This is how Retirement looks like in the Philippines.
The uncomfortable truth is, your income retires with you but your expenses continues. This is what most people overlook during their working years.
Unless you made it to the right side of the quadrant (passive income), or at least saved up for a retirement fund, you are bound to join the 75% who depend their lives on others upon retirement.
Some people may be happy with their pension, or retirement pay. Yes, you may enjoy it for a year or two. But if you are to live for another 20 years, would that be enough?
Awareness and responsibility is the key to live a comfortable life after retirement. What we plant today is what we shall reap tomorrow.
No matter what age you are right now, it is healthy to internalize this information and start planning for it. On the average, we only have 35 to 40 years to work. If we shall translate it to days, it’s only 14,600 days. Thus it is an advantage to start early.
To get a basic idea of how your retirement would look like, you can use this equation:
Monthly Savings x 480 (months) = Retirement Fund
(E.g. P5,000 x 480 = P2,400,000)
Are you happy with the result?
#SaveEarnRepeat
Originally posted on my LinkedIn account.
