Retirement may be imagined as a time of rest and security, but new research from InLife, formerly known as Insular Life, the country’s first and largest Filipino life insurer, shows that most Filipinos are far from ready.
At a forum held at the Radisson Blu Hotel Cebu, InLife unveiled its Retirement Readiness Index, a first-of-its-kind measure of how prepared Filipinos are for their later years. The findings revealed a sobering score of 47 out of 100, highlighting urgent gaps in financial planning, health preparedness, and social support.
Key Findings
- Generation Gap: Gen X scored highest at 54, while Gen Z lagged at 36, despite expressing clear future plans.
- Gender Divide: Men (49) feel more prepared than women (45), reflecting differences in employment and investment participation.
- Health as Wealth: Those with health funds scored higher, underscoring the impact of medical emergencies on retirement savings.
- The Informal Risk: Many in the gig economy lack state-sponsored pensions, leaving them financially vulnerable.
“Retirement is not just about the money. We must look at it as a financial finish line,” said Abigail A. Magtibay, InLife Strategic Marketing and Brand Experience Head. “Have conversations with your family, health plan, and take concrete steps to secure your future.”
Rampver Financials Chairman, Author, and Financial Speaker Rex Mendoza said that there are three common mistakes that people make about retirement: “People expect they won’t live that long. Life expectancy has been stretched. Second, people think they will spend less in retirement. If you don’t have money for travel or maybe pampering your grandchildren, you will be dipping into your own retirement funds and negate your preparation for the future. Third, they think they can continue working through a consultancy or a side business. But based on research, only 1/3 of retirees find work after retirement. Companies choose younger people to join the workforce.”
Bridging the Gap
To address these challenges, InLife introduced Retire Assure and Retire Assure 2, the first true retirement insurance products in the Philippines. Unlike traditional lump-sum benefits, they provide a stable monthly income from age 60 to 100, ensuring retirees can maintain their lifestyle without fear of financial instability.
“Know your magic number. How much do you need to live comfortably when you retire? Plan it with your financial advisor,” said Jose Eduardo O. Ang, InLife Chief Product and Innovation Officer.
With Filipinos scoring just 47/100 in retirement readiness, the message is clear: retirement without worries requires deliberate planning today.
Discover your Retirement Readiness Index here.
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