SSS urges members to boost retirement savings with reintroduced program

State-run private sector workers’ pension fund Social Security System (SSS) is urging its members to avail of its reintroduced savings program which is projected to yield an annual return rate of 7.2%.

The SSS has relaunched its Worker’s Investment and Savings Program (WISP) and WISP Plus into the MySSS Pension Booster program “to reflect the primary goal of the savings program of boosting their retirement funds.”

SSS president and CEO Rolando Macasaet said that in renaming the program, “We also want to reposition the MySSS Pension Booster to cater more to corporate managers and executives, doctors, lawyers, OFWs, Filipino expats, seafarers, young professionals among others, as we have identified their need for bigger retirement funds.”

“We do not lose sight of the other SSS members through other programs, but our rebranding is a move towards capturing those who want to invest more and can invest more to enroll in the MySSS Pension Booster,” said Macasaet.

To avail of the program, interested members need to enroll in the saving plan through the My.SSS accounts.

Members can pay as low as P500 in the MySSS Pension Booster scheme or contribute any amount and grow their retirement savings over time.

Members can also withdraw their contributions in the plan as the SSS allows partial or full withdrawal of their savings in the program.  

However, members are encouraged to stay in the program for at least five years to maximize the potential earnings.

“The MySSS Pension Booster is not just an ordinary retirement savings plan. It’s a safe, convenient, and tax-free investment opportunity that allows you to earn income from your contributions. By participating, you can attain your savings goal, ensuring a comfortable retirement,” Macasaet said. — Ted Cordero/RSJ, GMA Integrated News