The Truth About Retirement: What You Need to Know

 Retirement is a chapter in life that many look forward to, yet few are truly prepared for. 

An online survey by Sun Life Asia across the Philippines, mainland China, Hong Kong SAR, Indonesia, Malaysia Singapore, and Vietnam conducted in July 2024 revealed that 21% of retirees in the Philippines had not planned their retirement expenses and close to half express regret over past financial decisions, with 73% saying they have not saved enough for retirement.

Today, many Filipinos live well into their seventies, and many may outlive their retirement savings, as the cost of living doubles approximately every eight to 10 years, according to the Bangko Sentral ng Pilipinas (BSP). Additionally, major illnesses that come with age can deplete years of hard-earned savings.