of a dream-come-true retirement.
Not so Rude Awakening: A well-planned retirement is as easy as 143
As in finding one’s better half, there are non-negotiable aspects of starting a money nest for the golden years. Rule of thumb: save and invest, save and invest.
Sounds simple? Sure, especially with the determination and foresight to accept the bitter truths that life has to offer. There will come a time when you will be old, brittle, and unable to work. Combine these with the wear and tear of years, and you’ll be a fool to not freak out. And that’s only about you, what about the family you will leave behind?
Oh, and by the way, Happy Valentine’s Day! Give a little love, and it will all come back to you. Just like in every well-laid retirement plan.
photo credit to: kristine may
I wish for the day that most filipinos,specially those working hard to raise a family, will be able to save for old age; to free married or unmarried children from additional financial burdens as a result of unpredictable medical and other expenses of aging parents. This is not to take away the privilege of taking care of our aging parents. We, filipinos, are noted for our unconditional love for our parents and even siblings.
The burden starts when married children’s income are not enough even to support their own families. The parents of today need to prepare for retirement; physically, emotionally, spiritually with sufficient funds to cover for old age. What a better way to retire with enough funds in our savings; when we can still do some of the things we love like being active in civic and spiritual organizations, travelling, giving gifts to our children or grandchildren. Something good needs preparation and a little sacrifice and discipline.