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Planning For Retirement
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  • How Quarantine Period Can Help You Prepare for Retirement

    08 June 2020


    How Quarantine Period Can Help You Prepare for Retirement

    In the cycle of life, there are good times, and there are bad times. Unfortunately, the COVID-19 outbreak has made it difficult for so many people to continue living a good, healthy, and happy life.

    While you would agree that staying at home is the responsible thing to do during a pandemic, there’s no denying that community lockdowns present underlying concerns. With little to no social interaction, feelings of isolation may slowly kick in. Quarantine-related restrictions may also have put several areas of your life on hold. You can’t go to work, visit your family and friends, or have your usual routine.

    Until the health situation improves and quarantine guidelines are lifted, you want to keep yourself safe, healthy, and ready to live the next phase of life.

    Quarantine as a Glimpse of Life in Retirement

    In some ways, being retired and being in quarantine are quite similar to one another. In both scenarios, you spend a great deal of time at home and use that time on things that matter to you.

    For instance, being locked up at home gives you a chance to be with your family more (if you’re living with them). Meanwhile, in retirement, you’re free to either enjoy your retirement savings or explore other jobs that you think you can still do.

    Here are other notable ways that quarantine and retirement may impact your life:

    1. Restricted income options — Generally speaking, when you retire, you choose to no longer work. Whereas under quarantine, you are forced out of work unless you belong to the medical workforce, essential services, or a company that has telecommuting arrangements. In both cases, your source of income may come to a stop.

    2. Continuous financial needs — Just because you’re retired doesn’t mean your living expenses will go away. You still need to spend on your necessities like food, medicine, or clothing.

      In the same manner, being confined to your home during quarantine doesn’t change the fact that you need to buy groceries, consume water and electricity, and settle household bills once the payment holiday with your bank or creditor is over.

    3. Changes in lifestyle — Upon retirement, you may find yourself becoming less busy since you’re no longer working full-time. Your food or activity choices may also become limited as your body ages. Similarly, limitations in logistics due to quarantine could mean suspending your travel plans or working out at home instead of going to the gym.

    4. Cultural shift — Unlike in the past decades, people who retire now are more open to the idea of continuing to work, perhaps in a different field that they would like to try or something less demanding than their previous ones.

      In the Philippines, lawmakers are mulling the idea of filing a bill called the New Normal for the Workplace and Public Spaces Act, which aims to make interactions during quarantine periods as contactless or as distant as possible.

    Using Experience to Make a Better Retirement Plan

    With quarantine giving you a better feel of what retirement looks like, you can start reassessing your goals and making more informed decisions as you prepare for retirement eventually. Asking yourself these questions can make your retirement planning more on point.

    1. When is the best time to think about your retirement?

      Even if you’re still years away from retirement age, it’s advisable to start planning for your post-career life in your 20s when you’re already earning an income.

    2. How much retirement fund do you need to sustain your desired lifestyle?

      If you’re aiming for a worry- and stress-free life in your golden years, you need to have a retirement fund that’s more than the bare minimum.

      It’s not entirely realistic to think that you’ll have fewer expenses during retirement, especially if you still have unfulfilled life goals that will require you to spend, like further education or travel. Plus, as you live longer, you’ll find that the cost of living will get more expensive, too.

      With that said, try to reach retirement savings that are close to 100% of your annual expenses. Working with an insurance company can be an excellent strategy to make this goal more achievable.

    3. How much can you trim down from your expenses without feeling too deprived?

      The idea behind a retirement fund is to let you save for the future while still taking care of your current living expenses. As the quarantine situation shows, you need to allot enough money for your basic daily needs like shelter, food, water, clothing, medicine, and utilities, as well as emergency funds.

      Any other expenses that don’t fall under these categories could be on the least of your priorities.

    4. Can you depend on your social security retirement benefits alone?

      No doubt, your social security pension can help augment your retirement fund. However, the truth is it may not cover all your needs and wants when the time comes that you no longer have a regular or fixed stream of income. It’s still best to diversify your investments to help you grow your retirement money.

    5. What can be a good investment to help you transition to retirement?

      Health is a major concern that comes with aging. For one, you’ll need maintenance medication to make sure your physical condition is under control. It’s also possible for you to have a weaker immune system, making you more susceptible to various illnesses.

      As such, a comprehensive health insurance policy is a must-have in your retirement plan. This can ensure that you’ll get excellent health care and services to continue living longer.

    Get Ready for the Future

    During these trying times, you may find yourself taking each day at a time. Consider it an achievement, and perhaps a reason to prepare for whatever the future may bring. You could start by consulting our Bancassurance Sales Executive for guidance on retirement planning.

    Did you know?

    You can buy a life insurance at any BPI branch nationwide! Talk to a bancassurance sales executive now!

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    Life Ready Plus

    Protection

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    The plan gives you fast access to coverage and benefits and can match your long-term financial goals when maintained within an appropriate term.

    Philam Life Vitality

    Critical Care Max

    Health

    Critical Care Max will help you make more memories by providing financial aid during the early stages of a critical illness. This unit-linked life and health insurance plan offers assistance on your recovery. You can build a health fund that grows over time, depending on your chosen investment, to pay for other medical costs.

     

    In addition, it comes with a hospital confinement benefit that will replace lost income due to hospitalization. This daily cash benefit may also come with optional benefits like cash payout for surgery-related expenses, allowance for consultation fees, and many others.

    Philam Life Vitality

    Build Estate Plus

    Life Protection

    Let your loved ones enjoy the fruits of your labor even when you’re no longer around. Build Estate Plus is a unit-linked protection plan that will cover your estate taxes after your passing so that you can ease your family’s burden.

    It doubles as an investment savings fund that builds Account Value as you pay. It is also integrated with AIA Vitality that provides additional upfront coverage of 20% to your policy and add-ons.

    Philam Life Vitality

    CRITICAL CARE PLUS

    Health

    Be in good hands in times of sickness. Let Critical Care Plus, a unit-linked health and life insurance plan, take care of you with financial aid in case of a major illness, so you can focus on getting better and spending more time with your loved ones.

     

    It even gives you more benefits for having good health through the AIA Vitality program that adds 20% upfront coverage and supplemental benefits on your policy. 

     

     

    Philam Life Vitality
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