Everybody ages. It takes one year at a time but eventually, your hair turns gray, your vision and hearing starts to falter, and you can no longer do things as swiftly as you can. It’s part of life because aging will come knocking at your door.
When that time comes, you should be prepared not just physically and emotionally but also financially. After all, you don’t want to be still working overseas at your 50s, do you? When you’re in that age, you should be going back home and retiring for good.
This is why you need to start saving for your retirement as soon as you hit foreign soil. In case you’re wondering why, well, here’s why:
1. Spending never stops.
Sadly, it doesn’t even if you stopped receiving your paycheck in dollars. Utility bills, food, medicine, and school expenses will continuously pour in and there’s nothing you can do but to pay for them. How will you be able to cover for these expenses if you don’t have a retirement plan?
Daily expenditures will never stop, which is why you need to establish your pension from government agencies (which may not be enough to cover daily spending) and look for passive income generator like stocks to help you with the expenses.
2. You will start relying on your children for your needs.
There is an unwritten rule and obligation that children will take care of their parents. This explains why you keep sending money to your parents as part of your “obligation.”
Do you want your kids to do the same?
While they have moral obligation to do so, you don’t want to be a burden to other members of the family. You also don’t want to use the “utang na loob” argument on your family members too. As much as possible, you want to have your own money so you don’t have to rely on other people to pay for your personal and medical needs – and having a retirement plan can save you.
3. There is a higher tendency that you will still be working even if you’re aging.
Your aim is that once you retire from overseas work, you don’t have to work a day in your life because you are already prepared for settling down. If you go back home and look for a job a week after you came back for good, then it simply means you weren’t serious about establishing your retirement plans.
This shouldn’t be your case. Plus, companies are wary of accepting applicants who are almost close to retirement age.
4. Two words: financial worries.
Do you want to retire and worry about where to get money for your daily expenses? Surely, you have a different perception by the time you went home for good.
Here’s the thing: if you weren’t able to prepare for your retirement, then financial worries will always haunt you the moment you step on Philippine soil.
Therefore, prepare for retirement as early and as soon as you can. Don’t waste your hard-earned money buying things that won’t last. Be wise with your spending and look for other ways to earn extra income – and set aside the money earned for your Retirement Fund. Consequently, invest your money to make it grow. You have to be prepared and starting early is your best preparation.