Planning Ahead: Why is a Self-funded Retirement Plan Important
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Planning Ahead: Why is a Self-funded Retirement Plan Important

Planning Ahead: Why is a Self-funded Retirement Plan Important

Business & Career | August 25, 2022
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With the rising cost of living, being financially prepared for the future matters even more. Here’s how you can stay insured—all the way up to your retirement.

Money comes to people in many ways. Some are blessed to come from a wealthy families, others work their way up to achieve success, while many work multiple jobs to stay afloat. Lucky ones strike gold in high-risk, high-profit endeavors, while other people play it safe with reliable investments. But no matter how we earn money, in the end, our spending and saving habits affect our financial stability.

This, however, doesn’t just affect the present. It also affects the future—given that we don’t know what to expect in the long run. But even now, inflation and the rising costs of living threaten to eat away at our finances, making long-term financial planning even more important—especially during our prime-earning years.

That way, we can live comfortably and worry-free during our retirement.

Importance of a Self-funded Retirement Plan

In the Philippine setting, a self-funded retirement plan is important, especially since the state pension system can only provide 20% of the income needed to live a decent retired life. This—coupled with challenges like rising inflation, soaring prices, and increasing unemployment—makes retirement planning more difficult.

With that being said, Filipinos can’t retire comfortably just yet. In fact, according to the latest Philippine Statistics Authority (PSA) labor force survey (LFS), Filipinos aged 65 and above are still working or looking for a job increased from 34.9% last May to 38.2% in June 2022! What’s more, job hunting can be competitive because of many factors like new people entering the labor force, higher qualifications, and more.

Thus, to help Filipinos plan for their retirement, it is important to start early. How? Through insurance companies like AXA Philippines. As one of the country’s leading insurance companies, it comes equipped with many policies to cater to an equally wide range of needs and to keep you protected in the long run.

“The aim is to provide our customers the ideal financial solutions and tools so they are empowered to take charge of their retirement goals—no matter what stage in life they are in,” the company said in a statement.

Planning Ahead for Your Retirement

Planning for your retirement comes in many stages. There’s the accumulation stage—the time when your earning potential is at the highest and savings are in full swing—which usually begins when you’re working. Next is the decumulation stage, or the time when you start enjoying the benefits of your life-long efforts. Usually, this comes with the opportunity to make investments or reinvest in insurance policies for further coverage.

Going back to AXA Philippines’ policies, the company offers the MyLifeChoice’s Retirement variant, AXA Global Assets Income Paying Fund (AXA GAIN Fund) for selected single-pay products, and the new Goal Planner and Investment Tracker tools—all of which are catered to young professionals and just about anyone looking to save for the future.

AXA Philippines’ MyLifeChoice Retirement variant provides the protection needed to prepare for the uncertainties that may come later in life. When paired with AXA’s Target Date Fund, you can safely prepare for your retirement. After all, the latter follows a unique strategy that allows your savings to maximize growth potential at the onset—while minimizing any risks incurred by the time you need your money for retirement.

AXA Philippines launch event held at Dusit Thani Manila—(L-R): Moderator and host RJ Ledesma; AXA Philippines Segment Director Lyzen Zapanta; AXA Philippines Chief Customer Officer Nandy Villar; AXA Philippines Segment Director Dex Agcaoili; Chief Executive Officer of Stock Smarts Marvin Germo; and Founder of fintech company Taxumo Ginger Arboleda.
AXA Philippines launch event held at Dusit Thani Manila—(L-R): Moderator and host RJ Ledesma; AXA Philippines Segment Director Lyzen Zapanta; AXA Philippines Chief Customer Officer Nandy Villar; AXA Philippines Segment Director Dex Agcaoili; Chief Executive Officer of Stock Smarts Marvin Germo; and Founder of fintech company Taxumo Ginger Arboleda.
AXA Philippines and guest speakers discuss the benefits of retirement planning for every life stage—(L-R): Moderator and host RJ Ledesma; AXA Philippines Segment Director Lyzen Zapanta; AXA Philippines Segment Director Dex Agcaoili; Chief Executive Officer of Stock Smarts Marvin Germo; and Founder of fintech company Taxumo Ginger Arboleda.
AXA Philippines and guest speakers discuss the benefits of retirement planning for every life stage—(L-R): Moderator and host RJ Ledesma; AXA Philippines Segment Director Lyzen Zapanta; AXA Philippines Segment Director Dex Agcaoili; Chief Executive Officer of Stock Smarts Marvin Germo; and Founder of fintech company Taxumo Ginger Arboleda.

Investments and Growing Funds Through AXA Philippines

In order to further the growth potential of your savings, you can also diversify your portfolio with a mix of different assets. That way, you also have the flexibility to manage your investments better.

Given this, AXA Philippines’ MyLifeChoice policy features the added benefit of a Start-Up Bonus, where you get an equivalent of 70% of your first-year annual premium invested into your selected AXA fund. Best of all, this starts on the first day of your policy!

Meanwhile, when you’re at the decumulation stage—the crucial stage of your retirement—you can also invest in a fund that matches your needs: the AXA GAIN Fund. An income-paying fund that provides a semi-annual cash payout, it can be accessible through the AXA Asset Master product, which helps provide you a source of regular income during retirement. 

And finally, to allow for a more convenient tracking of your retirement goals, AXA Philippines introduced the Goal Planner and Investment Tracker features on Emma by AXA—available soon in both mobile app and web versions. A dedicated partner in your journey towards financial wellness, Emma by AXA helps provide timely monitoring of your progress. Moreover, it lets you know if there are necessary adjustments needed to stay on track with your goals.

“At AXA, we are committed to helping our customers protect what matters to them in all stages of their lives. With our new products and tools for retirement planning, we hope we can help Filipinos be secure and able to retire on their own terms,” said Nandy Villar, AXA Philippines Chief Customer Officer.

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Know more about MyLifeChoice for retirement planning, by visiting axa.com.ph/mylifechoice/retirement. For news and updates about AXA Philippines’ offers, visit their website at https://www.axa.com.ph/.

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