Rethinking Retirement: Why Many Filipinos Plan to Work Longer

As life expectancy rises and economic realities shift, retirement is no longer viewed as a fixed finish line for many Filipinos. A recent regional survey conducted by Sun Life reveals that a large majority of Filipinos anticipate continuing to work even after reaching the traditional retirement age, highlighting a growing transformation in how the country approaches life after 65.

According to the study Retirement Reimagined: Asia’s Retirement Divide, about 72 percent of Filipino respondents expect to remain part of the workforce beyond age 65. For some, this reflects a conscious lifestyle choice. More than half of those surveyed, or 53 percent, say they want to continue working because it gives them a sense of purpose. Others view it as a way to stay mentally engaged (41 percent) or maintain meaningful social connections (36 percent). Work, in this context, is no longer simply about earning—it is also about remaining active and relevant.

However, the findings reveal a more complex picture behind these motivations. While many view extended work as fulfilling, 71 percent of respondents admit they still need additional income to support everyday living and long-term financial stability. This underscores a divide between those who are financially prepared for retirement and those who feel compelled to work longer out of necessity.

Sun Life Philippines CEO and Country Head Benedict Sison describes this contrast as two distinct retirement paths. On one side are the “Gold Star Planners,” individuals who have built enough financial security to decide when and how they want to retire. Among this group, 73 percent say they would continue working beyond retirement age purely by choice, often driven by the desire to remain active or socially engaged.

On the other side are the “Stalled Starters,” people who feel financially unprepared for retirement. Many in this group delay retirement plans due to insufficient savings or uncertainty about their long-term financial security. In fact, about one in five respondents in this category remain unsure whether retirement will even be possible at the expected age.

The study also notes an emerging trend in how Filipinos seek financial guidance. The use of generative artificial intelligence tools—such as ChatGPT and Google Gemini—for financial information has increased significantly, rising from just 3 percent to 11 percent since the previous survey. Despite this growing digital curiosity, Filipinos still place strong trust in human expertise. Nearly half of respondents consult banks or independent financial advisors when making important retirement decisions, reinforcing the continued value of professional guidance.

Financial security remains the single most powerful factor shaping retirement outlook. Among those who look forward to retirement, 67 percent say confidence in their financial stability drives their optimism. Meanwhile, those who feel uncertain about retirement often cite financial worries, including concerns about supporting family members or maintaining their lifestyle.

This pressure is especially felt by the so-called “sandwich generation”—Filipinos who simultaneously support aging parents and dependent children. For many in this group, retirement planning becomes even more challenging, forcing some to scale back lifestyle expectations or postpone retirement altogether.

Health also plays a crucial role in shaping retirement decisions. Many respondents say improvements in physical and mental well-being influence their outlook on working later in life. Good health enables people to remain productive longer, while declining health remains one of the main reasons individuals retire earlier than planned.

Overall, the survey highlights a growing shift in mindset: retirement is increasingly viewed as a flexible life stage rather than a strict age-based milestone. With more Filipinos expressing a desire to choose when they retire, the importance of early financial planning, health management, and trusted financial advice continues to grow in shaping a secure and fulfilling future.