Helping Your Parents Plan for Their Retirement

Starting and having a family is one of the best things that could happen to someone. Taking care of children, teaching them the basics in life, and providing what they need are the greatest privilege that one can experience as a parent. Establishing a happy and healthy family is considered one of the hardest but most fulfilling jobs to do.

A closer relationship between children and their parents in the Philippines means that children extend their help even when they become adults. Filipino children have different ways to showcase their thoughtfulness and sense of responsibility to their nanay and tatay.

Children tend to feel a sense of obligation towards their parents. Usually, younger children show their gratitude by doing their best at school, helping with the household chores, or by simply making their bed in the morning. Meanwhile, young adults who have already finished their studies and already have a job will try to go a little bigger. Handing out a bit of help, typically in the form of financial support, makes them feel relieved, satisfied and proud.

If you are in this same situation, which we’re sure most of you are, there are many ways to express gratitude and appreciation to your parents, not just by giving them a portion of your earned-money, sweet letters, hugs, and kisses. Us Filipinos will always find a way to help and give back even if we’ve already built our own family. In fact, assistance like taking care of our parents’ retirement has also become a tradition for many Filipinos. 

Here are some ideas that you may use in helping out your parents plan their retirement.

1. Monetary assistance. When giving back to your parents, financial assistance is definitely one of the biggest things you can do. As your parents age and retire, they might not have the energy or ability to earn as much money as they used to. In fact, the majority of parents may be living off of their pensions past a certain age. Helping out with the groceries, rent, or other small expenses will considerably lighten the load for your parents during their retirement.
2. Fixing papers. As an adult, you may have your own expenses and bills to settle. If you aren't able to help out financially, helping them ensure that they are up to date with their SSS pension or senior citizen benefits can be very beneficial for them as it can be confusing and exhausting for them to go from one place to another to fix legal papers and documents, such as health insurance, Philhealth, SSS pension papers, house or property documents and the like. Your assistance is definitely a great relief for them.
3. Finding out ways to grow their pension. If your parents are still strong and have saved enough for their retirement, this is a good time to help them look for or start an investment where they can grow their retirement fund. It can be starting up a new business, like a mini sari-sari store, carinderia, or opening a small farm, where they can also divert their spare time to a new hobby that can be profitable.
4. Monitoring their health. The best person that could help a parent, especially in health-related concerns, would be you. Taking the time to accompany them on their regular doctor visits, monitoring their maintenance medicines intake, and regularly calling to check on them is a sign of modest gesture of appreciation. Even buying them fresh groceries so that they eat healthier or picking up their medicine from the store will go a long way in showing that you care.
5. Choosing insurance. Some parents were not able to provide insurance for themselves during their younger years. In the Philippines, this is not an unusual scenario. Having insurance is the least priority for the majority, as it seems like more cost with very little return. Most Filipinos focus on day-to-day needs. However, even those that are capable of saving money for insurance were not educated enough on the value of having it. Now that you have the capacity to direct your parents in getting insurance, you may guide them in choosing the right one.

Paramount Direct has several relevant insurance plans, like the PrimeCare Cash Plan that's designed for seniors aged 50 to 75 years old. The premium, which starts at P213 per month, can cover day-to-day hospital confinement of your mom or dad, up to a maximum of 365 days. PrimeCare Cash Plan has an easy application thru online and has guaranteed acceptance that does not require any medical examination, making getting insurance hassle-free.

Health insurance like the PrimeCare Cash Plan can definitely help them in the long run, with Surgical Cash Benefit of up to P80,000, Daily Hospital Cash and Daily ICU Cash Benefit of up to P4,000/day to make them feel at ease in cases of emergency.

Help your parents in finding security and peace of mind. Start this by giving them the protection and coverage they mostly need.