Managing Change for a Retiree

There are companies, mostly big ones, which invest on programs for their retiring personnel. There are training groups and institutions offering consultations and seminars on “managing change” for retirees.  Indeed, for workers and career professionals who are used to working and being productive, the shift from employment to retirement would be drastic and they would need guidance to manage the change(s).

Fortunately, if the company of the retiree does not offer a retirement program for their employees or if the retiree is not capable of hiring a consultant or attending a seminar series on managing change, he/she can simply turn on a computer, search online for the keywords “managing change for retirees” or “managing change for elderly” and voila, good resource materials on the topics will be there for you on mouse click.

One of the materials I would suggest reading is an article with title “Managing Post-Retirement Risks, A Guide To Retirement Planning” by the Society of Actuaries. In this article, a group of retirement planning experts outlined a variety of risks that a retiree would be exposed to that may affect them both individually and as members of society. Although the material is  intended for use initially in the United States, retirees from the Philippines would still find it as a helpful guide.

The primary concern in managing the change for retirees is securing their financial well-being. Usually, a retiree gets a lump sum of his/her retirement pay from the company and has an option to also get in lump sum or convert into pension his/her contribution from government insurance institutions such as GSIS, SSS, and Pag-Ibig Fund. If the retiree is not guided in creating a retirement plan to wisely spend or invest the separation pay, the money will easily slip his/her hands and would be gone in no time. No savings or insurance to cover healthcare maintenance and problems, and daily and unforeseen expenses.

Although I’m still young and will not be retiring yet in the next ten (10) years, it would not hurt to plan this early my retirement. My boss has been talking about hers in the last years and I was inspired to actually dream about mine. Retirement may be sweet, something one can actually look forward to instead of dread. A life of bliss, if planned well.

Among the investments I am hoping I can indulge when my retirement closes in is purchase of real estate. My big dream is to own an Oak Island real estate facing the beach. Quite an impossible dream though since I’m not a top executive from Fortune’s 100 companies in the Philippines. Instead, I hope I can invest as early as now in at least a 100-square meter property close to Marikina thru Pag-Ibig loan. Small-time investment but at least practicable and is suitable to my income level.

My personal reminder to would-be retirees: do not encash your social security pension to buy a car, to spend on a lavish vacation trip or to spend in something unplanned and impractical. The pension, no matter how small, would cover at least your daily expenses for food, clothing, and bills and hopefully,  health-related concerns.

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