Is your SSS pension enough when you retire?

Do you have P1,059,000.00 in your savings today?

This is the amount you need for three P25.00 meals a day for 20 years. That is if you retire at 65 and live up to 85 years old.

Many Filipinos do not calculate the retirement fund they need or even the monthly pension they would get from the Social Security System (SSS) retirement program that many will rely on upon retirement.

Knowing the exact amount can help your the financial preparations so you can retire comfortably.

How much is your monthly SSS pension?

The pension you will get from the SSS retirement program may not be enough to live off in comfort when you no longer work.

Pensioners will receive an amount depending on the credited years of service and the number of dependent minor children which should not exceed five.

Other benefits

What are the other benefits on top of the SSS retirement program?

Other SSS retirement program benefits include a 13th-month pension, and automatic membership to PhilHealth if you aren’t a member yet and are 65 years old and above.

The PhilHealth membership extends its hospitalization benefits to you and your legal dependents. This only applies if you have made 120 Medicare contributions. The children of a retiree, regardless of actual blood relation, or legitimacy, who are minors are also entitled to a dependents’ pension equal to 10 percent of the retiree’s pension or P250.

This allowance will apply only up to five children, all of whom must be minors. It will last until they turn 21.

When a retiree dies, the primary beneficiaries listed as of the date of retirement are entitled to 100 percent of the pension.

The secondary beneficiaries will be awarded the lump sum benefit equal to the five-year guaranteed period, excluding the dependents’ pension if the retiree passes away 60 days from the start of the monthly pension and have no primary beneficiaries listed.

Final Thoughts

Everyone must prepare financially for retirement. Relying solely on pension plans such as the SSS to fund us in the future may not be the best thing to do. It’s never too early to start preparing for a stress-free life when you retire.

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