Mga KaSosyo at KaNegosyo, let me tell you a story. It’s about Ana, an ambitious millennial like many of you, balancing career, family, and passion projects. She’s a proud mom to an adorable chihuahua, Bogart. Like clockwork, Ana dutifully pays her SSS contributions every payday.

A conversation with her lola, a former private school teacher, sparked her curiosity about these contributions. Lola would talk about her SSS retirement benefits, the lifeline that funded her little pleasures like regular dine-outs and the occasional lotto tickets. Intrigued, Ana dived deep into the world of SSS retirement benefits.

SSS Retirement Benefits: Not Just a Deduction, It’s a Future Investment

As Ana discovered, SSS retirement benefits serve as a dual-purpose mechanism. Firstly, it’s a government-mandated social insurance program providing a steady income during retirement, an assurance that diligent years of contributions don’t go to waste.

Secondly, it’s a tribute to our years of dedication and hard work. As our government says, “Salamat sa iyong serbisyo,” providing not just a one-time windfall but a monthly pension for our golden years.

Understanding the Building Blocks of SSS Retirement Benefits

Ana’s journey introduced her to three building blocks of the SSS retirement benefits, each like Lego pieces of her future financial stability – the regular SSS, the Worker’s Investment and Savings Program (WISP), and the Worker’s Investment and Savings Program Plus (WISP+).

The regular SSS program is mandatory for all Filipino workers and the foundational building block promising guaranteed returns and tax-free benefits, a safety net for her golden years.

The WISP, a compulsory provident fund for those with higher monthly salary credits, offers market-based returns, helping her contributions grow over time.

Lastly, WISP+, a voluntary program that allows for flexible contributions, is the icing on her retirement cake, adding growth potential to her retirement income.

Investing in WISP and WISP+: Immediate Enjoyment Versus Greater Future Gains

While Ana found herself wanting immediate returns, the WISP and WISP+ programs taught her the value of patience and the beauty of delayed gratification. Yes, she could retire as early as 60 and start reaping the benefits. But she found that waiting a little longer, up until 65, can lead to even greater rewards.

Her journey made her realize that in the WISP+ program, it’s crucial to be at the highest MSC bracket (PhP20,000) to maximize the benefits. And in both WISP and WISP+, it’s essential to ensure consistent monthly contributions, avoiding any skipped payments.

A Call to the Millennials: Start Building Your Retirement Blocks Today

Let’s learn from Ana’s journey. While SSS retirement benefits might seem like a distant concept now, they provide a safety net that we’ll be grateful to have when the time comes.

Remember, it’s not a deduction but an investment. An investment for a future where you can kick back, relax, and binge-watch your favorite Netflix series without worrying about making ends meet. Perhaps even fund that dream beach house in Palawan or that long-awaited Euro trip!

The saying goes, “Mag-ipon habang maaga, para sa kinabukasan na maganda.” Let’s start building today for a future we can be proud of. Remember, every contribution counts. Stay wise, stay future-ready, mga KaSosyo and KaNegosyo!

Ako si Sir Vince, ang inyong financial guro, nagsasabing, ang pagyaman, napag-aaralan at napagtutulungan.

Gusto mo bang mapag-aralan pa ang tungkol sa retirement? Sumali sa Retirement and Estate Planning Webinar sa December 8 and 15, 2023. 

Details at http://vincerapisura.com/webinars. Mag-register na sa https://bit.ly/rpwebinar-register