Preparing for Retirement

Do you ever think what your life will be 30 or 40 years from now? It's a prospect we think to be so distant and as much as possible, many would prefer to avoid the subject entirely. This avoidance could stem from a lot of factors, one is fear, fear of the unknown because clearly, growing old is a gray area.

Another reason is denial. No one wants to admit it, nobody wants to grow old. Women deny their age, and so do men. For those who value their youth and still hold on in the hope of discovering the fountain of youth in beauty products, surgery, natural remedies to avert physical ageing, retirement and the senior life would really be a frightening proposition. So we resort to coloring the grey hairs, use skin tightening procedures to maintain our young-looking skin, do botox, and other countless procedures, nothing wrong with that if that is your choice. A society in denial perhaps?

I saw an inscription in a tomb a few years back, and for some weird reasons, I can't get it out of my mind as it made quite a lasting impression on me. It reminds me not only of death, but crops up my mind when I see an elderly. It goes something like,"I WAS WHERE YOU ARE, WHERE I AM, YOU WILL BE."

Admit it, it is inevitable, we all go there, unless you're an inhuman character in 'Twilight'. Eventually we all grow old. Given that you've cared enough for your physical body to reach that stage in life. Has it ever occurred to you how's it like to be a senior citizen, what are the things you can still do, or things you still might want to do but can't because of things associated with your age? This questions and ideas do not seem alien to me because I took care and lived with a great stepfather who was 40 years older than my mother when they got married. Spending just a couple of years with a 75 year old senior gave me a great perspective to what life is for and what awaits in those 'golden years'.

In my free moments, these are just some of the questions I ask myself.

• Would I still be able to jog, drive, climb a mountain, dance, do aerobics, without feeling any pain in my old age?
• Would I still be able to take long hikes on the beach, enjoy the cool waters in the ocean at any time of the day without thinking about body pain?
• Will I suffer the pain of arthritis? (an ailment my grand-father-in-law suffers from)

Truly, retirement and old age does not paint a really welcoming and rosy picture for one like me. But beneath all these questions, a proposal and challenge awaits. Is there something I can do now to somehow lessen the pains and concerns commonly associated with retirement and old age?

Much more than the independence and the physical challenges associated with seniority, there are other equally important issues I believe we should concern ourselves about such as financial freedom and independence, living alone, retirement homes, medication, health, and yes, even sex. Wouldn't it be nice if one can plan ahead before you get to this stage in your life? It would be great to have some sort of control over this life's ultimate destination. This is why, despite the not so nice picture usually associated with old age, retirement, seniority, and related concerns, Iwould like to map out, plan, and prepare for this challenge 30-40 years ahead.

In order for me not to dread retirement and senior life, I would like refer to it as a long-awaited vacation, one that anyone should prepare for physically, financially, mentally and emotionally. But before I address all of these aspects it would be great to give a brief background of what it's like to grow old in my country, the Philippines because it is entirely different from what people in the Western culture know of. Other regions with different cultures might have different ideas as well.

For starters, the Filipino family is a closely-knit family and many households in the Philippines are characterized by extended families living together under one roof or in the same compound. This means that it is not unusual for you to find a home with the basic family (father, mother & children) plus the grandparents, the uncles, the nieces living together under one roof. A main reason I suppose why retirement homes are not so popular in this country.

For someone who likes to prepare for his retirement, this might seem like a good idea. Yes, if you have children and you have reared them well, taught them the right values of respect, caring for the elderly, love for parents, etc. most likely you will be cared for until your last days by your descendants. Even if you don't have children but have nieces and a loving, extended family, you can still be assured that you will not be left out during your sunset days. That would have been good enough, but not quite as great for someone like me who still wants to be independent and move around as much even when I'm already old and wrinkled.

1. Respect and Reverence

If one is already old in the Philippines, you are revered and respected as the patriarch or matriarch. You are considered as the head of the clan or family despite your advanced age and might even get to decide who the family should support for during elections. The elderly served as a bridge between generations past and present and thus serve as mentor and guide to the younger generations. A minority may have a totally different perspective about the elderly. Birthdays are also a big event since you are already in your advanced age, relatives will more likely celebrate your birthdays with a big bash.

2. Senior Citizen Card

As a citizen, the Philippine government provides privileges to its seniors. Of course you will get your own senior citizen card which gives you discounts from services, establishments, medicines, transportation and a host of other perks and benefits. Some cities in Metro Manila provide free theater movies for seniors, that is great if you are a movie buff and can still move around easily. Now if you are already in a wheelchair, that could pose some problems in some areas who might not be able to provide facilities or ease of movement for someone like you.

3. Lower Expenses or Cost of Living Than Other Regions

If you have managed your finances well and already enjoyed passive income from your previous investments, you will reap the benefit when you get to retire in the Philippines. The cost of living is quite low and if you live a modest lifestyle with few luxuries, have your own home, with a $1000 per month pension or income you may be able to live a comfortable life, with a driver, and one or two house help to do most of the daily chores in your home. Also, many foreigners opt to retire in the Philippines because of the lower cost associated with livign here aside from the many beautiful places where you can choose to live.

4. Tropical Weather

When you are old, certain body pains like rheumatism and arthritis attack in cold weather. It's good that the Philippines has a nice and warm tropical weather. Rainy season is quite short and does not last very long. The climate gets colder during the Christmas season but still, the sun is up during the day. To combat hot weather, you can have the A/C to keep you comfortable or try to live in a house near the beach. Living and growing old in a tropical paradise like Bohol or Boracay is still a dream for many people.

4. Everyone is virtually connected, well almost!

It is comforting to know that the social networking sites will be here to stay and so do mobile phones. This media is a great way to connect with your families, friends and old peers, well, you would hope they are internet-savvy too. Loneliness will not be much of a problem for the elderly, but be sure to hone up your internet, chatting and mobile phone skills. You should emulate 'Lola Techie' , an internet-savvy grandma largely popularized by a local TV commercial.

1. Financial dependence

Retirement age is around 60-65 years old and if you work for the Philippine government, you will retire after rendering some years of service or reaching a certain retirement age whichever comes first. Another option is to choose early retirement. If you are under this category you will enjoy your retirement benefits which you have the option of receiving as a lump sum. Many retirees choose these for a variety of reasons. This is where the painful part is, most retired people spend their retirement benefits or lump sum building houses, pay for debts, putting up a small business (one they might not have the energy to devote to anymore), medical care, and even gifts for kins, leaving them with virtually nothing in a few years time. A retiree also gets the old-age or disability pension from SSS or GSIS, a small amount, if it's your only source, barely enough to support all the basics to live a comfortable life.

If you are fortunate enough to have invested during your prime years and has accumulated some property, you might be lucky to have your own house and this is a great advantage because it is your home and you may choose who you can live with. But if you don't have a home of your own, you might be left with fewer options and may choose who among your kin or children you would want to live with. Living in your own house may have it's own advantages or disadvantages especially when you are alone but at least you get to call the shots. When you live with your children of course, it would be nice but you have to contend with a lot of things like having personal space, peace and quite, to mention a few. Older people are also quite sensitive when it comes to a lot of issues and this may not be good when you live with a lot of people.

This can either be due to physical limitations or lack of transportation alternatives. When one grows older, it is best to be able to move around on your own, so having your own car is a great advantage. Now if you have a problem driving one due to hearing or sight problems, you might want to hire a personal driver if you can afford it. Hence, mobility will not be much of a problem if you've taken cared of your finances early.

I believe this is one of the most important preparations you need to make. The US has 401K programs which we don't have here in my country. But we do have the both the public and private social security systems to help us took care of old age journey, the SSS and the GSIS. From any you will have retirement, disability, old-age pension benefits, life insurance, and even avail of loans.

Aside from these, fixing your personal finances as early as now and setting aside for you retirement is a must. Instead of putting money in things or investments that don't grow in value, I believe it is better to set aside a neat monthly sum, on top of your savings, for retirement. Am I too late? 

Equally important is preparing and gearing your body for old age. I am aware that there is no sure-fire way to avoid the pain and ills of senior years but giving our bodies all the good and none of the bad could somehow lessen the impact. Start living a healthy and fit lifestyle even when you are still in your teens or twenties. Having everything in moderation will also do its work to the body. Avoiding certain foods that wreak havoc on our system might be a big help too. Also, limiting our body fat such as belly fat might be a big help to aid us in reaching those years and avert or reduce risk of hypertension, diabetes, and cardiovascular diseases.

Fear and denial will get the best of us and only makes us ill-prepared for the unavoidable eventually of retirement and old age. It is best to start as early as now to acknowledge that this event in anyone's life is natural and normal occurrence and rather than keeping on denying and consciously not facing the unknown. Preparation allows more control of the future and confidence to face the inevitable. If you are the type who view old age, ageing or the golden years as a battle, wouldn't it be a more practical idea to prepare for it effectively to increase your chances of survival?