As a freelancer, I do not have the luxury of employers taking care of my retirement fund. Although I still have 30 years to go, I'm now in a state of panic to save up for my retirement fund.
What do Filipino freelancers like me have as retirement fund options? I did a quick research and here's what I found:
- Pag-IBIG and SSS - Both government agencies have self-employed types of memberships. All a freelancer has to do is to enroll and religiously pay the monthly contributions. Not only do they qualify for the pension fund, but they can also apply for long term and short term loans, as well.
- Retirement fund saving plans of commercial banks - BPI (where we have our savings and current accounts) have the Personal Equity and Retirement Account (PERA). I'm sure other banks also have a similar product.
- Investment funds - Insurance plans often offer investment funds that also double as a retirement fund. There are also the fixed rate anuities of which I am not yet familiar of.
- Other financing options - We got our houseboy a health insurance that also comes with an accident insurance plan and a savings fund. We'll be paying for five years but the coverage is 10 years. On the 11th year, he is entitled to get his 50 thousand peso savings fund. I know it's small but this is only because we got him the lowest monthly contribution possible which is Php 1,500.