Village Connect
As we go about our daily lives, it’s easy to get caught up in the present moment and put off thinking about the future. But when it comes to retirement, leaving things to chance just won’t cut it.
According to Megastar and InLife Dreamweaver Sharon Cuneta-Pangilinan, planning ahead is crucial to ensuring a worry-free retirement. Sharon, who has spent years in the entertainment industry and as a mother, has learned the importance of planning ahead, including saving for retirement.
“We work hard to support ourselves and our families, but we often don’t notice that time is slipping away,” she says. “We need to start doing more for our future by having a retirement income plan as early as our 30s or 40s. The younger we start, the more we will be able to save, and the more our savings will grow.”
Unfortunately, many Filipinos are not prepared for retirement. According to a recent study, 80% of senior citizens in the country do not have adequate financial resources once they retire.
The study also found that many retirees need a monthly income of between P25,000 to P50,000 to sustain their lifestyle, but this may not be feasible due to unforeseen circumstances such as healthcare costs. Sharon emphasizes the importance of preparing for these costs.
“In 2023, Filipino households spent over PHP 600 billion out-of-pocket for healthcare. With the projected inflation rate of 3% by 2029 and the increasing cost of living, it’s clear that we need to plan ahead to ensure that we have enough resources to enjoy our retirement years.”
She also highlights the cultural practice of children taking care of their parents, but notes that this can be a burden on the children. “Wouldn’t it be a wonderful gift to our children if we didn’t have to rely on them to take care of us in our old age?” she asks.
So, what can we do to prepare for retirement? Sharon recommends starting early and having a steady stream of retirement income for life. She also talks about InLife Retire Assure, a retirement insurance product that provides guaranteed monthly income starting at age 60 or 65, all the way until age 100.
InLife Retire Assure also includes guaranteed life insurance, which provides financial independence and peace of mind, not just for the insured, but also for their loved ones. The product features guaranteed issuance, with no medical evaluation needed, regardless of the applicant’s health condition.
Sharon encourages Filipinos to start saving for their retirement while they are still young. “Retirement isn’t about slowing down; it’s about starting an exciting new chapter. Let’s plan it right so we can live life to the fullest and retire without worries.” By planning ahead and saving for retirement, we can ensure that we have a worry-free retirement and can enjoy our golden years to the fullest. As Sharon says, “Let’s plan it right so we can live life to the fullest and retire without worries.”
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