Grow Your Retirement Fund with SSS Starting at P500

The Philippines Social Security System calls on members to boost their savings with their voluntary savings plan that offers a “projected annual return rate of 7.2%.”   

MySSS Pension Booster, members can start building their retirement fund today with as little as P500.

Why Start A Retirement Fund Now?

In a press release, SSS President and Chief Executive Officer Rolando Ledesma Macasaet emphasizes the importance of starting early. “When people are in their 20s, they have their whole life ahead of them. Saving for their retirement becomes their least priority. However, the best time for them to start saving for retirement is today while they are young.” he says.

The earlier you start, the more time your money has to grow, thanks to compound interest. “When they retire, they will realize the immense value of building a retirement fund early in their lives,” Macasaet adds.

MySSS Pension Booster: What You Need To Know

The MySSS Pension Booster is a savings program designed to help SSS members grow their retirement funds. It offers a projected annual return rate of 7.2 percent, which is higher than most traditional savings accounts. The program is composed of mandatory and voluntary schemes:

Is It Voluntary or Mandatory? Both

Mandatory Scheme: Members contributing above the ceiling of P20,000 to the Regular SSS Program are automatically enrolled.

Voluntary Scheme: Open to all members, especially those who want to invest more in their retirement or savings. You can start with just P500 and contribute any amount, anytime.

Flexibility and Benefits

One of the standout features of the MySSS Pension Booster is its flexibility. You can make partial or full withdrawals of your savings, including the investment earnings.

However, Macasaet encourages members to retain their money in the program until they retire to maximize their earnings.

“When they get their retirement, total disability, or death benefits from the Regular SSS Program, they will also receive their total contributions plus investment earnings from the MySSS Pension Booster tax-free,” Macasaet explains.

Building Retirement Fund: Why Should Parents Care?

As parents, you’re planning for your future and setting an example for your children. Here are three benefits of having a retirement fund:

1. Financial Security

A well-planned retirement fund ensures that you won’t have to rely on your children or others for financial support in your golden years.

2. Peace of Mind

Knowing that you have a financial cushion allows you to enjoy your retirement without stress.

3. Legacy

By planning and saving, you can leave a financial legacy for your children, teaching them the importance of financial responsibility.

Macasaet urges maritime professionals, Overseas Filipino Workers (OFWs), self-employed professionals, corporate executives, and even the young professionals to start building their retirement funds as early as today. “Planning and saving for retirement should begin from the first day they start earning money,” he says.

For more information, SSS urges everyone to visit: bit.ly/FAQPensionBooster