Managing Your Own Retirement Funds

Manila Bulletin, February 4, 2013 | Go to article overview

Managing Your Own Retirement Funds


Every year, thousands retire upon reaching mandatory age requirement, others due to early retirement programs offered by the company while many leave employment to try their hands in business upon reaching the prescribed retirement age of 60.

While most of our retiring employees have learned how to prepare for the golden handshake, a big majority still retire without any plan and still oblivious of what the future will bring. This has resulted to many employees extending their years of employment up to the mandatory age of 65. (ref. Labor Code of the Philippines PD. 442, as amended). At this point in their lives, many still pursue work either as consultants, trainers, or business coaches.

But rather than be engaged in a stressful 8 hours a day work, retirees can look at several options like work that can be home based, activities using their expertise or businesses related to their hobbies, interest and passion. Retirees can be financial consultants, researchers, feasibility studies-writer or even sports trainers (golf, badminton or even bowling), and other similar jobs that wont take too much hours of their time, stress free and enjoyable at the same time. He can also write books on subjects close to his heart.

While profitability is important to any business, this should only be secondary from the point of view of the retiree. It is also noteworthy that even if the streams of income are not as much as when he was still employed, this income can offset much of his living expenses. In this manner also, he is able to preserve a big amount of his retirement fund which he can use to create another retirement fund if placed in stable investments.

Retirees should avoid one of the pitfalls of a Filipino retiree who oftentimes pour all his hard earned fund into a business project with very minimal planning. And because the project was not well thought of, they usually end up as statistics with the DTI where it says "85% of small businesses fail after 4-5 years in the business due to the lack of knowledge in management of their funds and operations. …

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