Many people already retired but it is still financially dependent. They worked for 30-40 years and retired from their jobs at the age of 60. The company gave them one million pesos retirement pay plus the pension from the SSS or GSIS. They thought that it was already enough for comfortable retirement. But after 2 years or less, their money was gone. The pension was not enough to sustain their lifestyle.
They began to wonder. Where will we get our monthly income?
First choice, they will rely on their children since they were the one supporting them from childhood to adulthood. Children may support their retired parents but it is not their sole obligation to do so. They also have their own families to feed.
Second choice, they will return to work even at the old age.
Third choice, they will go their relatives to ask for help.
Fourth choice, they will line up to the charitable institutions and ask for support.
Did you know someone like this?
I personally encountered this type of person. He always visits his children to ask for money. He is still working at the age of 70.
During his prime age, he did not prepare for retirement. He did not save for his long term health care. He did not invest in the stock market or mutual funds or real estate.
Why? Because nobody taught him. He was financially illiterate.
Do you want to retire like him? What is the solution?
Be financially educated.
No comments:
Post a Comment