Thirty years ago, Nick, a free spirited corporate employee. Rose from his ranks from being a low profile worker to a high profile boss. Thanks to his a lot of free time to do unlimited over times and even extending on weekends for work. That’s how he likes it. No spouse, no kids. Freedom.
Important Data on Philippine Statistics:
1. Rising number of Singles
Latest statistics that I have gathered using Philippine data shows that there is an increase in the number in the population that remained single for life from 32.2% to 44.3%. (the latest of this survey)
Never married/Single:
2003: 32.2% (67.8% – married, in common-law relationship, separated or widowed)
2007: 44.3% (55.7% – married, in common-law relationship, separated or widowed)
(NSO: 2003, 2007)
2. Life expectancy is also increasing
The projected life expectancies of Filipinos are also increasing.
Males at 67.6 years old and Females at 73.1 years old.
3. The Senior citizen or those aged 60 years old and above comprises 6.8% of the population.
Meaning, in a 100.98 M population today, the senior citizens are about 7.48M, and about 3.3M amongst them were never married and living alone, and they are expected to live alone for 7.6 years males and 13.1 years for females. More years if they have a longer life expectancy in their family.
4. Retirement homes are no longer taboo in Asia – CNBC
Retirement homes in the Philippines are rising. The government through RA 7876 makes sure of the establishment of Senior Citizens Centers to cater to the older persons.
Knowing the statistics in our country, can you tell yourself now, will you be one of them?
Today, Nick, 60, single, childless is facing the repercussion of his decision that never crossed his mind as 30-something. “How in the world will I take care of myself?” he asks.
Good news is:
Growing older alone doesn’t mean you’re doomed – just as aging with a partner or kids doesn’t mean all’s clear. – US News Wellness
We are all at risks. But there are things people that are growing old alone should do and prepare more rigorously than married people do.
These are the things that you need to do:
1. Speak to experts and support system
Discuss openly with friends and family. You will be needing a certain support system they can provide in the future.
In cases of finances, talk to financial consultants and experts to help you plan your retirement. To make sure your retirement money will last you throughout your lifetime.
If you are only depending on your SSS pension and GSIS pension, think again.
According SSS CEO Emilio De Quiros Jr. last April 2011, the AVERAGE monthly pension of Filipinos that they received from SSS is 2,978 pesos and GSIS on the other hand is 8,586 pesos.
Can you survive on those figures? Get help here.
How to Compute your SSS Retirement Pension.
2. Plan and Act Early
Take note that if your family history indicates that people die early, you have to plan sooner and faster. – Benjamin Rose of Institute of Aging.
Do something about these:
- Build your Emergency Fund.
- Build your Retirement Fund 30 years before your intended retirement age
- Your retirement plan:
- Where are you going to live?
- Who are your support system when you retire?
- If you may need a long term care, are you getting someone to take care of you?
- Is living in a retirement home an option for you?
3. Protect your Wealth and Pass it on to your deserving friends or family
Being single may mean you may not have a compulsory heir in the future. Compulsory heirs are the people who will inherit your wealth in case you die. They are your living parents and surviving children. In case you both do not have those, when you die, you are left with your collateral heirs, which are your siblings and others.
If you want to pass on your wealth to deserving people like a particular person or a charity, then you have to prepare the following:
- Last Will and Testament (What and where are your wealth and who will you want to receive it)
- Person you will appoint as executor of your Will
In order to do this, you need help from an Estate Planner. You may Contact me here. If you need one.
4. Make new friends and keep the old
A study conducted in 2012 says, of over 2,100 adults age 50 and older, researchers found that the loneliest older adults were nearly twice as likely to die within 6 years than the least lonely – regardless of health and social status.
Social connections help ward off depression, which affects 20% of 65 and older population according to National Alliance on Mental Illness.
Keep connected to your friends and family. Do more social activities to keep your body and mind active.
5. Live Well
Enjoy life as it is. Eat healthy foods and live well.
Having a spouse and kids is not a guarantee a happy retirement. Same thing with: not having a spouse and kids does not guarantee an unhappy retirement.
But knowing exactly what you want, planning early and doing something about your future today: is something that can guarantee of a life full of freedom and happiness during retirement. That’s for sure.
If you need help in planning 30 years from now, get help here. It should start today, not 10 years before your retirement.
Wishing you a happy planning,
Read More:
- How to Compute Company Retirement: What No One Tells You About
- Help! I’m in my 50’s, How can I save for retirement?
- How much should you be saving for retirement to retire comfortably?
- How to Build Doctor’s Retirement Fund?
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