Strengthening Your Finances After Retirement

 

Are you one of the many who is afraid of not having saved enough for your retirement? I am sure that many would agree to this. Many people have been highly anxious about acquiring the necessary financial resources to create a solid retirement foundation. Having financial freedom is everyone’s dream. However, most people believe that this can only be made possible by those who grew up living in a wealthy and privileged family. But this is not necessarily true. Anyone who earns an income and has used their money wisely can become financially independent.

Conclusion: there is a need to see ourselves take a step further and take a challenge to make considerable improvements in their lives. We know that a large majority of Filipinos are living with barely eating 3 meals a day. While some would be struggling to make ends meet, some would rely on the help of others. To get out of that hole cannot be possible in just one night. And just as I would often say, there is a need to have patience and perseverance to meet success.

For most Filipinos, relying on their 9 to 5 jobs may have just been their only way of earning a living. However, they can help themselves be more financially equipped for retirement if they are willing to stretch out more of what they can do.

No matter how much or how little you make, you must always set aside a portion of your earnings for your savings. So, what happens when we are left destitute in our old age? Most of us now tend to splurge on less essential things. It is as if they only live for the present and the “mañana habit” just lives on. We can never be sure when we would need money, especially after developing an unhealthy lifestyle; people today tend to develop diseases early. A retirement plan should be created early on to avoid having problems in the future.

 

Filipinos have very tight-knit families. No matter how old a child may have grown, parents tend to let their children stay with them until their children can do it independently. But sometimes, the family just gets more prominent as the years pass by. Unlike families of different cultures, once a son or a daughter reaches 18 years, he/she is forced to look for a job to sustain his/her college education. Adding to the burden at times is having to help raise their grandchildren, which leaves the aging parents almost nothing for their retirement.

This can also be true in the Philippines. However, a Filipino parent would do all means possible to help their children.

The problem indeed ensues when the time comes, and the need for financial resources arise, mainly to purchase maintenance medicines, annual medical check-up, and hospitalization. And only do they realize that they have neglected saving up for themselves. Sadly, this happens every day.

A simple solution that every retiree may consider is to not totally stop from earning. There is a significant number of baby boomers who want to remain working or at a semi-retirement phase. Like me, although some people would consider just relaxing and enjoying life after retirement, I still find it worthwhile to continue making money for a living. Companies now are more open to offering consultancy positions since it offers more flexible working hours.

Some would think that this is quite unappealing to be working after retirement. But, it sure helps make decent money and at the same time prevents us from depleting our resources. More importantly, we do not have to rely on our children to spend for our needs. They also have their own families to worry about. We will surely be grateful for our children who find time to check on us and extend help whenever we can. But, it is better to be financially independent than have a worry-free retirement.

Now, the solution lies in how the educational system should integrate into its curriculum to teach students how to better understand saving. Not merely focusing on the immediate needs, but instead having a vision of what the future might bring to them.

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You may contact Armando “Butz” Bartolome for questions and more information.

By email: [email protected]

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