OFWs work hard for their families, and they need to prepare for their retirement to have a secure and comfortable life in their golden years.
Many Filipinos want to become OFWs and work abroad because of the higher salary and benefits packages. Some are due to family and peer pressure, while others would like to gain professional experience. In most cases, the initial plan of limited working years was extended to longer periods when they became breadwinners.
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Stories of them can be heard in different media, battling loneliness, horrible working conditions. Many other sacrifices just to provide for their families. They are even considered modern-day heroes because of their contribution to the economic growth of the country. It is then proper and logical that, they should come home to a comfortable and secure retirement.
OFWs and their families must consider some factors before retiring to guarantee a smooth transition from their job abroad to their senior years. Why should it be the OFWs and their families? Studies show that both parties need to work together for retirement preparation to be successful. Some OFWs wish to retire early, but they cannot, due to family demands. So before retiring, the OFWs and their family members must understand these four major issues.
Income and lifestyle changes
When the OFW retires or stops working, the source of income will essentially come to an end. Expectedly, the family has to adjust to the change in lifestyle. The family may even face an economic crisis if they are not fully prepared.
Health considerations
OFWs who have spent longer working abroad may have been exposed to some health risks due to physical and emotional stress. An early homecoming will ease their conditions, knowing they will be taken care of by their loved ones. With this, there should be an accessible, comprehensive health plan in case of future illnesses.
Career transitions
Filipinos working abroad are used to performing their daily job routine. They need to have a something to work on and be preoccupied when they retire. A simple business, occupation, or practical activity should be made available to them.
Financial Planning
A sound financial plan for OFWs should be implemented. This will ensure that they will have enough savings to support themselves and their families once they return home. An effective plan would cover and teach them on proper budgeting, investing, building an emergency fund, cutting expenses, minimizing debt, etc.
With proper planning and preparation, OFWs will have peace of mind knowing they can enjoy their golden years to the fullest.
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