Filipinos are known for their resilience and optimism, often brushing off future concerns with the phrase “Bahala na si Batman.” But when it comes to retirement, InLife (Insular Life) Dreamweaver and Megastar Sharon Cuneta-Pangilinan emphasize that careful planning is key to financial security in one’s later years.
In her latest Dreamweaver Stories vlog, Cuneta shared valuable insights on preparing for retirement, urging Filipinos to start saving as early as their 30s or 40s. She highlighted that while many diligently plan for their careers, they often overlook securing a steady income for their retirement years.
“If we plan for our careers while working, all the more we should plan for the next chapter of our lives. The earlier we start, the more we save, and the more our savings grow,” she said.
The Reality of Retirement in the Philippines
Cuneta referenced a study commissioned by InLife, revealing that 80% of senior citizens in the Philippines lack adequate financial resources upon retirement. Many respondents estimated that they would need between PHP25,000 to PHP50,000 per month to maintain their desired lifestyle. However, unforeseen expenses, particularly healthcare costs, could create a financial gap that makes retirement challenging.
“In 2023 alone, Filipino households spent over PHP600 billion out-of-pocket for healthcare,” Cuneta noted, adding that inflation and increased life expectancy further complicate financial security for retirees.
She also pointed out that many Filipino parents depend on their children for financial support in old age, a tradition deeply rooted in the culture. However, she encouraged a shift in perspective: “Wouldn’t it be a wonderful gift to our children if we didn’t become a burden to them?”
Introducing InLife Retire Assure
To help Filipinos retire with confidence, InLife has launched Retire Assure, the country’s first true retirement insurance product that offers guaranteed benefits, a hassle-free application process, and comprehensive coverage.
Retire Assure provides a monthly income starting at age 60 or 65, lasting until age 100 — ensuring that retirees continue receiving a steady stream of funds long after they stop working. In addition, this income has the potential to grow through extra cash dividends, offering protection against inflation.
The plan also includes guaranteed life insurance for beneficiaries in case of the policyholder’s passing. Unlike traditional insurance products, no medical evaluation is required, making it accessible regardless of health conditions.
Financial Security for a Lifetime
As part of InLife’s mission to provide “A Lifetime for Good,” Cuneta and her daughter Miel Pangilinan are partnering with the company on a series of videos and articles aimed at educating Filipinos on financial planning. Their previous campaign, “Mag-Sharon Para sa Kinabukasan,” cleverly played on the Filipino tradition of bringing home extra food after a celebration — this time, applying the concept to saving and securing insurance for a stable future.
More information on InLife Retire Assure is available via https://bit.ly/InLifeRetireAssure.