Filipinos and saving money for retirement

[Dan and Judy 614]

If you have already made her your ex, just leave it that way, your attitudes and thoughts are perfectly legitimate here and it should be easy to find a girl who agrees and appreciates them. This girl is way on the extreme of what she is sending back. you two are simply

going to drive each other crazy

[jrmejia 31]

I have a question for anyone who has lived in the Philippines. I am in my early 30s and all my life my parents, peers, coworkers and friends have urged me to start saving money as soon as possible for retirement. So shortly after getting my first job I started a 401K. In addition, I have other financial sources that I invest in. I know at some point I will no longer be working and need money in order to live (this is a fact). So I save some of my money. But Filipinos don’t seem to embrace this same idea. My ex is a Filipina and her parents spent money as they made it (according to her) and then suddenly “retired” with no savings what-so-ever and expect other to support them. Is this common practice in the Philippines? I mean, do Filipinos just assume they will work forever so no savings is needed?

Save save save .... I started my 401k when I was in my early thirty and I wish I started earlier.

[BJZags 17]

I mean, do Filipinos just assume they will work forever so no savings is needed?

Just Google the average wage in the RP, and you'll see that day-to-day existence is the norm. I'd bet most would love to save for the future, but cannot. As such, the defacto retirement policy is dependence on sons and daughter.

[thekfc 26]

Sorry, forgot about toilet paper. You can't afford it so dip a cup into that bucket of cold water, pour some in your hand and reach around and wipe. be sure to wash your hands real good afterwards.

Or like my wife would say - use leaves & branches.

[griffin 7]

Stay and live in the Philipines for a year, have the same minimum wage like what the majority is having then perhaps you may find the best answer to your question.

p.s. who said living in the Philippnes is way cheaper? with relevance to the prices and all?

[griffin 7]

Stay and live in the Philipines for a year, have the same minimum wage like what the majority is having then perhaps you may find the best answer to your question.Who doesnt want to embrace the idea of saving? ofcourse anyone would love to save if there is anything left for saving. Can you really really save with your $6.00 daily wage? and please do not say its 10 times cheaper, please.

p.s. who said living in the Philippnes is way cheaper? with relevance to the prices and all?

[bigdude 2]

Stay and live in the Philipines for a year, have the same minimum wage like what the majority is having then perhaps you may find the best answer to your question.

p.s. who said living in the Philippnes is way cheaper? with relevance to the prices and all?

I was there for 3 weeks. I noticed that wages are obviously lower, but so are the cost of things. So they balance each other out.

[bigdude 2]

I believe I saw a different post from you saying your ex was sending $1500 a month. thats an outrageous amount of money to be sending there. forgive me if I have confused you with someone else.

you simply can not imagine the poverty that is there. I believe the Majority live in poverty, not sure what your definition of absolute poverty is. spoiled

Dan, that was a long post. First, yes my ex was the one sending %1500 a month (I am completey embarassed to admit this). So to answer your question, "absolute poverty" is not a term I fabricated. It is a term used by sociologist and I already posted the definition of it (or you can google it). My question of why Filipinos don't save for retirement was not directed at people who are suffering from absolute poverty. I fully understand that you if barely make enough to survive, saving is not an option. I am wondering more about middle class Filipinos, who for instance own a home, are college graduates and have a stable income.

[Deputy Purple 1,294]

I was there for 3 weeks. I noticed that wages are obviously lower, but so are the cost of things. So they balance each other out.

How easy is it for someone to save for retirement when they make minimum wage and have a family to support?

Middle Class is rare in the Philippines, either you have or you don't for the most part.

Anna's Mom owns her house free and clear but she's not Middle Class, she lives hand to month supporting herself with a small Micro-Finance business and her Widow's Pension from SSS. She used to have a small grocery store but a larger one moved into her town and through some dirty politics she was put out of business. In her prime she worked to support all of her siblings education, then when her kids were young she struggled to provide for her kids but made it through.

She doesn't ask for hand-outs as she's proud to be self-sufficient. She never had the opportunity to save for retirement. When Anna was in a pickle, Mom was there for her. I have no problems sending her enough to keep her head above water and to be honest I'd send more if we had it.

It's all about the attitude of those receiving the money, Mom doesn't blow it trying to impress anyone.

[Atencio 43]

I was there for 3 weeks. I noticed that wages are obviously lower, but so are the cost of things. So they balance each other out.

Before making such a claim It would be good to study a cost of living index. Sure a lot of things are cheaper but on the flip side purchasing power is like 67% less in the Philippines. A L

[Atencio 43]

Ooh double tap on the bus

Edited December 13, 2010 by Atencio

[bigdude 2]

How easy is it for someone to save for retirement when they make minimum wage and have a family to support?

Probably impossible. I most likely wouldn't have children if I made minimum wage. If you are having trouble supporting yourself, I don't think it is wise to reproduce.

[Atencio 43]

Probably impossible. I most likely wouldn't have children if I made minimum wage. If you are having trouble supporting yourself, I don't think it is wise to reproduce.

If you look at some of the poorer countries their philosophy is totally different. Larger family means more support when you get older. I can't say this idea is totally bad in certain situations. A poor older Philippino does not have the resources that someone here in the US has with social programs.

Edited December 13, 2010 by Atencio

[Deputy Purple 1,294]

Probably impossible. I most likely wouldn't have children if I made minimum wage. If you are having trouble supporting yourself, I don't think it is wise to reproduce.

You can't afford birth control or get it for free because you live in a country where the laws are heavily influenced by the Catholic Church (No Divorce only drawn out Annulment).

We can't judge life in the Philippines by US standards.

[bigdude 2]

You can't afford birth control or get it for free because you live in a country where the laws are heavily influenced by the Catholic Church (No Divorce only drawn out Annulment).

We can't judge life in the Philippines by US standards.

Are you saying it is not possible to avoid having children if you live in the Ph? LOL, funny.