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Showing posts with label Retirement Plan. Show all posts
Showing posts with label Retirement Plan. Show all posts

Saturday, August 18, 2018

How to Live a Worry-Free Life while Working Abroad



Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home.

 It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad.
Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home. It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad. 1. OFWs are often worried about getting sick and not having enough savings for a medical emergency. As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home. Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick. Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health. 2. As an OFW, you should be motivated to live with a healthy lifestyle What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal. Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 3. Maintain a long-distance relationship! One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart. 4. Save! One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home. Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad. 5. Prepare for Your Retirement We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now. Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.
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1. OFWs are often worried about getting sick and not having enough savings for a medical emergency.

As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home.

 Read: 6 Survival Guides for OFWs

 Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick.

 Read: 10 Tips For OFWs to Become Successful

 Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health.
Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home. It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad. 1. OFWs are often worried about getting sick and not having enough savings for a medical emergency. As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home. Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick. Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health. 2. As an OFW, you should be motivated to live with a healthy lifestyle What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal. Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 3. Maintain a long-distance relationship! One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart. 4. Save! One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home. Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad. 5. Prepare for Your Retirement We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now. Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.

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2. As an OFW, you should be motivated to live with a healthy lifestyle

What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal.

 Read: Working Abroad? You Can Be A Happy and Healthy OFW With These 7 Tips

 Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 
Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home. It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad. 1. OFWs are often worried about getting sick and not having enough savings for a medical emergency. As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home. Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick. Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health. 2. As an OFW, you should be motivated to live with a healthy lifestyle What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal. Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 3. Maintain a long-distance relationship! One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart. 4. Save! One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home. Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad. 5. Prepare for Your Retirement We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now. Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.

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3. Maintain a long-distance relationship!

One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. 

Read: The Big Role Of Internet For Long Distance OFW Families

If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart.
Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home. It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad. 1. OFWs are often worried about getting sick and not having enough savings for a medical emergency. As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home. Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick. Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health. 2. As an OFW, you should be motivated to live with a healthy lifestyle What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal. Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 3. Maintain a long-distance relationship! One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart. 4. Save! One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home. Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad. 5. Prepare for Your Retirement We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now. Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.
4. Save!

One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home.

Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad.
Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home. It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad. 1. OFWs are often worried about getting sick and not having enough savings for a medical emergency. As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home. Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick. Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health. 2. As an OFW, you should be motivated to live with a healthy lifestyle What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal. Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 3. Maintain a long-distance relationship! One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart. 4. Save! One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home. Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad. 5. Prepare for Your Retirement We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now. Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.
5. Prepare for Your Retirement

We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now.

 Read: Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement

 Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.
Worrying is a part of the life of many Overseas Filipino Workers (OFWs) while working far away from their families. Being miles away from the people you love is not easy especially if you are a father or a mother to young children. Aside from missing home, worrying is one thing that keeps OFW awake every night thinking about the situation of their loved ones back home. It is normal to be worried especially you are far away from your family, but it is also important to do some things so that you can live a worry-free life while working abroad. 1. OFWs are often worried about getting sick and not having enough savings for a medical emergency. As an OFW we are worried that we might get sick while working abroad. Being sick far away from the family is one of the worst feelings in the world because no one will take good care of you. Aside from this, getting sick or being ill will affect the people that depend on you back home. Avoid sickness while working abroad by eating healthy, take vitamins and get exercise or any physical activity. Get yourself checked by a doctor once in a while as important steps to lessen your worry about getting sick. Getting health insurance will also help you prepare for unforeseen medical expenses. Getting these things will help you focus on getting better while working without worrying about your health. 2. As an OFW, you should be motivated to live with a healthy lifestyle What is the main reason why you are working abroad? Is it your family? Is it your goal to have a house or a small business for your parents? As an OFW, there are many things we want to achieve while working abroad. But we cannot do all these things if we are not healthy. Practicing a healthy lifestyle is a big help in attaining our goal. Make a specific goal for your healthy lifestyle. For example, you want to have a target weight. Focus on it and have a better diet. Always remember that healthy lifestyle reduced many diseases, such as heart disease, high blood pressure, diabetes, and stress among others. 3. Maintain a long-distance relationship! One of OFW's greatest challenge is how to maintain a healthy and happy long-distance relationship, whether you are a parent, a child, or a sibling. But with the use of technology nowadays, maintaining long-distance relationships is not that hard. As a family, you can set up a group chat or video calls on the agreed schedule. With this, you will not miss some important occasions back home even just on the screen of your phone. If you are a parent OFW, talk to your children regularly and be involved in their lives even you are far away. Constant communication with your children will play a very important role while they are growing up. Talk to them and explain to them why you are working abroad. Staying connected with your family is comforting and uplifting even your are far and physically apart. 4. Save! One out of 10 OFWs is financially broke and eight out of 10 OFWs returned to the Philippines without savings. While earning big, it is important for OFWs to know how to save for their own retirement or for medical emergencies at home. With enough savings, you can start a small business for your family to have extra income. You can also invest your hard-earned savings into something that will return the investment after a few years. In saving money, you should not send all your salary to your family back home. Practice the popular phrase "Pay Yourself First" which means you have to save something for yourself first from each paycheck at the time you received your salary before spending it. With enough savings, you won't worry about what to do in the Philippines if you are no longer capable of working abroad. 5. Prepare for Your Retirement We always say this, working abroad is not forever. That is why it is important to think and prepare for your retirement even if you are just started working abroad at the age of early 20s. OFW life does not guarantee that still, you will be able to work after 10 or 20 years from now. Nowadays, there are many OFWs still working in spite of retirement age due to lack of savings or lack of retirement fund. Prepare for your retirement by building a retirement fund if possible. If your retirement plan is at hand, you can retire earlier than expected and do the things you love for the rest of your lives.
There you go mga kabayan, if you want to have a worry-free life while working abroad, just follow the above-mentioned things that might help you to focus on your work and achieving your dream!

This article is filed under savings, savings and investment, retirement plan, Filipino workers, work abroad, healthy lifestyle, and medical emergencies.

 SEE MORE:

 Read: BPI PADALA Moneyger Account: 4 Simple Steps On How to Apply
If you are the "manager" of remittances sent by an Overseas Filipino Worker (OFW), this savings account is designed just for you. With the BPI Padala Moneyger, you can effectively budget and save for your family's future. Remittances are sent directly into your account in a safe and very convenient way.
 Read: Poland, Another Destination for OFWs?; Japan to Offer Residency to Attract Foreign Workers
Due to a labor shortage, Poland is currently considering hiring Filipino workers. Right now, it is reported that Poland is forging an agreement with Philippines authorities so that Filipino workers may able to work in the said European country. According to Deputy Labor Minister Stanislaw Szwed, they are hoping to have an agreement with the Philippines by September this year.
 Read: How to Apply for OFW Savings Account in Metrobank?
Every Overseas Filipino Workers (OFWs) should save money for emergencies, retirement or for starting a new investment or small business for families to have a stable income at home. Saving money in the bank is very important to protect your money from thieves and from unwanted expenses. Aside from this, your money in the bank will grow with interest as the time goes by. We all know that working abroad is not forever and saving for the future is a must.
 Read: 8 Things OFW's Never Tell You About Their Life Abroad
Working abroad is the dream of many Filipinos in spite of the truth that OFW life is not easy. As an overseas Filipino worker (OFW) you have to embrace a life away from your family, deal with very long hours of stress, loneliness and even frustration. But because working abroad gives you big salaries that you cannot earn in the Philippines you decide to go anyway and practice what many OFWs said, "the art of sacrifice." It is very common that when we heard the word "OFW", a person with much money always comes first in our mind. Somehow, it becomes a tradition that when we meet an OFW relative or friend, we ask for "pasalubong." OFWs are also the first person we call in case of emergency and other financial related problems.

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Thursday, July 05, 2018

Survey: 8 Out of 10 OFWS Are Not Saving Their Money For Retirement

Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time.
But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good?
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Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?

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Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances.

The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments.
Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools? Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI. Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well. Read also: 7 Things OFWs Should Prepare Before Going Home BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?
The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI.

Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well.

Read also: 7 Things OFWs Should Prepare Before Going Home

Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Many Filipinos are going abroad for decent salaries which they think will not be possible if they will stay in the Philippines. Local jobs cannot provide adequate income that could meet their daily expenses, bills, payment of rent, mortgage, monthly amortization, tuition fees for their kids, etc. By working abroad, overseas Filipino workers in the Middle East, Europe or in any part of the world can earn much more in lesser time. But the sad truth is, working abroad will not last for a lifetime. As humans, we will get old, get sick and tired. Sooner or later we will retire and come back home for good. Are all OFWs ready for their retirement? Do they have at least a retirement plan? Do they have enough savings for going home for good? Advertisement Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.” The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI. Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home but also make it easier for them to save and invest. Read also: 7 Things OFWs Should Prepare Before Going Home “OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said. BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools? Sponsored Links Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances. The Bangko Sentral ng Pilipinas’ second-quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments. The statistics of OFWs who save for their retirement is only at very slim 8 out of 10, according to BPI. Farinas said overseas Filipinos, who find it hard to do saving and investing must look for bank services that will help them not only send money back home but can make it easier for them to save and invest as well. Read also: 7 Things OFWs Should Prepare Before Going Home BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas. “Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added. READ MORE: 11 OFWs Illegally Detained In A Room For 1 Week, Asking For Help Dubai OFW Lost His Dreams To A Scammer Can A Family Of Five Survive With P10K Income In A Month? DTI Offers P5K To P200K To Small Business Owners How Filipinos Can Get Free Oman Visa? "No Homework On Weekends Policy" - Does it Apply to Private Schools?
BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, according to Farinas.

“Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” he added.
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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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