On the road to retirement

With retirement looming ahead, I guess those of us who are in our golden years are wondering how we can survive with the pension we get from the Social Security System. This thought has made many of “enlightened” employees in the private sector re-think their employment when they reach 45 or even 50.

Honing the skills accumulated in the private company, individuals apply, and happily get accepted in government institutions. We are glad that employers are taking to heart the spirit of RA 10911 or the Anti-Age Discrimination in Employment Act. The moving to government strategically assigns the transferees from private employment to better retirement benefits as government has better base retirement take outs under the Government Service Insurance System (GSIS).

I know many of us in the private sector wish that Social Security System processes are also reviewed to at least come up with a better retirement pay to support the retirees from the private sector. I learned, no matter how high you get paid, you just have a maximum deduction from P20,000 of your present salary.  Thus, even if you earn P100,000 a month, only P20,000 of your pay is the basis for your salary deduction and contribution to SSS.  Proportionately, the basis for your retirement pay would be just that.

This is the second time I brought this topic out, hoping that the brilliant economists and mathematical minds and sociologists in our policy making bodies can study this aspect to cover employees from the private sector.  Perhaps for the future generations to enjoy.

As early as now, those who are nearing retirement, should already cultivate a hobby, or begin to mull on something they love to do aside from sleeping and eating and turning into couch potatoes once the bell on 65 tolls. Some of the suggestions given by friends include going back to pastimes we used to enjoy when we were kids. I do not mean dodge ball or sipa! Maybe gardening, cooking, crafts, reading, writing, dancing, exercising, giving room to one’s passion through business and treating it as a hobby as well and not a source of future pressure. On-line business could bring in some income without so much overhead costs. Thus, we have to tool ourselves to be able to navigate with speed, security, and confidence.

You can start with your projects now if you want to enter into business where you can consult others and still make mistakes. Once retired, you need to be free to do what you want and not be bothered with the pressures of keeping business afloat. In other words, master the mistakes and solutions now while there is still time to learn and remember not all people are really cut out for business. So if you are not that passionate about it, don’t waste your resources there.

The main point of facing retirement is to have a plan to keep busy, to be relevant, and to enjoy. If for enjoyment is reading a book while sitting on a rocking chair then so be it. Just take time off now and then to actually move and flex those muscles so your body won’t atrophy suddenly, or your mind get into the gloom of mental and emotional digression.

Be excited about the upcoming freedom for even in the beatitudes, it is explicit that there will be time for everything.

God bless you and Merry Christmas everyone!