Retirement age in the Philippines starts from 60 to 65 years old and is usually something to look forward to. Retirement is when you have all the time in the world to enjoy and live the best days of your life, but you can only enjoy that if you take the proper preparations today. Don’t just wait until you get older and let the years slip by without doing anything. Remember, the moment you stop working, you stop earning as well, so it's important to plan ahead. The earlier you start, the better.
Here are the top five essentials that you need to have when you retire so you can live with peace and independence:
Savings. No one knows how the future will go, and saving a specific amount from your monthly salary would help prepare you for any big emergencies or expenses coming up. Once you develop the habit of saving, you'll become financially independent, you won’t have to worry about unexpected expenses, and you’ll be able to live a comfortable life when you retire.
In the past, elderly people didn't believe in saving money. The typical thinking was that children have an obligation to take care of their parents when they get old, so why bother? However, things have changed nowadays. More people have begun to realize the value of saving money because nothing feels safer than having extra cash in your bank account. To ensure a comfortable and worry-free retirement, jumpstart your savings now and settle your existing debts before it's too late.
Investments. Investing while you are young leads to bigger returns, so take advantage of that opportunity now. Make a move when you see something of value, such as buying stocks, bonds, foreign exchange, or real estate. Sit, wait and watch your investments grow until the time you actually need them.
Regular activities or recreation. Think about your daily routine now and imagine yourself when you cease to work permanently. You wouldn’t want to spend your whole day doing nothing, right? So, plan your daily activities to keep you busy. You can also reconnect with your retired close friends and talk about common interests or hobbies that you can do as a group like travelling, dancing, shopping or doing community service.
A trusted doctor. As you get closer to your retirement age, different health problems may start to surface, such as diabetes, heart disease or even cancer. You should have a trusted doctor who can monitor your health and provide an effective and preventive health care regimen.
Health insurance. Getting sick or falling ill is common with ageing people, so having a health insurance plan designed specifically for senior citizens saves you and your family from worries. Different health insurance companies in the Philippines offer different benefits for senior citizens, so make sure to do some research before you purchase and decide on the right plan for you.
Paramount insurance offers one of the best health products specifically designed for people from 50 to 75 years old. This affordable health insurance plan, known as the PrimeCare Cash Plan, does not require medical examinations, meaning your acceptance is guaranteed. It also provides coverage right after paying your first premium, wherever you are in the world.
The PrimeCare Cash Plan provides daily financial assistance for regular hospital confinements of up to Php4,000, and ICU confinements of up to Php4,000. It also provides a lump sum benefit for surgical confinements of up to Php80,000.
The PrimeCare Cash Plan does not only protect your hard-earned savings but it also makes your finances more manageable, allowing you to have financial independence while enjoying your retirement years.
Be prepared. Start your coverage today by clicking the Apply button below.