InLife’s Retirement Checklist for OFWs Returning for Christmas
Christmas is a season when families come together to celebrate and bond over merry festivities. For Overseas Filipino Workers (OFWs), the holiday season is not merely about catching up with their loved ones. Instead, it is also a perfect time for them to make crucial decisions concerning their retirement plans. Whether you have just started working abroad or you are already on the verge of retirement, a comprehensive retirement checklist for returning OFWs can set the stage for the next chapter in your life.
Retirement Checklist for OFWs Returning for Christmas
Assess Your Retirement Readiness
Before you come back home, it is vital to assess your financial readiness for retirement. Gather your retirement fund statements and discuss the current market conditions with your financial advisor. Consider how much money you need for healthcare, housing, food, and other essentials to enjoy a comfortable retirement lifestyle. If you haven’t yet, it’s best to take out a retirement investment plan. Make sure to include any dependents and loved ones who may rely on you for support in your retirement calculators.
Check Your Pension Benefits
Next on our retirement OFWs retirement checklist is to look into your benefits. If your employer offers a company-sponsored pension plan or retirement scheme, it is essential to find out its terms and conditions, vesting periods, and other details. Determine the amount you will receive and when you are eligible to collect your benefits. For OFWs, social security payments vary depending on the host country and the bilateral agreements between your country of origin and your host country. It's best to visit the Social Security System or Government Service Insurance System in the Philippines to inquire about your pension benefits.
Consolidate Your Finances
As an OFW, you may have individual retirement accounts, bank accounts, and other investments scattered across different financial institutions. Consolidating your finances can provide you with a clear picture of your retirement income streams and make them easier to manage. You can transfer your funds to a Philippine-based bank account or brokerage if you intend to retire in the Philippines.
Plan your Investments
Investing in the Philippines can be an excellent option for OFWs who want to support local businesses and gain more control over their investments. You can invest in real estate properties, balanced funds, or even take out an investment plan. However, it is essential to remember that investment returns depend on many factors, including the economy, inflation, and risk tolerance. Before making any investment decisions, consult with a trusted financial advisor.
Create a Retirement Plan
Finally, you need to create a retirement plan that considers your goals, priorities, and lifestyle. Your plan should include how you will spend your retirement years and how you want your legacy to live on. You also need to anticipate potential challenges, such as healthcare costs, inflation, and caregiver support. InLife offers comprehensive insurance plans in the Philippines that can help you secure you and your loved ones’ futures.
As an OFW, you have worked hard to provide for your family. Your return for Christmas could be an opportunity to reflect on your retirement plans and set them in motion. By following this retirement checklist for returning OFWs, you can be confident that you are taking the necessary steps to secure your financial future and give yourself the retirement you deserve. A comfortable lifestyle in your golden years starts with careful planning, so go ahead and start today.
