Insufficient SSS and GSIS Pensions for Retirement Planning in the Philippines

This video talks about what we can do so we don’t depend on SSS and GSIS pension alone when we retire. Retirement planning should be a priority in the Philippines because government pension from SSS and GSIS is simply not enough to support even just the basic needs of Filipino retirees....(read more)

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The Social Security System (SSS) and Government Service Insurance System (GSIS) are two institutions in the Philippines that provide pension benefits for retired individuals. However, in recent years, many retirees have found that their SSS and GSIS pensions are not enough to sustain their daily living expenses. This has raised concerns about retirement planning in the Philippines and the need for individuals to take proactive steps to secure their financial future. One of the primary reasons why SSS and GSIS pensions are not sufficient for retired individuals is the low contribution rates during their working years. Both SSS and GSIS follow a pay-as-you-go system wherein current employees' contributions fund the pensions of current retirees. This means that the amount of pension benefits an individual receives is based on their average monthly salary credit and the number of contributions they made throughout their working years. Unfortunately, due to low contribution rates, many retirees find that their monthly pensions fall short of covering their basic needs. The average monthly pension from SSS and GSIS ranges from around 13,000 to 23,000 pesos, which may not be enough to cover housing, healthcare, and other essential expenses in today's economy. Another factor contributing to inadequate SSS and GSIS pensions is the rising cost of living in the Philippines. Inflation and increasing prices of goods and services have made it difficult for retirees to stretch their monthly pensions. As a result, many retirees rely on the support of their children or take part-time jobs to make ends meet. The lack of financial literacy and retirement planning among Filipinos is also a significant issue. Many individuals are not aware of the importance of saving for retirement or do not have access to appropriate investment vehicles. This lack of preparation leaves them vulnerable to financial insecurity during their retirement years. To address these concerns, there is a growing need for improved retirement planning in the Philippines. It is essential for individuals to understand the importance of starting early and contributing consistently to retirement funds such as the SSS and GSIS. Employers should also educate their employees about the benefits of saving for retirement and provide options for voluntary contributions to supplement their pensions. Additionally, the government should consider increasing the contribution rates for SSS and GSIS to ensure that retirees receive adequate pensions. This may require legislative changes and careful planning to balance the needs of the current workforce with the future needs of retirees. In conclusion, the SSS and GSIS pensions in the Philippines are not enough to sustain retirees' daily living expenses. The low contribution rates, rising cost of living, and lack of financial literacy contribute to this issue. Retirement planning and increased contribution rates are necessary to ensure a secure financial future for retirees. It is imperative for individuals, employers, and the government to work together to address these concerns and provide better retirement options for all Filipinos. https://inflationprotection.org/insufficient-sss-and-gsis-pensions-for-retirement-planning-in-the-philippines/?feed_id=138272&_unique_id=650c15dfe6263 #Inflation #Retirement #GoldIRA #Wealth #Investing #Filipinoretirees #financialplanningforretirement #governmentpensionphilippines #GSISpensionbenefits #PensionforFilipinoretirees #pensioner #planningtoretireinphilippines #ready2retire #retirewealthy #retirewithssspension #retirementbenefits #retirementbenefitsgovernmentemployees #retirementbenefitssss #retirementpensionphiippines #retirementplanphilippines #retirementplanningphilippines #retiringinthephilippines #sssandgsisretirementplan #RetirementPension #Filipinoretirees #financialplanningforretirement #governmentpensionphilippines #GSISpensionbenefits #PensionforFilipinoretirees #pensioner #planningtoretireinphilippines #ready2retire #retirewealthy #retirewithssspension #retirementbenefits #retirementbenefitsgovernmentemployees #retirementbenefitssss #retirementpensionphiippines #retirementplanphilippines #retirementplanningphilippines #retiringinthephilippines #sssandgsisretirementplan