Most Pinoys Confident of Secure Retired Life?
MANILA: Most Filipino investors are confident about having financially secure life post superannuation, a survey by Manulife has revealed.
ABS-CBN News quoted the Manulife Investor Sentiment Index as showing that around 93 percent of Filipino investors are confident about their financial retirement.
However, the survey also revealed that while majority of Filipinos are confident about retiring, 26 percent did not start planning for retirement until 40 years of age or above, the report said.
Around 82 percent of investors have already started retirement planning, but the study said they also start planning late at an average age of 35.5 years old, it added.
Because 56 percent of Filipino investors are expecting to retire between the ages of 51 and 60, the survey results revealed that many may not be devoting enough time to retirement planning, said the news portal.
“Expenditures are unlikely to fall significantly during retirement and people could live in retirement longer than expected. Investors also need to take into consideration the effect of inflation, which erodes retirement savings by lowering purchasing power and therefore living standards,” Ryan Charland, president and chief executive of Manulife Philippines, reportedly said.
“We encourage investors to plan for retirement early to increase their chances of having enough to support the lifestyle they want once they retire, without having to depend on family or additional sources of income,” Charland added.
The survey also showed that investors planning for retirement usually save an average of 12 percent of their monthly income for retirement and wealth accumulation, the report said.
They expect 58 percent of their retirement income to come from cash savings, insurance saving products and pensions; 13 percent from a full or part-time job; and 11 percent from financial assistance from the family, ABS CBN News reported.