7 Ways to Prepare for Early Retirement in the Philippines
Retirement doesn't happen overnight. It takes planning, commitment, and of course, money, for financial security. We delve into how you can smoothly transition into it.
By law, Filipino employees usually work eight hours each day, five days per week. This mostly applies to Filipinos in corporate jobs, as the hours may vary depending on what industry they may be working for. The law also states that the retirement age in the Philippines is 60 or 56 years old, just like what the House of Representatives has acted out.
Likewise, in a survey conducted by Milieu in 2022, results showed that 62% of the respondents want to retire in their 50s or 60s. This was conducted in five countries and among those, Filipino respondents showed the most interest to retire early—standing at 18%.
Though there are people who plan to retire at the early age of 50, about 60.3% are not so optimistic about their financial preparedness for retirement. If you consider yourself to be a part of that population, here are some retirement tips that will help you prepare for it better.
7. Determine Where You Will Live
One of the main factors that you should consider before retiring is that you should know where you’ll settle when the time comes. Thinking of this ahead makes you more prepared for it. With that, consider thinking about what you need for the future such as the floor plan for your house, an accessible location, or an environment you always wanted to settle in.
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