From senior care, to caregiving tips, to financial and practical advises, to humor and current events, at iSavta’s Blog,
you’ll have a whole variety of things to read and ponder upon. Read along!

Ready To Retire? Here Are Some Tips To Become Financially Ready For Retirement

Are you financially ready to retire?

To be financially ready to retire is not as easy as you think it is. It takes planning and commitment and, yes, money.

We oftentimes tell ourselves to pack those bags, booked a ticket, go home and spend the rest of our lives with our loved ones because 10 years is 10 years and enough is enough. We are depressed, unhappy, sick and tired of being sick and tired. Most especially if you spent those 10 years just watching your Savta or Saba aged and die slowly. It’s the saddest thing you could ever imagine doing but you did.

But sometimes, after all those years, you are still NOT ready to call it quits. Because, you are not financially ready to retire and go home for good.


  • Many overseas workers are not financially ready to face the world of jobless retirees because they have no savings.

  • According to surveys, only 1 out of 10 overseas workers are actually saving.

  • The average overseas workers spend 15-20 years of their life abroad before retiring.

To those who are still planning to stay abroad for a long time, you might want to consider planning the next 10-20 years of your life and make sure that you are financially stable before going home for good.

Start saving, keep saving, and stick to it!

If you are already saving whether for something you wanted to buy, for your retirement or another project, you have to KEEP GOING! If you’re not saving, It’s time to get started! It’s never too late to start saving for your future. If it’s too hard for you to manage your finances, you can start small. $10, $20, $50. Time flies nowadays. The moment you realized it, you already have a significant amount of savings. Discipline is the key. Consider those money a “dead” money. Do not touch it no matter what.

Know Your Retirement Needs

This will really depend on where and how are you going to retire. If you are earning in dollars and planning to settle in your home country where currency and cost of living is lower, then good for you. Your money will be converted and it will give you more. But, you also have to consider the lifestyle that you are going to live in when you get home. Who are going to live with you? Are they going to be an asset to you or a liability? Are you planning to put up a business when you get home? Invest on something? How are these going to generate an income for you? Are you sick? Do you need maintenance medicines? Do you have an existing health insurance? These are the things that you have to consider.

Consider Basic Investment Principle

Take time to read and be aware about investing. You cannot jump into a business venture without planning and studying it carefully. Remember, you are risking your hard-earned money on it. You cannot afford to lose it especially if you are already on your retirement age. Learn basic principle of investments. Do not jump into something you don’t understand because a friend of yours asked you to. Not all investments that worked for someone will work on you too. Place a good grip on your money. Research, plan and carefully learn the rules of investing.

Don't Touch Your Financial Savings

You cannot avoid some circumstances that needs a financial solution and you will be tempted to use your savings for that. If you can find another way to solve that problem without touching the money you set aside then that’s better. But, if the situation really asks for savings withdrawal then make sure that you will find a way to compensate it and put the money back to your savings as soon as you can.

Put Money Into A Separate “Retirement” Account

While you are abroad, it is unavoidable that you need to spend a good amount of money on regular expenses like food, your kids’ tuitions fees and allowances, some amount for your parents and other family members. Most overseas workers are making some budgeting every pay day and send it to their bank accounts at home where family members can withdraw.

When you are saving, open a separate bank account where you or any of your family member can not withdraw. It is as simple as bringing your bank book and ATM card with you abroad. You can only withdraw this amount once you get home.

Get your Social Benefits Updated

It is important to update your social benefits. If you are from the Philippines, make sure you are paying your PhilHealth insurance as well as your SSS. Social Security System can help you in times of emergency even just in small amount. Plus, if you are an active contributor, you are guaranteed a pension from them once you retire. If you can, invest on life plans too. But, choose a trusted company and make sure you understand your benefits from the contribution you make.

Educate your Family Members

One sad truth about Overseas Workers is most of their families does not understand their situation. Family members MUST understand that they too have an obligation to prepare for the bread winner’s retirement. You have to explain to them that your being “martyr” has an expiration date. Set a goal with your family. Let them know your plans. Let them know that after 5 or 8 or 10 years, you are GOING HOME. Going home means… no more remittances, no more Balikbayan box, no more latest gadgets, no more travel allowances and no more tuition fees. This will also create a “goal-driven” mindset to your children or siblings. They must understand that they have to finish school when they need to finish school. Or else, nobody will finance their education anymore.

Take Care Of Your Health

The most expensive thing you can spend money on is hospitalization. Especially if you are from a country where people has no health assistance from the government. Philhealth is available in the Philippines. But, it will only give a certain amount of money for your hospitalization. The rest, you have to pay. Although, public hospitals can accommodate you when you get sick, you cannot really rely on the quality of service they are giving since they are also low on budget from the government.

Maintain A Humble Lifestyle.

Most people went abroad to alleviate their lives and the lives of their families. It’s not wrong to live in comfort especially if you are working hard for it. But, as Warren Buffet said, “If you keep on spending on things you don’t need, you will end up selling the things you need”. Practice simplicity and humility. The main reason why you are retiring is because you want to spend the rest of your life with your family. Money is not the main factor that makes people happy. It’s the memories that you create with your loved ones. You don’t need to spend on lavish things just because you want to show the world how happy and blessed you are. If you are able to take care of yourself and be happy with what you have, then you’ll live a peaceful and contented life.



Contact employers directly


Employers on site

Sign up

Follow iSavta on Facebook
and stay updated!