3 alternatives to fund your retirement

MANILA - In June 2015, the House of Representatives approved on its third and final reading House Bill 5842, which seeks a P2,000 increase in monthly Social Security System (SSS) pension.

Around 2 million Filipino pensioners will benefit from the approval of this bill once is it passed into law with the concurrence of the Senate and then the President.

Anyone retiring earlier than 2029 shouldn’t rest on their laurels. The highest monthly pension an employee can receive is around P13,000; the lowest is P1,200.

The P2,000 hike will be beneficial to pensioners. However, even the highest monthly pension won’t serve as a sustainable retirement fund.

SSS pensions serve as extended financial assistance. They are not meant to be a person’s entire retirement fund. As early as now, it is best for Filipinos to look for multiple streams to fund their retirement.

For more detailed information, you can read this MoneyMax.ph article on Alternatives to SSS Pensions to Fund Your Retirement.

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