A Smarter Way to Retire: Financial Security Tips for Workers & Employers

Secure your future, empower your team: A Labor Day Guide to smart retirement planning

There is more to Labor Day than just a well-earned vacation. It's a time to celebrate the efforts that have built our country and a great chance to look to the future. Long-term security is becoming more important than the daily grind.

Understanding the retirement picture is crucial, whether you are a business leader trying to safeguard your most valuable asset—your employees—or an individual professional hoping to leave the working in style.

The Reality of Retirement Readiness 

According to recent statistics from the Retirement Index, most professionals' perceptions of their level of readiness for their post-work years differ significantly. Although everyone wants to retire comfortably, there is frequently no obvious path forward.

Financial insecurity shouldn't be a part of retirement. It should be a "Golden Era" where you can enjoy the results of decades of hard work without sacrificing your way of life. Proactive preparation is necessary to close this gap. Traditionally, a safe retirement requires a strong three-legged stool: personal savings, employer-sponsored plans, and social security pensions. In actuality, though, company-sponsored pension schemes and state pensions are frequently inadequate, if they exist at all. Personal savings, on the other hand, are typically used for more pressing medical and financial need. To guarantee a smooth transition to retirement and the preservation of your own funds, you therefore need a reliable source of income. 

Treating your retirement fund as a necessary "bill" that you pay to your future self is the first step toward securing your future. For Filipinos between the ages of 18 and 60, InLife's Retire Assure, the nation's first real retirement product, offers the following benefits:

• Guaranteed monthly pension so there will be no guesswork as to how much to set aside on a monthly basis to cover daily expenses 

• Growth potential through cash dividends that have the possibility to increase your monthly income to account for potential medical costs and inflation, and preserve your savings for leisure and other expenses 

• Guaranteed issuance feature that doesn’t require medical examinations 

• Life insurance protection where beneficiaries stand to receive the higher of 110% of premiums paid, less payouts, or the guaranteed cash values in case of demise 

• Flexible and convenient payments and payouts through annual, semi-annual, quarterly, or monthly payments and the option to choose a peso bank account for receiving your monthly pension and potential dividends 

• Limited payment period allowing you to set aside a portion of your income over a period of five or ten years, or through regular payments until the age of 59 or 64. 

They say that yesterday was the greatest time to get ready, and today is the second-best. Your pension money can be greatly increased by starting early. However, those between the ages of 48 and 73 who are moving into a more senior role in their careers were unable to start their retirement fund considerably earlier. They can also take advantage of Retire Assure 2, the two-pay option that is paid in two yearly installments.  

“At InLife, we believe retirement shouldn't be a source of anxiety, but something to be anticipated. Retire Assure empowers Filipinos to take control of their 'next chapter' with certainty. We want to help them build a future where their hard-earned lifestyle is protected and they can live with dignity,"said InLife Chief Marketing Officer Gae L. Martinez. 

For the employer: Strengthening the modern workforce

Professional fulfillment and financial security are closely related in today's cutthroat talent market. Benefits at work are now more than just bonuses; they are calculated investments that boost output and foster overall well-being, guaranteeing the long-term viability of the business.

 

By including retirement readiness in your company's benefits package, you give workers more than simply a paycheck—you give them a future, ensuring that their three-legged stool of retirement is stronger. Think about InLife's All-Inclusive Group Plan (CGP), which provides the following benefits: 

• Group life insurance and retirement to help you comply with laws such as R.A. 7641 (Retirement Pay Law) and R.A. 4917 (tax exemptions on private retirement plans) 

• Fund Protection and Insurance Benefits with the retirement fund protected from depletion due to mortality and disability 

• Guaranteed interest as the plan earns interest at a guaranteed rate to build up your employees’ retirement fund. When actual earnings of the fund exceed the guaranteed rate, your company gets an additional 50% of the excess amount

• Preservation of Capital with the fund guaranteed against capital loss

• Administrative Fee that is only applied on fresh funds/new deposits and not on the accumulated retirement fund

• Supplemental savings that enables you to customize your plan to allow employees to add their own contribution voluntarily and save more for their future needs 

• Tax qualification assistance as we handle the BIR application process to qualify your retirement plan so that retirement benefits remain tax-exempt for your employees, while your company’s contributions are fully tax-deductible. 

" Our CGP is designed to turn retirement preparedness into a competitive advantage for businesses. We want to help drive higher engagement and loyalty within the organization, while supporting employers in their efforts to provide their employees opportunities to build a more substantial nest egg for their future,” said Martinez.

Labor Day should remind us to commit to a future where every worker can retire without worries. By combining individual foresight with robust corporate support, we can ensure that the finish line of a career is just the beginning of a vibrant new journey.

For more information on Retire Assure, visit https://www.inlife.com.ph/retirement-insurance. For more information on InLife’s CGP, visit https://www.inlife.com.ph/group-insurance or email corporatesales@insular.com.ph.