Do you save for your retirement days?

[Alexandoy]

The pension from the government here is very minimal that a pensioner cannot depend on his pension for the expenses in the home. The amount of pension I get is just enough for my personal needs that excludes rent (although I am not renting) and utilities. The small pension is not enough so those who are nearing retirement is forced to save for his retirement to augment the meager pension. There are insurance companies here that offer pension plan but it is not really safe. No, they are not scams but those companies can fold up and leave the investor with nothing. I was offered a pension plan before but I declined.

When a person retires the prospect of getting another job is dim because of the age factor. In the Philippines there is an informal age limit for a job. Seniors are very lucky if they can get a formal job in the office. When a retiree needs an income that would be a sad situation. I am lucky that I have enough money saved for my old age years that I feel financially secure. I am posting this thread as a suggestion to the younger ones to think about their retirement as early as possible. Don't be like my colleagues who are begging from their friends for the maintenance medication that they need.

 

[Ganibade]

I don't save for retirement days. I know if I started saving money in pension scheme account it is only this money that can save from spending. If I save in my personal account I will spend it,because my expenses is much than my salary and what am earning per month. When I retired I started to collect my money from pension scheme, I collected 4% of my money after 4 month I retired.when I'm 50 years of age I process my pension then I started to collecting money every month. This is what make me happy as a retiree that I have worked for my country, to my family from puberty as a good citizens of my country.

 

[sincerem]

It is known that after retirement you wouldn't get employed again for professional kind of job that is demanding. Retirement time is simply a time for the civil servant to have a good rest after working long the years. And it is advised also for the civil servants to save at least from their salary over a long period of time in order to have something reasonable as monetary value when they how out of their job during old age. Many civil servants makes that mistake to always spend their money without investing it. And such result in suffering during old age especially when pension takes longer to arrive. Such kind of mistake i will avoid, after learning something rich from the posts I've been reading online including this one. They've all shown me the reasons to save, invest wisely to enjoy tremendous retirement benefits and not toil over with suffering for the error I caused myself when I failed to save up something reasonable from my salary as a civil servant.

 

[Caramelle]

I have started saving up for my retirement years ago although the amounts are not as big as I wanted to be. The important thing is I've been consistently saving a part of my earnings towards the future. Besides this, I am also contributing regularly to a government's housing agency which earns even better returns than time deposits or treasury bills in the form of annual dividends. These contributions and dividends may only be withdrawn upon reaching the age of 60 so they can provide funds immediately after reaching retirement age.

I've seen how difficult it must be for senior citizens to rely primarily on the government pension, especially the levels of pension in my own country. My grandma was lucky enough to have received pensions from the US, her own country, and the pensions of my late grandfather as a veteran. These allowed her to live a comfortable life up to the age of 93. Another thing that made her life even more blessed was the fact that she has 10 children who are doing well in their respective jobs in the US. They have all contributed to her upkeep when she chose to return to our country and live on her own. She worked hard in her youth and into her old age to send them to school and to the US. Her investment paid off, although she was not really the type who value material wealth.​

 

[eldavis]

Though I have not started saving for retirement yet but it's something I plan on doing very soon. This is actually the best, instead of waiting for pension or putting all your hopes on pension alone, make plans of your own on what to do after retirement, save enough now so by then you won't have to be worried about it.some persons wait till they are getting close to retirement before they start making plans about retirement.

 

[Kingsley]

My answer to this is a very big yes! One is suppose to not only save for one's retirement and pension but to also mark good plans and investment against the period of ones retirement age. It essential for everyone to take it seriously, because it will come to a stage when no one will be able to work they use to work beforeand they will need something to fall back to.

It is even worse off in some other countries where the government doesn't have and make any provisions for citizens, mostly those citizens working outside the government Sector, even those working with the government do not get their pension in most cases. So it is always best to save as much as possible for time as will be needed in the retirement stage.

 

[Hania iman]

I will definitely save my pension and use it in a proper way. I will do trading or investment with my pension.

 

[Skysaint]

The retirement period should be a thing of concern for every worker or employee who have a said date they are going to quit their job and depend on what they have achieved while they were still working for a living.
The truth of the matter is that am not yet employed as I am still a student but if am to get employed into any company or organization, I will sure do save up for the rainy days or rather put, for my retirement. Not only saving up but investing the money into something lucrative and profitable as well so it won't be prone to devaluation and will increase in value with time.
The retirement period isn't a stage in our lives that's filled with milk and honey especially if you don't make good preparations for it.

 

[Dasryny]

A friend of mine told me that he saves 10% of every paycheck for retirement. I don't know if that's enough?

 

[Rachael]

I would definitely save for my retirement days when I start having a source of good income because presently, I am not a working class and I do not have any sustainable source of income. Any little penny I accumulate right now goes straight to footing my daily needs and some for my academic activities. It is not easy balancing the equation to save, to invest and also to spend before the age of retirement. At the commencement of any work I engage in which is relatively sustainable, I would devise a means and a different account which I will decline all access to it, I would invest 20% of my total income on a monthly basis and I will also invest at the same time because unforeseen events might come up before the retirement age that demands urgency for money. I will ensure to invest offline in purchasing and reselling of landed properties. I will also ensure that if there is any joint contribution with the organization, I would engage in it also on a monthly basis so that at the end of the year, I will use it to invest in something more profitable that will help me not to depend solely on my salary.

 

[Kendy]

I am looking forward to the middle of 2023 to start saving for my retirement days. By 2023 hopefully if the incessant strikes in my Country's geographical setting permits, I should have been done with the academic programme which I am still undergoing. By then, I will take up some part-time offline jobs or a trade, while I will still source for online gigs to perform. I will be more intentional and practical in my savings because I plan to have an investment which I can always fall back on. I hope to save for a couple of two years which I will use to invest in real estate by purchasing at least three (3) legitimate lands in the sub-rural areas and I would utilize them for planting activities where I would get an overturn after sales. On the first land, I will cultivate crops of all kinds while I will use the second land in building a self or two apartments for tenants and also shops at the frontage and I will use the third land to build my own personal house. I so much see the profitability in real estate investment especially if the location is accessible to good roads and basic social amenities.