The Philippines made it to International Living’s 2018 Global Retirement index’s top 25 places to retire. Surprisingly, even if we are a third-world country, many expats still choose our country as the place to spend their golden years in. With low costs of living, beautiful beaches everywhere and easy visa requirements, it’s no wonder the Philippines became a popular retirement destination.
This is a contributed post and does not necessarily reflect the opinions of Meet The Harris Family.
But if you’re a Filipino who doesn’t consider yourself wealthy, the prospect of retiring can be a little intimidating. We Filipinos know better than anyone how difficult it is to earn an income that’s more than enough to make us live comfortably in the country – meaning having your own house, at least one car, a fast internet connection, postpaid phone plan, cable, and quality education for your children if you have any.
With all of those to budget for, retirement seems like a relief and a burden at the same time. If we see ourselves relying solely on Social Security in the future, then our golden years will be a bit lacklustre since it isn’t much. To ensure that you can have a blissful retirement, make sure to accomplish the following first:
Figure Out Your Retirement Budget
As your needs change, then so will your expenses. Being retired means having more time in your hands, so you may want to budget for leisure aside from healthcare and daily expenses. If you live in a fairly big house, you may want to downsize, too, because all your kids already live in their own homes with their own families.
To figure out your retirement budget, list down the things you’d most likely spend for along with allowances for unexpected expenses. It would greatly help if you’d invest in an insured retirement plan while you’re still far from the retirement age. That way, you’d have a source of income apart from your SS, and your surviving family will be provided with financial support after your death.
Take Care of Your Health
Old age puts us at a higher risk of illnesses, so maintain your good health while you’re still young and able. Insurances will also help you with your healthcare costs, another good reason to invest in them. But even with its security, surely, you still want to enjoy your retirement in good shape. Eat healthy, exercise, drink plenty of water, and always get enough sleep to be perfectly healthy in retirement.
Pay Your Debts
Don’t wait ’til you stop working before settling down your debts. If your home is under a mortgage plan, be sure to pay your outstanding balances off before retiring. If you’re unable to do so for some circumstance, at least ensure that you aren’t entering retirement with high-interest debts on your shoulders, such as credit cards. Your peace of mind is guaranteed with all your debts paid.
Find Ways To Earn More Income
Even if SS and insurance plans can be enough to sustain your retirement, you may need more income if you have bigger goals, like buying an estate or building an empire. If you’re a seasoned investor, focus your portfolio on growth stocks, stocks that are expected to steadily increase in value. That way, your returns are highly likely to be favorable at all times.
If you have other real properties such as a house, consider putting it up for rent instead of selling it, so can earn rental income. And if you feel like you could still use more of your time being busy, look for part-time jobs that are open for retirees. Old people who work tend to be more self-assured because they feel like they have a purpose.
When you retire, you probably already have grandchildren. Spend time with them and with your children, too. Surround yourself with loving people to prevent loneliness that comes with old age. With a steady income and an intact family, your golden years will be sparkling with bliss.
