They say that dealing with life post-retirement is the most difficult challenge that a teacher will face. As a retiree, you must face these cold realities: you’re not teaching anymore; you stop doing the things you felt most passionate about; you don’t know what to do next; and you stress over finances now that you’re out of work.
A survey shows that out of 10 Filipino workers , nine of them are still worried and not prepared for retirement. And yet, with timely planning and action, employees can prepare for life after retirement, and provide for their personal needs and that of their loved ones.
Here are some tips to help you have a more relaxed and worry-free post-retirement life:
Essential vs. Luxury
This is the time to decide more carefully on what your priorities are. List them down: first, the things you need, and second, the things you want.
Is it bad to pamper yourself this time since you did a lot of work? No. It isn’t bad as long you know how to prioritize your needs over your wants, and avoid using up your savings unless there’s an emergency.
Do not depend only on your pension
Do not rely too much on your monthly pension. Most of the time, it will not be enough for you to sustain your necessities and emergency needs.
It’s not too late to try new things like investments and business partnerships. This strategy will help you be prepared and avoid stress in unexpected financial situations.
Retirement doesn’t mean you’ve become unfit for employment. In our digital age, you can still find work and earn by using your years of stock knowledge and experience. You can still find a source of income without investing too much physical effort.
Another option is to use some extra money and a portion of savings as a source of profit. Build your own business or invest in mutual funds. This will help you move on from any separation anxiety from teaching.
To make sure that you’re taking the right path, the best way is to have a financial consultant. Sound financial and legal advice are all you need before planning and starting a business, making investments, and etc.
Retirement is not the end of the road. It’s the beginning of a new journey with more success and joy along the way. PhilLife is always by your side on that journey. For more helpful tips on financial management and enjoying life after retirement, visit phillife.com.ph