Kuya, sa iyo naman si Mama. Hindi ko na kaya ang gastos, eh. Ikaw naman muna.
Would you want that to happen to you? Would you want to be a burden to your kids in the future? Or would you want to preserve your dignity in the latter years of your life?
In the past, the elderly in the Philippines relied on their families to support them in their old age. This was certainly workable when it was normal to have a family with six, eight or ten kids. The burden of taking care of the elderly would rest on the shoulders of a good number of children. In a family with six children, each child will need to support 16.7% of the medical and daily needs of the elderly parent.
Nowadays however, the Filipino family size has become smaller. A typical family would have between one to three kids. If you have only two kids, then each child will need to support 50% of your medical and daily needs in the future. Your children will need to provide for you while also providing for their own families.
Wouldn’t you rather have an nest egg which you can use for your daily and medical expenses in your golden years, without relying on your children? Such a nest egg is possible with careful planning for your retirement. Save a bit of your earnings every month, and you will be able to build a fund that you can use as a lifeline in your golden years.
With such a retirement plan in place working for you, you will have funds for your long-term care. You will no longer be dependent on your children for future support. You will no longer be a burden to your children. You will be able to preserve your dignity through your retirement plan.