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Tuesday, March 13, 2018

OFW? Here's Top 5 Reason Why You Need To Have Retirement Plan

For Overseas Filipino Workers (OFWs), working abroad is not forever. This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.
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For Overseas Filipino Workers (OFWs), working abroad is not forever.  This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.  Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.  So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.  Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money.   1. You will continue to spend money The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.  2. Becoming a burden to family members No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best.   3. Sadly, your children can become a substitute for retirement The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.  As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.  4. You may be obliged to work longer despite old age When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.  It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.  5. Failure to have a retirement plan can cause financial worries Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.
Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.
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So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.

Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money. 

Read: How To Retire Rich - 8 Steps To Plan Your Retirement

1. You will continue to spend money

The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.
For Overseas Filipino Workers (OFWs), working abroad is not forever.  This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.  Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.  So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.  Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money.   1. You will continue to spend money The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.  2. Becoming a burden to family members No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best.   3. Sadly, your children can become a substitute for retirement The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.  As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.  4. You may be obliged to work longer despite old age When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.  It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.  5. Failure to have a retirement plan can cause financial worries Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.

2. Becoming a burden to family members

No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. 

Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best. 
For Overseas Filipino Workers (OFWs), working abroad is not forever.  This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.  Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.  So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.  Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money.   1. You will continue to spend money The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.  2. Becoming a burden to family members No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best.   3. Sadly, your children can become a substitute for retirement The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.  As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.  4. You may be obliged to work longer despite old age When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.  It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.  5. Failure to have a retirement plan can cause financial worries Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.
3. Sadly, your children can become a substitute for retirement

The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.


As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.
For Overseas Filipino Workers (OFWs), working abroad is not forever.  This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.  Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.  So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.  Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money.   1. You will continue to spend money The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.  2. Becoming a burden to family members No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best.   3. Sadly, your children can become a substitute for retirement The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.  As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.  4. You may be obliged to work longer despite old age When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.  It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.  5. Failure to have a retirement plan can cause financial worries Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.

4. You may be obliged to work longer despite old age

When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.

It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.
For Overseas Filipino Workers (OFWs), working abroad is not forever.  This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.  Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.  So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.  Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money.   1. You will continue to spend money The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.  2. Becoming a burden to family members No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best.   3. Sadly, your children can become a substitute for retirement The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.  As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.  4. You may be obliged to work longer despite old age When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.  It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.  5. Failure to have a retirement plan can cause financial worries Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.

5. Failure to have a retirement plan can cause financial worries

Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.
For Overseas Filipino Workers (OFWs), working abroad is not forever.  This is the reason why retirement plan for OFWs is a very important thing. As an OFW, imagine yourself you are 60 years old or above and you don't have enough savings for your retirement. Always remember that the purpose of a retirement plan is to be economically stable even you are no longer working in the foreign country.  Numbers of Filipino working abroad reaches millions and a large number of these are not ready to return home in spite of their old age due to lack of enough savings, no investment, no stable business in the Philippines, which means, no income.  So, what happens if you as an OFWs is not prepared for your retirement? Here are top 5 reasons most likely will happen to you according to Jun Amparo in his article published in GMA News.  Amparo is former OFW and an author OMG! OFW’s Money is Gone: Practical Tips on How to Be Wise with Your Hard-earned Money.   1. You will continue to spend money The problem with retirement is that the moment you stop receiving monthly paycheck your daily expenditures never stops. When you get old and your health is declining, you still need to buy something you will need such as medicine, food, and pay for utilities regularly. Consequently, you shouldn’t worry about those expenses when you have a pension or reasonable source of passive income when you retire.  2. Becoming a burden to family members No one wants to be a burden on the family. While most of our elder populations do not have pensions and personal savings, it’s quite common for someone to depend on extensive financial support and care from extended families. If you live too long you will need to have enough savings to maintain your needs for your old age. Therefore, securing your future financial condition is a major concern for most OFWs. Failure to have a retirement plan can cause emotional anxieties and financial burden to your loved ones. In other words, aside from your personal needs like food and paying for utilities, they will have to worry about your medication or hospitalization especially when your health is not at its best.   3. Sadly, your children can become a substitute for retirement The common reason why you’re sending remittances regularly to your old age parents is that they have not prepared for their retirement. Why? Because they don’t have stable jobs to sustain their financial needs. Sadly, the children of OFWs can become the parent’s retirement. I’m not saying you should stop sending remittances. While it’s a great opportunity to offer financial support to your loved ones, over-remitting can hinder your plan to save for your retirement. Be smarter than your parents.  As you get older, chances are you will be too much dependent from family members especially if your budget is too tight. If you don’t want to become a burden to your loved ones and avoid this cycle, you’ve got to set financial goals. Don’t let your children become your retirement plan in the future. Remember, helping yourself becoming financially stable simply means helping your loved ones as well.  4. You may be obliged to work longer despite old age When you’re at a retirement age, the challenge is how you are going to survive when you are no longer physically fit to make money. We’ve heard countless stories of OFWs who are already 50 or 60 years old yet they have to extend contract even if they wanted to go back home permanently. The reason is that either they don’t have enough savings for themselves or some family members are still depending on them financially.  It’s great that some of our parents are receiving pensions from SSS or GSIS when they have retired as professionals. But due to the high inflation rate in the Philippines, this may not be enough to cover their expenses. In the twilight remaining years of their lives, they should suppose to travel and enjoy the retirement age, but most of them have to work to survive from the fangs of poverty.  5. Failure to have a retirement plan can cause financial worries Retirement planning is one of the most important financial goals you’ll undertake – and failure to do so could ruin your happiness in the future. When you don’t better savings plan, you will end up in tragic debts, leaving your family with financial and emotional distress. Some parents are uncomfortable to talk about a time they’d be unable to feed themselves as their no longer physically fit to make money. Therefore, make sure you have the right insurance plan for you and your family to avoid financial worries due to health care costs.

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